# EDGAR Filing Document

**Accession Number:** 0000828803
**File Stem:** 0001049169-25-000370
**Filing Date:** 2025-9
**Character Count:** 391847
**Document Hash:** 5b1076f4851080b513826ddeb2e278da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000370.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001049169-25-000370

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Saba Capital Income & Opportunities Fund II
- **CENTRAL INDEX KEY:** 0000828803

**ORGANIZATION NAME:**
- **EIN:** 222864496
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05459
- **FILM NUMBER:** 251349811

**BUSINESS ADDRESS:**
- **STREET 1:** 300 S.E. 2ND STREET
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33301-1923
- **BUSINESS PHONE:** 9545277500

**MAIL ADDRESS:**
- **STREET 1:** 300 S.E. 2ND STREET
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33301-1923

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TEMPLETON GLOBAL INCOME FUND
- **DATE OF NAME CHANGE:** 20041029

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TEMPLETON GLOBAL INCOME FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Nport-Ex

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Fair Value** |
| **CORPORATE BONDS - 7.17%** |  |  |
| **Communications - 2.22%** |  |  |
| Altice France Holding S.A., 5.500%, 10/15/2029<sup>(b)</sup> | $736000 | $644000 |
| Clear Channel Outdoor Holdings Inc., 7.500%, 06/01/2029<sup>(b)</sup> | 1552000 | 1420080 |
| CSC Holdings LLC, 3.375%, 02/15/2031<sup>(b)</sup> | 270000 | 178875 |
| DISH Network Corp., 11.750%, 11/15/2027<sup>(b)</sup> | 1750000 | 1833125 |
| Level 3 Financing Inc., 3.875%, 10/15/2030<sup>(b)</sup> | 1291800 | 1120636 |
| Trump Media & Technology Group Corp., 0.000%, 05/29/2028<sup>(f)</sup> | 1122 | 1062455 |
|  |  | **6259171** |
| **Consumer Discretionary - 3.38%** |  |  |
| 1261229 B.C. Ltd., 10.000%, 04/15/2032 | 1557000 | 1588140 |
| Beach Acquisition Bidco LLC, 10.000%, 07/15/2033 | 532000 | 556605 |
| Caesars Entertainment Inc., 6.500%, 02/15/2032<sup>(b)</sup> | 922000 | 942745 |
| Community Health Systems, Inc., 6.875%, 04/15/2029 | 949000 | 749710 |
| Community Health Systems, Inc., 9.750%, 01/15/2034<sup>(f)</sup> | 1692000 | 1701518 |
| RR Donnelley & Sons Co., 10.870%, 08/01/2029<sup>(b)</sup> | 2572000 | 2517345 |
| Staples Inc., 10.750%, 09/01/2029<sup>(b)</sup> | 1586000 | 1490840 |
|  |  | **9546903** |
| **Financials - 0.41%** |  |  |
| Compass Group Diversified Holdings LLC, 5.250%, 04/15/2029 | 1254000 | 1167788 |
|  |  | **1167788** |
| **Industrials - 0.33%** |  |  |
| LABL, Inc., 8.625%, 10/01/2031<sup>(b)</sup> | 1111000 | 926296 |
|  |  | **926296** |
| **Real Estate - 0.83%** |  |  |
| China Evergrande Group, 8.250%, 03/23/2022<sup>(a)(e)(f)</sup> | 16395000 | 286912 |
| China Evergrande Group, 9.500%, 04/11/2022<sup>(a)(e)(f)</sup> | 6148000 | 107590 |
| China Evergrande Group, 11.500%, 01/22/2023<sup>(a)(e)(f)</sup> | 4600000 | 80500 |
| China Evergrande Group, 10.000%, 04/11/2023<sup>(a)(e)(f)</sup> | 7568000 | 132440 |
| China Evergrande Group, 7.500%, 06/28/2023<sup>(a)(e)(f)</sup> | 11802000 | 206535 |
| China Evergrande Group, 12.000%, 01/22/2024<sup>(a)(e)(f)</sup> | 19888000 | 348040 |
| China Evergrande Group, 9.500%, 03/29/2024<sup>(a)(e)(f)</sup> | 4420000 | 77350 |
| China Evergrande Group, 10.500%, 04/11/2024<sup>(a)(e)(f)</sup> | 4372000 | 76511 |
| China Evergrande Group, 8.750%, 06/28/2025<sup>(a)(e)(f)</sup> | 57621000 | 1008369 |
|  |  | **2324247** |
| **TOTAL CORPORATE BONDS** |  | **20224405** |
| (Cost $19,032,358) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Fair Value** |
| **SENIOR LOANS - 7.15%** |  |  |
| **Communications - 0.39%** |  |  |
| Gogo Intermediate Holdings LLC, Initial Term Loan, TSFR1M + 3.750%, 04/30/2028 | 1114867 | 1108824 |
|  |  | **1108824** |

---

Quarterly Report \| July 31, 2025 1

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Fair Value** |
| **Consumer Discretionary - 3.43%** |  |  |
| AMC Entertainment, Term Loan, TSFR1M + 9.000%, 01/04/2029 | $1566250 | $1579711 |
| J Crew Group LLC, Initial Term Loan, TSFR3M + 6.000%, 09/26/2031 | 4383442 | 3731405 |
| The GEO Group, Inc., Term B Loan, TSFR1M + 5.250%, 04/13/2029 | 2607234 | 2618967 |
| Vortex Opco LLC, Term Loan, TSFR3M + 6.250%, 04/30/2030 | 1734000 | 1735361 |
|  |  | **9665444** |
| **Consumer, Non-cyclical - 2.14%** |  |  |
| Revlon Intermediate Holdings IV LLC, Term Loan, TSFR6M + 6.875%, 05/02/2028 | 6111000 | 6033329 |
|  |  | **6033329** |
| **Health Care - 0.41%** |  |  |
| 1261229 B.C. Ltd., Term Loan, 1M SOFR + 6.250%, 10/08/2030 | 548855 | 539209 |
| ModivCare Inc., Term Loan, TSFR3M + 4.750%, 07/01/2031 | 954417 | 612422 |
|  |  | **1151631** |
| **Industrials - 0.49%** |  |  |
| Multi-Color Corp., Term Loan, TSFR1M + 5.000%, 10/29/2028 | 1531199 | 1391478 |
|  |  | **1391478** |
| **Information Technology - 0.29%** |  |  |
| X Corp., Term Loan, 9.500%, 10/29/2029 | 851052 | 826883 |
|  |  | **826883** |
| **TOTAL SENIOR LOANS** |  | **20177589** |
| (Cost $21,247,232) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Fair Value** |
| **CONVERTIBLE CORPORATE BONDS - 2.06%** |  |  |
| **Financials - 2.06%** |  |  |
| BSTR Holdings Inc., 1.000%, 07/15/2030<sup>(c)</sup> | 1773 | 1773000 |
| Columbus Circle Capital Corp. I, 0.000%, 12/31/2028<sup>(c)(f)</sup> | 1714351 | 1662920 |
| MI7 Founders, LLC, 1.000%, 07/01/2030<sup>(c)(f)</sup> | 2364575 | 2364575 |
|  |  | **5800495** |
| **TOTAL CONVERTIBLE CORPORATE BONDS** |  | **5800495** |
| (Cost $5,800,495) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Fair Value** |
| **MORTGAGE-BACKED SECURITY - 0.45%** |  |  |
| **Federal National Mortgage Association (FNMA) - 0.45%** |  |  |
| FNMA, Series 23-52, Class IO, 3.000%, 05/25/2051 | 6331801 | 1256405 |
| **TOTAL MORTGAGE-BACKED SECURITY** |  | **1256405** |
| (Cost $1,190,919) |  |  |

---

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCK - 9.33%** |  |  |
| **Communications - 3.28%** |  |  |
| Baidu, Inc.<sup>(f)</sup> | 13235 | $1162959 |
| Bumble, Inc.<sup>(f)</sup> | 336908 | 2621144 |
| Snap Inc.<sup>(f)</sup> | 182547 | 1721418 |
| Telephone and Data Systems Inc. | 8367 | 326648 |
| Uber Technologies Inc.<sup>(f)</sup> | 5177 | 454282 |
| Weibo Corp. | 308665 | 2975531 |
|  |  | **9261982** |
| **Consumer Discretionary - 1.05%** |  |  |
| Arbe Robotics, Ltd.<sup>(f)</sup> | 111764 | 150881 |
| Capri Holdings Ltd.<sup>(f)</sup> | 14621 | 265956 |
| Dave & Buster's Entertainment<sup>(f)</sup> | 5492 | 160586 |
| Evolution AB | 16104 | 1435159 |
| Polestar Automotive Holding UK PLC<sup>(f)</sup> | 312525 | 334402 |
| The RealReal, Inc.<sup>(f)</sup> | 56438 | 296864 |
| Winnebago Industries, Inc. | 11042 | 328168 |
|  |  | **2972016** |
| **Financials - 2.17%** |  |  |
| Allfunds Group PLC | 176372 | 1227783 |
| Cannae Holdings, Inc. | 168038 | 3592652 |
| Compass Diversified Holdings | 30742 | 196441 |
| PagSeguro Digital Ltd. | 140185 | 1097649 |
| VEF AB<sup>(f)</sup> | 6045 | 1196 |
|  |  | **6115721** |
| **Health Care - 0.26%** |  |  |
| Arbutus Biopharma Corp.<sup>(f)</sup> | 136361 | 447264 |
| Community Health Systems Inc.<sup>(f)</sup> | 111785 | 290641 |
|  |  | **737905** |
| **Industrials - 1.20%** |  |  |
| The GEO Group, Inc.<sup>(f)</sup> | 13938 | 361273 |
| Vertical Aerospace Ltd.<sup>(f)</sup> | 458450 | 2805714 |
| Voyager Technologies Inc.<sup>(f)</sup> | 5718 | 228834 |
|  |  | **3395821** |
| **Information Technology - 0.22%** |  |  |
| GDS Holdings Ltd.<sup>(f)</sup> | 17560 | 633389 |
|  |  | **633389** |
| **Materials - 0.07%** |  |  |
| Critical Metals Corp.<sup>(f)</sup> | 38669 | 193345 |
|  |  | **193345** |
| **Real Estate - 0.53%** |  |  |
| Anywhere Real Estate, Inc. <sup>(f)</sup> | 65688 | 303479 |
| CBRE Group Inc.<sup>(f)</sup> | 1596 | 248561 |
| Star Holdings<sup>(f)</sup> | 130599 | 939006 |
|  |  | **1491046** |

---

Quarterly Report \| July 31, 2025 3

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Technology - 0.55%** |  |  |
| CommScope Holding Company, Inc.<sup>(f)</sup> | 66298 | $543643 |
| Core Scientific Inc.<sup>(f)</sup> | 31190 | 422312 |
| IREN Ltd.<sup>(f)</sup> | 6990 | 112608 |
| Vertex, Inc.<sup>(f)</sup> | 13438 | 445737 |
|  |  | **1524300** |
| **TOTAL COMMON STOCK** |  | **26325525** |
| (Cost $23,347,980) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **CLOSED END FUNDS - 8.02%** |  |  |
| **Alternative - 0.96%** |  |  |
| BlackRock ESG Capital Allocation Term Trust | 121074 | $1974717 |
| Destra Multi-Alternative Fund | 2947 | 25757 |
| Tribeca Global Natural Resources Ltd.<sup>(f)</sup> | 1796 | 1656 |
| VGI Partners Global Investments Ltd. | 627796 | 718145 |
|  |  | **2720275** |
| **Equity - 5.16%** |  |  |
| abrdn Life Sciences Investors | 113035 | 1484150 |
| abrdn Total Dynamic Dividend Fund | 1 | 9 |
| Adams Natural Resources Fund, Inc. | 36040 | 772337 |
| Allspring Global Dividend Opportunity Fund | 2757 | 15412 |
| Argo Global Listed Infrastructure Limited | 24533 | 36735 |
| BlackRock Enhanced Global Dividend Trust | 1903 | 21580 |
| BlackRock Resources & Commodities Strategy Trust | 2252 | 21507 |
| BlackRock Science & Technology Trust II | 57904 | 1231618 |
| Direxion Daily Robotics Artificial Intelligence & Automation Index Bull 2X Shares<sup>(f)</sup> | 5152 | 117234 |
| Diversified United Investment Ltd. | 159966 | 563355 |
| Future Generation Global Ltd. | 97988 | 98551 |
| Gabelli Dividend & Income Trust | 55473 | 1461159 |
| Gabelli Healthcare & WellnessRx Trust | 23912 | 221425 |
| GAMCO Natural Resources, Gold & Income Trust | 380 | 2390 |
| Hearts and Minds Investments, Ltd. | 1751531 | 3793337 |
| John Hancock Hedged Equity & Income Fund | 137 | 1434 |
| MFF Capital Investments, Ltd. | 556373 | 1644741 |
| Middlefield Canadian Income PCC | 254234 | 454109 |
| NYLI CBRE Global Infrastructure Megatrends Term Fund | 60263 | 864171 |
| Pengana International Equities, Ltd. | 1664780 | 1342685 |
| Tortoise Energy Infrastructure Fund, Inc. | 9663 | 418794 |
|  |  | **14566733** |
| **Fixed Income - 1.14%** |  |  |
| AllianceBernstein National Municipal Income Fund | 79712 | 808280 |
| BlackRock MuniHoldings New York Quality Fund, Inc. | 113 | 1075 |
| BlackRock New York Municipal Income Trust | 16688 | 156867 |
| BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 379 | 3782 |
| BNY Mellon Strategic Municipals, Inc. | 21897 | 128097 |
| Eaton Vance New York Municipal Bond Fund | 19040 | 172693 |
| Ellsworth Growth and Income Fund, Ltd. | 5295 | 55915 |
| MFS High Income Municipal Trust | 29418 | 104434 |

---

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| Nuveen Pennsylvania Quality Municipal Income Fund | 107375 | $1165019 |
| PIMCO California Municipal Income Fund II | 3520 | 18515 |
| Pioneer Municipal High Income Advantage Fund, Inc. | 39278 | 318545 |
| Pioneer Municipal High Income Fund, Inc. | 24447 | 219534 |
| Pioneer Municipal High Income Opportunities Fund, Inc. | 4798 | 54937 |
|  |  | **3207693** |
| **Mixed Allocation - 0.07%** |  |  |
| Virtus Dividend, Interest & Premium Strategy Fund | 15160 | 192077 |
|  |  | **192077** |
| **Private Equity - 0.69%** |  |  |
| Syncona Ltd.<sup>(f)</sup> | 1507674 | 1941339 |
| The Schiehallion Fund<sup>(f)</sup> | 1664 | 1996 |
|  |  | **1943335** |
| **TOTAL CLOSED END FUNDS** |  | **22630113** |
| (Cost $20,338,071) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **INVESTMENT TRUSTS - 2.00%** | | |
| **Alternative - 1.58%** | | |
| Bitwise 10 Crypto Index Fund<sup>(f)(g)</sup> | 60455 | 4465678 |
|  |  | **4465678** |
| **Equity - 0.42%** |  |  |
| Herald Investment Trust PLC<sup>(f)</sup> | 36669 | 1191307 |
|  |  | **1191307** |
| **TOTAL INVESTMENT TRUSTS** |  | **5656985** |
| (Cost $3,666,543) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **PREFERRED STOCK - 0.39%** | | |
| **Health Care - 0.12%** | | |
| Integrity Labs, Inc.<sup>(c)(f)</sup> | 337488 | 337488 |
|  |  | **337488** |
| **Technology - 0.27%** |  |  |
| Xtend Reality Expansion Ltd. Preferred B-2<sup>(c)(f)</sup> | 579633 | 774969 |
|  |  | **774969** |
| **TOTAL PREFERRED STOCK** |  | **1112457** |
| (Cost $833,328) |  |  |

---

---

| | |
|:---|:---|
| | **Fair Value** |
| **PARTICIPATION AGREEMENT - 0.24%** | |
| PK Funding 2023 LLC<sup>(c)</sup> | 686198 |
| **TOTAL PARTICIPATION AGREEMENT** | **686198** |
| (Cost $686,198) |  |

---

Quarterly Report \| July 31, 2025 5

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| | **Fair Value** |
| **PRIVATE FUNDS - 14.51%** |  |
| Alternative Capital Investments Fund III LP, Special Class Interests<sup>(f)</sup> | $6508180 |
| Alternative Capital Investments Fund III LP, Special Class Interests 2 | 94765 |
| Alternative Capital Investments Fund III LP, Standard Class Interests | 489315 |
| New Holland Special Opportunities Aggregator, LP Class M Interests<sup>(f)(h)</sup> | 2350497 |
| New Holland Special Opportunities Aggregator LP, Class Y-5 Interests<sup>(f)(h)</sup> | 916144 |
| New Holland Special Opportunities Aggregator, LP Class Y Interests<sup>(h)</sup> | 2671 |
| Stone Ridge Opportunities Fund Feeder LP<sup>(f)</sup> | 30599999 |
| **TOTAL PRIVATE FUNDS** | **40961571** |
| (Cost $29,958,981) |  |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **UNIT TRUST - 5.24%** | | |
| Grayscale Ethereum Classic Trust<sup>(f)(g)</sup> | 1398696 | 14784210 |
| **TOTAL UNIT TRUST** |  | **14784210** |
| (Cost $14,741,364) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **SPECIAL PURPOSE ACQUISITION COMPANIES - 5.95%** |  |  |
| 180 Life Sciences, Corp.<sup>(c)(f)</sup> | 177924 | 471499 |
| 1RT Acquisition Corp.<sup>(f)</sup> | 23719 | 249050 |
| Armada II, Class A<sup>(c)(f)</sup> | 89775 | 285 |
| Armada II, Class B<sup>(c)(f)</sup> | 11222 | 112220 |
| Axiom Intelligence Holdings 1 LLC, Class A<sup>(c)(f)</sup> | 109718 | 439 |
| Axiom Intelligence Holdings 1 LLC, Class B<sup>(c)(f)</sup> | 13715 | 137150 |
| Bengochea SPAC Sponsors II LLC, Class A<sup>(c)(f)</sup> | 132416 | 530 |
| Bengochea SPAC Sponsors II LLC, Class B<sup>(c)(f)</sup> | 16552 | 165520 |
| Berto Acquisition Corp.<sup>(f)</sup> | 49218 | 534015 |
| Blue Holdings, Class A<sup>(c)(f)</sup> | 137148 | 549 |
| Blue Holdings, Class B<sup>(c)(f)</sup> | 13715 | 137150 |
| Blue Water Acquisition III LLC, Class A<sup>(c)(f)</sup> | 137425 | 550 |
| Blue Water Acquisition III LLC, Class B<sup>(c)(f)</sup> | 17178 | 171780 |
| Cal Redwood Acquisition Corp., Class A<sup>(c)(f)</sup> | 134662 | 404 |
| Cal Redwood Acquisition Corp., Class B<sup>(c)(f)</sup> | 16833 | 168330 |
| Cantor Equity Partners II Inc.<sup>(f)</sup> | 20257 | 217763 |
| Cantor Equity Partners III Inc.<sup>(f)</sup> | 31544 | 330581 |
| Cantor Equity Partners Inc.<sup>(c)(f)</sup> | 59091 | 590910 |
| CEA Industries Inc.<sup>(c)(f)</sup> | 23342 | 235754 |
| Cohen Circle Acquisition Corp. II<sup>(c)(f)</sup> | 22236 | 228586 |
| Cohen Circle Sponsor II, LLC, Class A<sup>(c)(f)</sup> | 34290 | 343 |
| Cohen Circle Sponsor II, LLC, Class B<sup>(c)(f)</sup> | 6858 | 68580 |
| Columbus Circle Capital Corp. I<sup>(c)(f)</sup> | 11429 | 107890 |
| Columbus Circle Capital Corp. I LLC, Class A<sup>(c)(f)</sup> | 19640 | 167333 |
| Columbus Circle Capital Corp. I LLC, Class B<sup>(c)(f)</sup> | 2946 | 32347 |
| Digital Asset Acquisition Corp.<sup>(f)</sup> | 55906 | 583100 |
| EGH Sponsor LLC, Class A<sup>(c)(f)</sup> | 58498 | 175 |
| EGH Sponsor LLC, Class B<sup>(c)(f)</sup> | 7312 | 73120 |

---

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| Empery Digital Inc.<sup>(c)(f)</sup> | 17727 | $177272 |
| Ether Reserve LLC<sup>(c)(f)</sup> | 59091 | 590908 |
| FIGX Acquisition Partners LLC Class A<sup>(c)(f)</sup> | 86860 | 347 |
| FIGX Acquisition Partners LLC Class B<sup>(c)(f)</sup> | 10858 | 108580 |
| Gerresheimer AG<sup>(f)</sup> | 28920 | 1431693 |
| GP-Act III Acquisition Corp., Class A<sup>(c)(f)</sup> | 17094 | 15726 |
| Graf Global Sponsor LLC, Class A<sup>(c)(f)(g)</sup> | 15421 | 15575 |
| HCM Investor Holdings III, LLC, Class A<sup>(c)(f)</sup> | 103450 | 310 |
| HCM Investor Holdings III, LLC, Class B<sup>(c)(f)</sup> | 137934 | 206901 |
| Lightwave Acquisition Corp.<sup>(f)</sup> | 21240 | 216011 |
| LightWave Founders LLC, Class A<sup>(c)(f)</sup> | 160720 | 643 |
| LightWave Founders LLC, Class B<sup>(c)(f)</sup> | 16072 | 160720 |
| MI7 Founders, LLC, Class A<sup>(c)(f)</sup> | 236458 | 2130487 |
| New Providence Holdings III, LLC<sup>(c)(f)</sup> | 15759 | 157590 |
| NewHold Investment Corp III, Class A<sup>(c)(f)</sup> | 67027 | 250 |
| NewHold Investment Corp III, Class B<sup>(c)(f)</sup> | 8378 | 82976 |
| Oxley Bridge Holdings LLC, Class A<sup>(c)(f)</sup> | 128263 | 513 |
| Oxley Bridge Holdings LLC, Class B<sup>(c)(f)</sup> | 160330 | 160330 |
| Oyster Enterprises II LLC, Class A<sup>(c)(f)</sup> | 134995 | 540 |
| Oyster Enterprises II LLC, Class B<sup>(c)(f)</sup> | 16874 | 168740 |
| Perimeter Acquisition Corp. I<sup>(f)</sup> | 63970 | 648656 |
| Pioneer Acquisition 1 Sponsor Holdco LLC, Class A<sup>(c)(f)</sup> | 137148 | 549 |
| Pioneer Acquisition 1 Sponsor Holdco LLC, Class B<sup>(c)(f)</sup> | 171435 | 171435 |
| ProCap Acquisition Corp.<sup>(f)</sup> | 61838 | 660430 |
| Real Asset Acquisition Corp.<sup>(f)</sup> | 25855 | 262428 |
| Renatus Tactical Acquisition Corp. I<sup>(f)</sup> | 5464 | 63382 |
| Republic Digital Acquisition Company<sup>(f)</sup> | 128293 | 1327833 |
| Sonnet BioTherapeutics Holdings, Inc.<sup>(c)(f)</sup> | 283636 | 354545 |
| Soulpower Acquisition Sponsor LLC, Class A<sup>(c)(f)</sup> | 120459 | 482 |
| Soulpower Acquisition Sponsor LLC, Class B<sup>(c)(f)</sup> | 15057 | 150570 |
| Titan Acquisition Sponsor Holdco, LLC, Class A<sup>(c)(f)</sup> | 72306 | 289 |
| Trump Media & Technology Group Corp.<sup>(f)</sup> | 43631 | 767469 |
| TV Partners III, LLC, Class A<sup>(c)(f)</sup> | 167872 | 504 |
| TV Partners III, LLC, Class B<sup>(c)(f)</sup> | 209841 | 209841 |
| VO Sponsor II, LLC Class A<sup>(c)(f)</sup> | 72306 | 217 |
| VO Sponsor II, LLC Class B<sup>(c)(f)</sup> | 90383 | 90383 |
| Wen Acquisition Corp.<sup>(f)</sup> | 123847 | 1318970 |
| Wen Sponsor LLC, Class A<sup>(c)(f)</sup> | 125704 | 503 |
| Wen Sponsor LLC, Class B<sup>(c)(f)</sup> | 157130 | 157130 |
| XTao Inc.<sup>(c)(f)(g)</sup> | 35469 | 177345 |
| **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES** |  | **16775026** |
| (Cost $17,038,997) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Contracts** | **Fair Value** |
| **WARRANTS - 1.13%** |  |  |
| Berto Acquisition Corp., Expires 05/01/2030, Strike Price $11.50<sup>(f)</sup> | 6645 | 4984 |
| Critical Metals Corp., Expires 02/07/2029, Strike Price $7.00<sup>(f)</sup> | 38669 | 54137 |
| Digital Asset Acquisition Corp., Expires 04/01/2030, Strike Price $11.50<sup>(f)</sup> | 29467 | 25784 |
| Dynamix Corp., Expires 10/25/2029, Strike Price $11.50<sup>(f)</sup> | 36822 | 69225 |

---

Quarterly Report \| July 31, 2025 7

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Contracts** | **Fair Value** |
| EQV Ventures Acquisition Corp., Expires 07/01/2031, Strike Price $11.50<sup>(f)</sup> | 19277 | $15037 |
| Fact II Acquisition Corp., Expires 11/26/2031, Strike Price $11.50<sup>(f)</sup> | 22895 | 5721 |
| Gores Holdings X Inc., Expires 05/02/2030, Strike Price $11.50<sup>(f)</sup> | 3460 | 4325 |
| GP-Act III Acquisition Corp., Expires 12/31/2027, Strike Price $11.50<sup>(f)</sup> | 23593 | 6601 |
| GP-Act III Acquisition Corp., Class B Warrants, Expires 5 years after initial business combination, Strike Price $11.50<sup>(c)(f)</sup> | 21362 | 3691 |
| Graf Global Corp, Expires with the closing of initial business combination, Strike Price $11.50<sup>(c)(f)(g)</sup> | 19276 | 3566 |
| HCM II Acquisition Corp., Expires 8/02/2029, Strike Price $11.509<sup>(f)</sup> | 5504 | 12659 |
| Israel Acquisitions Corp., Expires 02/28/2028, Strike Price $11.50<sup>(f)</sup> | 18390 | 3145 |
| Launch Two Acquisition Corp., Expires 10/09/2029, Strike Price $11.50<sup>(f)</sup> | 1652 | 826 |
| Live Oak Acquisition Corp. V, Expires 02/20/2030, Strike Price $11.50<sup>(f)</sup> | 18443 | 12449 |
| Melar Acquisition Corp I, Expires 6/10/2029, Strike Price $11.50<sup>(f)</sup> | 32537 | 6442 |
| MI7 Founders, LLC, Class A, Expires 5 years after closing, Strike Price $11.50<sup>(f)</sup> | 236458 | 321583 |
| MI7 Founders, LLC, Class Z, Expires 5 years after closing, Strike Price $11.50<sup>(f)</sup> | 78859 | 107248 |
| New Providence Acquisition Corp. III, Expires 04/24/2030, Strike Price $11.50<sup>(f)</sup> | 6181 | 3152 |
| New Providence Holdings III, LLC, Expires with the closing of initial business combination, Strike Price $11.50<sup>(c)(f)</sup> | 126069 | 378 |
| NewHold Investment Corp II-A., Expires 04/17/2030, Strike Price $11.50<sup>(f)</sup> | 2084 | 615 |
| NewHold Investment Corp III., Expires 5 years after initial business combination, Strike Price $11.50<sup>(c)(f)(i)</sup> | 4189 |  |
| Perimeter Acquisition Corp. I, Expires 05/13/2030, Strike Price $11.50<sup>(f)</sup> | 33393 | 19986 |
| Plum Acquisition Corp IV, Expires 08/19/2029, Strike Price $11.50<sup>(f)</sup> | 4175 | 1096 |
| Real Asset Acquisition Corp., Expires 04/24/2030, Strike Price $11.50<sup>(f)</sup> | 87360 | 34944 |
| Renatus Tactical Acquisition Corp. I, Expires 05/15/2030, Strike Price $11.50<sup>(f)</sup> | 3588 | 6207 |
| Republic Digital Acquisition Co, Expires 05/01/2030, Strike Price $11.50<sup>(f)</sup> | 64146 | 52279 |
| Rithm Acquisition Corp., Expires 12/30/2025, Strike Price $0.10<sup>(f)</sup> | 1581 | 790 |
| Roman DBDR Acquisition Corp II., Expires 10/31/2031, Strike Price $11.50<sup>(f)</sup> | 19566 | 9857 |
| SIM Acquisition Corp. I, Expires0 6/01/2031, Strike Price $11.50<sup>(f)</sup> | 12138 | 4005 |
| Titan Acquisition Sponsor Holdco, LLC, Expires 5 years after initial business combination, Strike Price $11.50<sup>(c)(f)</sup> | 90383 | 90383 |
| TLGY Acquisition Corp., Expires 01/14/2028, Strike Price $11.50<sup>(f)</sup> | 30000 | 26999 |
| Vertical Aerospace, Ltd. Class A Warrants, Expires 01/22/2030, Strike Price $11.50<sup>(c)(f)</sup> | 249443 | 1168062 |
| Vertical Aerospace, Ltd. Class B Warrants, Expires 01/22/2030, Strike Price $11.50<sup>(c)(f)</sup> | 249443 | 1104716 |
| Willow Lane Acquisition Corp., Expires 10/31/2031, Strike Price $11.50<sup>(f)</sup> | 32 | 17 |
| **TOTAL WARRANTS** |  | **3180909** |
| (Cost $376,107) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Contracts** | **Fair Value** |
| **RIGHTS - 0.01%** |  |  |
| Inflection Point Acquisition Corp. III, Expires 06/16/2075<sup>(f)</sup> | 54192 | 20593 |
| Hennessy Capital Investment Corp. VII, Expires 12/30/2025<sup>(f)</sup> | 7305 | 2008 |
| K&F Growth Acquisition Corp. II, Expires 12/30/2025<sup>(f)</sup> | 4142 | 539 |
| **TOTAL RIGHTS** |  | **23140** |
| (Cost $19,701) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Contracts** | **Fair Value** |
| **OPTIONS - 1.90%<sup>(j)</sup>** |  |  |
| **Put Option Contracts - 1.90%** |  |  |
| S&P 500 Index, Expires 07/31/2025, Strike Price $5,460<sup>(f)</sup> | 27 | 68 |
| S&P 500 Index, Expires 07/31/2025, Strike Price $5,465<sup>(f)</sup> | 28 | 70 |
| S&P 500 Index, Expires 08/15/2025, Strike Price $5,705<sup>(f)</sup> | 3 | 690 |

---

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Contracts** | **Fair Value** |
| S&P 500 Index, Expires 08/15/2025, Strike Price $5,720<sup>(f)</sup> | 3 | $930 |
| S&P 500 Index, Expires 08/15/2025, Strike Price $5,755<sup>(f)</sup> | 6 | 1620 |
| S&P 500 Index, Expires 08/15/2025, Strike Price $5,760<sup>(f)</sup> | 7 | 2800 |
| S&P 500 Index, Expires 08/15/2025, Strike Price $5,770<sup>(f)</sup> | 13 | 5980 |
| S&P 500 Index, Expires 08/15/2025, Strike Price $5,775<sup>(f)</sup> | 7 | 1960 |
| S&P 500 Index, Expires 08/15/2025, Strike Price $5,780<sup>(f)</sup> | 6 | 2490 |
| S&P 500 Index, Expires 08/15/2025, Strike Price $5,785<sup>(f)</sup> | 8 | 3360 |
| S&P 500 Index, Expires 08/15/2025, Strike Price $5,790<sup>(f)</sup> | 10 | 2850 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $5,845<sup>(f)</sup> | 13 | 31785 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $5,855<sup>(f)</sup> | 17 | 41548 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $5,860<sup>(f)</sup> | 49 | 118335 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $5,870<sup>(f)</sup> | 9 | 26055 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $5,875<sup>(f)</sup> | 13 | 30784 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $5,880<sup>(f)</sup> | 43 | 146415 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $5,885<sup>(f)</sup> | 17 | 58650 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $5,890<sup>(f)</sup> | 9 | 39330 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $5,950<sup>(f)</sup> | 11 | 46574 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $5,955<sup>(f)</sup> | 20 | 82000 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $5,965<sup>(f)</sup> | 17 | 71315 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $5,975<sup>(f)</sup> | 10 | 34090 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $5,985<sup>(f)</sup> | 14 | 45696 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $5,995<sup>(f)</sup> | 9 | 39870 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $6,000<sup>(f)</sup> | 9 | 41409 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $6,005<sup>(f)</sup> | 21 | 85680 |
| S&P 500 Index, Expires 09/19/2025, Strike Price $6,015<sup>(f)</sup> | 13 | 58630 |
| S&P 500 Index, Expires 10/17/2025, Strike Price $6,050<sup>(f)</sup> | 9 | 71730 |
| S&P 500 Index, Expires 10/17/2025, Strike Price $6,060<sup>(f)</sup> | 8 | 64640 |
| S&P 500 Index, Expires 10/17/2025, Strike Price $6,085<sup>(f)</sup> | 6 | 42162 |
| S&P 500 Index, Expires 10/17/2025, Strike Price $6,090<sup>(f)</sup> | 5 | 40300 |
| S&P 500 Index, Expires 10/17/2025, Strike Price $6,100<sup>(f)</sup> | 13 | 116350 |
| S&P 500 Index, Expires 10/17/2025, Strike Price $6,120<sup>(f)</sup> | 73 | 664300 |
| S&P 500 Index, Expires 10/17/2025, Strike Price $6,125<sup>(f)</sup> | 5 | 43235 |
| S&P 500 Index, Expires 10/17/2025, Strike Price $6,140<sup>(f)</sup> | 57 | 531924 |
| S&P 500 Index, Expires 10/17/2025, Strike Price $6,145<sup>(f)</sup> | 47 | 449085 |
| S&P 500 Index, Expires 10/17/2025, Strike Price $6,150<sup>(f)</sup> | 50 | 406500 |
| S&P 500 Index, Expires 10/17/2025, Strike Price $6,165<sup>(f)</sup> | 69 | 665160 |
| S&P 500 Index, Expires 10/17/2025, Strike Price $6,185<sup>(f)</sup> | 35 | 330400 |
| S&P 500 Index, Expires 10/17/2025, Strike Price $6,205<sup>(f)</sup> | 27 | 290520 |
| S&P 500 Index, Expires 10/17/2025, Strike Price $6,240<sup>(f)</sup> | 9 | 102960 |
| S&P 500 Index, Expires 11/21/2025, Strike Price $6,305<sup>(f)</sup> | 19 | 257450 |
| S&P 500 Index, Expires 11/21/2025, Strike Price $6,310<sup>(f)</sup> | 19 | 259920 |
| **TOTAL OPTIONS** |  | **5357620** |
| (Premiums paid $11,580,025) |  |  |

---

Quarterly Report \| July 31, 2025 9

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **MONEY MARKET FUNDS - 7.54%** |  |  |
| BNY Mellon U.S. Treasury Fund, 7 Day Yield, 4.150%<sup>(g)(h)</sup> | 16678716 | $16678716 |
| JPMorgan US Treasury Plus Money Market Fund, 7 Day Yield, 4.190% | 4597504 | 4597504 |
| **TOTAL MONEY MARKET FUNDS** |  | **21276220** |
| (Cost $21,276,220) |  |  |
| Total Investments in Securities - 73.09% |  | **206228868** |
| (Cost $191,134,519) |  |  |
| Other Assets in Excess of Liabilities - 26.91% |  | 75926098 |
| **NET ASSETS - 100.00%** |  | $**282154966** |
| *Amounts above are shown as a percentage of net assets as of July 31, 2025.* | *Amounts above are shown as a percentage of net assets as of July 31, 2025.* |  |

---

**SCHEDULE OF SECURITIES SOLD SHORT**

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Fair Value** |
| **CORPORATE BONDS - (3.30%)** |  |  |
| **Consumer Discretionary - (2.18%)** |  |  |
| Biocon Biologics Global PLC, 6.670%, 10/09/2029 | $(3630000) | $(3430411) |
| Star Parent Inc., 9.000%, 10/01/2030 | (2586000) | (2728230) |
|  |  | **(6158641)** |
| **Industrials - (0.68%)** |  |  |
| Icahn Enterprises LP/Icahn Enterprises Finance Corporation, 4.375%, 02/01/2029 | (355000) | (304857) |
| Icahn Enterprises LP/Icahn Enterprises Finance Corporation, 5.250%, 05/15/2027 | (1637000) | (1600169) |
|  |  | **(1905026)** |
| **Real Estate - (0.44%)** |  |  |
| CPI Property Group SA, 1.750%, 01/14/2030<sup>(e)</sup> | (1257000) | (1256634) |
|  |  | **(1256634)** |
| **TOTAL CORPORATE BONDS** |  | **(9320301)** |
| (Proceeds $9,089,640) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Fair Value** |
| **SOVEREIGN DEBT OBLIGATIONS - (62.17%)** |  |  |
| **Sovereign - (62.17%)** |  |  |
| United States Treasury, 3.750%, 06/30/2027 | (86614000) | (86265517) |
| United States Treasury, 3.875%, 06/30/2030 | (30076000) | (29945004) |
| United States Treasury, 4.250%, 05/15/2035 | (59827000) | (59214706) |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS** |  | **(175425227)** |
| (Proceeds $175,480,221) |  |  |

---

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCK - (10.54%)** |  |  |
| **Communications - (2.21%)** |  |  |
| Cogent Communications Holdings Inc.<sup>(f)</sup> | (3543) | $(886636) |
| DoorDash, Inc.<sup>(f)</sup> | (1415) | (64510) |
| Formula One Group<sup>(f)</sup> | (1740) | (174609) |
| Meta Platforms, Inc.<sup>(f)</sup> | (2212) | (1710849) |
| Netflix, Inc.<sup>(f)</sup> | (585) | (678249) |
| News Corp.<sup>(f)</sup> | (2161) | (63361) |
| Pinterest, Inc.<sup>(f)</sup> | (6042) | (233221) |
| Reddit Inc.<sup>(f)</sup> | (334) | (53637) |
| ROBLOX Corp.<sup>(f)</sup> | (5818) | (801662) |
| Roku Inc.<sup>(f)</sup> | (1352) | (127304) |
| Spotify Technology SA.<sup>(f)</sup> | (998) | (625287) |
| System1 Inc.<sup>(f)</sup> | (2433) | (15133) |
| The Trade Desk, Inc.<sup>(f)</sup> | (4015) | (349144) |
| The Walt Disney Company<sup>(f)</sup> | (931) | (110891) |
| Zillow Group, Inc.<sup>(f)</sup> | (4287) | (341031) |
|  |  | **(6235524)** |
| **Consumer Discretionary - (1.05%)** |  |  |
| Amazon.com, Inc.<sup>(f)</sup> | (5465) | (1279411) |
| Chewy Inc.<sup>(f)</sup> | (3391) | (124450) |
| Coupang Inc.<sup>(f)</sup> | (5974) | (175815) |
| DraftKings Inc.<sup>(f)</sup> | (5193) | (233893) |
| Ferrari N.V.<sup>(f)</sup> | (426) | (188884) |
| MercadoLibre, Inc.<sup>(f)</sup> | (233) | (553116) |
| Sweetgreen, Inc.<sup>(f)</sup> | (5795) | (74640) |
| The Home Depot, Inc.<sup>(f)</sup> | (141) | (51819) |
| Wayfair Inc.<sup>(f)</sup> | (3209) | (210639) |
| YETI Holdings Inc.<sup>(f)</sup> | (1606) | (59004) |
|  |  | **(2951671)** |
| **Consumer Staples - (0.09%)** |  |  |
| The Clorox Company<sup>(f)</sup> | (1973) | (247730) |
|  |  | **(247730)** |
| **Energy - (0.12%)** |  |  |
| Enbridge, Inc.<sup>(f)</sup> | (1632) | (73909) |
| MPLX LP<sup>(f)</sup> | (998) | (52395) |
| Pembina Pipeline Corp.<sup>(f)</sup> | (2220) | (82513) |
| TC Energy Corp.<sup>(f)</sup> | (1331) | (63553) |
| Williams Cos., Inc.<sup>(f)</sup> | (1130) | (67744) |
|  |  | **(340114)** |
| **Financials - (1.09%)** |  |  |
| Affirm Holdings Inc.<sup>(f)</sup> | (6776) | (464563) |
| American Express Co. | (856) | (256209) |
| Bank of America Corp.<sup>(f)</sup> | (1242) | (58709) |
| Block Inc.<sup>(f)</sup> | (4287) | (331214) |
| Brookfield Corp.<sup>(f)</sup> | (2098) | (140671) |
| CME Group Inc.<sup>(f)</sup> | (533) | (148323) |

---

Quarterly Report \| July 31, 2025 11

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| Corpay Inc.<sup>(f)</sup> | (207) | $(66871) |
| Intercontinental Exchange, Inc.<sup>(f)</sup> | (1724) | (318647) |
| MasterCard Inc. | (935) | (529649) |
| MSCI Inc.<sup>(f)</sup> | (523) | (293591) |
| Paysafe Ltd.<sup>(f)</sup> | (4008) | (48697) |
| Robinhood Markets Inc.<sup>(f)</sup> | (666) | (68631) |
| Visa Inc.<sup>(f)</sup> | (634) | (219028) |
| Webster Financial Corp.<sup>(f)</sup> | (2066) | (119105) |
|  |  | **(3063908)** |
| **Health Care - (1.06%)** |  |  |
| Agios Pharmaceuticals Inc.<sup>(f)</sup> | (1868) | (69527) |
| Alnylam Pharmaceuticals, Inc.<sup>(f)</sup> | (1388) | (544429) |
| Boston Scientific Corp.<sup>(f)</sup> | (1045) | (109641) |
| Denali Therapeutics Inc.<sup>(f)</sup> | (4876) | (67435) |
| Edwards Lifesciences Corp.<sup>(f)</sup> | (617) | (48934) |
| Eli Lilly and Company<sup>(f)</sup> | (195) | (144314) |
| Guardant Health Inc.<sup>(f)</sup> | (3217) | (131833) |
| Incyte Corp.<sup>(f)</sup> | (1063) | (79608) |
| Insmed Inc.<sup>(f)</sup> | (716) | (76812) |
| Inspire Medical Systems Inc.<sup>(f)</sup> | (536) | (66753) |
| Insulet Corp.<sup>(f)</sup> | (973) | (280613) |
| Ionis Pharmaceuticals Inc.<sup>(f)</sup> | (5354) | (230115) |
| Moderna, Inc.<sup>(f)</sup> | (7776) | (229859) |
| Natera Inc.<sup>(f)</sup> | (350) | (46781) |
| Neurocrine Biosciences Inc.<sup>(f)</sup> | (1508) | (193371) |
| Penumbra Inc.<sup>(f)</sup> | (400) | (100908) |
| Revolution Medicines Inc.<sup>(f)</sup> | (2312) | (86168) |
| Stryker Corp.<sup>(f)</sup> | (273) | (107215) |
| Tenet Healthcare Corp.<sup>(f)</sup> | (282) | (45481) |
| The Ensign Group, Inc.<sup>(f)</sup> | (626) | (93900) |
| UnitedHealth Group Inc.<sup>(f)</sup> | (322) | (80358) |
| Vertex Pharmaceuticals Inc.<sup>(f)</sup> | (348) | (158991) |
|  |  | **(2993046)** |
| **Industrials - (1.26%)** |  |  |
| Alight, Inc. | (66767) | (357871) |
| Blade Air Mobility Inc.<sup>(f)</sup> | (12237) | (48826) |
| Clean Harbors Inc.<sup>(f)</sup> | (432) | (101870) |
| Dun & Bradstreet Holdings, Inc. | (100661) | (916015) |
| Equifax Inc.<sup>(f)</sup> | (1130) | (271460) |
| Exponent Inc.<sup>(f)</sup> | (2691) | (185571) |
| Generac Holdings, Inc. | (415) | (80796) |
| Graco Inc. | (3732) | (313413) |
| Leonardo DRS Inc.<sup>(f)</sup> | (2395) | (99632) |
| Paycom Software Inc.<sup>(f)</sup> | (1113) | (257704) |
| Rollins Inc.<sup>(f)</sup> | (5063) | (289958) |
| Union Pacific Corp.<sup>(f)</sup> | (206) | (45726) |
| Verisk Analytics Inc.<sup>(f)</sup> | (1201) | (334731) |
| Vicor Corp.<sup>(f)</sup> | (1476) | (65593) |
| Watsco Inc. | (395) | (178098) |
|  |  | **(3547264)** |

---

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Information Technology - (1.29%)** |  |  |
| Amphenol Corp.<sup>(f)</sup> | (1819) | $(193742) |
| Arlo Technologies Inc.<sup>(f)</sup> | (8264) | (133877) |
| Astera Labs Inc.<sup>(f)</sup> | (747) | (102137) |
| Aurora Innovation Inc.<sup>(f)</sup> | (33683) | (195698) |
| AvePoint Inc.<sup>(f)</sup> | (5242) | (100017) |
| Celestica Inc.<sup>(f)</sup> | (3523) | (704107) |
| CEVA Inc.<sup>(f)</sup> | (2406) | (51416) |
| Coherent Corp.<sup>(f)</sup> | (595) | (64022) |
| Harmonic Inc.<sup>(f)</sup> | (5884) | (50073) |
| Kulicke & Soffa Industries Inc.<sup>(f)</sup> | (1681) | (55070) |
| Littelfuse Inc.<sup>(f)</sup> | (340) | (87492) |
| Oracle Corp. | (562) | (142619) |
| Pure Storage Inc.<sup>(f)</sup> | (989) | (58865) |
| Qualys Inc.<sup>(f)</sup> | (2247) | (299008) |
| Red Violet Inc.<sup>(f)</sup> | (1492) | (66140) |
| Sabre Corp.<sup>(f)</sup> | (69632) | (210985) |
| Samsara Inc.<sup>(f)</sup> | (5013) | (190644) |
| Super Micro Computer Inc.<sup>(f)</sup> | (5115) | (301632) |
| Trimble Inc.<sup>(f)</sup> | (1242) | (104191) |
| VeriSign Inc.<sup>(f)</sup> | (2004) | (538815) |
|  |  | **(3650550)** |
| **Materials - (0.00%)<sup>(d)</sup>** |  |  |
| Teck Resources Ltd.<sup>(f)</sup> | (1117) | (36258) |
|  |  | **(36258)** |
| **Real Estate - (0.23%)** |  |  |
| Choice Properties Real Estate Investment Trust | (6132) | (62798) |
| Lineage Inc.<sup>(f)</sup> | (3064) | (291662) |
| Lineage Inc. | (1658) | (71543) |
| Prologis Inc.<sup>(f)</sup> | (438) | (46770) |
| Rayonier Inc.<sup>(f)</sup> | (2359) | (54988) |
| RioCan Real Estate Investment Trust | (4099) | (52214) |
| SmartCentres Real Estate Investment Trust | (3207) | (58789) |
|  |  | **(638764)** |
| **Technology - (1.98%)** |  |  |
| Arista Networks, Inc.<sup>(f)</sup> | (1202) | (148110) |
| Cloudflare, Inc.<sup>(f)</sup> | (6704) | (1392287) |
| Datadog Inc.<sup>(f)</sup> | (1193) | (166996) |
| Doximity Inc.<sup>(f)</sup> | (4552) | (267430) |
| Duolingo Inc.<sup>(f)</sup> | (986) | (341698) |
| Fabrinet.<sup>(f)</sup> | (1270) | (411137) |
| HubSpot, Inc.<sup>(f)</sup> | (84) | (43651) |
| KLA CORP.<sup>(f)</sup> | (205) | (180201) |
| Monolithic Power Systems Inc.<sup>(f)</sup> | (128) | (91039) |
| NVIDIA Corp.<sup>(f)</sup> | (2295) | (408212) |
| Pegasystems Inc. | (4524) | (265604) |
| Rapid7, Inc.<sup>(f)</sup> | (586) | (12376) |
| Salesforce Inc.<sup>(f)</sup> | (301) | (77757) |
| ServiceNow, Inc.<sup>(f)</sup> | (54) | (50928) |
| Shopify Inc.<sup>(f)</sup> | (7056) | (861836) |

---

Quarterly Report \| July 31, 2025 13

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| Snowflake Inc.<sup>(f)</sup> | (2139) | $(478066) |
| SPS Commerce Inc.<sup>(f)</sup> | (368) | (40062) |
| Varonis Systems Inc.<sup>(f)</sup> | (2905) | (162186) |
| Workday, Inc.<sup>(f)</sup> | (848) | (194514) |
|  |  | **(5594090)** |
| **Utilities - (0.16%)** |  |  |
| AES Corp.<sup>(f)</sup> | (3345) | (43987) |
| Clearway Energy Inc.<sup>(f)</sup> | (1452) | (47379) |
| DTE Energy Co.<sup>(f)</sup> | (350) | (48445) |
| Ormat Technologies Inc.<sup>(f)</sup> | (1139) | (101839) |
| Vistra Corp.<sup>(f)</sup> | (748) | (155989) |
| Xcel Energy, Inc.<sup>(f)</sup> | (660) | (48471) |
|  |  | **(446110)** |
| **TOTAL COMMON STOCK** |  | **(29745029)** |
| (Proceeds $29,594,324) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **CLOSED END FUNDS - (0.96%)** |  |  |
| **Equity - (0.96%)** |  |  |
| Energy Select Sector SPDR Fund<sup>(f)</sup> | (7871) | (686430) |
| Health Care Select Sector SPDR Fund<sup>(f)</sup> | (159) | (20738) |
| Industrial Select Sector SPDR Fund<sup>(f)</sup> | (1823) | (277114) |
| iShares Russell 2000 ETF<sup>(f)</sup> | (1092) | (239574) |
| Materials Select Sector SPDR Fund<sup>(f)</sup> | (857) | (75185) |
| Utilities Select Sector SPDR Fund<sup>(f)</sup> | (16568) | (1419381) |
|  |  | **(2718422)** |
| **TOTAL CLOSED END FUNDS** |  | **(2718422)** |
| (Proceeds $2,591,971) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **EXCHANGE TRADED FUNDS - (18.43%)** |  |  |
| **Alternative - (3.52%)** |  |  |
| Grayscale Bitcoin Trust BTC<sup>(f)(g)</sup> | (108324) | (9941977) |
|  |  | **(9941977)** |
| **Equity - (14.91%)** |  |  |
| Invesco S&P 500 Equal Weight ETF<sup>(f)</sup> | (6240) | (1145850) |
| iShares Biotechnology ETF<sup>(f)</sup> | (12400) | (1646224) |
| iShares Global Infrastructure ETF<sup>(f)</sup> | (7524) | (444518) |
| iShares MSCI ACWI ETF | (42191) | (5483142) |
| iShares Russell 1000 Value ETF<sup>(f)</sup> | (10703) | (2091580) |
| Vanguard FTSE Developed Markets ETF<sup>(f)</sup> | (249672) | (14036560) |
| Vanguard FTSE Emerging Markets ETF<sup>(f)</sup> | (201773) | (10048295) |
| Vanguard Total Stock Market ETF | (23028) | (7159175) |
|  |  | **(42055344)** |
| **TOTAL EXCHANGE TRADED FUNDS** |  | **(51997321)** |
| (Proceeds $50,191,643) |  |  |

---

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **SPECIAL PURPOSE ACQUISITION COMPANIES - (2.03%)** |  |  |
| Accenture plc<sup>(f)</sup> | (203) | $(54221) |
| Advanced Drainage Systems Inc.<sup>(f)</sup> | (671) | (76997) |
| Akero Therapeutics Inc.<sup>(f)</sup> | (1390) | (67902) |
| Alliant Energy Corp. | (627) | (40761) |
| AltaGas Ltd.<sup>(f)</sup> | (2242) | (66195) |
| Ashland Inc.<sup>(f)</sup> | (1053) | (54293) |
| Axsome Therapeutics Inc.<sup>(f)</sup> | (509) | (51602) |
| Bank of Montreal | (371) | (40950) |
| Bentley Systems Inc.<sup>(f)</sup> | (1221) | (70794) |
| BioMarin Pharmaceutical Inc.<sup>(f)</sup> | (1064) | (61552) |
| Booz Allen Hamilton Holding Corp.<sup>(f)</sup> | (549) | (58924) |
| Boralex Inc.<sup>(f)</sup> | (2617) | (59230) |
| Brookfield Infrastructure Partners LP<sup>(f)</sup> | (1959) | (61121) |
| Canadian Imperial Bank of Commerce<sup>(f)</sup> | (540) | (38594) |
| Capital Power Corp.<sup>(f)</sup> | (2108) | (88330) |
| Ciena Corp.<sup>(f)</sup> | (560) | (51990) |
| Corning Inc.<sup>(f)</sup> | (967) | (61153) |
| Credo Technology Group Holding Ltd.<sup>(f)</sup> | (1233) | (137541) |
| CyberArk Software Ltd.<sup>(f)</sup> | (530) | (218079) |
| Cytokinetics Inc.<sup>(f)</sup> | (1247) | (46937) |
| Darling Ingredients Inc.<sup>(f)</sup> | (1163) | (37658) |
| Dell Technologies Inc.<sup>(f)</sup> | (580) | (76960) |
| Diamondback Energy Inc.<sup>(f)</sup> | (414) | (61545) |
| Donaldson Company, Inc.<sup>(f)</sup> | (801) | (57648) |
| Dynatrace Inc.<sup>(f)</sup> | (771) | (40562) |
| Eaton Corporation plc<sup>(f)</sup> | (199) | (76559) |
| Elastic NV<sup>(f)</sup> | (638) | (53401) |
| Electronic Arts Inc.<sup>(f)</sup> | (269) | (41020) |
| Emera Inc.<sup>(f)</sup> | (929) | (43621) |
| EOG Resources Inc.<sup>(f)</sup> | (748) | (89775) |
| Equinox Gold Corp.<sup>(f)</sup> | (9293) | (56687) |
| First Advantage Corp.<sup>(f)</sup> | (2245) | (38816) |
| GE Vernova Inc.<sup>(f)</sup> | (78) | (51503) |
| Gibson Energy Inc.<sup>(f)</sup> | (3461) | (62321) |
| Globant SA<sup>(f)</sup> | (615) | (51820) |
| GMO internet group Inc.<sup>(f)</sup> | (2131) | (55027) |
| Graphic Packaging Holding Company<sup>(f)</sup> | (1956) | (43736) |
| Harmony Biosciences Holdings Inc.<sup>(f)</sup> | (1516) | (53333) |
| Hubbell Inc.<sup>(f)</sup> | (108) | (47248) |
| IDEX Corp. | (1126) | (184112) |
| Infomart Corp.<sup>(f)</sup> | (17167) | (47699) |
| International Flavors & Fragrances Inc.<sup>(f)</sup> | (569) | (40416) |
| JFrog Ltd.<sup>(f)</sup> | (1866) | (81003) |
| Keyera Corp.<sup>(f)</sup> | (1880) | (58967) |
| Manulife Financial Corp.<sup>(f)</sup> | (1847) | (57146) |
| Medpace Holdings Inc.<sup>(f)</sup> | (419) | (178997) |
| Merus NV<sup>(f)</sup> | (746) | (49415) |
| monday.com Ltd.<sup>(f)</sup> | (159) | (41704) |

---

Quarterly Report \| July 31, 2025 15

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| Money Forward Inc.<sup>(f)</sup> | (2141) | $(85938) |
| MonotaRO Co Ltd.<sup>(f)</sup> | (8162) | (146353) |
| Morgan Stanley | (759) | (108127) |
| NexGen Energy Ltd.<sup>(f)</sup> | (44039) | (295585) |
| Northland Power Inc. | (5115) | (83576) |
| Nu Holdings Ltd.<sup>(f)</sup> | (4868) | (59487) |
| nVent Electric plc<sup>(f)</sup> | (716) | (56149) |
| Peabody Energy Corp.<sup>(f)</sup> | (2571) | (41522) |
| Pentair plc<sup>(f)</sup> | (575) | (58765) |
| Philip Morris International Inc.<sup>(f)</sup> | (294) | (48231) |
| PTC Inc.<sup>(f)</sup> | (422) | (90650) |
| Radware Ltd.<sup>(f)</sup> | (2749) | (70374) |
| Repligen Corp.<sup>(f)</sup> | (472) | (55257) |
| Scholar Rock Holding Corp.<sup>(f)</sup> | (1360) | (50388) |
| Service Corporation International<sup>(f)</sup> | (552) | (42123) |
| SharkNinja Inc.<sup>(f)</sup> | (1429) | (165907) |
| Topaz Energy Corp.<sup>(f)</sup> | (3380) | (62814) |
| Topicus.com Inc.<sup>(f)</sup> | (713) | (97770) |
| Tourmaline Oil Corp.<sup>(f)</sup> | (1750) | (74479) |
| Trane Technologies plc<sup>(f)</sup> | (154) | (67464) |
| Transocean Ltd.<sup>(f)</sup> | (24993) | (72980) |
| uniQure NV<sup>(f)</sup> | (3441) | (47899) |
| Valmont Industries Inc.<sup>(f)</sup> | (147) | (53501) |
| Veralto Corp.<sup>(f)</sup> | (481) | (50423) |
| Verizon Communications Inc.<sup>(f)</sup> | (1058) | (45240) |
| Vertiv Holdings Co<sup>(f)</sup> | (505) | (73528) |
| Vigil Neuroscience Inc.<sup>(f)</sup> | (5225) | (42061) |
| Waste Connections Inc.<sup>(f)</sup> | (279) | (52099) |
| Watts Water Technologies Inc.<sup>(f)</sup> | (204) | (53513) |
| Wheaton Precious Metals Corp.<sup>(f)</sup> | (966) | (88399) |
| Whitecap Resources Inc. | (5887) | (44441) |
| WingArc1st Inc.<sup>(f)</sup> | (1896) | (45577) |
| Xylem Inc.<sup>(f)</sup> | (616) | (89086) |
| **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES** |  | **(5705571)** |
| (Proceeds $5,777,356) |  |  |
| Total Securities Sold Short - (97.43%) |  | $(274911871) |
| (Proceeds $272,725,155) |  |  |

---

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

 

*<sup>(a)</sup>* *Security is in default as of year-end and is therefore non-income producing.*

*<sup>(b)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933 (the "Securities Act"). Total market value of Rule 144A securities amounts to $11,073,942, which represented approximately 3.92% of net assets as of July 31, 2025. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.*

*<sup>(c)</sup>* *Level 3 assets valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.*

*<sup>(d)</sup>* *Amount represents less than 0.005% of net assets.*

*<sup>(e)</sup>* *Securities were originally issued pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of July 31, 2025, the aggregate market value of those securities was $1,067,613, which represents approximately 0.38% of net assets.*

*<sup>(f)</sup>* *Non-income producing security.*

*<sup>(g)</sup>* *A portion or all of the security is owned by SABA SPV I, a wholly-owned subsidiary of the Fund.*

*<sup>(h)</sup>* *A portion or all of the security is owned by SABA SPV II, a wholly-owned subsidiary of the Fund.*

*<sup>(i)</sup>* *At July 31, 2025, the value of these investments amounted to $0, representing 0.0% of the net assets of the Fund.*

*<sup>(j)</sup>* *At July 31, 2025, all options held by the Fund are exchange traded listed options.*

**Investment Abbreviations:**

ESTRON - Euro Short-Term Rate

OBFR - United States Overnight Bank Funding Rate

SONIA - Sterling Over Night Index Average

**Reference Rates:**

ESTRON - Euro Short-Term Rate as of July 31, 2025 was 1.919%

OBFR - United States Overnight Bank Funding Rate as of July 31, 2025 was 4.330%

TSFR1M - CME Term SOFR 1 Month as of July 31, 2025 was 4.351%

TSFR3M - CME Term SOFR 3 Month as of July 31, 2025 was 4.301%

TSFR6M - CME Term SOFR 6 Month as of July 31, 2025 was 4.191%

SONIA - Sterling Overnight Index Average as of July 31, 2025 was 4.217%

**Counterparty Abbreviations:**

JPM - JPMorgan Chase Bank, N.A.

GSI - Goldman Sachs International

MSCO - Morgan Stanley & Company

**Currency Abbreviations:**

AUD - Australian Dollar

CAD - Canadian Dollar

CHF - Swiss Franc

DKK - Danish Krone

EUR - Eurozone Currency

GBP - Great British Pound

JPY - Japanese Yen

SEK - Swedish Krona

USD - United States Dollar

Quarterly Report \| July 31, 2025 17

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

**SIMPLE AGREEMENT FOR FUTURE EQUITY (SAFE) CONTRACTS**

---

| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| AEYE Health Inc.<sup>(a)</sup> | $224992 | $224992 |
| BeeHero Ltd.<sup>(a)</sup> | 178159 | 205791 |
| G-ILS Transportation Ltd.<sup>(a)</sup> | 2000000 | 1928618 |
| Nemo Enterprises, Inc.<sup>(a)</sup> | 64450 | 64450 |
|  | $2467601 | $2423851 |

---

*<sup>(a)</sup>* *Level 3 assets valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.*

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br> Date** | **Fund<br> Receiving** | **Value** | **Fund<br> Delivering** | **Cost** | **Unrealized<br> Appreciation** |
| JPM | 10/09/2025 | USD | $9496418 | AUD | $9388469 | $107949 |
| JPM | 10/09/2025 | USD | 2795829 | CAD | 2751542 | 44287 |
| JPM | 09/26/2025 | USD | 16247083 | EUR | 15921038 | 326045 |
| JPM | 09/26/2025 | USD | 7042669 | GBP | 6871094 | 171575 |
| JPM | 10/09/2025 | USD | 1668145 | JPY | 1617103 | 51042 |
| JPM | 10/09/2025 | USD | 2437120 | SEK | 2359964 | 77156 |
|  |  |  |  |  |  | $778054 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br> Date** | **Fund<br> Receiving** | **Value** | **Fund<br> Delivering** | **Cost** | **Unrealized<br> Depreciation** |
| JPM | 10/09/2025 | AUD | $1286973 | USD | $1306403 | $(19430) |
| JPM | 10/09/2025 | CAD | 1303362 | USD | 1316234 | (12872) |
| JPM | 09/26/2025 | GBP | 75231573 | USD | 77536662 | (2305089) |
|  |  |  |  |  |  | $(2337391) |
|  |  |  |  |  |  | $(1559337) |

---

**FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Maturity<br> Date** | **Notional<br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Short Position Contracts** |  |  |  |  |
| FTSE 100 IDX FUT Sep 25 | (14) | 09/19/2025 | $1686038 | $(67705) |
| FTSE 250 Index FUT Sep 25 | (106) | 09/19/2025 | 6247856 | (142958) |
| NASDAQ 100 E-MINI Sep 25 | (28) | 09/19/2025 | 12247084 | (837316) |
| US 10YR NOTE (CBT) Sep 25 | (27) | 09/19/2025 | 3012714 | 14027 |
|  |  |  |  | $(1033952) |
|  |  |  |  | $(1033952) |

---

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

**TO BE ANNOUNCED (TBA) MORTGAGE-BACKED SECURITIES (MBS) FORWARD CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Maturity<br> Date** | **Notional<br> Amount** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| JPM | FNCL 5.5 9/25 TBA MSFTA | 09/11/2025 | $175000000 | $273438 |
| JPM | FNCL 6 9/25 TBA MSFTA | 09/11/2025 | 75000000 | 117188 |
|  |  |  |  | $390626 |

---

**SINGLE NAME CREDIT DEFAULT SWAP CONTRACTS (CENTRALLY CLEARED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Buy/Sell<br> Protection<sup>(a)</sup>** | **Reference Obligations** | **Annual<br> Payment<br> Rate<br> Received<br> (Paid)** | **Currency** | **Maturity<br> Date** | **Notional<br> Amount<sup>(b)</sup>** | **Fair Value** | **Upfront<br> Premiums<br> Received/(Paid)** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Buy | Caesars Entertainment Inc. | (5.00)% | USD | 12/20/2029 | $862000 | $(96861) | $124160 | $27299 |
| Sell | CSC Holdings Ltd. | 5.00% | USD | 06/20/2028 | 242000 | (44982) | 90145 | 45163 |
| Buy | RR Donnelley & Sons Co. | (5.00)% | USD | 06/20/2029 | 2915000 | (13150) | 267409 | 254259 |
|  |  |  |  |  |  | $(154993) | $481714 | $326721 |

---

**INDEX CREDIT DEFAULT SWAP CONTRACTS (CENTRALLY CLEARED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Buy/Sell<br> Protection<sup>(a)</sup>** | **Reference Obligations** | **Annual<br> Payment<br> Rate<br> Received<br> (Paid)** | **Currency** | **Maturity<br> Date** | **Notional<br> Amount<sup>(b)</sup>** | **Fair Value** | **Upfront<br> Premiums<br> Received/(Paid)** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Buy | Markit CDX High Yield Index, Series 43 | (5.00)% | USD | 06/20/2028 | 105529000 | $(7981404) | $7384147 | $(597257) |
| Sell | Markit CDX High Yield Index, Series 44 | 5.00% | USD | 06/20/2028 | 209469000 | 16295501 | (15773235) | 522266 |
|  |  |  |  |  |  | $8314097 | $(8389088) | $(74991) |

---

*<sup>(a)</sup>* *If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.*

*<sup>(b)</sup>* *The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. Notional amounts are presented in the currency indicated in the table.*

**TOTAL RETURN SWAP CONTRACTS** **<sup>(a)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Obligations** | **Currency** | **Notional<br> Amount<sup>(b)</sup>** | **Termination<br> Date** | **Financing<br> Rate Index** | **Financing<br> Rate Spread<br> Paid by<br> Fund** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Long Position Contracts** | **Long Position Contracts** | **Long Position Contracts** |  |  |  |  |  |  |
| JPM | Aberforth Smaller Companies Trust PLC | GBP | 7513 | 01/30/2026 | SONIA | 35 bps | $7629 | $116 |
| JPM | abrdn Asia Focus PLC | GBP | 240671 | 01/30/2026 | SONIA | 35 bps | 242795 | 2124 |
| JPM | abrdn Diversified Income and Growth Trust PLC | GBP | 1592887 | 03/31/2026 | SONIA | 35 bps | 1594556 | 1669 |
| JPM | abrdn New India Investment Trust PLC | GBP | 421202 | 01/30/2026 | SONIA | 35 bps | 419112 | (2090) |
| JPM | abrdn UK Smaller Cos Growth Trust PLC | GBP | 2988484 | 04/30/2026 | SONIA | 35 bps | 3005626 | 17142 |
| JPM | Allianz Technology Trust PLC | EUR | 2420772 | 10/31/2025 | ESTRON | 35 bps | 2503238 | 82466 |
| JPM | Aurora UK Alpha PLC | GBP | 2960 | 01/30/2026 | SONIA | 35 bps | 2984 | 24 |
| JPM | Avi Global Trust PLC | GBP | 827932 | 06/30/2026 | SONIA | 35 bps | 842571 | 14639 |
| JPM | Baillie Gifford European Growth Trust PLC | GBP | 1021078 | 05/29/2026 | SONIA | 35 bps | 1001721 | (19357) |

---

Quarterly Report \| July 31, 2025 19

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

**TOTAL RETURN SWAP CONTRACTS** **<sup>(a)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Obligations** | **Currency** | **Notional<br> Amount<sup>(b)</sup>** | **Termination<br> Date** | **Financing<br> Rate Index** | **Financing<br> Rate Spread<br> Paid by<br> Fund** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Long Position Contracts** | **Long Position Contracts** | **Long Position Contracts** |  |  |  |  |  |  |
| JPM | Baillie Gifford Japan Trust PLC | GBP | 649388 | 06/30/2026 | SONIA | 35 bps | $653300 | $3912 |
| JPM | Baillie Gifford Shin Nippon PLC | GBP | 280747 | 02/27/2026 | SONIA | 35 bps | 283852 | 3105 |
| JPM | Baillie Gifford UK Growth Trust PLC | GBP | 62579 | 05/29/2026 | SONIA | 35 bps | 64113 | 1534 |
| JPM | Baillie Gifford US Growth Trust PLC | GBP | 12753087 | 03/31/2026 | SONIA | 35 bps | 12944144 | 191057 |
| JPM | Bankers Investment Trust PLC | GBP | 4489531 | 11/28/2025 | SONIA | 35 bps | 4518731 | 29200 |
| JPM | BB Biotech AG | CHF | 136908 | 11/28/2025 | SARON | 35 bps | 1335362 | 1198454 |
| JPM | Bellevue Healthcare Trust PLC | GBP | 196708 | 01/30/2026 | SONIA | 35 bps | 197051 | 343 |
| JPM | BlackRock Smaller Companies Trust PLC | GBP | 2669435 | 04/30/2026 | SONIA | 35 bps | 2714403 | 44968 |
| JPM | BlackRock Throgmorton Trust PLC | GBP | 1147445 | 11/28/2025 | SONIA | 35 bps | 1162925 | 15480 |
| JPM | Brown Advisory US Smaller Companies PLC | GBP | 863490 | 03/31/2026 | SONIA | 35 bps | 863490 |  |
| JPM | CQS Natural Resources Growth and Income PLC | GBP | 2431721 | 03/31/2026 | SONIA | 35 bps | 2353817 | (77904) |
| JPM | Diverse Income Trust PLC | GBP | 920914 | 10/31/2025 | SONIA | 35 bps | 912143 | (8771) |
| JPM | Ecofin Global Utilities/Infrastructure Trust | GBP | 2505814 | 04/30/2026 | SONIA | 35 bps | 2483137 | (22677) |
| JPM | Geiger Counter, Ltd. | GBP | 65185 | 09/30/2025 | SONIA | 35 bps | 63902 | (1283) |
| JPM | Gresham House Energy Storage Fund PLC | GBP | 77699 | 04/30/2026 | SONIA | 35 bps | 78285 | 586 |
| JPM | HBM Healthcare Investments AG | CHF | 752776 | 01/30/2026 | SARON | 35 bps | 752776 |  |
| JPM | Henderson Smaller Companies Inv Trust PLC | GBP | 2033817 | 05/29/2026 | SONIA | 35 bps | 2090377 | 56560 |
| JPM | Herald Investment Trust PLC | GBP | 12178337 | 03/31/2026 | SONIA | 35 bps | 12328687 | 150350 |
| JPM | Impax Environmental Markets PLC | GBP | 2984095 | 10/31/2025 | SONIA | 35 bps | 3002863 | 18768 |
| JPM | International Biotechnology Trust PLC | GBP | 216123 | 11/28/2025 | SONIA | 35 bps | 218850 | 2727 |
| JPM | Invesco Perpetual UK Smaller Companies Investment Trust PLC | USD | 300252 | 09/30/2025 | OBFR | 35 bps | 297112 | (3140) |
| JPM | IP Group PLC | GBP | 1036866 | 04/30/2026 | SONIA | 35 bps | 1035014 | (1852) |
| JPM | JPM Global Emerging Markets Income Trust PLC | GBP | 74266 | 01/30/2026 | SONIA | 35 bps | 75006 | 740 |
| JPM | JPMorgan Indian Investment Trust PLC | GBP | 22216 | 01/30/2026 | SONIA | 35 bps | 22625 | 409 |
| JPM | Lowland Investment Company PLC | GBP | 2290045 | 04/30/2026 | SONIA | 35 bps | 2306004 | 15959 |
| JPM | Mercantile Investment Trust PLC | GBP | 3099060 | 04/30/2026 | SONIA | 35 bps | 3142188 | 43128 |
| JPM | Middlefield Canadian Income PC | GBP | 1864980 | 03/31/2026 | SONIA | 35 bps | 1854695 | (10285) |
| JPM | Monks Investment Trust PLC | GBP | 2167617 | 04/30/2026 | SONIA | 35 bps | 2174002 | 6385 |
| JPM | Murray Income Trust PLC | GBP | 77329 | 01/30/2026 | SONIA | 35 bps | 76728 | (601) |
| JPM | North America Income Trust PLC | GBP | 707193 | 05/29/2026 | SONIA | 35 bps | 713470 | 6277 |
| JPM | Pacific Assets Trust PLC | GBP | 451168 | 01/30/2026 | SONIA | 35 bps | 444884 | (6284) |
| JPM | Pacific Horizon Investment Trust PLC | GBP | 111806 | 01/30/2026 | SONIA | 35 bps | 111979 | 173 |
| JPM | Partners Group Private Equity, Ltd. | EUR | 373746 | 05/29/2026 | ESTRON | 40 bps | 376772 | 3026 |
| JPM | Polar Capital Technology Trust PLC | GBP | 5655188 | 10/31/2025 | SONIA | 35 bps | 5792065 | 136877 |
| JPM | PRS REIT PLC | GBP | 76198 | 12/31/2025 | SONIA | 35 bps | 76054 | (144) |
| JPM | RIT Capital Partners PLC | GBP | 1682920 | 11/28/2025 | SONIA | 35 bps | 1708156 | 25236 |
| JPM | River & Mercantile UK Micro Cap Inv Co Ltd. | GBP | 438608 | 03/31/2026 | SONIA | 35 bps | 438608 |  |
| JPM | RM Infrastructure Income PLC | GBP | 219537 | 06/30/2026 | SONIA | 35 bps | 226140 | 6603 |
| JPM | Schroder AsiaPacific Fund PLC | GBP | 5444 | 01/30/2026 | SONIA | 35 bps | 5435 | (9) |
| JPM | Schroder UK Mid Cap Fund PLC | GBP | 1397320 | 04/30/2026 | SONIA | 35 bps | 1438907 | 41587 |
| JPM | Scottish American Investment Co. PLC | GBP | 114529 | 02/27/2026 | SONIA | 35 bps | 114751 | 222 |
| JPM | Scottish Mortgage Investment Trust PLC | GBP | 7365218 | 10/31/2025 | SONIA | 0 bps | 7508829 | 143611 |
| JPM | Scottish Oriental Smaller Companies Trust PLC | GBP | 33875 | 01/30/2026 | SONIA | 35 bps | 33649 | (226) |
| JPM | SDCL Efficiency Income Trust PLC | GBP | 2580831 | 07/31/2026 | SONIA | 35 bps | 2608433 | 27602 |
| JPM | Smithson Investment Trust PLC | GBP | 8183115 | 03/31/2026 | SONIA | 35 bps | 8215080 | 31965 |
| JPM | Syncona, Ltd. | GBP | 685897 | 07/31/2026 | SONIA | 35 bps | 696614 | 10717 |

---

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

**TOTAL RETURN SWAP CONTRACTS** **<sup>(a)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Obligations** | **Currency** | **Notional<br> Amount<sup>(b)</sup>** | **Termination<br> Date** | **Financing<br> Rate Index** | **Financing<br> Rate Spread<br> Paid by<br> Fund** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Long Position Contracts** | **Long Position Contracts** | **Long Position Contracts** |  |  |  |  |  |  |
| JPM | Templeton EM Investment Trust PLC | GBP | 645272 | 05/29/2026 | SONIA | 35 bps | $645272 | $- |
| JPM | The Global Smaller Companies Trust PLC | GBP | 495453 | 03/31/2026 | SONIA | 35 bps | 499061 | 3608 |
| JPM | Third Point Investors, Ltd. | USD | 497691 | 04/30/2026 | OBFR | 40 bps | 494004 | (3687) |
| JPM | Utilico Emerging Markets Trust PLC | GBP | 417628 | 05/29/2026 | SONIA | 35 bps | 421094 | 3466 |
| JPM | VinaCapital Vietnam Opportunity Fund, Ltd. | GBP | 445354 | 01/30/2026 | SONIA | 35 bps | 450184 | 4830 |
| JPM | VPC Specialty Lending Investments PLC | GBP | 161589 | 04/30/2026 | SONIA | 35 bps | 163221 | 1632 |
| JPM | Workspace Group PLC | GBP | 918240 | 08/28/2026 | SONIA | 35 bps | 922760 | 4520 |
| JPM | Worldwide Healthcare Trust PLC | GBP | 923121 | 11/28/2025 | SONIA | 35 bps | 937891 | 14770 |
| **Total Long Position Contracts** | **Total Long Position Contracts** | **Total Long Position Contracts** |  |  |  |  | $104669127 | $2210257 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Obligations** | **Currency** | **Notional<br> Amount<sup>(b)</sup>** | **Termination<br> Date** | **Financing<br> Rate Index** | **Financing<br> Rate Spread <br> Paid/(Received)<br> by Fund** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Short Position Contracts** | **Short Position Contracts** | **Short Position Contracts** |  |  |  |  |  |  |
| JPM | 3i Group PLC | GBP | (92575) | 08/28/2026 | SONIA | (30) bps | (92866) | (291) |
| JPM | 4imprint Group PLC | GBP | 163418 | 09/30/2026 | SONIA | (0) bps | 163760 | 342 |
| JPM | Aalberts NV | EUR | (69890) | 08/31/2026 | ESTRON | (30) bps | (68289) | 1601 |
| JPM | AddTech AB | SEK | (130584) | 08/31/2026 | STIBOR | (35) bps | (132920) | (2336) |
| JPM | Adyen NV | EUR | (278819) | 08/31/2026 | ESTRON | (30) bps | (275824) | 2995 |
| JPM | AJ Bell PLC | GBP | (128578) | 08/28/2026 | SONIA | (30) bps | (133281) | (4703) |
| JPM | Alfa Financial Software Holdings PLC | GBP | 81190 | 09/30/2026 | SONIA | (0) bps | 83504 | 2314 |
| JPM | Alpha Group International PLC | GBP | (305132) | 08/28/2026 | SONIA | (30) bps | (305499) | (367) |
| JPM | Ambu A/S | DKK | (289045) | 08/31/2026 | CIBOR | (35) bps | (277795) | 11250 |
| JPM | Argenx SE | EUR | (307018) | 08/31/2026 | ESTRON | (30) bps | (354766) | (47748) |
| JPM | Ashtead Technology Holdings plc | GBP | 77787 | 09/30/2026 | SONIA | (0) bps | 76163 | (1624) |
| JPM | ASML Holding NV | EUR | (170632) | 08/31/2026 | ESTRON | (30) bps | (167921) | 2711 |
| JPM | Atlas Copco AB | SEK | (99226) | 08/31/2026 | STIBOR | (35) bps | (97369) | 1857 |
| JPM | Auction Technology Group PLC | GBP | 66317 | 09/30/2026 | SONIA | (0) bps | 64829 | (1488) |
| JPM | Aviva PLC | GBP | (66149) | 08/28/2026 | SONIA | (30) bps | (66787) | (638) |
| JPM | Babcock International Group PLC | GBP | (125704) | 08/28/2026 | SONIA | (30) bps | (128297) | (2593) |
| JPM | Balfour Beatty PLC | GBP | (132894) | 08/28/2026 | SONIA | (30) bps | (134129) | (1235) |
| JPM | Bankers Investment Trust PLC | GBP | (190624) | 08/28/2026 | SONIA | (30) bps | (193466) | (2842) |
| JPM | BE Semiconductor Industries NV | EUR | 254980 | 09/30/2026 | ESTRON | (0) bps | 262849 | 7869 |
| JPM | Beazley PLC | GBP | (91326) | 08/28/2026 | SONIA | (30) bps | (90667) | 659 |
| JPM | Bellway PLC | GBP | (178563) | 08/28/2026 | SONIA | (30) bps | (177707) | 856 |
| JPM | Bloomsbury Publishing PLC | GBP | 162682 | 09/30/2026 | SONIA | (0) bps | 158737 | (3945) |
| JPM | BT Group PLC | GBP | (69179) | 08/28/2026 | SONIA | (30) bps | (68946) | 233 |
| JPM | Bytes Technology Group PLC | GBP | 119759 | 09/30/2026 | SONIA | (0) bps | 117158 | (2601) |
| JPM | Cairn Homes PLC | GBP | (87469) | 08/28/2026 | SONIA | (30) bps | (89370) | (1901) |
| JPM | Central Asia Metals PLC | GBP | 50424 | 09/30/2026 | SONIA | (0) bps | 51654 | 1230 |
| JPM | Chemring Group PLC | GBP | (274940) | 08/28/2026 | SONIA | (30) bps | (281072) | (6132) |
| JPM | Clarkson PLC | GBP | 71546 | 09/30/2026 | SONIA | (0) bps | 71428 | (118) |
| JPM | Coats Group PLC | GBP | 69248 | 09/30/2026 | SONIA | (0) bps | 70170 | 922 |
| JPM | Computacenter PLC | GBP | 55126 | 09/30/2026 | SONIA | (0) bps | 53723 | (1403) |
| JPM | Cranswick PLC | GBP | (347655) | 08/28/2026 | SONIA | (30) bps | (353649) | (5994) |
| JPM | Croda International PLC | GBP | (190149) | 08/28/2026 | SONIA | (30) bps | (191174) | (1025) |
| JPM | CVS Group PLC | GBP | (114477) | 08/28/2026 | SONIA | (30) bps | (113005) | 1472 |

---

Quarterly Report \| July 31, 2025 21

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

**TOTAL RETURN SWAP CONTRACTS** **<sup>(a)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Obligations** | **Currency** | **Notional<br> Amount<sup>(b)</sup>** | **Termination<br> Date** | **Financing<br> Rate Index** | **Financing<br> Rate Spread<br> Paid/(Received)<br> by Fund** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Short Position Contracts** | **Short Position Contracts** | **Short Position Contracts** |  |  |  |  |  |  |
| JPM | Delivery Hero SE | EUR | (83009) | 08/31/2026 | ESTRON | (30) bps | $(80826) | $2183 |
| JPM | D'ieteren Group | EUR | (66657) | 08/31/2026 | ESTRON | (30) bps | (65452) | 1205 |
| JPM | Diploma PLC | GBP | 1077137 | 09/30/2026 | SONIA | (0) bps | 1068846 | (8291) |
| JPM | DiscoverIE Group PLC | GBP | 220569 | 09/30/2026 | SONIA | (0) bps | 215152 | (5417) |
| JPM | DSM-Firmenich AG | EUR | (136419) | 08/31/2026 | ESTRON | (30) bps | (134071) | 2348 |
| JPM | Dunelm Group PLC | GBP | (120756) | 08/28/2026 | SONIA | (30) bps | (121455) | (699) |
| JPM | E.ON SE | EUR | (103013) | 08/31/2026 | ESTRON | (30) bps | (104786) | (1773) |
| JPM | EDP Renovaveis SA | EUR | 54211 | 09/30/2026 | ESTRON | (0) bps | 54332 | 121 |
| JPM | Elementis PLC | GBP | (67049) | 08/28/2026 | SONIA | (30) bps | (72194) | (5145) |
| JPM | Enav SpA | EUR | (103374) | 08/31/2026 | ESTRON | (30) bps | (100961) | 2413 |
| JPM | Enel SpA | EUR | (184763) | 08/31/2026 | ESTRON | (30) bps | (185941) | (1178) |
| JPM | Entain PLC | GBP | 55878 | 09/30/2026 | SONIA | (0) bps | 55293 | (585) |
| JPM | Eurofins Scientific SE | EUR | (101920) | 08/31/2026 | ESTRON | (30) bps | (103177) | (1257) |
| JPM | Ferrovial SE | EUR | 50113 | 09/30/2026 | ESTRON | (0) bps | 50627 | 514 |
| JPM | Fevertree Drinks PLC | GBP | (274896) | 08/28/2026 | SONIA | (30) bps | (273176) | 1720 |
| JPM | Flutter Entertainment PLC | GBP | 56438 | 09/30/2026 | SONIA | (0) bps | 55865 | (573) |
| JPM | Future PLC | GBP | 136283 | 09/30/2026 | SONIA | (0) bps | 136058 | (225) |
| JPM | Games Workshop Group PLC | GBP | (317465) | 08/28/2026 | SONIA | (30) bps | (321411) | (3946) |
| JPM | Gamma Communications PLC | GBP | 149420 | 09/30/2026 | SONIA | (0) bps | 146644 | (2776) |
| JPM | GB Group PLC | GBP | 185036 | 09/30/2026 | SONIA | (0) bps | 181837 | (3199) |
| JPM | Geberit AG | CHF | (474624) | 08/31/2026 | SARON | (35) bps | (475538) | (914) |
| JPM | Genuit Group PLC | GBP | (65843) | 08/28/2026 | SONIA | (30) bps | (66097) | (254) |
| JPM | GlobalData PLC | GBP | 160936 | 09/30/2026 | SONIA | (0) bps | 162610 | 1674 |
| JPM | Grafton Group PLC | GBP | 69876 | 09/30/2026 | SONIA | (0) bps | 69430 | (446) |
| JPM | Halma PLC | GBP | (326861) | 08/28/2026 | SONIA | (30) bps | (329495) | (2634) |
| JPM | Hermes International SCA | EUR | (86841) | 08/31/2026 | ESTRON | (30) bps | (78551) | 8290 |
| JPM | Hill & Smith PLC | GBP | (242549) | 08/28/2026 | SONIA | (30) bps | (247388) | (4839) |
| JPM | Hilton Food Group PLC | GBP | 145102 | 09/30/2026 | SONIA | (0) bps | 142600 | (2502) |
| JPM | HMS Networks AB | SEK | (238326) | 08/31/2026 | STIBOR | (35) bps | (225426) | 12900 |
| JPM | Hollywood Bowl Group PLC | GBP | 127759 | 09/30/2026 | SONIA | (0) bps | 128051 | 292 |
| JPM | Hunting PLC | GBP | 76408 | 09/30/2026 | SONIA | (0) bps | 76913 | 505 |
| JPM | Ibstock PLC | GBP | 84171 | 09/30/2026 | SONIA | (0) bps | 82810 | (1361) |
| JPM | IMI PLC | GBP | (121445) | 08/28/2026 | SONIA | (30) bps | (121664) | (219) |
| JPM | Inficon Holding AG | CHF | (169342) | 08/31/2026 | SARON | (35) bps | (152037) | 17305 |
| JPM | IntegraFin Holdings PLC | GBP | 192152 | 09/30/2026 | SONIA | (0) bps | 191090 | (1062) |
| JPM | International Personal Finance PLC | GBP | 66162 | 09/30/2026 | SONIA | (0) bps | 66971 | 809 |
| JPM | Iren SpA | EUR | 50520 | 09/30/2026 | ESTRON | (0) bps | 52578 | 2058 |
| JPM | Irish Continental Group PLC | EUR | 424 | 09/30/2026 | ESTRON | (0) bps | 422 | (2) |
| JPM | Ithaca Energy PLC | GBP | 55174 | 09/30/2026 | SONIA | (0) bps | 54113 | (1061) |
| JPM | JET2 PLC | GBP | (210731) | 08/28/2026 | SONIA | (30) bps | (212034) | (1303) |
| JPM | Johnson Service Group PLC | GBP | (135110) | 08/28/2026 | SONIA | (30) bps | (138444) | (3334) |
| JPM | JTC PLC | GBP | 114362 | 09/30/2026 | SONIA | (0) bps | 99727 | (14635) |
| JPM | Just Group PLC | GBP | 221427 | 09/30/2026 | SONIA | (0) bps | 130731 | (90696) |
| JPM | Kering SA | EUR | (67886) | 08/31/2026 | ESTRON | (30) bps | (69180) | (1294) |
| JPM | Kingspan Group PLC | EUR | (101837) | 08/31/2026 | ESTRON | (30) bps | (98910) | 2927 |
| JPM | LondonMetric Property PLC | GBP | (79221) | 08/28/2026 | SONIA | (30) bps | (79180) | 41 |
| JPM | Luceco PLC | GBP | 66058 | 09/30/2026 | SONIA | (0) bps | 66148 | 90 |

---

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

**TOTAL RETURN SWAP CONTRACTS** **<sup>(a)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Obligations** | **Currency** | **Notional<br> Amount<sup>(b)</sup>** | **Termination<br> Date** | **Financing<br> Rate Index** | **Financing<br> Rate Spread<br> Paid/(Received)<br> by Fund** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Short Position Contracts** | **Short Position Contracts** | **Short Position Contracts** |  |  |  |  |  |  |
| JPM | M&G PLC | GBP | (83646) | 08/28/2026 | SONIA | (30) bps | $(84813) | $(1167) |
| JPM | ME Group International PLC | GBP | 56551 | 09/30/2026 | SONIA | (0) bps | 56065 | (486) |
| JPM | Melexis NV | EUR | (141203) | 08/31/2026 | ESTRON | (30) bps | (140890) | 313 |
| JPM | Molten Ventures PLC | GBP | 144695 | 09/30/2026 | SONIA | (0) bps | 149947 | 5252 |
| JPM | Moncler SpA | EUR | (422490) | 08/31/2026 | ESTRON | (30) bps | (416544) | 5946 |
| JPM | Mondi PLC | GBP | (78962) | 08/28/2026 | SONIA | (30) bps | (69463) | 9499 |
| JPM | MONY Group PLC | GBP | 62118 | 09/30/2026 | SONIA | (0) bps | 62836 | 718 |
| JPM | Moonpig Group PLC | GBP | 11121 | 09/30/2026 | SONIA | (0) bps | 11015 | (106) |
| JPM | Morgan Sindall Group PLC | GBP | (402736) | 08/28/2026 | SONIA | (30) bps | (400989) | 1747 |
| JPM | Mortgage Advice Bureau Holdings, Ltd. | GBP | 93741 | 09/30/2026 | SONIA | (0) bps | 93722 | (19) |
| JPM | National Grid PLC | GBP | (273712) | 08/28/2026 | SONIA | (30) bps | (277907) | (4195) |
| JPM | Nemetschek SE | EUR | (339644) | 08/31/2026 | ESTRON | (30) bps | (344106) | (4462) |
| JPM | OSB Group PLC | GBP | (85543) | 08/28/2026 | SONIA | (30) bps | (87270) | (1727) |
| JPM | Oxford Instruments PLC | GBP | 115287 | 09/30/2026 | SONIA | (0) bps | 116723 | 1436 |
| JPM | Paragon Banking Group PLC | GBP | (338629) | 08/28/2026 | SONIA | (30) bps | (350433) | (11804) |
| JPM | PayPoint PLC | GBP | 82428 | 09/30/2026 | SONIA | (0) bps | 81503 | (925) |
| JPM | Phoenix Group Holdings PLC | GBP | (67402) | 08/28/2026 | SONIA | (30) bps | (69013) | (1611) |
| JPM | Porvair PLC | GBP | 102507 | 09/30/2026 | SONIA | (0) bps | 102611 | 104 |
| JPM | Premier Foods PLC | GBP | 143585 | 09/30/2026 | SONIA | (0) bps | 142595 | (990) |
| JPM | Prosus NV | EUR | (152945) | 08/31/2026 | ESTRON | (30) bps | (149814) | 3131 |
| JPM | Prysmian SpA | EUR | 59756 | 09/30/2026 | ESTRON | (0) bps | 58301 | (1455) |
| JPM | QinetiQ Group PLC | GBP | (75438) | 08/28/2026 | SONIA | (30) bps | (75226) | 212 |
| JPM | Rational AG | EUR | (465780) | 08/31/2026 | ESTRON | (30) bps | (454411) | 11369 |
| JPM | Recordati Industria Chimica e Farmaceutica SpA | EUR | (398635) | 08/31/2026 | ESTRON | (30) bps | (370004) | 28631 |
| JPM | Reply SpA | EUR | (199495) | 08/31/2026 | ESTRON | (30) bps | (198485) | 1010 |
| JPM | RWE AG | EUR | (85946) | 08/31/2026 | ESTRON | (30) bps | (84789) | 1157 |
| JPM | Ryanair Holdings PLC | EUR | (102030) | 08/31/2026 | ESTRON | (30) bps | (102425) | (395) |
| JPM | Sabre Insurance Group PLC | GBP | 54724 | 09/30/2026 | SONIA | (0) bps | 52783 | (1941) |
| JPM | Serco Group PLC | GBP | (126432) | 08/28/2026 | SONIA | (30) bps | (127285) | (853) |
| JPM | Serica Energy PLC | GBP | (82920) | 08/28/2026 | SONIA | (30) bps | (79969) | 2951 |
| JPM | SGS SA | CHF | 50562 | 09/30/2026 | SARON | (0) bps | 50637 | 75 |
| JPM | SigmaRoc PLC | GBP | (148811) | 08/28/2026 | SONIA | (30) bps | (147533) | 1278 |
| JPM | Sirius Real Estate, Ltd. | GBP | (110317) | 08/28/2026 | SONIA | (30) bps | (111930) | (1613) |
| JPM | Snam SpA | EUR | 53753 | 09/30/2026 | ESTRON | (0) bps | 53703 | (50) |
| JPM | Spirax Group PLC | GBP | (389929) | 08/28/2026 | SONIA | (30) bps | (399370) | (9441) |
| JPM | SSE PLC | GBP | (89935) | 08/28/2026 | SONIA | (30) bps | (89862) | 73 |
| JPM | Sword Group | EUR | 60191 | 09/30/2026 | ESTRON | (0) bps | 60804 | 613 |
| JPM | Telecom Plus PLC | GBP | 318250 | 09/30/2026 | SONIA | (0) bps | 310640 | (7610) |
| JPM | Trustpilot Group PLC | GBP | 247727 | 09/30/2026 | SONIA | (0) bps | 242314 | (5413) |
| JPM | Veolia Environnement SA | EUR | (146789) | 08/31/2026 | ESTRON | (30) bps | (142658) | 4131 |
| JPM | Volution Group PLC | GBP | (217583) | 08/28/2026 | SONIA | (30) bps | (219219) | (1636) |
| JPM | WH Smith PLC | GBP | 64475 | 09/30/2026 | SONIA | (0) bps | 64324 | (151) |
| JPM | Wise PLC | GBP | (372983) | 08/28/2026 | SONIA | (30) bps | (374459) | (1476) |
| JPM | XPS Pensions Group PLC | GBP | (343103) | 08/28/2026 | SONIA | (30) bps | (352145) | (9042) |
| JPM | YouGov PLC | GBP | 46965 | 09/30/2026 | SONIA | (0) bps | 47279 | 314 |
| **Total Short Position Contracts** | **Total Short Position Contracts** | **Total Short Position Contracts** |  |  |  |  | $(7152580) | $(145506) |

---

Quarterly Report \| July 31, 2025 23

Saba Capital Income & Opportunities Fund II Consolidated Schedule of Investments

July 31, 2025 (Unaudited)

*All Reference Obligations shown above for Total Return Swap Contracts are closed end funds and common stock.*

*<sup>(a)</sup>* *The Fund receives monthly payments based on any positive monthly return of the Reference Obligation. The Fund makes payments on any negative monthly return of such Reference Obligation.*

*<sup>(b)</sup>* *Notional amounts are presented in U.S. dollar equivalent.*

Saba Capital Income & Opportunities Fund II Notes to Consolidated Financial Statements

July 31, 2025 (Unaudited)

The following table summarizes the valuation of the Fund's financial instruments in accordance with the fair value hierarchy levels as of July 31, 2025. Refer to the Consolidated Schedule of Investments for additional details.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities, at Fair Value** | **Level 1 - Quoted Prices** | **Level 2 - Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Corporate Bonds | $- | $20224405 | $- | $20224405 |
| Senior Loans |  | 20177589 |  | 20177589 |
| Convertible Corporate Bonds |  |  | 5800495 | 5800495 |
| Mortgage-Backed Security |  | 1256405 |  | 1256405 |
| Common Stock | 26325525 |  |  | 26325525 |
| Closed End Funds | 22630113 |  |  | 22630113 |
| Investment Trusts | 5656985 |  |  | 5656985 |
| Preferred Stock |  |  | 1112457 | 1112457 |
| Participation Agreement |  |  | 686198 | 686198 |
| Private Funds\* |  |  |  | 40961571 |
| Unit Trust | 14784210 |  |  | 14784210 |
| Special Purpose Acquisition Companies | 8839967 |  | 7935059 | 16775026 |
| Warrants\*\* | 810113 |  | 2370796 | 3180909 |
| Rights | 23140 |  |  | 23140 |
| Options\*\*\* | 5357620 |  |  | 5357620 |
| Money Market Funds | 21276220 | - | - | 21276220 |
| Total | $105703893 | $41658399 | $17905005 | $206228868 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Securities Sold Short, at Fair Value** | **Level 1 - Quoted Prices** | **Level 2 - Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Corporate Bonds | $- | $9320301 | $- | $9320301 |
| Sovereign Debt Obligations | 175425227 |  |  | 175425227 |
| Common Stock | 29745029 |  |  | 29745029 |
| Closed End Funds | 2718422 |  |  | 2718422 |
| Exchange Traded Funds | 51997321 |  |  | 51997321 |
| Special Purpose Acquisition Companies | 5705571 | - | - | 5705571 |
| Total | $265591570 | $9320301 | $- | $274911871 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Contracts, at Fair Value** | **Level 1 - Quoted Prices** | **Level 2 - Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| **Assets** |  |  |  |  |
| Simple Agreement For Future Equity Contracts | $- | $- | $2423851 | $2423851 |
| Forward Foreign Currency Contracts |  | 778054 |  | 778054 |
| Futures Contracts | 14027 |  |  | 14027 |
| Centrally Cleared Credit Default Swaps |  | 16295501 |  | 16295501 |
| TBA MBS forward contracts |  | 390626 |  | 390626 |
| Total Return Swaps | - | 2542233 | - | 2542233 |
| Total Assets | $14027 | $20006414 | $2423851 | $22444292 |
| **Liabilities** |  |  |  |  |
| Forward Foreign Currency Contracts | $- | $2337391 | $- | $2337391 |
| Futures Contracts | 1047979 |  |  | 1047979 |
| Centrally Cleared Credit Default Swaps |  | 8136397 |  | 8136397 |
| Total Return Swaps | - | 477482 | - | 477482 |
| Total Liabilities | $1047979 | $10951270 | $- | $11999249 |

---

\* *In accordance with ASC 820-10, investments that are measured at fair value using the NAV per share (or its equivalent) as practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Schedule of Investments and Consolidated Statement of Assets and Liabilities.*

\*\* *The Fund held Level 3 investments that are priced at $0.*

\*\*\* *All options held by the Fund are exchange traded listed options.*

Quarterly Report \| July 31, 2025 25

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Saba Capital Income & Opportunities Fund II

- **b. Investment Company Act file number:** 811-05459

- **c. CIK number of Registrant:** 0000828803

- **d. LEI of Registrant:** QU1AAXOSV5K4OVMXJP19

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

  - **Street Address 1:** 405 Lexington Avenue 58th Floor

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10174

  - **Telephone number:** 212-542-4644

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

- **a. Name of Series:** Saba Capital Income & Opportunities Fund II

- **c. LEI of Series:** QU1AAXOSV5K4OVMXJP19

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

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

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $931957543.84

**Total Liabilities:** $649754632.72

**Net Assets:** $282202911.12

**Cash Not Reported:** $3638643.03

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 70.86757100 | **10-Year:** 466.07925200 | **30-Year:** 97062.54687500

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

- **3-Month:** 50.29127000 | **1-Year:** 3751.80937837 | **5-Year:** 54720.95228005 | **10-Year:** 178.03564400 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.44%                | 6.05%                | 2.04%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2183268.79              | $5716422.82                                |
| Month 2  | $2455394.40              | $3879790.44                                |
| Month 3  | $4966048.47              | $1192676.31                                |

**Designated Index Information**

- **Index Name:** Markit iBoxx USD Liquid High Yield Index

- **Index Identifier:** IBOXHY

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Capital Power Corp                                                               | Capital Power Corp.                                                              | CUSIP: 14042M102<br>LEI: 549300QRKTEXGXYVPO80 | Short            | EC               | CORP              | CA        |     -2108 | NS      | $-88330.31    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Vertical Aerospace Ltd                                                           | Vertical Aerospace, Ltd.                                                         | CUSIP: G9471C131<br>LEI: 9845002F3CF4E56DA491 | N/A              | DE               | CORP              | GB        |    249443 | NC      | $1168061.75   | 0.41%             |  |  |  | No            | 3                  | On Loan: No      |
| Evolution Ab                                                                     | Evolution AB                                                                     | CUSIP: N/A<br>LEI: 549300SUH6ZR1RF6TA88       | Long             | EC               | CORP              | SE        |     16104 | NS      | $1435158.93   | 0.51%             |  |  |  | Yes           | 1                  | On Loan: No      |
| Visa Inc                                                                         | Visa, Inc.                                                                       | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Short            | EC               | CORP              | US        |      -634 | NS      | $-219027.98   | -0.08%            |  |  |  | No            | 1                  | On Loan: No      |
| J.Crew                                                                           | J.Crew 9/24 TLB 1L                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4383442 | PA      | $3731404.94   | 1.32%             | 2031-09-17      | Floating      | 10.59%                | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Jemi Ln Trs:b5zzy91                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $75006.34     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Sdp Ln Trs:0791887                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $5435.05      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Nemetschek SE TRS                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | DE        |         1 | NC      | $-344106.27   | -0.12%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | HMS Networks AB TRS                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | SE        |         1 | NC      | $-225426.09   | -0.08%            |  |  |  | No            | 2                  | On Loan: No      |
| Insulet Corp                                                                     | Insulet Corp.                                                                    | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Short            | EC               | CORP              | US        |      -973 | NS      | $-280613.20   | -0.10%            |  |  |  | No            | 1                  | On Loan: No      |
| Herald Investment Trust Plc                                                      | Herald Investment Trust PLC                                                      | CUSIP: G4410F105<br>LEI: 213800U7G1ROCTJYRR70 | Long             | EC               | RF                | GB        |     36669 | NS      | $1191306.66   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P5860                                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        49 | NC      | $118335.00    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Wkp Ln Trs:b67g5x0                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $893928.79    | 0.32%             |  |  |  | No            | 2                  | On Loan: No      |
| Avepoint Inc                                                                     | AvePoint, Inc.                                                                   | CUSIP: 053604104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -5242 | NS      | $-100017.36   | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| Paysafe Ltd                                                                      | Paysafe, Ltd.                                                                    | CUSIP: G6964L206<br>LEI: 2138003K6PVDCI5TBN11 | Short            | EC               | CORP              | BM        |     -4008 | NS      | $-48697.20    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Graco Inc                                                                        | Graco, Inc.                                                                      | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Short            | EC               | CORP              | US        |     -3732 | NS      | $-313413.36   | -0.11%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | CANTOR EQUITY PARTNERS I..Project Enigma PIPE Cnv                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      1773 | PA      | $1773000.00   | 0.63%             | 2030-07-01      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Osb Ln Trs:bldrh36                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-87269.68    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Gama Ln Trs:bqs10j5                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-149420.39   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| New Holland Special Opportunities Aggregator LP                                  | New Holland Special Opportunities Aggregator LP                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      4809 | NS      | $5034804.81   | 1.78%             |  |  |  | No            | N/A                | On Loan: No      |
| Kulicke & Soffa Industries Inc                                                   | Kulicke & Soffa Industries, Inc.                                                 | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Short            | EC               | CORP              | US        |     -1681 | NS      | $-55069.56    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Renatus Tactical Acquisition Corp I                                              | Renatus Tactical Acquisition Corp. I                                             | CUSIP: G7490F101<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      5464 | NS      | $63382.40     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Coupang Inc                                                                      | Coupang, Inc.                                                                    | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Short            | EC               | CORP              | US        |     -5974 | NS      | $-175814.82   | -0.06%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | TD.TR BROKER SWEEP                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |  21720161 | NS      | $21720161.32  | 7.70%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Hsl Ln Trs:0906506                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $2090377.39   | 0.74%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Baillie Gifford UK Growth Trust PLC                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $64113.21     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Blackrock Esg Capital Allocation Term Trust                                      | BlackRock ESG Capital Allocation Term Trust                                      | CUSIP: 09262F100<br>LEI: 549300EWOI5G0PSVIX17 | Long             | EC               | RF                | US        |    121074 | NS      | $1974716.94   | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Ferrari Nv                                                                       | Ferrari NV                                                                       | CUSIP: N3167Y103<br>LEI: 549300RIVY5EX8RCON76 | Short            | EC               | CORP              | NL        |      -426 | NS      | $-188884.14   | -0.07%            |  |  |  | No            | 1                  | On Loan: No      |
| Alliant Energy Corp                                                              | Alliant Energy Corp.                                                             | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Short            | EC               | CORP              | US        |      -627 | NS      | $-40761.27    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Boston Scientific Corp                                                           | Boston Scientific Corp.                                                          | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Short            | EC               | CORP              | US        |     -1045 | NS      | $-109641.40   | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| Gp-act Iii Acquisition Corp                                                      | GP-Act III Acquisition Corp Class B Warrants                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | KY        |     21362 | NC      | $3691.35      | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                                                              | Armada II SPAC Sponsor Equity Class A                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     89775 | NS      | $284.59       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Equifax Inc                                                                      | Equifax, Inc.                                                                    | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Short            | EC               | CORP              | US        |     -1130 | NS      | $-271459.90   | -0.10%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Amrq Ln Trs:bplh6m8                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $276426.31    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| Globant Sa                                                                       | Globant SA                                                                       | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Short            | EC               | CORP              | LU        |      -615 | NS      | $-51819.90    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Mondi PLC TRS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-69463.46    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Ng/ Ln Trs:bdr05c0                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-277907.03   | -0.10%            |  |  |  | No            | 2                  | On Loan: No      |
| Chs/community Health Sys                                                         | CHS/Community Health Systems, Inc.                                               | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1692000 | PA      | $1701517.50   | 0.60%             | 2034-01-15      | Fixed         | 9.75%                 | Yes           | 2                  | On Loan: No      |
| New Holland Special Opps Aggregator LP Series Y                                  | New Holland Special Opps Aggregator LP Series Y                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         3 | NS      | $2671.43      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                                                              | Bakkt Holdings Inc                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    857211 | PA      | $916143.94    | 0.32%             | 2049-12-31      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Watts Water Technologies Inc                                                     | Watts Water Technologies, Inc.                                                   | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Short            | EC               | CORP              | US        |      -204 | NS      | $-53513.28    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Ipu Ln Trs:b1fl3c7                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $297111.50    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| Philip Morris International Inc                                                  | Philip Morris International, Inc.                                                | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Short            | EC               | CORP              | US        |      -294 | NS      | $-48230.70    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | MI7 Founders, LLC (MBAV) Class A Warrants                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    236458 | NC      | $321582.88    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| Allspring Global Dividend Opportunity Fund                                       | Allspring Global Dividend Opportunity Fund                                       | CUSIP: 94987C103<br>LEI: 5493000KZPDD7O5F1562 | Long             | EC               | RF                | US        |      2757 | NS      | $15411.63     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 09/26/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-1057091.00  | -0.37%            |  |  |  | No            | 2                  | On Loan: No      |
| Fannie Mae                                                                       | FNMA, Series 23-52, Class IO                                                     | CUSIP: 3136BQQE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6331801 | PA      | $1256404.71   | 0.45%             | 2051-05-25      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Atlas Copco AB TRS                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | SE        |         1 | NC      | $-97369.26    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| Akero Therapeutics Inc                                                           | Akero Therapeutics, Inc.                                                         | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Short            | EC               | CORP              | US        |     -1390 | NS      | $-67901.50    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Gsct Ln Trs:bklxd97                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $499061.07    | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| China Evergrande Group                                                           | China Evergrande Group                                                           | CUSIP: N/A<br>LEI: 549300CUF7B1LAB15T90       | Long             | DBT              | CORP              | KY        |  57621000 | PA      | $1008367.50   | 0.36%             | 2025-06-28      | Fixed         | 8.75%                 | No            | 2                  | On Loan: No      |
| N/A                                                                              | Oxley Bridge Holdings LLC Class B                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    160330 | NS      | $160330.00    | 0.06%             |  |  |  | No            | 3                  | On Loan: No      |
| Clean Harbors Inc                                                                | Clean Harbors, Inc.                                                              | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Short            | EC               | CORP              | US        |      -432 | NS      | $-101869.92   | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | M&G PLC TRS                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-84812.70    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | Ether Reserve LLC Equity PIPE                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     59091 | NS      | $590908.40    | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Spotify Technology Sa                                                            | Spotify Technology SA                                                            | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Short            | EC               | CORP              | LU        |      -998 | NS      | $-625286.92   | -0.22%            |  |  |  | No            | 1                  | On Loan: No      |
| Electronic Arts Inc                                                              | Electronic Arts, Inc.                                                            | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Short            | EC               | CORP              | US        |      -269 | NS      | $-41019.81    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Serica Energy PLC TRS                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-79968.62    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| Wheaton Precious Metals Corp                                                     | Wheaton Precious Metals Corp.                                                    | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Short            | EC               | CORP              | CA        |      -966 | NS      | $-88398.66    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 10/17/25 P6260                                              | CUSIP: 58599HAM9<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        48 | NC      | $524160.00    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Unitedhealth Group Inc                                                           | UnitedHealth Group, Inc.                                                         | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Short            | EC               | CORP              | US        |      -322 | NS      | $-80358.32    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 10/17/25 P6205                                              | CUSIP: 58599HWN3<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        27 | NC      | $290520.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| New Providence Acquisition Corp Iii                                              | New Providence Holdings III, LLC CL A                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     15759 | NS      | $157590.00    | 0.06%             |  |  |  | No            | 3                  | On Loan: No      |
| Blackrock Resources & Commodities Strategy Trust                                 | BlackRock Resources & Commodities Strategy Trust                                 | CUSIP: 09257A108<br>LEI: 8DZAUY8151XS5PISSX42 | Long             | EC               | RF                | US        |      2252 | NS      | $21506.60     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Oyster Enterprises II LLC CL A                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    134995 | NS      | $539.98       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Gabelli Healthcare & Wellnessrx Trust/the                                        | Gabelli Healthcare & WellnessRx Trust                                            | CUSIP: 36246K103<br>LEI: 549300XULWZNLHFTG832 | Long             | EC               | RF                | US        |     23912 | NS      | $221425.12    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Gp-act Iii Acquisition Corp                                                      | GP-Act III Acquisition Corp Class A Sponsor Shares                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |     17094 | NS      | $15726.48     | 0.01%             |  |  |  | No            | 3                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 10/17/25 P6085                                              | CUSIP: 58599HQL4<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |         6 | NC      | $42162.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Wen Acquisition Corp                                                             | Wen Acquisition Corp.                                                            | CUSIP: G9R39C129<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    123847 | NS      | $1318970.55   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | SDCL Efficiency Income Trust PLC TRS                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $2608432.88   | 0.92%             |  |  |  | No            | 2                  | On Loan: No      |
| Weibo Corp                                                                       | Weibo Corp.                                                                      | CUSIP: 948596101<br>LEI: 549300Q9ID4640FE0422 | Long             | EC               | CORP              | KY        |    308665 | NS      | $2975530.60   | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | EGH Sponsor LLC, Cl B                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      7312 | NS      | $73120.00     | 0.03%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 09/26/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-1321364.00  | -0.47%            |  |  |  | No            | 2                  | On Loan: No      |
| Uniqure Nv                                                                       | uniQure NV                                                                       | CUSIP: N90064101<br>LEI: 724500RPCTZLFYJZ3S98 | Short            | EC               | CORP              | NL        |     -3441 | NS      | $-47898.72    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Booz Allen Hamilton Holding Corp                                                 | Booz Allen Hamilton Holding Corp.                                                | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Short            | EC               | CORP              | US        |      -549 | NS      | $-58924.17    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Divi Ln Trs:b65tlw2                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $912142.63    | 0.32%             |  |  |  | No            | 2                  | On Loan: No      |
| Shopify Inc                                                                      | Shopify, Inc.                                                                    | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Short            | EC               | CORP              | CA        |     -6362 | NS      | $-777021.69   | -0.28%            |  |  |  | No            | 1                  | On Loan: No      |
| Bny Mellon Municipal Bond Infrastructure Fund Inc                                | BNY Mellon Municipal Bond Infrastructure Fund, Inc.                              | CUSIP: 09662W109<br>LEI: 5493003OUY2BKGFZ2414 | Long             | EC               | RF                | US        |       379 | NS      | $3782.42      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Arlo Technologies Inc                                                            | Arlo Technologies, Inc.                                                          | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Short            | EC               | CORP              | US        |     -8264 | NS      | $-133876.80   | -0.05%            |  |  |  | No            | 1                  | On Loan: No      |
| Medpace Holdings Inc                                                             | Medpace Holdings, Inc.                                                           | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Short            | EC               | CORP              | US        |      -419 | NS      | $-178996.80   | -0.06%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P5845                                              | CUSIP: 58599HBV8<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        13 | NC      | $31785.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Direxion Daily Robotics Artificial Intelligence & Automation Index Bull 2x Share | Direxion Daily Robotics Artificial Intelligence & Automation Index Bull 2X Share | CUSIP: 25460G823<br>LEI: 549300T7PQ41I2T80K11 | Long             | EC               | RF                | US        |      5152 | NS      | $117233.76    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Enav SpA TRS                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | IT        |         1 | NC      | $-100961.06   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 09/26/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-1717773.00  | -0.61%            |  |  |  | No            | 2                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P5980                                              | CUSIP: 58599H7L5<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |         9 | NC      | $39330.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Webster Financial Corp                                                           | Webster Financial Corp.                                                          | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Short            | EC               | CORP              | US        |     -2066 | NS      | $-119104.90   | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Dnlm Ln Trs:b1ckq73                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-121455.47   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| Graphic Packaging Holding Co                                                     | Graphic Packaging Holding Co.                                                    | CUSIP: 388689101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1956 | NS      | $-43736.16    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| 1rt Acquisition Corp                                                             | 1RT Acquisition Corp.                                                            | CUSIP: G6757R121<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     23719 | NS      | $249049.50    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Bgs Ln Trs:bfxyh24                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $283851.66    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Ihp Ln Trs:bd45sh4                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-192151.14   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| Peabody Energy Corp                                                              | Peabody Energy Corp.                                                             | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Short            | EC               | CORP              | US        |     -2571 | NS      | $-41521.65    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Gbg Ln Trs:0687061                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-185036.77   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 09/26/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-792818.00   | -0.28%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Mercantile Investment Trust PLC                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $3142188.00   | 1.11%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Prv Ln Trs:0696368                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-102507.40   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| Radware Ltd                                                                      | Radware, Ltd.                                                                    | CUSIP: M81873107<br>LEI: 254900LYRZOTBQ99ZG59 | Short            | EC               | CORP              | IL        |     -2749 | NS      | $-70374.40    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | VOLCON, INC.,Project Viper PIPE                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     17727 | NS      | $177272.50    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Service Corp International/us                                                    | Service Corp. International                                                      | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Short            | EC               | CORP              | US        |      -552 | NS      | $-42123.12    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Prologis Inc                                                                     | Prologis, Inc.                                                                   | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Short            | EC               | CORP              | US        |      -438 | NS      | $-46769.64    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Sizzle Acquisition Corp Ii                                                       | Sizzle II VO Sponsor II, LLC Class A                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     72306 | NS      | $216.92       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Chg Ln Trs:b45c9x4                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-281072.37   | -0.10%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | ASML Holding NV TRS                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | NL        |         1 | NC      | $-167920.85   | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| Tribeca Global Natural Resources Ltd                                             | Tribeca Global Natural Resources, Ltd.                                           | CUSIP: Q9217M103<br>LEI: 549300BYPPXY2BGKOZ26 | Long             | EC               | CORP              | AU        |      1796 | NS      | $1656.27      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Msci Inc                                                                         | MSCI, Inc.                                                                       | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Short            | EC               | CORP              | US        |      -523 | NS      | $-293591.28   | -0.10%            |  |  |  | No            | 1                  | On Loan: No      |
| China Evergrande Group                                                           | China Evergrande Group                                                           | CUSIP: ZS0897679<br>LEI: 549300CUF7B1LAB15T90 | Long             | DBT              | CORP              | KY        |   4372000 | PA      | $76510.00     | 0.03%             | 2024-04-11      | Fixed         | 10.50%                | No            | 2                  | On Loan: No      |
| N/A                                                                              | AEYE Health, Inc. SAFE                                                           | CUSIP: AEYESAFE2<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       225 | NS      | $224992.00    | 0.08%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                                                              | Cohen Circle Sponsor II, LLC Class A                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     34290 | NS      | $342.90       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Rmii Ln Trs:bymtbg5                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $226139.57    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| Natera Inc                                                                       | Natera, Inc.                                                                     | CUSIP: 632307104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -350 | NS      | $-46781.00    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Kla Corp                                                                         | KLA Corp.                                                                        | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Short            | EC               | CORP              | US        |      -205 | NS      | $-180201.15   | -0.06%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | LightWave Founders Class A                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    160720 | NS      | $642.88       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Ormat Technologies Inc                                                           | Ormat Technologies, Inc.                                                         | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Short            | EC               | CORP              | US        |     -1139 | NS      | $-101837.99   | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Global Infrastructure Etf                                                | iShares Global Infrastructure ETF                                                | CUSIP: 464288372<br>LEI: 549300ZC2N3HUK3DTK30 | Short            | EC               | RF                | US        |     -7524 | NS      | $-444517.92   | -0.16%            |  |  |  | No            | 1                  | On Loan: No      |
| Soulpower Acquisition Corp                                                       | Soulpower Acquisition Sponsor LLC Class A                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    120459 | NS      | $481.84       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Jii Ln Trs:0345035                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $22625.38     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Monday.com Ltd                                                                   | Monday.com, Ltd.                                                                 | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Short            | EC               | CORP              | IL        |      -159 | NS      | $-41704.11    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Gibson Energy Inc                                                                | Gibson Energy, Inc.                                                              | CUSIP: 374825206<br>LEI: 549300WYW5D9I3FR0643 | Short            | EC               | CORP              | CA        |     -3461 | NS      | $-62320.98    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Diamondback Energy Inc                                                           | Diamondback Energy, Inc.                                                         | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Short            | EC               | CORP              | US        |      -414 | NS      | $-61545.24    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Corpay Inc                                                                       | Corpay, Inc.                                                                     | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Short            | EC               | CORP              | US        |      -207 | NS      | $-66871.35    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P5995                                              | CUSIP: 58599HC54<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |         9 | NC      | $39870.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Allfunds Group Plc                                                               | Allfunds Group PLC                                                               | CUSIP: N/A<br>LEI: 9598005U8TZQ8Q64SC71       | Long             | EC               | CORP              | GB        |    176372 | NS      | $1227782.76   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Verisk Analytics Inc                                                             | Verisk Analytics, Inc.                                                           | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Short            | EC               | CORP              | US        |     -1201 | NS      | $-334730.71   | -0.12%            |  |  |  | No            | 1                  | On Loan: No      |
| Pembina Pipeline Corp                                                            | Pembina Pipeline Corp.                                                           | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Short            | EC               | CORP              | CA        |     -2220 | NS      | $-82512.99    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Elm Ln Trs:0241854                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-72194.37    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| Arbutus Biopharma Corp                                                           | Arbutus Biopharma Corp.                                                          | CUSIP: 03879J100<br>LEI: 25490064CESONAUIAS23 | Long             | EC               | CORP              | CA        |    136361 | NS      | $447264.08    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Liberty Media Corp-liberty Formula One                                           | Liberty Media Corp.-Liberty Formula One                                          | CUSIP: 531229755<br>LEI: 549300ZKUTPIBZLWLL89 | Short            | EC               | CORP              | US        |     -1740 | NS      | $-174609.00   | -0.06%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Pioneer Acquisition 1 Sponsor Holdco LLC CLASS A                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    137148 | NS      | $548.59       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 10/17/25 P6120                                              | CUSIP: 58599HAB3<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        73 | NC      | $664300.00    | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Argenx SE TRS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | NL        |         1 | NC      | $-354766.45   | -0.13%            |  |  |  | No            | 2                  | On Loan: No      |
| Snap Inc                                                                         | Snap, Inc.                                                                       | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | EC               | CORP              | US        |    182547 | NS      | $1721418.21   | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Delivery Hero SE TRS                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | DE        |         1 | NC      | $-80825.84    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Asl Ln Trs:0006655                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $7628.87      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Verizon Communications Inc                                                       | Verizon Communications, Inc.                                                     | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Short            | EC               | CORP              | US        |     -1058 | NS      | $-45240.08    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Rr Donnelley & Sons Co                                                           | RR Donnelley & Sons Co.                                                          | CUSIP: 257867BK6<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   2572000 | PA      | $2517345.00   | 0.89%             | 2029-08-01      | Fixed         | 10.88%                | Yes           | 2                  | On Loan: No      |
| Jpmorgan Us Treasury Plus Money Market Fund                                      | JPMorgan US Treasury Plus Money Market Fund                                      | CUSIP: 4812C2734<br>LEI: 549300WIC5LVF25Z1127 | Long             | STIV             | RF                | US        |  11754033 | NS      | $11754033.28  | 4.17%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Axiom Intelligence Holdings 1 LLC Class B                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     13715 | NS      | $137150.00    | 0.05%             |  |  |  | No            | 3                  | On Loan: No      |
| Gabelli Dividend & Income Trust/the                                              | Gabelli Dividend & Income Trust                                                  | CUSIP: 36242H104<br>LEI: 549300082N1MHBT8NI60 | Long             | EC               | RF                | US        |     55473 | NS      | $1461158.82   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Moncler SpA TRS                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | IT        |         1 | NC      | $-416544.49   | -0.15%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 09/26/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $13034963.00  | 4.62%             |  |  |  | No            | 2                  | On Loan: No      |
| Baidu Inc                                                                        | Baidu, Inc.                                                                      | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |     13235 | NS      | $1162959.45   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Celestica Inc                                                                    | Celestica, Inc.                                                                  | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Short            | EC               | CORP              | CA        |     -3523 | NS      | $-704106.78   | -0.25%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Kingspan Group PLC TRS                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | IE        |         1 | NC      | $-98909.53    | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| Ishares Russell 1000 Value Etf                                                   | iShares Russell 1000 Value ETF                                                   | CUSIP: 464287598<br>LEI: 549300KLSYN5NN4YNM90 | Short            | EC               | RF                | US        |    -10703 | NS      | $-2091580.26  | -0.74%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Columbus Circle 1 Sponsor Corp LLC CL B                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2946 | NS      | $32347.08     | 0.01%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: CAD 10/09/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $1303362.00   | 0.46%             |  |  |  | No            | 2                  | On Loan: No      |
| Vanguard Ftse Emerging Markets Etf                                               | Vanguard FTSE Emerging Markets ETF                                               | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Short            | EC               | RF                | US        |   -201773 | NS      | $-10048295.40 | -3.56%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Pct Ln Trs:0422002                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $5792065.06   | 2.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Cytokinetics Inc                                                                 | Cytokinetics, Inc.                                                               | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Short            | EC               | CORP              | US        |     -1247 | NS      | $-46937.08    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Ccc Ln Trs:bv9fp30                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-55125.83    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Virtus Dividend Interest & Premium Strategy Fund                                 | Virtus Dividend Interest & Premium Strategy Fund                                 | CUSIP: 92840R101<br>LEI: 549300535GECAFITZP67 | Long             | EC               | RF                | US        |     15160 | NS      | $192077.20    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Scholar Rock Holding Corp                                                        | Scholar Rock Holding Corp.                                                       | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Short            | EC               | CORP              | US        |     -1360 | NS      | $-50388.00    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Oxig Ln Trs:0665045                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-115286.74   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | CEA Industries, Inc PIPE                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     23342 | NS      | $235754.20    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Red Violet Inc                                                                   | Red Violet, Inc.                                                                 | CUSIP: 75704L104<br>LEI: 549300T4EGADG881UU63 | Short            | EC               | CORP              | US        |     -1492 | NS      | $-66140.36    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Blackrock Muniholdings New York Quality Fund Inc                                 | BlackRock MuniHoldings New York Quality Fund, Inc.                               | CUSIP: 09255C106<br>LEI: YP1D2S6Y4JY0A7W3DV93 | Long             | EC               | RF                | US        |       113 | NS      | $1074.63      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Reddit Inc                                                                       | Reddit, Inc.                                                                     | CUSIP: 75734B100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -334 | NS      | $-53637.06    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Reply SpA TRS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | IT        |         1 | NC      | $-198484.94   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| Vertex Inc                                                                       | Vertex, Inc.                                                                     | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |     13438 | NS      | $445738.46    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Iii Ln Trs:b1yw440                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-92865.74    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| Incyte Corp                                                                      | Incyte Corp.                                                                     | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Short            | EC               | CORP              | US        |     -1063 | NS      | $-79608.07    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Perimeter Acquisition Corp I                                                     | Perimeter Acquisition Corp. I                                                    | CUSIP: G7010A111<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     33393 | NC      | $19985.71     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Chicago Board of Trade                                                           | US 10yr T-Note                                                                   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |       -27 | NC      | $-2998687.50  | -1.06%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | EDP Renovaveis SA TRS                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | ES        |         1 | NC      | $-54211.14    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Berto Acquisition Corp                                                           | BERTO ACQUISITION Corp.                                                          | CUSIP: G1051H127<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     49218 | NS      | $534015.30    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| New Providence Acquisition Corp Iii                                              | New Providence Holdings III, LLC CL A                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    126069 | NS      | $378.21       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| China Evergrande Group                                                           | China Evergrande Group                                                           | CUSIP: AM9155384<br>LEI: 549300CUF7B1LAB15T90 | Long             | DBT              | CORP              | KY        |  16395000 | PA      | $286912.50    | 0.10%             | 2025-03-23      | Fixed         | 8.25%                 | No            | 2                  | On Loan: No      |
| N/A                                                                              | Pioneer Acquisition 1 Sponsor Holdco LLC CLASS B                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    171435 | NS      | $171435.00    | 0.06%             |  |  |  | No            | 3                  | On Loan: No      |
| Tlgy Acquisition Corp                                                            | TLGY Acquisition Corp.                                                           | CUSIP: G8656T125<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     30000 | NC      | $27000.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Biomarin Pharmaceutical Inc                                                      | BioMarin Pharmaceutical, Inc.                                                    | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Short            | EC               | CORP              | US        |     -1064 | NS      | $-61552.40    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | SigmaRoc PLC TRS                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-147532.78   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| BEEHERO LTD                                                                      | G-ILS Transporation, Ltd.                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IL        |      2000 | NS      | $1928618.00   | 0.68%             |  |  |  | No            | 3                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P5975                                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        10 | NC      | $34090.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Us Treasury N/b                                                                  | U.S. Treasury Note                                                               | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Short            | DBT              | UST               | US        | -30076000 | PA      | $-29945003.98 | -10.61%           | 2030-06-30      | Fixed         | 3.88%                 | No            | 1                  | On Loan: No      |
| Sim Acquisition Corp I                                                           | SIM Acquisition Corp. I                                                          | CUSIP: G8431T119<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     12138 | NC      | $4005.54      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Boralex Inc                                                                      | Boralex, Inc.                                                                    | CUSIP: 09950M300<br>LEI: 5493004UT7HNQU2SVR90 | Short            | EC               | CORP              | CA        |     -2617 | NS      | $-59230.02    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P6000                                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |         9 | NC      | $41409.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Abrdn Total Dynamic Dividend Fund                                                | abrdn Total Dynamic Dividend Fund                                                | CUSIP: 00326L100<br>LEI: 254900D48NKNOGZ95B43 | Long             | EC               | RF                | US        |         1 | NS      | $8.93         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Health Care Select Sector Spdr Fund                                              | Health Care Select Sector SPDR Fund                                              | CUSIP: 81369Y209<br>LEI: 549300EJNY3KKJHPOY44 | Short            | EC               | RF                | US        |      -159 | NS      | $-20738.37    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | RIT Capital Partners PLC TRS                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $1621059.83   | 0.57%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | Blue Holdings Sponsor Class B                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     13715 | NS      | $137150.00    | 0.05%             |  |  |  | No            | 3                  | On Loan: No      |
| Digital Asset Acquisition Corp                                                   | Digital Asset Acquisition Corp.                                                  | CUSIP: G2868C111<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     29467 | NC      | $25783.63     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Jet2 Ln Trs:b1722w1                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-212034.28   | -0.08%            |  |  |  | No            | 2                  | On Loan: No      |
| Repligen Corp                                                                    | Repligen Corp.                                                                   | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Short            | EC               | CORP              | US        |      -472 | NS      | $-55257.04    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 08/15/25 P5720                                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |         3 | NC      | $930.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Fan Ln Trs:bn3zz52                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-219218.83   | -0.08%            |  |  |  | No            | 2                  | On Loan: No      |
| Ceva Inc                                                                         | CEVA, Inc.                                                                       | CUSIP: 157210105<br>LEI: 529900G9T7CVU2J2VU73 | Short            | EC               | CORP              | US        |     -2406 | NS      | $-51416.22    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Ajb Ln Trs:bfznlb6                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-133280.89   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Ipo Ln Trs:b128j45                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |         1 | NC      | $1035014.49   | 0.37%             |  |  |  | No            | 2                  | On Loan: No      |
| Brookfield Corp                                                                  | Brookfield Corp.                                                                 | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Short            | EC               | CORP              | CA        |     -2098 | NS      | $-140670.90   | -0.05%            |  |  |  | No            | 1                  | On Loan: No      |
| Hubspot Inc                                                                      | HubSpot, Inc.                                                                    | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Short            | EC               | CORP              | US        |       -84 | NS      | $-43650.60    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 08/15/25 P5755                                              | CUSIP: 58599H982<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |         6 | NC      | $1620.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Aberdeen Diversified Income and Growth Trust PLC                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $1586836.81   | 0.56%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | AEYE Health, Inc. Warrants 2                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |         4 | NC      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Adams Natural Resources Fund Inc                                                 | Adams Natural Resources Fund, Inc.                                               | CUSIP: 00548F105<br>LEI: 549300LPTQAH0G3NGD42 | Long             | EC               | RF                | US        |     36040 | NS      | $772337.20    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Modine Manufacturing Co                                                          | Modine Manufacturing Co.                                                         | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      3079 | NS      | $414310.24    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Hils Ln Trs:0427030                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-247387.74   | -0.09%            |  |  |  | No            | 2                  | On Loan: No      |
| Varonis Systems Inc                                                              | Varonis Systems, Inc.                                                            | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Short            | EC               | CORP              | US        |     -2905 | NS      | $-162186.15   | -0.06%            |  |  |  | No            | 1                  | On Loan: No      |
| Newhold Investment Corp Iii                                                      | NewHold Investment Corp III Sponsor Shs Class B                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      8378 | NS      | $82975.71     | 0.03%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                                                              | MS.TB BROKER SWEEP                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             | RF                | US        |   -650000 | NS      | $-650000.00   | -0.23%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P5875                                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        13 | NC      | $30784.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Eli Lilly & Co                                                                   | Eli Lilly & Co.                                                                  | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Short            | EC               | CORP              | US        |      -195 | NS      | $-144313.65   | -0.05%            |  |  |  | No            | 1                  | On Loan: No      |
| Intercontinental Exchange Inc                                                    | Intercontinental Exchange, Inc.                                                  | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Short            | EC               | CORP              | US        |     -1724 | NS      | $-318646.92   | -0.11%            |  |  |  | No            | 1                  | On Loan: No      |
| Credo Technology Group Holding Ltd                                               | Credo Technology Group Holding, Ltd.                                             | CUSIP: G25457105<br>LEI: N/A                  | Short            | EC               | CORP              | KY        |     -1233 | NS      | $-137541.15   | -0.05%            |  |  |  | No            | 1                  | On Loan: No      |
| Axsome Therapeutics Inc                                                          | Axsome Therapeutics, Inc.                                                        | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Short            | EC               | CORP              | US        |      -509 | NS      | $-51602.42    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Grid Ln Trs:bfx3k77                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $78285.02     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Voyager Technologies Inc                                                         | Voyager Technologies, Inc.                                                       | CUSIP: 92892B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5718 | NS      | $228834.36    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 08/15/25 P5760                                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |         7 | NC      | $2800.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| China Evergrande Group                                                           | China Evergrande Group                                                           | CUSIP: ZS0897661<br>LEI: 549300CUF7B1LAB15T90 | Long             | DBT              | CORP              | KY        |   7568000 | PA      | $132440.00    | 0.05%             | 2049-12-31      | Fixed         | 10.00%                | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | SGS SA TRS                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CH        |         1 | NC      | $-50561.77    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Titan Acquisition Corp                                                           | Titan Acquisition Sponsor Holdco, LLC Class A                                    | CUSIP: N/A<br>LEI: 724500IS1M4H9S4SDD39       | Long             | EC               | CORP              | US        |     72306 | NS      | $289.22       | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Bab Ln Trs:0969703                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-128297.02   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| Commscope Holding Co Inc                                                         | CommScope Holding Co., Inc.                                                      | CUSIP: 20337X109<br>LEI: 254900AW4CEPCQWSRI58 | Long             | EC               | CORP              | US        |     66298 | NS      | $543643.60    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 09/26/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $5681866.00   | 2.01%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Ferrovial SE TRS                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | ES        |         1 | NC      | $-50112.64    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Netflix Inc                                                                      | Netflix, Inc.                                                                    | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Short            | EC               | CORP              | US        |      -585 | NS      | $-678249.00   | -0.24%            |  |  |  | No            | 1                  | On Loan: No      |
| Cme Group Inc                                                                    | CME Group, Inc.                                                                  | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Short            | EC               | CORP              | US        |      -533 | NS      | $-148323.24   | -0.05%            |  |  |  | No            | 1                  | On Loan: No      |
| Modivcare Inc                                                                    | ModivCare, Inc.                                                                  | CUSIP: 60783LAC4<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | LON              | CORP              | US        |    954417 | PA      | $612421.01    | 0.22%             | 2031-07-01      | Floating      | 4.75%                 | No            | 2                  | On Loan: No      |
| Canadian Imperial Bank Of Commerce                                               | Canadian Imperial Bank of Commerce                                               | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Short            | EC               | CORP              | CA        |      -540 | NS      | $-38594.26    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Draftkings Inc                                                                   | DraftKings, Inc.                                                                 | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Short            | EC               | CORP              | US        |     -5193 | NS      | $-233892.72   | -0.08%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Cyn Ln Trs:0035392                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $2353817.35   | 0.83%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Srp Ln Trs:0797379                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-127285.20   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| Cogent Communications Holdings Inc                                               | Cogent Communications Holdings, Inc.                                             | CUSIP: 19239V302<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1415 | NS      | $-64509.85    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | AddTech AB TRS                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | SE        |         1 | NC      | $-132920.30   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| Critical Metals Corp                                                             | Critical Metals Corp.                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     38669 | NS      | $193345.00    | 0.07%             |  |  |  | No            | 3                  | On Loan: No      |
| Abrdn Life Sciences Investors                                                    | abrdn Life Sciences Investors                                                    | CUSIP: 87911K100<br>LEI: 5493007BYZPSOVVS0M04 | Long             | EC               | RF                | US        |    113035 | NS      | $1484149.55   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Scottish American Investment Co. PLC TRS                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $114750.71    | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Eqv Ventures Acquisition Corp                                                    | EQV Ventures Acquisition Corp.                                                   | CUSIP: G3106N117<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     19277 | NC      | $15037.02     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Amc Entertainment Hldgs                                                          | AMC Entertainment Holdings, Inc.                                                 | CUSIP: 00164CAD7<br>LEI: 549300ZO77UNR6NRBR11 | Long             | LON              | CORP              | US        |   1566250 | PA      | $1579711.44   | 0.56%             | 2029-01-04      | Floating      | 11.35%                | No            | 2                  | On Loan: No      |
| Ptc Inc                                                                          | PTC, Inc.                                                                        | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Short            | EC               | CORP              | US        |      -422 | NS      | $-90649.82    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Darling Ingredients Inc                                                          | Darling Ingredients, Inc.                                                        | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Short            | EC               | CORP              | US        |     -1163 | NS      | $-37657.94    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P5885                                              | CUSIP: 58599H9P4<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        17 | NC      | $58650.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Walt Disney Co                                                                   | Walt Disney Co.                                                                  | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Short            | EC               | CORP              | US        |      -931 | NS      | $-110891.41   | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| Diversified United Investment Ltd                                                | Diversified United Investment, Ltd.                                              | CUSIP: Q3212S108<br>LEI: 254900ENGLQ9SQJJCR84 | Long             | EC               | CORP              | AU        |    159966 | NS      | $563354.68    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | JP.CS BROKER SWEEP                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |  44142500 | NS      | $44142500.17  | 15.64%            |  |  |  | No            | 1                  | On Loan: No      |
| Shopify Inc                                                                      | Shopify, Inc.                                                                    | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Short            | EC               | CORP              | CA        |      -694 | NS      | $-84813.74    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Cantor Equity Partners Ii Inc                                                    | Cantor Equity Partners II, Inc.                                                  | CUSIP: G1827P106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     20257 | NS      | $217762.75    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Att Ln Trs:bng2m15                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $2503237.72   | 0.89%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Snam SpA TRS                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | ES        |         1 | NC      | $-53752.77    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Nait Ln Trs:bj00z30                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $730231.77    | 0.26%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Genuit Group PLC TRS                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-66097.07    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Datadog Inc                                                                      | Datadog, Inc.                                                                    | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Short            | EC               | CORP              | US        |     -1193 | NS      | $-166996.14   | -0.06%            |  |  |  | No            | 1                  | On Loan: No      |
| Emera Inc                                                                        | Emera, Inc.                                                                      | CUSIP: 290876101<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Short            | EC               | CORP              | CA        |      -929 | NS      | $-43620.63    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Sonnet BioTherapeutics Holdings, Inc                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    283636 | NS      | $354545.01    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Oyster Enterprises II LLC CL B                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     16874 | NS      | $168740.00    | 0.06%             |  |  |  | No            | 3                  | On Loan: No      |
| Aurora Innovation Inc                                                            | Aurora Innovation, Inc.                                                          | CUSIP: 051774107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -33683 | NS      | $-195698.23   | -0.07%            |  |  |  | No            | 1                  | On Loan: No      |
| Eog Resources Inc                                                                | EOG Resources, Inc.                                                              | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Short            | EC               | CORP              | US        |      -748 | NS      | $-89774.96    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Jfrog Ltd                                                                        | JFrog, Ltd.                                                                      | CUSIP: M6191J100<br>LEI: 2549002N8E00AY49G567 | Short            | EC               | CORP              | IL        |     -1866 | NS      | $-81003.06    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Cvsg Ln Trs:b286382                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-113004.54   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P5880                                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        43 | NC      | $146415.00    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Ent Ln Trs:b5vqmv6                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-55877.97    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Geo Group Inc/the                                                                | GEO Group, Inc.                                                                  | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |     13938 | NS      | $361272.96    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Idex Corp                                                                        | IDEX Corp.                                                                       | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Short            | EC               | CORP              | US        |     -1126 | NS      | $-184112.26   | -0.07%            |  |  |  | No            | 1                  | On Loan: No      |
| Bentley Systems Inc                                                              | Bentley Systems, Inc.                                                            | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Short            | EC               | CORP              | US        |     -1221 | NS      | $-70793.58    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Qualys Inc                                                                       | Qualys, Inc.                                                                     | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Short            | EC               | CORP              | US        |     -2247 | NS      | $-299008.29   | -0.11%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPXW US 07/31/25 P5460                                             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        27 | NC      | $67.50        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Coats Group PLC TRS                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-69248.44    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Level 3 Financing Inc                                                            | Level 3 Financing, Inc.                                                          | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   1291800 | PA      | $1120636.50   | 0.40%             | 2030-10-15      | Fixed         | 3.88%                 | Yes           | 2                  | On Loan: No      |
| Lineage Inc                                                                      | Lineage, Inc.                                                                    | CUSIP: 53566V106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1658 | NS      | $-71542.70    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 10/17/25 P6165                                              | CUSIP: 58599HSS7<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        69 | NC      | $665160.00    | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Williams Cos Inc/the                                                             | Williams Cos., Inc.                                                              | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Short            | EC               | CORP              | US        |     -1130 | NS      | $-67743.50    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Cloudflare Inc                                                                   | Cloudflare, Inc.                                                                 | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Short            | EC               | CORP              | US        |     -6704 | NS      | $-1392286.72  | -0.49%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | MI7 Founders, LLC (MBAV) Class Z Warrants                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     78859 | NC      | $107248.24    | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | D'ieteren Group TRS                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | BE        |         1 | NC      | $-65452.43    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Inflection Point Acquisition Corp Iii                                            | Inflection Point Acquisition Corp. III                                           | CUSIP: G47875110<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     54192 | NC      | $20592.96     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Russell 2000 Etf                                                         | iShares Russell 2000 ETF                                                         | CUSIP: 464287655<br>LEI: 549300O80OAR5VTWR172 | Short            | EC               | RF                | US        |     -1092 | NS      | $-239573.88   | -0.08%            |  |  |  | No            | 1                  | On Loan: No      |
| Riocan Real Estate Investment Trust                                              | RioCan Real Estate Investment Trust                                              | CUSIP: 766910103<br>LEI: 549300S8HVUSEU3JBY60 | Short            | EC               | CORP              | CA        |     -4099 | NS      | $-52213.73    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Anni Ln Trs:0604877                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $419111.73    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| Argo Global Listed Infrastructure Ltd                                            | Argo Global Listed Infrastructure, Ltd.                                          | CUSIP: Q05194107<br>LEI: 213800D6B28GSXHHX388 | Long             | EC               | CORP              | AU        |     24533 | NS      | $36735.02     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Bion Sw Trs:7117884                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CH        |         1 | NC      | $1335361.77   | 0.47%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Mab1 Ln Trs:bqsbh50                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-93740.49    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | Iron Horse II Sponsor Class A                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    132416 | NS      | $529.66       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Inspire Medical Systems Inc                                                      | Inspire Medical Systems, Inc.                                                    | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Short            | EC               | CORP              | US        |      -536 | NS      | $-66753.44    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Bumble Inc                                                                       | Bumble, Inc.                                                                     | CUSIP: 12047B105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    336908 | NS      | $2621144.24   | 0.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Coherent Corp                                                                    | Coherent Corp.                                                                   | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Short            | EC               | CORP              | US        |      -595 | NS      | $-64022.00    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Usa Ln Trs:bdfghw4                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $12944143.92  | 4.59%             |  |  |  | No            | 2                  | On Loan: No      |
| Littelfuse Inc                                                                   | Littelfuse, Inc.                                                                 | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Short            | EC               | CORP              | US        |      -340 | NS      | $-87492.20    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Msci Acwi Etf                                                            | iShares MSCI ACWI ETF                                                            | CUSIP: 464288257<br>LEI: 549300KZ2WFTI4GQ7M77 | Short            | EC               | RF                | US        |    -42191 | NS      | $-5483142.36  | -1.94%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Trump Media & Technology Group                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     43631 | NS      | $767469.29    | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| Goldman Sachs                                                                    | R.R. Donnelley & Sons Company                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        |         1 | NC      | $3854.46      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | CANTOR EQUITY PARTNERS I, INC. Project Enigma PIPE                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     59091 | NS      | $590910.00    | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE Futures Europe Financials                                                    | FTSE 250 Index FU Sep25                                                          | CUSIP: N/A<br>LEI: 549300UF4R84F48NCH34       | N/A              | DE               | CORP              | GB        |      -106 | NC      | $-6146096.14  | -2.18%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv You Ln Trs:b1vq6h2                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-46964.82    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Bgfd Ln Trs:0048583                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $653300.38    | 0.23%             |  |  |  | No            | 2                  | On Loan: No      |
| REVLON INTERMEDIATE HOLDINGS IV LLC                                              | Revlon Intermediate Holdings IV LLC, Term Loan                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6111000 | PA      | $6033329.19   | 2.14%             | 2028-05-02      | Floating      | 12.32%                | No            | 2                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 09/26/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $3105206.00   | 1.10%             |  |  |  | No            | 2                  | On Loan: No      |
| Pimco California Municipal Income Fund Ii                                        | PIMCO California Municipal Income Fund II                                        | CUSIP: 72200M108<br>LEI: 1R86W760D611I8RHLX24 | Long             | EC               | RF                | US        |      3520 | NS      | $18515.20     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Royal Bank Of Canada                                                             | MARKIT CDX HY S43 5Y 2/29 ICE                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        |         1 | NC      | $-7365818.67  | -2.61%            |  |  |  | No            | 2                  | On Loan: No      |
| Vertical Aerospace Ltd                                                           | Vertical Aerospace, Ltd.                                                         | CUSIP: G9471C149<br>LEI: 9845002F3CF4E56DA491 | N/A              | DE               | CORP              | GB        |    249443 | NC      | $1104715.70   | 0.39%             |  |  |  | No            | 3                  | On Loan: No      |
| Compass Diversified Holdings                                                     | Compass Diversified Holdings                                                     | CUSIP: 20451Q104<br>LEI: 5299001SM1LBYANJRR58 | Long             | EC               | CORP              | US        |     30742 | NS      | $196441.38    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Smartcentres Real Estate Investment Trust                                        | SmartCentres Real Estate Investment Trust                                        | CUSIP: 83179X108<br>LEI: 549300HKEP2IYWZ14H97 | Short            | EC               | CORP              | CA        |     -3207 | NS      | $-58788.83    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: SEK 10/09/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-1128679.00  | -0.40%            |  |  |  | No            | 2                  | On Loan: No      |
| Hearts And Minds Investments Ltd/fund                                            | Hearts and Minds Investments, Ltd.                                               | CUSIP: Q4524H103<br>LEI: 2549002S6SA5DJZXRD63 | Long             | EC               | CORP              | AU        |   1751531 | NS      | $3793336.68   | 1.34%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Imi Ln Trs:bglp8l2                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-121664.18   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| Eaton Corp Plc                                                                   | Eaton Corp. PLC                                                                  | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Short            | EC               | CORP              | IE        |      -199 | NS      | $-76559.28    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 08/15/25 P5705                                              | CUSIP: 58599H925<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |         3 | NC      | $690.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Avi Global Trust PLC TRS                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $842570.92    | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P5985                                              | CUSIP: 58599HC47<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        14 | NC      | $45696.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: AUD 10/09/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $1286973.00   | 0.46%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | GS.FU BROKER SWEEP                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   1938775 | NS      | $1938775.39   | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Waste Connections Inc                                                            | Waste Connections, Inc.                                                          | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Short            | EC               | CORP              | CA        |      -279 | NS      | $-52099.06    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Vortex Opco Llc                                                                  | Vortex Opco LLC                                                                  | CUSIP: G9158TAC4<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |   1734000 | PA      | $1735361.19   | 0.61%             | 2030-04-30      | Floating      | 10.55%                | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Caml Ln Trs:b67kbv2                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-50424.09    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Merus Nv                                                                         | Merus NV                                                                         | CUSIP: N5749R100<br>LEI: 549300W8GPUWU8QNU293 | Short            | EC               | CORP              | NL        |      -746 | NS      | $-49415.04    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Icahn Enterprises/fin                                                            | Icahn Enterprises LP / Icahn Enterprises Finance Corp.                           | CUSIP: 451102BZ9<br>LEI: 549300T0G4GS0SINS786 | Short            | DBT              | CORP              | US        |  -1637000 | PA      | $-1600167.50  | -0.57%            | 2027-05-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Alph Ln Trs:bf1tm59                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-305499.34   | -0.11%            |  |  |  | No            | 2                  | On Loan: No      |
| Bitwise 10 Crypto Index Fund                                                     | Bitwise 10 Crypto Index Fund                                                     | CUSIP: 091749101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64049 | NS      | $4731158.72   | 1.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Bny Mellon Strategic Municipals Inc                                              | BNY Mellon Strategic Municipals, Inc.                                            | CUSIP: 05588W108<br>LEI: 549300FH0LKMOBY7N332 | Long             | EC               | RF                | US        |     21897 | NS      | $128097.45    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Dish Network Corp                                                                | DISH Network Corp.                                                               | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1833125.00   | 0.65%             | 2027-11-15      | Fixed         | 11.75%                | Yes           | 2                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: AUD 10/09/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-9388469.00  | -3.33%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Phoenix Group Holdings PLC TRS                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-69013.21    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Duolingo Inc                                                                     | Duolingo, Inc.                                                                   | CUSIP: 26603R106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -986 | NS      | $-341698.30   | -0.12%            |  |  |  | No            | 1                  | On Loan: No      |
| Money Forward Inc                                                                | Money Forward, Inc.                                                              | CUSIP: N/A<br>LEI: 35380017JS3GIGP6WN95       | Short            | EC               | CORP              | JP        |     -2141 | NS      | $-85938.15    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Goldman Sachs                                                                    | MARKIT CDX HY S44 5Y 6/30 ICE                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        |         1 | NC      | $15073598.71  | 5.34%             |  |  |  | No            | 2                  | On Loan: No      |
| Cannae Holdings Inc                                                              | Cannae Holdings, Inc.                                                            | CUSIP: 13765N107<br>LEI: 549300OGRF1ICI7D2V77 | Long             | EC               | CORP              | US        |    168038 | NS      | $3592652.44   | 1.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Nexgen Energy Ltd                                                                | NexGen Energy, Ltd.                                                              | CUSIP: 65340P106<br>LEI: 529900N0IXNXB3IP7F06 | Short            | EC               | CORP              | CA        |    -44039 | NS      | $-295585.09   | -0.10%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Baillie Gifford European Growth Trust PLC                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $1001720.63   | 0.35%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Sync Ln Trs:b8p59c0                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GG        |         1 | NC      | $696613.81    | 0.25%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Gftu Ln Trs:b00mz44                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-69876.52    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | Cohen Circle Sponsor II, LLC Class B                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      6858 | NS      | $68580.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 08/15/25 P5790                                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        10 | NC      | $2850.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Xcel Energy Inc                                                                  | Xcel Energy, Inc.                                                                | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Short            | EC               | CORP              | US        |      -660 | NS      | $-48470.40    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P6005                                              | CUSIP: 58599HA07<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        21 | NC      | $85680.00     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Tortoise Energy Infrastructure Corp                                              | Tortoise Energy Infrastructure Fund, Inc.                                        | CUSIP: 89147L886<br>LEI: 5493008P735YB22YPB89 | Long             | EC               | RF                | US        |      9663 | NS      | $418794.43    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Rmmc Ln Trs:bndmjp1                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $438608.36    | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Sword Group TRS                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | ES        |         1 | NC      | $-60191.32    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Super Micro Computer Inc                                                         | Super Micro Computer, Inc.                                                       | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Short            | EC               | CORP              | US        |     -5115 | NS      | $-301631.55   | -0.11%            |  |  |  | No            | 1                  | On Loan: No      |
| Grayscale Bitcoin Trust Etf                                                      | Grayscale Bitcoin Trust ETF                                                      | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Short            | EC               | RF                | US        |   -108324 | NS      | $-9941976.72  | -3.52%            |  |  |  | No            | 1                  | On Loan: No      |
| Altice France Sa                                                                 | Altice France SA                                                                 | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    736000 | PA      | $644000.00    | 0.23%             | 2029-10-15      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 10/17/25 P6140                                              | CUSIP: 58599HEZ6<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        57 | NC      | $531924.00    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Pegasystems Inc                                                                  | Pegasystems, Inc.                                                                | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Short            | EC               | CORP              | US        |     -4524 | NS      | $-265604.04   | -0.09%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P6015                                              | CUSIP: 58599HA15<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        13 | NC      | $58630.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Monolithic Power Systems Inc                                                     | Monolithic Power Systems, Inc.                                                   | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Short            | EC               | CORP              | US        |      -128 | NS      | $-91038.72    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Blackrock Science And Technology Term Trust                                      | BlackRock Science and Technology Term Trust                                      | CUSIP: 09260K101<br>LEI: 549300NQ3IL1NKVC9M67 | Long             | EC               | RF                | US        |     57904 | NS      | $1231618.08   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Prsr Ln Trs:bf01nh5                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $76053.88     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Templeton EM Investment Trust PLC TRS                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $645272.05    | 0.23%             |  |  |  | No            | 2                  | On Loan: No      |
| Future Generation Global Ltd                                                     | Future Generation Global, Ltd.                                                   | CUSIP: Q39694106<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     97988 | NS      | $98550.97     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Melar Acquisition Corp I                                                         | Melar Acquisition Corp. I                                                        | CUSIP: G6004G118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     32537 | NC      | $6442.33      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Sharkninja Inc                                                                   | SharkNinja, Inc.                                                                 | CUSIP: G8068L108<br>LEI: N/A                  | Short            | EC               | CORP              | KY        |     -1429 | NS      | $-165906.90   | -0.06%            |  |  |  | No            | 1                  | On Loan: No      |
| Hennessy Capital Investment Corp Vii                                             | Hennessy Capital Investment Corp. VII                                            | CUSIP: G4405D115<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      7305 | NC      | $2008.14      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Berto Acquisition Corp                                                           | BERTO ACQUISITION Corp.                                                          | CUSIP: G1051H119<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      6645 | NC      | $4983.75      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | JTC PLC TRS                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-114361.57   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| Nvent Electric Plc                                                               | nVent Electric PLC                                                               | CUSIP: G6700G107<br>LEI: N/A                  | Short            | EC               | CORP              | IE        |      -716 | NS      | $-56148.72    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Telephone And Data Systems Inc                                                   | Telephone and Data Systems, Inc.                                                 | CUSIP: 879433829<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8367 | NS      | $326647.68    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Biotechnology Etf                                                        | iShares Biotechnology ETF                                                        | CUSIP: 464287556<br>LEI: 549300S7IVD88MPK0066 | Short            | EC               | RF                | US        |    -12400 | NS      | $-1646224.00  | -0.58%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | FIGX Acquisition Partners LLC Class A                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     10858 | NS      | $108580.00    | 0.04%             |  |  |  | No            | 3                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 10/17/25 P6150                                              | CUSIP: 475995999<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        50 | NC      | $406500.00    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Roblox Corp                                                                      | ROBLOX Corp.                                                                     | CUSIP: 771049103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -5818 | NS      | $-801662.22   | -0.28%            |  |  |  | No            | 1                  | On Loan: No      |
| BNY Mellon U.S. Treasury Fund                                                    | BNY Mellon U.S. Treasury Fund                                                    | CUSIP: G1206E136<br>LEI: N/A                  | Long             | STIV             | RF                | IE        |  10517058 | NS      | $10517057.71  | 3.73%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Herald Investment Trust PLC                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $12328687.00  | 4.37%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | SSE PLC TRS                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-89861.71    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | LightWave Founders Class B                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     16072 | NS      | $160720.00    | 0.06%             |  |  |  | No            | 3                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | RWE AG TRS                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | DE        |         1 | NC      | $-84788.70    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| American Express Co                                                              | American Express Co.                                                             | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Short            | EC               | CORP              | US        |      -856 | NS      | $-256209.36   | -0.09%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Aviva PLC TRS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-66787.30    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Altagas Ltd                                                                      | AltaGas, Ltd.                                                                    | CUSIP: 021361100<br>LEI: 2549008X5V70MOS4HM10 | Short            | EC               | CORP              | CA        |     -2242 | NS      | $-66195.31    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Mony Ln Trs:b1zbky8                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-62118.34    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Infomart Corp                                                                    | Infomart Corp.                                                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | EC               | CORP              | JP        |    -17167 | NS      | $-47698.76    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Morgan Stanley                                                                   | Morgan Stanley                                                                   | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Short            | EC               | CORP              | US        |      -759 | NS      | $-108127.14   | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Luce Ln Trs:bzc0lp4                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-66057.26    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Mut Ln Trs:0611112                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $115599.39    | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 10/17/25 P6290                                              | CUSIP: 58599HRA7<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        41 | NC      | $536280.00    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Israel Acquisitions Corp                                                         | Israel Acquisitions Corp.                                                        | CUSIP: G49667119<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     18390 | NC      | $3144.69      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Sizzle Acquisition Corp Ii                                                       | Sizzle II VO Sponsor II, LLC Class B                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     90383 | NS      | $90383.00     | 0.03%             |  |  |  | No            | 3                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 10/17/25 P6125                                              | CUSIP: 475995981<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |         5 | NC      | $43235.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 10/17/25 P6090                                              | CUSIP: 58599HA80<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |         5 | NC      | $40300.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Digital Asset Acquisition Corp                                                   | Digital Asset Acquisition Corp.                                                  | CUSIP: G2868C103<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     55906 | NS      | $583099.58    | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Sirius Real Estate, Ltd. TRS                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-111929.50   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| Gamco Natural Resources Gold & Income Trust                                      | GAMCO Natural Resources Gold & Income Trust                                      | CUSIP: 36465E101<br>LEI: 23EBEGZ81713Q1VCP222 | Long             | EC               | RF                | US        |       380 | NS      | $2390.20      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Aas Ln Trs:bmf19b5                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $242795.26    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| Hcm Ii Acquisition Corp                                                          | HCM II Acquisition Corp.                                                         | CUSIP: G43658122<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5504 | NC      | $12659.20     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Irish Continental Group PLC TRS                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | ES        |         1 | NC      | $-423.59      | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Anywhere Real Estate Inc                                                         | Anywhere Real Estate, Inc.                                                       | CUSIP: 75605Y106<br>LEI: 5493004HBTOTE9DI9P12 | Long             | EC               | CORP              | US        |     65688 | NS      | $303478.56    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P5965                                              | CUSIP: 58599H9X7<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        17 | NC      | $71315.00     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Block Inc                                                                        | Block, Inc.                                                                      | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Short            | EC               | CORP              | US        |     -4287 | NS      | $-331213.62   | -0.12%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Sst Ln Trs:0783613                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $33648.97     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Biocon Biologics Global                                                          | Biocon Biologics Global PLC                                                      | CUSIP: YU2449483<br>LEI: 254900PMQN51VACG2D55 | Short            | DBT              | CORP              | GB        |  -2898000 | PA      | $-2738659.27  | -0.97%            | 2029-10-09      | Fixed         | 6.67%                 | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Geberit AG TRS                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CH        |         1 | NC      | $-475538.32   | -0.17%            |  |  |  | No            | 2                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P5955                                              | CUSIP: 58599HC05<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        20 | NC      | $82000.00     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Cwk Ln Trs: 0231888                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-353649.37   | -0.13%            |  |  |  | No            | 2                  | On Loan: No      |
| Amphenol Corp                                                                    | Amphenol Corp.                                                                   | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Short            | EC               | CORP              | US        |     -1819 | NS      | $-193741.69   | -0.07%            |  |  |  | No            | 1                  | On Loan: No      |
| Newhold Investment Corp Iii                                                      | NewHold Investment Corp. III                                                     | CUSIP: G6486E110<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2084 | NC      | $614.99       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 10/17/25 P6050                                              | CUSIP: 4759957Z3<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |         9 | NC      | $71730.00     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Melexis NV TRS                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | BE        |         1 | NC      | $-140889.79   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Tep Ln Trs:0879471                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-318250.40   | -0.11%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | Blue Water Acquisition III Class A                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    137425 | NS      | $549.70       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                             | Clear Channel Outdoor Holdings, Inc.                                             | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1552000 | PA      | $1420080.00   | 0.50%             | 2029-06-01      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| Nvidia Corp                                                                      | NVIDIA Corp.                                                                     | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Short            | EC               | CORP              | US        |     -2295 | NS      | $-408211.65   | -0.14%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 08/15/25 P5770                                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        13 | NC      | $5980.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Clorox Co/the                                                                    | Clorox Co.                                                                       | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Short            | EC               | CORP              | US        |     -1973 | NS      | $-247729.88   | -0.09%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Pag Ln Trs:b2ngpm5                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-350432.81   | -0.12%            |  |  |  | No            | 2                  | On Loan: No      |
| Edwards Lifesciences Corp                                                        | Edwards Lifesciences Corp.                                                       | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Short            | EC               | CORP              | US        |      -617 | NS      | $-48934.27    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Costar Group Inc                                                                 | CoStar Group, Inc.                                                               | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Short            | EC               | CORP              | US        |     -3064 | NS      | $-291662.16   | -0.10%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: EUR 09/26/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-1145398.00  | -0.41%            |  |  |  | No            | 2                  | On Loan: No      |
| 1261229 Bc Ltd                                                                   | 1261229 BC, Ltd.                                                                 | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1557000 | PA      | $1588140.00   | 0.56%             | 2032-04-15      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Pac Ln Trs:0667438                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $444884.31    | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | XTao, Inc. Sponsor Shares                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     35469 | NS      | $177345.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | DSM-Firmenich AG TRS                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CH        |         1 | NC      | $-134071.46   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | HCM Investor Holdings III,CL A                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    103450 | NS      | $310.35       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Scp Ln Trs:0610841                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $1438906.71   | 0.51%             |  |  |  | No            | 2                  | On Loan: No      |
| Labl Inc                                                                         | LABL, Inc.                                                                       | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |   1111000 | PA      | $926296.25    | 0.33%             | 2031-10-01      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Oracle Corp                                                                      | Oracle Corp.                                                                     | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Short            | EC               | CORP              | US        |      -562 | NS      | $-142618.74   | -0.05%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Smwh Ln Trs:b2pdgw1                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-64475.37    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Verisign Inc                                                                     | VeriSign, Inc.                                                                   | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Short            | EC               | CORP              | US        |     -2004 | NS      | $-538815.48   | -0.19%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Pey Ln Trs:b28c2r2                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GG        |         1 | NC      | $376772.09    | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| Denali Therapeutics Inc                                                          | Denali Therapeutics, Inc.                                                        | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Short            | EC               | CORP              | US        |     -4876 | NS      | $-67435.08    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Samsara Inc                                                                      | Samsara, Inc.                                                                    | CUSIP: 79589L106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -5013 | NS      | $-190644.39   | -0.07%            |  |  |  | No            | 1                  | On Loan: No      |
| Monotaro Co Ltd                                                                  | MonotaRO Co., Ltd.                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | EC               | CORP              | JP        |     -8162 | NS      | $-146353.10   | -0.05%            |  |  |  | No            | 1                  | On Loan: No      |
| Pioneer Municipal High Income Opportunities Fund Inc                             | Pioneer Municipal High Income Opportunities Fund, Inc.                           | CUSIP: 723760104<br>LEI: 5493005BKX8X756MKL25 | Long             | EC               | RF                | US        |      4798 | NS      | $54937.10     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 10/17/25 P6100                                              | CUSIP: 475995973<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        13 | NC      | $116350.00    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| China Evergrande Group                                                           | China Evergrande Group                                                           | CUSIP: N/A<br>LEI: 549300CUF7B1LAB15T90       | Long             | DBT              | CORP              | KY        |  11802000 | PA      | $206535.00    | 0.07%             | 2023-06-28      | Fixed         | 7.50%                 | No            | 2                  | On Loan: No      |
| Dave & Buster's Entertainment Inc                                                | Dave & Buster's Entertainment, Inc.                                              | CUSIP: 238337109<br>LEI: 529900WTVU85QZLYHR86 | Long             | EC               | CORP              | US        |      5492 | NS      | $160586.08    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Real Asset Acquisition Corp                                                      | Real Asset Acquisition Corp.                                                     | CUSIP: G73944111<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     87360 | NC      | $34944.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Tpou Ln Trs:b1yq721                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |         1 | NC      | $494004.40    | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Htg Ln Trs:0447889                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-76407.88    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: SEK 10/09/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-1231286.00  | -0.44%            |  |  |  | No            | 2                  | On Loan: No      |
| Arbe Robotics Ltd                                                                | Arbe Robotics, Ltd.                                                              | CUSIP: M1R95N100<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |    111764 | NS      | $150881.40    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Wise Ln Trs:bl9yr75                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-374458.86   | -0.13%            |  |  |  | No            | 2                  | On Loan: No      |
| Utilities Select Sector Spdr Fund                                                | Utilities Select Sector SPDR Fund                                                | CUSIP: 81369Y886<br>LEI: 549300ERQDM80PRYUH21 | Short            | EC               | RF                | US        |    -16568 | NS      | $-1419380.56  | -0.50%            |  |  |  | No            | 1                  | On Loan: No      |
| Caesars Entertain Inc                                                            | Caesars Entertainment, Inc.                                                      | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    922000 | PA      | $942745.00    | 0.33%             | 2032-02-15      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Alnylam Pharmaceuticals Inc                                                      | Alnylam Pharmaceuticals, Inc.                                                    | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Short            | EC               | CORP              | US        |     -1388 | NS      | $-544429.12   | -0.19%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Bmy Ln Trs:3314775                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-162681.46   | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| Tourmaline Oil Corp                                                              | Tourmaline Oil Corp.                                                             | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Short            | EC               | CORP              | CA        |     -1750 | NS      | $-74478.57    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Generac Holdings Inc                                                             | Generac Holdings, Inc.                                                           | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |       747 | NS      | $145433.43    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Total Stock Market Etf                                                  | Vanguard Total Stock Market ETF                                                  | CUSIP: 922908769<br>LEI: 549300G6KNDK44WUN559 | Short            | EC               | RF                | US        |    -23028 | NS      | $-7159174.92  | -2.54%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Aalberts NV TRS                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | NL        |         1 | NC      | $-68289.45    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | Wen Sponsor LLC Class A                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    125704 | NS      | $502.82       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Erf Ln Trs:bndpyv1                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | LU        |         1 | NC      | $-103176.83   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| Trade Desk Inc/the                                                               | Trade Desk, Inc.                                                                 | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Short            | EC               | CORP              | US        |     -4015 | NS      | $-349144.40   | -0.12%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Ckn Ln Trs:0201836                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-71545.69    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Atg Ln Trs:bmvqdz6                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-66317.09    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Gcl Ln Trs:b15fw33                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | JE        |         1 | NC      | $63902.47     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Vsl Ln Trs:bvg6x43                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $163220.68    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| China Evergrande Group                                                           | China Evergrande Group                                                           | CUSIP: ZP5379026<br>LEI: 549300CUF7B1LAB15T90 | Long             | DBT              | CORP              | KY        |  19888000 | PA      | $348040.00    | 0.12%             | 2024-01-22      | Fixed         | 12.00%                | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Lowland Investment Company PLC TRS                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $2306003.98   | 0.82%             |  |  |  | No            | 2                  | On Loan: No      |
| Mff Capital Investments Ltd                                                      | MFF Capital Investments, Ltd.                                                    | CUSIP: Q6S61B118<br>LEI: 549300OYTXE8HSZSYH82 | Long             | EC               | CORP              | AU        |    556373 | NS      | $1644741.08   | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Alliancebernstein National Municipal Income Fund Inc                             | AllianceBernstein National Municipal Income Fund, Inc.                           | CUSIP: 01864U106<br>LEI: MNYPOOOZYY8V01GEIT28 | Long             | EC               | RF                | US        |     79712 | NS      | $808279.68    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Roman Dbdr Acquisition Corp Ii                                                   | Roman DBDR Acquisition Corp. II                                                  | CUSIP: G7633M112<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     19566 | NC      | $9857.35      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P5855                                              | CUSIP: 58599HBW6<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        17 | NC      | $41548.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Biocon Biologics Global                                                          | Biocon Biologics Global PLC                                                      | CUSIP: 090978AA5<br>LEI: 254900PMQN51VACG2D55 | Short            | DBT              | CORP              | GB        |   -732000 | PA      | $-691752.44   | -0.25%            | 2029-10-09      | Fixed         | 6.67%                 | Yes           | 2                  | On Loan: No      |
| Zillow Group Inc                                                                 | Zillow Group, Inc.                                                               | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Short            | EC               | CORP              | US        |     -4287 | NS      | $-341030.85   | -0.12%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | MI7 Founders, LLC (MBAV) Class A PIPE                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    236458 | NS      | $2130486.58   | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Ensign Group Inc/the                                                             | Ensign Group, Inc.                                                               | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Short            | EC               | CORP              | US        |      -626 | NS      | $-93900.00    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| PK Fund 2023, LLC                                                                | PK Fund 2023, LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       686 | NS      | $686197.80    | 0.24%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: JPY 10/09/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-1617103.00  | -0.57%            |  |  |  | No            | 2                  | On Loan: No      |
| Tc Energy Corp                                                                   | TC Energy Corp.                                                                  | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Short            | EC               | CORP              | CA        |     -1331 | NS      | $-63552.94    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Realreal Inc/the                                                                 | RealReal, Inc.                                                                   | CUSIP: 88339P101<br>LEI: 549300O00VUGT4H1PE90 | Long             | EC               | CORP              | US        |     56438 | NS      | $296863.88    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Chicago Mercantile Exchange                                                      | NASDAQ 100 E-MINI Sep25                                                          | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |       -28 | NC      | $-13084400.00 | -4.64%            |  |  |  | No            | 1                  | On Loan: No      |
| Materials Select Sector Spdr Fund                                                | Materials Select Sector SPDR Fund                                                | CUSIP: 81369Y100<br>LEI: 549300N81BAQ1XPGBT65 | Short            | EC               | RF                | US        |      -857 | NS      | $-75184.61    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Ashland Inc                                                                      | Ashland, Inc.                                                                    | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Short            | EC               | CORP              | US        |     -1053 | NS      | $-54292.68    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv At/ Ln Trs:blh4250                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-77787.64    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| Agios Pharmaceuticals Inc                                                        | Agios Pharmaceuticals, Inc.                                                      | CUSIP: 00847X104<br>LEI: 529900ONJHY8EOGYT555 | Short            | EC               | CORP              | US        |     -1868 | NS      | $-69526.96    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Republic Digital Acquisition Co                                                  | Republic Digital Acquisition Co.                                                 | CUSIP: G7515A103<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    128293 | NS      | $1327832.55   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Aes Corp/the                                                                     | AES Corp.                                                                        | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Short            | EC               | CORP              | US        |     -3345 | NS      | $-43986.75    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Arista Networks Inc                                                              | Arista Networks, Inc.                                                            | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Short            | EC               | CORP              | US        |     -1202 | NS      | $-148110.44   | -0.05%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Columbus Circle Capital Corp I                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     11429 | NS      | $107889.85    | 0.04%             |  |  |  | No            | 3                  | On Loan: No      |
| Vertiv Holdings Co                                                               | Vertiv Holdings Co.                                                              | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Short            | EC               | CORP              | US        |      -505 | NS      | $-73528.00    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Blue Holdings Sponsor Class A                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    137148 | NS      | $548.59       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| China Evergrande Group                                                           | China Evergrande Group                                                           | CUSIP: ZS0897653<br>LEI: 549300CUF7B1LAB15T90 | Long             | DBT              | CORP              | KY        |   6148000 | PA      | $107590.00    | 0.04%             | 2049-12-31      | Fixed         | 9.50%                 | No            | 2                  | On Loan: No      |
| Northland Power Inc                                                              | Northland Power, Inc.                                                            | CUSIP: 666511100<br>LEI: 8945002IJ77NEBK48M81 | Short            | EC               | CORP              | CA        |     -5115 | NS      | $-83576.50    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| X Corp                                                                           | X Corp.                                                                          | CUSIP: 90184NAK4<br>LEI: 549300I8RX485XMK6836 | Long             | LON              | CORP              | US        |    851052 | PA      | $826882.12    | 0.29%             | 2029-10-29      | Floating      | 9.50%                 | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Fltr Ln Trs:bwxc0z1                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-56438.19    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 09/26/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-1189228.00  | -0.42%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Trst Ln Trs:bnk9tp5                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-247727.30   | -0.09%            |  |  |  | No            | 2                  | On Loan: No      |
| Affirm Holdings Inc                                                              | Affirm Holdings, Inc.                                                            | CUSIP: 00827B106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -6776 | NS      | $-464562.56   | -0.16%            |  |  |  | No            | 1                  | On Loan: No      |
| Live Oak Acquisition Corp V                                                      | Live Oak Acquisition Corp. V                                                     | CUSIP: G5509P110<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     18443 | NC      | $12449.03     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Energy Select Sector Spdr Fund                                                   | Energy Select Sector SPDR Fund                                                   | CUSIP: 81369Y506<br>LEI: 54930064FLK0RD4TRU75 | Short            | EC               | RF                | US        |     -7871 | NS      | $-686429.91   | -0.24%            |  |  |  | No            | 1                  | On Loan: No      |
| Astera Labs Inc                                                                  | Astera Labs, Inc.                                                                | CUSIP: 04626A103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -747 | NS      | $-102137.31   | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| Star Parent Inc                                                                  | Star Parent, Inc.                                                                | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Short            | DBT              | CORP              | US        |  -2586000 | PA      | $-2728230.00  | -0.97%            | 2030-10-01      | Fixed         | 9.00%                 | Yes           | 2                  | On Loan: No      |
| John Hancock Diversified Income Fund                                             | John Hancock Diversified Income Fund                                             | CUSIP: 47804L102<br>LEI: TXPTLN9B34V0S0MTR071 | Long             | EC               | RF                | US        |       137 | NS      | $1434.39      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Industrial Select Sector Spdr Fund                                               | Industrial Select Sector SPDR Fund                                               | CUSIP: 81369Y704<br>LEI: 549300HQI51T8KP6U325 | Short            | EC               | RF                | US        |     -1823 | NS      | $-277114.23   | -0.10%            |  |  |  | No            | 1                  | On Loan: No      |
| Perimeter Acquisition Corp I                                                     | Perimeter Acquisition Corp. I                                                    | CUSIP: G7010A129<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     63970 | NS      | $648655.80    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Launch Two Acquisition Corp                                                      | Launch Two Acquisition Corp.                                                     | CUSIP: G5S87A113<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1652 | NC      | $826.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Pinterest Inc                                                                    | Pinterest, Inc.                                                                  | CUSIP: 72352L106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -6042 | NS      | $-233221.20   | -0.08%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Qq/ Ln Trs:b0wmwd0                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-75226.06    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| International Flavors & Fragrances Inc                                           | International Flavors & Fragrances, Inc.                                         | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Short            | EC               | CORP              | US        |      -569 | NS      | $-40416.07    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Gores Holdings X Inc                                                             | Gores Holdings X, Inc.                                                           | CUSIP: G4002F125<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3460 | NC      | $4325.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Topicus.com Inc                                                                  | Topicus.com, Inc.                                                                | CUSIP: 89072T102<br>LEI: N/A                  | Short            | EC               | CORP              | CA        |      -713 | NS      | $-97769.92    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Topaz Energy Corp                                                                | Topaz Energy Corp.                                                               | CUSIP: 89055A203<br>LEI: 98450056D90CB02FQ571 | Short            | EC               | CORP              | CA        |     -3380 | NS      | $-62813.94    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Ciena Corp                                                                       | Ciena Corp.                                                                      | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Short            | EC               | CORP              | US        |      -560 | NS      | $-51990.40    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Inficon Holding AG TRS                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CH        |         1 | NC      | $-152036.93   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| Revolution Medicines Inc                                                         | Revolution Medicines, Inc.                                                       | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Short            | EC               | CORP              | US        |     -2312 | NS      | $-86168.24    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Wayfair Inc                                                                      | Wayfair, Inc.                                                                    | CUSIP: 94419L101<br>LEI: 54930027N9ZAVYFDHK53 | Short            | EC               | CORP              | US        |     -3209 | NS      | $-210638.76   | -0.07%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Ibt Ln Trs:0455934                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $218849.76    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| ALTERNATIVE CAPITAL INVESTMENTS FUND III                                         | Alternative Capital Investments Fund III LP                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       424 | NS      | $807165.24    | 0.29%             |  |  |  | No            | N/A                | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Egl Ln Trs:bd3v464                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $2483136.65   | 0.88%             |  |  |  | No            | 2                  | On Loan: No      |
| Generac Holdings Inc                                                             | Generac Holdings, Inc.                                                           | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Short            | EC               | CORP              | US        |      -415 | NS      | $-80796.35    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 09/26/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-792818.00   | -0.28%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                              | Oxley Bridge Holdings LLC Class A                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    128263 | NS      | $513.05       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Xylem Inc/ny                                                                     | Xylem, Inc.                                                                      | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Short            | EC               | CORP              | US        |      -616 | NS      | $-89085.92    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Syncona Ltd                                                                      | Syncona, Ltd.                                                                    | CUSIP: G8651Q100<br>LEI: 213800X8MBI5VQITLW60 | Long             | EC               | CORP              | GB        |   1507674 | NS      | $1941339.34   | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Sps Commerce Inc                                                                 | SPS Commerce, Inc.                                                               | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Short            | EC               | CORP              | US        |      -368 | NS      | $-40062.32    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Dte Energy Co                                                                    | DTE Energy Co.                                                                   | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Short            | EC               | CORP              | US        |      -350 | NS      | $-48443.50    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Xps Ln Trs:bddn1t2                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-352145.01   | -0.12%            |  |  |  | No            | 2                  | On Loan: No      |
| Rollins Inc                                                                      | Rollins, Inc.                                                                    | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Short            | EC               | CORP              | US        |     -5063 | NS      | $-289958.01   | -0.10%            |  |  |  | No            | 1                  | On Loan: No      |
| China Evergrande Group                                                           | China Evergrande Group                                                           | CUSIP: ZP5378630<br>LEI: 549300CUF7B1LAB15T90 | Long             | DBT              | CORP              | KY        |   4600000 | PA      | $80500.00     | 0.03%             | 2049-12-31      | Fixed         | 11.50%                | No            | 2                  | On Loan: No      |
| First Advantage Corp                                                             | First Advantage Corp.                                                            | CUSIP: 31846B108<br>LEI: 549300RNJ0PXU8FP7D06 | Short            | EC               | CORP              | US        |     -2245 | NS      | $-38816.05    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Trane Technologies Plc                                                           | Trane Technologies PLC                                                           | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Short            | EC               | CORP              | IE        |      -154 | NS      | $-67464.32    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Grayscale Ethereum Classic Trust                                                 | Grayscale Ethereum Classic Trust                                                 | CUSIP: 38963Q107<br>LEI: 54930092HET8DVEQYD83 | Long             | EC               | RF                | US        |   1398568 | NS      | $14782863.76  | 5.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Polestar Automotive Holding Uk Plc                                               | Polestar Automotive Holding UK PLC                                               | CUSIP: 731105201<br>LEI: 894500HDA1DJKHYN4D83 | Long             | EC               | CORP              | GB        |    312525 | NS      | $334401.75    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | NEMO ENTERPRISES INC                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        64 | NC      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Chewy Inc                                                                        | Chewy, Inc.                                                                      | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Short            | EC               | CORP              | US        |     -3391 | NS      | $-124449.70   | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Blue Water Acquisition III Class B                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     17178 | NS      | $171780.00    | 0.06%             |  |  |  | No            | 3                  | On Loan: No      |
| Goldman Sachs                                                                    | CSC Holdings, LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        |         1 | NC      | $-46393.50    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Vistra Corp                                                                      | Vistra Corp.                                                                     | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Short            | EC               | CORP              | US        |      -748 | NS      | $-155987.92   | -0.06%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Crn Ln Trs:bwy4zf1                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | IE        |         1 | NC      | $-89369.52    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| Keyera Corp                                                                      | Keyera Corp.                                                                     | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Short            | EC               | CORP              | CA        |     -1880 | NS      | $-58967.09    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Dplm Ln Trs:0182663                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-1077136.82  | -0.38%            |  |  |  | No            | 2                  | On Loan: No      |
| Real Asset Acquisition Corp                                                      | Real Asset Acquisition Corp.                                                     | CUSIP: G73944103<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     25855 | NS      | $262428.25    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| GEO Group                                                                        | The GEO Group, Inc., Term B Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2607234 | PA      | $2618966.87   | 0.93%             | 2029-04-01      | Floating      | 9.58%                 | No            | 2                  | On Loan: No      |
| Vertex Pharmaceuticals Inc                                                       | Vertex Pharmaceuticals, Inc.                                                     | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Short            | EC               | CORP              | US        |      -348 | NS      | $-158990.76   | -0.06%            |  |  |  | No            | 1                  | On Loan: No      |
| ALTERNATIVE CAPITAL INVESTMENTS FUND III                                         | Alternative Capital Investments Fund III LP 2                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2768 | NS      | $7920846.88   | 2.81%             |  |  |  | No            | N/A                | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 10/17/25 P6185                                              | CUSIP: 58599HSU2<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        35 | NC      | $330400.00    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Iren SpA TRS                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | ES        |         1 | NC      | $-50519.49    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Penumbra Inc                                                                     | Penumbra, Inc.                                                                   | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Short            | EC               | CORP              | US        |      -400 | NS      | $-100908.00   | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| Bank Of America Corp                                                             | Bank of America Corp.                                                            | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Short            | EC               | CORP              | US        |     -1242 | NS      | $-58709.34    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Moon Ln Trs:bmt9k01                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-11121.10    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Procap Acquisition Corp                                                          | ProCap Acquisition Corp.                                                         | CUSIP: G7257A113<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     61838 | NS      | $660429.84    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Us Treasury N/b                                                                  | U.S. Treasury Bond                                                               | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Short            | DBT              | UST               | US        | -59827000 | PA      | $-59214706.55 | -20.98%           | 2035-05-15      | Fixed         | 4.25%                 | No            | 1                  | On Loan: No      |
| Rapid7 Inc                                                                       | Rapid7, Inc.                                                                     | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Short            | EC               | CORP              | US        |      -586 | NS      | $-12376.32    | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 09/26/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $53409539.00  | 18.93%            |  |  |  | No            | 2                  | On Loan: No      |
| Fact Ii Acquisition Corp                                                         | Fact II Acquisition Corp.                                                        | CUSIP: G32901129<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     22895 | NC      | $5721.46      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Gmo Internet Group Inc                                                           | GMO internet group, Inc.                                                         | CUSIP: N/A<br>LEI: 529900BFZEY3BESHBW90       | Short            | EC               | CORP              | JP        |     -2131 | NS      | $-55027.28    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Adyen NV TRS                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | NL        |         1 | NC      | $-275823.66   | -0.10%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Ker Fp Trs:5505072                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |         1 | NC      | $-69179.59    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| TV Partners III, LLC                                                             | TV Partners III, LLC CL B                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    209841 | NS      | $209841.00    | 0.07%             |  |  |  | No            | 3                  | On Loan: No      |
| Winnebago Industries Inc                                                         | Winnebago Industries, Inc.                                                       | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |     11042 | NS      | $328168.24    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Core Scientific Inc                                                              | Core Scientific, Inc.                                                            | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |     31190 | NS      | $422312.60    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Plum Acquisition Corp Iv                                                         | Plum Acquisition Corp. IV                                                        | CUSIP: G7134A120<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      4175 | NC      | $1096.15      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Uber Technologies Inc                                                            | Uber Technologies, Inc.                                                          | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      5177 | NS      | $454281.75    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Paycom Software Inc                                                              | Paycom Software, Inc.                                                            | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Short            | EC               | CORP              | US        |     -1113 | NS      | $-257704.02   | -0.09%            |  |  |  | No            | 1                  | On Loan: No      |
| Snowflake Inc                                                                    | Snowflake, Inc.                                                                  | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Short            | EC               | CORP              | US        |     -2139 | NS      | $-478066.50   | -0.17%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Worldwide Healthcare Trust PLC TRS                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $937891.31    | 0.33%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Ibst Ln Trs:byxjc27                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-84171.12    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| Icahn Enterprises/fin                                                            | Icahn Enterprises LP / Icahn Enterprises Finance Corp.                           | CUSIP: 451102CC9<br>LEI: 549300T0G4GS0SINS786 | Short            | DBT              | CORP              | US        |   -355000 | PA      | $-304856.25   | -0.11%            | 2029-02-01      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| Republic Digital Acquisition Co                                                  | Republic Digital Acquisition Co.                                                 | CUSIP: G7515A129<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     64146 | NC      | $52278.99     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Axiom Intelligence Holdings 1 LLC Class A                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    109718 | NS      | $438.87       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Sabre Corp                                                                       | Sabre Corp.                                                                      | CUSIP: 78573M104<br>LEI: 529900VKCYZW8GZ4WW58 | Short            | EC               | CORP              | US        |    -69632 | NS      | $-210984.96   | -0.07%            |  |  |  | No            | 1                  | On Loan: No      |
| Gogo Intermediate Holdin                                                         | Gogo Intermediate Holdings LLC                                                   | CUSIP: 38046JAB0<br>LEI: 2549003PQSV921SNHM89 | Long             | LON              | CORP              | US        |   1114867 | PA      | $1108824.42   | 0.39%             | 2028-04-28      | Floating      | 8.19%                 | No            | 2                  | On Loan: No      |
| Cbre Group Inc                                                                   | CBRE Group, Inc.                                                                 | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      1596 | NS      | $248561.04    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Blade Air Mobility Inc                                                           | Blade Air Mobility, Inc.                                                         | CUSIP: 092667104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -12237 | NS      | $-48825.63    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Bankers Investment Trust PLC TRS                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $4518731.06   | 1.60%             |  |  |  | No            | 2                  | On Loan: No      |
| Equinox Gold Corp                                                                | Equinox Gold Corp.                                                               | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Short            | EC               | CORP              | CA        |     -9293 | NS      | $-56687.30    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Nuveen Pennsylvania Quality Municipal Income Fund                                | Nuveen Pennsylvania Quality Municipal Income Fund                                | CUSIP: 670972108<br>LEI: 5493000C1CS4Q000GF67 | Long             | EC               | RF                | US        |    107375 | NS      | $1165018.75   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: CAD 10/09/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-2751542.00  | -0.98%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Ausc Ln Trs:0295958                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $3005625.96   | 1.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Robinhood Markets Inc                                                            | Robinhood Markets, Inc.                                                          | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Short            | EC               | CORP              | US        |      -666 | NS      | $-68631.30    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Sweetgreen Inc                                                                   | Sweetgreen, Inc.                                                                 | CUSIP: 87043Q108<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -5795 | NS      | $-74639.60    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Cpi Property Group Sa                                                            | CPI Property Group SA                                                            | CUSIP: BT3966533<br>LEI: 222100CO2ZOTEPGJO223 | Short            | DBT              | CORP              | LU        |  -1257000 | PA      | $-1256634.21  | -0.45%            | 2030-01-14      | Fixed         | 1.75%                 | No            | 2                  | On Loan: No      |
| Tenet Healthcare Corp                                                            | Tenet Healthcare Corp.                                                           | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Short            | EC               | CORP              | US        |      -282 | NS      | $-45480.96    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Lightwave Acquisition Corp                                                       | Lightwave Acquisition Corp.                                                      | CUSIP: G5490M118<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     21240 | NS      | $216010.80    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Compass Group Diversifie                                                         | Compass Group Diversified Holdings LLC                                           | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |   1254000 | PA      | $1167787.50   | 0.41%             | 2029-04-15      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| New Providence Acquisition Corp Iii                                              | New Providence Acquisition Corp. III                                             | CUSIP: G6476A110<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      6181 | NC      | $3152.31      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | GlobalData PLC TRS                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-160936.63   | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| Meta Platforms Inc                                                               | Meta Platforms, Inc.                                                             | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Short            | EC               | CORP              | US        |     -2212 | NS      | $-1710849.28  | -0.61%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | FNCL 5.5 9/25 TBA MSFTA                                                          | CUSIP: TRF052698<br>LEI: N/A                  | N/A              | DCR              | CORP              | US        |         1 | NC      | $273437.50    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Megp Ln Trs:0848125                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-56551.06    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| ICE Futures Europe Financials                                                    | FTSE 100 IDX Future                                                              | CUSIP: N/A<br>LEI: 549300UF4R84F48NCH34       | N/A              | DE               | CORP              | GB        |       -14 | NC      | $-1686951.93  | -0.60%            |  |  |  | No            | 1                  | On Loan: No      |
| Yeti Holdings Inc                                                                | YETI Holdings, Inc.                                                              | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Short            | EC               | CORP              | US        |     -1606 | NS      | $-59004.44    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Ftse Developed Markets Etf                                              | Vanguard FTSE Developed Markets ETF                                              | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Short            | EC               | RF                | US        |   -249672 | NS      | $-14036559.84 | -4.97%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | HCM Investor Holdings III,CL B                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    137934 | NS      | $206901.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Pay Ln Trs:b02qnd9                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-82427.65    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| Vgi Partners Global Investments Ltd                                              | VGI Partners Global Investments, Ltd.                                            | CUSIP: Q9395Z108<br>LEI: 549300JHME36HG5U2Y72 | Long             | EC               | CORP              | AU        |    627796 | NS      | $718145.11    | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Insmed Inc                                                                       | Insmed, Inc.                                                                     | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Short            | EC               | CORP              | US        |      -716 | NS      | $-76812.48    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| GDS Holdings Ltd                                                                 | GDS Holdings, Ltd.                                                               | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |     17560 | NS      | $633389.20    | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Valmont Industries Inc                                                           | Valmont Industries, Inc.                                                         | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Short            | EC               | CORP              | US        |      -147 | NS      | $-53500.65    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Abn Amro Euro Sustainable Money Market                                           | ABN Amro Euro Sustainable Money Market                                           | CUSIP: N/A<br>LEI: 969500ZZMMN1N7HTVV44       | Long             | EC               | CORP              | US        |        64 | NS      | $64449.63     | 0.02%             |  |  |  | No            | 3                  | On Loan: No      |
| Rayonier Inc                                                                     | Rayonier, Inc.                                                                   | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Short            | EC               | CORP              | US        |     -2359 | NS      | $-54988.29    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Blackrock Enhanced Global Dividend Trust                                         | BlackRock Enhanced Global Dividend Trust                                         | CUSIP: 092501105<br>LEI: U48QD6ILUF60LKMSND68 | Long             | EC               | RF                | US        |      1903 | NS      | $21580.02     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| TV Partners III, LLC                                                             | TV Partners III, LLC CL A                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    167872 | NS      | $503.62       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Elastic Nv                                                                       | Elastic NV                                                                       | CUSIP: N14506104<br>LEI: 2549003I48WHHH937I59 | Short            | EC               | CORP              | NL        |      -638 | NS      | $-53400.60    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Teck Resources Ltd                                                               | Teck Resources, Ltd.                                                             | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Short            | EC               | CORP              | CA        |     -1117 | NS      | $-36257.82    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Basc Ln Trs:0346340                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $863489.83    | 0.31%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | E.ON SE TRS                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | DE        |         1 | NC      | $-104786.23   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Enel SpA TRS                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | BE        |         1 | NC      | $-185940.76   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Spx Ln Trs:bwfgqn1                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-399369.65   | -0.14%            |  |  |  | No            | 2                  | On Loan: No      |
| Capri Holdings Ltd                                                               | Capri Holdings, Ltd.                                                             | CUSIP: G1890L107<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | VG        |     14621 | NS      | $265955.99    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| System1 Inc                                                                      | System1, Inc.                                                                    | CUSIP: 87200P208<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -2719 | NS      | $-16912.18    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Staples Inc                                                                      | Staples, Inc.                                                                    | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   1586000 | PA      | $1490840.00   | 0.53%             | 2029-09-01      | Fixed         | 10.75%                | Yes           | 2                  | On Loan: No      |
| Mfs High Income Municipal Trust                                                  | MFS High Income Municipal Trust                                                  | CUSIP: 59318D104<br>LEI: 0G9TCUWY2FBUXSJY2691 | Long             | EC               | RF                | US        |     29418 | NS      | $104433.90    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: EUR 09/26/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-13172082.00 | -4.67%            |  |  |  | No            | 2                  | On Loan: No      |
| GRAF GLOBAL SPONSOR                                                              | GRAF Global Sponsor LCC Class B Warrants                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | KY        |     19276 | NC      | $3566.06      | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Fabrinet                                                                         | Fabrinet                                                                         | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Short            | EC               | CORP              | KY        |     -1270 | NS      | $-411137.10   | -0.15%            |  |  |  | No            | 1                  | On Loan: No      |
| STONERIDGE OPPORTUNITIES FUND LLP                                                | Stone Ridge Opportunities Fund LLP                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |     24000 | NS      | $30600000.00  | 10.84%            |  |  |  | No            | N/A                | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Smithson Investment Trust PLC TRS                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $8215080.35   | 2.91%             |  |  |  | No            | 2                  | On Loan: No      |
| Hubbell Inc                                                                      | Hubbell, Inc.                                                                    | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Short            | EC               | CORP              | US        |      -108 | NS      | $-47247.84    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Rms Fp Trs:5253973                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | FR        |         1 | NC      | $-78551.13    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| Workday Inc                                                                      | Workday, Inc.                                                                    | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Short            | EC               | CORP              | US        |      -848 | NS      | $-194514.24   | -0.07%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Phi Ln Trs:0666747                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $111979.40    | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPXW US 07/31/25 P5465                                             | CUSIP: 53U995V03<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        28 | NC      | $70.00        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Titan Acquisition Corp                                                           | Titan Acquisition Sponsor Holdco, LLC Class B                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     90383 | NS      | $90383.00     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Clearway Energy Inc                                                              | Clearway Energy, Inc.                                                            | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Short            | EC               | CORP              | US        |     -1452 | NS      | $-47378.76    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Vigil Neuroscience Inc                                                           | Vigil Neuroscience, Inc.                                                         | CUSIP: 92673K108<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -5225 | NS      | $-42061.25    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Salesforce Inc                                                                   | Salesforce, Inc.                                                                 | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Short            | EC               | CORP              | US        |      -301 | NS      | $-77757.33    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Vertical Aerospace Ltd                                                           | Vertical Aerospace, Ltd.                                                         | CUSIP: G9471C206<br>LEI: 9845002F3CF4E56DA491 | Long             | EC               | CORP              | KY        |    458450 | NS      | $2805714.00   | 0.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Gp-act Iii Acquisition Corp                                                      | GP-Act III Acquisition Corp.                                                     | CUSIP: G4035N129<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     23593 | NC      | $6601.32      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Nu Holdings Ltd/cayman Islands                                                   | NU Holdings, Ltd.                                                                | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Short            | EC               | CORP              | KY        |     -4868 | NS      | $-59486.96    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 10/17/25 P6240                                              | CUSIP: 58599HF51<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        41 | NC      | $469040.00    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Prysmian SpA TRS                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | ES        |         1 | NC      | $-59756.38    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Willow Lane Acquisition Corp                                                     | Willow Lane Acquisition Corp.                                                    | CUSIP: G9675P110<br>LEI: 254900Z85UYRON5ZBZ90 | N/A              | DE               | CORP              | US        |        32 | NC      | $18.15        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Croda International PLC TRS                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-191174.12   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Uem Ln Trs:bd45s96                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $421094.10    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| Leonardo Drs Inc                                                                 | Leonardo DRS, Inc.                                                               | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Short            | EC               | CORP              | US        |     -2395 | NS      | $-99632.00    | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Smt Ln Trs:bldyk61                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $7508829.32   | 2.66%             |  |  |  | No            | 2                  | On Loan: No      |
| Vef Ab                                                                           | VEF AB                                                                           | CUSIP: N/A<br>LEI: 549300GLLHHE80RQ2Y24       | Long             | EC               | CORP              | SE        |      6045 | NS      | $1195.51      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Blackrock Throgmorton Trust PLC TRS                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $1162925.48   | 0.41%             |  |  |  | No            | 2                  | On Loan: No      |
| Soulpower Acquisition Corp                                                       | Soulpower Acquisition Sponsor LLC Class B                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     15057 | NS      | $150570.00    | 0.05%             |  |  |  | No            | 3                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Hfg Ln Trs:b1v9nw5                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-145101.69   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| Pengana International Equities Ltd                                               | Pengana International Equities, Ltd.                                             | CUSIP: Q7377W101<br>LEI: 549300CHRVZUD361YS09 | Long             | EC               | CORP              | AU        |   1664780 | NS      | $1342685.31   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Neurocrine Biosciences Inc                                                       | Neurocrine Biosciences, Inc.                                                     | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Short            | EC               | CORP              | US        |     -1508 | NS      | $-193370.84   | -0.07%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Arr Ln Trs:0063326                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $2983.74      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Amazon.com Inc                                                                   | Amazon.com, Inc.                                                                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Short            | EC               | CORP              | US        |     -5465 | NS      | $-1279411.15  | -0.45%            |  |  |  | No            | 1                  | On Loan: No      |
| Blackrock New York Municipal Income Trust                                        | BlackRock New York Municipal Income Trust                                        | CUSIP: 09248L106<br>LEI: PJKTUMDJPIZ89SB71052 | Long             | EC               | RF                | US        |     16688 | NS      | $156867.20    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Ambu A/S TRS                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | DK        |         1 | NC      | $-277795.12   | -0.10%            |  |  |  | No            | 2                  | On Loan: No      |
| Accenture Plc                                                                    | Accenture PLC                                                                    | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Short            | EC               | CORP              | IE        |      -203 | NS      | $-54221.30    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Choice Properties Real Estate Investment Trust                                   | Choice Properties Real Estate Investment Trust                                   | CUSIP: 17039A106<br>LEI: 5493007MYGFSLOZGT937 | Short            | EC               | CORP              | CA        |     -6132 | NS      | $-62798.12    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Cyberark Software Ltd                                                            | CyberArk Software, Ltd.                                                          | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Short            | EC               | CORP              | IL        |      -530 | NS      | $-218079.10   | -0.08%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Armada II SPAC Sponsor Equity Class B                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     11222 | NS      | $112220.00    | 0.04%             |  |  |  | No            | 3                  | On Loan: No      |
| Bank Of Montreal                                                                 | Bank of Montreal                                                                 | CUSIP: 063671101<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Short            | EC               | CORP              | CA        |      -371 | NS      | $-40950.30    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Manulife Financial Corp                                                          | Manulife Financial Corp.                                                         | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Short            | EC               | CORP              | CA        |     -1847 | NS      | $-57145.56    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Just Ln Trs:bcrx1j1                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-221427.39   | -0.08%            |  |  |  | No            | 2                  | On Loan: No      |
| Intercontinental Exchange                                                        | CZR CDS USD 12/29 GS                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        |         1 | NC      | $-91832.99    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| Vicor Corp                                                                       | Vicor Corp.                                                                      | CUSIP: 925815102<br>LEI: 5299005KMQOTR6B51F09 | Short            | EC               | CORP              | US        |     -1476 | NS      | $-65593.44    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Ionis Pharmaceuticals Inc                                                        | Ionis Pharmaceuticals, Inc.                                                      | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Short            | EC               | CORP              | US        |     -5354 | NS      | $-230114.92   | -0.08%            |  |  |  | No            | 1                  | On Loan: No      |
| Doordash Inc                                                                     | DoorDash, Inc.                                                                   | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Short            | EC               | CORP              | US        |     -3543 | NS      | $-886635.75   | -0.31%            |  |  |  | No            | 1                  | On Loan: No      |
| Watsco Inc                                                                       | Watsco, Inc.                                                                     | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Short            | EC               | CORP              | US        |      -395 | NS      | $-178097.60   | -0.06%            |  |  |  | No            | 1                  | On Loan: No      |
| Invesco S&p 500 Equal Weight Etf                                                 | Invesco S&P 500 Equal Weight ETF                                                 | CUSIP: 46137V357<br>LEI: 549300F8VBQFIX481R47 | Short            | EC               | RF                | US        |     -6240 | NS      | $-1145851.20  | -0.41%            |  |  |  | No            | 1                  | On Loan: No      |
| Brookfield Infrastructure Partners Lp                                            | Brookfield Infrastructure Partners LP                                            | CUSIP: G16252101<br>LEI: 549300WEH5R2OODI7Y90 | Short            | EC               | CORP              | BM        |     -1959 | NS      | $-61120.80    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Bbh Ln Trs:bzcnll9                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $197050.65    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Sabre Insurance Group PLC TRS                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-54723.97    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Union Pacific Corp                                                               | Union Pacific Corp.                                                              | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Short            | EC               | CORP              | US        |      -206 | NS      | $-45725.82    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Middlefield Canadian Income Pc                                                   | Middlefield Canadian Income PC                                                   | CUSIP: G6072Z105<br>LEI: 2138007ENW3JEJXC8658 | Long             | EC               | CORP              | GB        |    254234 | NS      | $454109.20    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Forward Contracts: EUR 09/26/2025                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |         1 | NC      | $-1603558.00  | -0.57%            |  |  |  | No            | 2                  | On Loan: No      |
| Doximity Inc                                                                     | Doximity, Inc.                                                                   | CUSIP: 26622P107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -4552 | NS      | $-267430.00   | -0.09%            |  |  |  | No            | 1                  | On Loan: No      |
| ALTERNATIVE CAPITAL INVETMTS FUND III LP 2                                       | ALTERNATIVE CAPITAL INVETMTS FUND III LP 2                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     10629 | NS      | $9990495.43   | 3.54%             |  |  |  | No            | N/A                | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Bez Ln Trs:byq0jc6                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-90666.77    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 08/15/25 P5775                                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |         7 | NC      | $1960.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Icp Ln Trs:byt1dj1                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-193465.77   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| XTEND                                                                            | XTEND Preferred B-2 Shares                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | IL        |    579633 | NS      | $774969.32    | 0.27%             |  |  |  | No            | 3                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Bowl Ln Trs:bd0nvk6                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-127759.51   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| Pioneer Municipal High Income Advantage Fund Inc                                 | Pioneer Municipal High Income Advantage Fund, Inc.                               | CUSIP: 723762100<br>LEI: UE8ZNXHQH48NNA19I459 | Long             | EC               | RF                | US        |     39278 | NS      | $318544.58    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | FIGX Acquisition Partners LLC Class A                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     86860 | NS      | $347.44       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Dun & Bradstreet Holdings Inc                                                    | Dun & Bradstreet Holdings, Inc.                                                  | CUSIP: 26484T106<br>LEI: 254900LNALVKD1ZX7U27 | Short            | EC               | CORP              | US        |   -100661 | NS      | $-916015.10   | -0.32%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Prosus NV TRS                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | NL        |         1 | NC      | $-149813.55   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| Wingarc1st Inc                                                                   | WingArc1st, Inc.                                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | EC               | CORP              | JP        |     -1896 | NS      | $-45576.92    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P5950                                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        11 | NC      | $46574.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Pure Storage Inc                                                                 | Pure Storage, Inc.                                                               | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Short            | EC               | CORP              | US        |      -989 | NS      | $-58865.28    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Ellsworth Growth And Income Fund Ltd                                             | Ellsworth Growth and Income Fund, Ltd.                                           | CUSIP: 289074106<br>LEI: 549300GYFOXHCDQTI772 | Long             | EC               | RF                | US        |      5295 | NS      | $55915.20     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Columbus Circle Convertible Notes                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   1714351 | PA      | $1662920.47   | 0.59%             | 2049-12-31      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| Donaldson Co Inc                                                                 | Donaldson Co., Inc.                                                              | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Short            | EC               | CORP              | US        |      -801 | NS      | $-57647.97    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Dscv Ln Trs:0005588                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-220568.81   | -0.08%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Bby Ln Trs:0096162                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-134129.32   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| Iren Ltd                                                                         | IREN, Ltd.                                                                       | CUSIP: Q4982L109<br>LEI: 254900FZF02RB3NNGB71 | Long             | EC               | CORP              | AU        |      6990 | NS      | $112608.90    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Harmonic Inc                                                                     | Harmonic, Inc.                                                                   | CUSIP: 413160102<br>LEI: 549300LRGRD8XC9BTL66 | Short            | EC               | CORP              | US        |     -5884 | NS      | $-50072.84    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | MI7 Founders, LLC (MBAV) Convertible Note 1% 7/30                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   2364575 | PA      | $2364575.00   | 0.84%             | 2030-07-01      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| Guardant Health Inc                                                              | Guardant Health, Inc.                                                            | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Short            | EC               | CORP              | US        |     -3217 | NS      | $-131832.66   | -0.05%            |  |  |  | No            | 1                  | On Loan: No      |
| Pioneer Municipal High Income Fund Trust                                         | Pioneer Municipal High Income Fund Trust                                         | CUSIP: 723763108<br>LEI: 1SKUXW31ZFWF61CETQ82 | Long             | EC               | RF                | US        |     24447 | NS      | $219534.06    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Star Holdings                                                                    | Star Holdings                                                                    | CUSIP: 85512G106<br>LEI: 549300NXTGWF12PTMW64 | Long             | EC               | CORP              | US        |    130599 | NS      | $939006.81    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 08/15/25 P5785                                              | CUSIP: 58599HDT1<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |         8 | NC      | $3360.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Four Ln Trs:0664097                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-163417.72   | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Alfa Ln Trs:bdhxpg3                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-81190.36    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| Cantor Equity Partners Iii Inc                                                   | Cantor Equity Partners III, Inc.                                                 | CUSIP: G1828A108<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     31544 | NS      | $330581.12    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | International Personal Finance PLC TRS                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-66162.19    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Dell Technologies Inc                                                            | Dell Technologies, Inc.                                                          | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Short            | EC               | CORP              | US        |      -580 | NS      | $-76960.20    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Integrity Labs Inc.                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    337488 | NS      | $337488.00    | 0.12%             |  |  |  | No            | 3                  | On Loan: No      |
| Veralto Corp                                                                     | Veralto Corp.                                                                    | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Short            | EC               | CORP              | US        |      -481 | NS      | $-50423.23    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Mastercard Inc                                                                   | Mastercard, Inc.                                                                 | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Short            | EC               | CORP              | US        |      -935 | NS      | $-529649.45   | -0.19%            |  |  |  | No            | 1                  | On Loan: No      |
| K&f Growth Acquisition Corp Ii                                                   | K&F Growth Acquisition Corp. II                                                  | CUSIP: G52258129<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      4142 | NC      | $538.67       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Whitecap Resources Inc                                                           | Whitecap Resources, Inc.                                                         | CUSIP: 96467A200<br>LEI: 894500UA4G4BTB67II45 | Short            | EC               | CORP              | CA        |     -5887 | NS      | $-44441.41    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 10/17/25 P6145                                              | CUSIP: 58599HSQ1<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        47 | NC      | $449085.00    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Veolia Environnement SA TRS                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | FR        |         1 | NC      | $-142658.43   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Gaw Ln Trs:0371847                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-321411.25   | -0.11%            |  |  |  | No            | 2                  | On Loan: No      |
| Newhold Investment Corp Iii                                                      | NewHold Investment Corp III Sponsor Shs Class A                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     67027 | NS      | $249.81       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                                                              | Cal Redwood SPAC Sponsor Equity Class B                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     16833 | NS      | $168330.00    | 0.06%             |  |  |  | No            | 3                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | FNCL 6 9/25 TBA MSFTA                                                            | CUSIP: TRF060691<br>LEI: N/A                  | N/A              | DCR              | CORP              | US        |         1 | NC      | $117187.50    | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Transocean Ltd                                                                   | Transocean, Ltd.                                                                 | CUSIP: H8817H100<br>LEI: 529900QO4W5DQGBGEF32 | Short            | EC               | CORP              | CH        |    -24993 | NS      | $-72979.56    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Iem Ln Trs:3123249                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $3002863.18   | 1.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Eaton Vance New York Municipal Bond Fund                                         | Eaton Vance New York Municipal Bond Fund                                         | CUSIP: 27827Y109<br>LEI: 5493003LD9U89XVQ7W91 | Long             | EC               | RF                | US        |     19040 | NS      | $172692.80    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Mercadolibre Inc                                                                 | MercadoLibre, Inc.                                                               | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Short            | EC               | CORP              | US        |      -233 | NS      | $-553116.37   | -0.20%            |  |  |  | No            | 1                  | On Loan: No      |
| Home Depot Inc/the                                                               | Home Depot, Inc.                                                                 | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Short            | EC               | CORP              | US        |      -141 | NS      | $-51818.91    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| BEEHERO LTD                                                                      | BEEHERO LTD                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IL        |       178 | NS      | $205791.10    | 0.07%             |  |  |  | No            | 3                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Lmp Ln Trs:b4wfw71                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-79179.74    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 08/15/25 P5780                                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |         6 | NC      | $2490.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Exponent Inc                                                                     | Exponent, Inc.                                                                   | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Short            | EC               | CORP              | US        |     -2691 | NS      | $-185571.36   | -0.07%            |  |  |  | No            | 1                  | On Loan: No      |
| Enbridge Inc                                                                     | Enbridge, Inc.                                                                   | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Short            | EC               | CORP              | CA        |     -1632 | NS      | $-73908.78    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Newhold Investment Corp Iii                                                      | NewHold Investment Corp III Warrants                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |      4189 | NC      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Futr Ln Trs:byzn904                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-136283.03   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| Gerresheimer Ag                                                                  | Gerresheimer AG                                                                  | CUSIP: D2852S109<br>LEI: 5299006GD4UWSYZOKC28 | Long             | EC               | CORP              | DE        |     28920 | NS      | $1431692.97   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Pentair Plc                                                                      | Pentair PLC                                                                      | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Short            | EC               | CORP              | IE        |      -575 | NS      | $-58765.00    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Ithaca Energy PLC TRS                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-55173.35    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Jsg Ln Trs:0476281                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-138443.87   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| Corning Inc                                                                      | Corning, Inc.                                                                    | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Short            | EC               | CORP              | US        |      -967 | NS      | $-61153.08    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Trimble Inc                                                                      | Trimble, Inc.                                                                    | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Short            | EC               | CORP              | US        |     -1242 | NS      | $-104191.38   | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| China Evergrande Group                                                           | China Evergrande Group                                                           | CUSIP: AN0016476<br>LEI: 549300CUF7B1LAB15T90 | Long             | DBT              | CORP              | KY        |   4420000 | PA      | $77350.00     | 0.03%             | 2024-03-29      | Fixed         | 9.50%                 | No            | 2                  | On Loan: No      |
| Ge Vernova Inc                                                                   | GE Vernova, Inc.                                                                 | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Short            | EC               | CORP              | US        |       -78 | NS      | $-51502.62    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Pagseguro Digital Ltd                                                            | Pagseguro Digital, Ltd.                                                          | CUSIP: G68707101<br>LEI: 391200VY4YW47I4HGH62 | Long             | EC               | CORP              | KY        |    140185 | NS      | $1097648.55   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Harmony Biosciences Holdings Inc                                                 | Harmony Biosciences Holdings, Inc.                                               | CUSIP: 413197104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1516 | NS      | $-53332.88    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| GRAF GLOBAL SPONSOR                                                              | GRAF Global Sponsor LLC Class A Shares                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |     15421 | NS      | $15575.21     | 0.01%             |  |  |  | No            | 3                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Bwy Ln Trs:0090498                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-177706.81   | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Hbmn Sw Trs:b01tcc1                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CH        |         1 | NC      | $752775.62    | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Mgns Ln Trs:0808561                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-400988.51   | -0.14%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Fevertree Drinks PLC TRS                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-273175.71   | -0.10%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Brsc Ln Trs:0643610                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $2714402.54   | 0.96%             |  |  |  | No            | 2                  | On Loan: No      |
| Roku Inc                                                                         | Roku, Inc.                                                                       | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Short            | EC               | CORP              | US        |     -1352 | NS      | $-127304.32   | -0.05%            |  |  |  | No            | 1                  | On Loan: No      |
| Servicenow Inc                                                                   | ServiceNow, Inc.                                                                 | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Short            | EC               | CORP              | US        |       -54 | NS      | $-50928.48    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Dynamix Corp                                                                     | Dynamix Corp.                                                                    | CUSIP: G2949D112<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     36822 | NC      | $69225.36     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Critical Metals Corp                                                             | Critical Metals Corp. Warrants                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     38669 | NC      | $54136.60     | 0.02%             |  |  |  | No            | 3                  | On Loan: No      |
| Nyli Cbre Global Infrastructure Megatrends Term Fund                             | NYLI CBRE Global Infrastructure Megatrends Term Fund                             | CUSIP: 56064Q107<br>LEI: 549300TWA0SUTWA4FE65 | Long             | EC               | RF                | US        |     60263 | NS      | $864171.42    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Destra Multi-alternative Fund                                                    | Destra Multi-Alternative Fund                                                    | CUSIP: 25065A502<br>LEI: 549300SP0KUS5HR5P569 | Long             | EC               | RF                | US        |      2947 | NS      | $25756.78     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Stryker Corp                                                                     | Stryker Corp.                                                                    | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Short            | EC               | CORP              | US        |      -273 | NS      | $-107215.29   | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| Schiehallion Fund Ltd/the                                                        | Schiehallion Fund, Ltd.                                                          | CUSIP: G78497107<br>LEI: 213800NQOLJA1JCWXQ56 | Long             | EC               | CORP              | GB        |      1664 | NS      | $1996.80      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Cohen Circle Acquisition Corp Ii                                                 | Cohen Circle Acquisition Corp. II                                                | CUSIP: G2254C105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     22236 | NS      | $228586.08    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Advanced Drainage Systems Inc                                                    | Advanced Drainage Systems, Inc.                                                  | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Short            | EC               | CORP              | US        |      -671 | NS      | $-76997.25    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Hlma Ln Trs:0405207                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-329494.77   | -0.12%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | BE Semiconductor Industries NV TRS                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | ES        |         1 | NC      | $-254980.31   | -0.09%            |  |  |  | No            | 2                  | On Loan: No      |
| Mplx Lp                                                                          | MPLX LP                                                                          | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Short            | EC               | CORP              | US        |      -998 | NS      | $-52395.00    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Monks Investment Trust PLC TRS                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $2174001.66   | 0.77%             |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Byit Ln Trs:bmh18q1                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-119759.68   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Pfd Ln Trs:b7n0k05                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-143584.06   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 09/19/25 P5870                                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |         9 | NC      | $26055.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Labl Inc                                                                         | Multi-Color Corp, Term Loan                                                      | CUSIP: 50168EAN2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | LON              | CORP              | US        |   1531199 | PA      | $1391477.03   | 0.49%             | 2028-10-30      | Floating      | 9.43%                 | No            | 2                  | On Loan: No      |
| News Corp                                                                        | News Corp.                                                                       | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Short            | EC               | CORP              | US        |     -2161 | NS      | $-63360.52    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Renatus Tactical Acquisition Corp I                                              | Renatus Tactical Acquisition Corp. I                                             | CUSIP: G7490F127<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3588 | NC      | $6207.24      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Alight Inc                                                                       | Alight, Inc.                                                                     | CUSIP: 01626W101<br>LEI: 549300600ESCO1HTVN74 | Short            | EC               | CORP              | US        |    -66767 | NS      | $-357871.12   | -0.13%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                              | Iron Horse II Sponsor Class B                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     16552 | NS      | $165520.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Trump Media & Technology                                                         | Trump Media & Technology Group Corp.                                             | CUSIP: 25400QAA3<br>LEI: 6488S3A83U2SRQ48O215 | Long             | DBT              | CORP              | US        |      1122 | PA      | $1062454.56   | 0.38%             | 2028-05-29      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| N/A                                                                              | Columbus Circle 1 Sponsor Corp LLC CL A                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     19640 | NS      | $167332.80    | 0.06%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                                                              | Cal Redwood SPAC Sponsor Equity Class A                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    134662 | NS      | $403.99       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Moderna Inc                                                                      | Moderna, Inc.                                                                    | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Short            | EC               | CORP              | US        |     -7776 | NS      | $-229858.56   | -0.08%            |  |  |  | No            | 1                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Ryanair Holdings PLC TRS                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | IE        |         1 | NC      | $-102425.33   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Rational AG TRS                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | BE        |         1 | NC      | $-454411.31   | -0.16%            |  |  |  | No            | 2                  | On Loan: No      |
| 1261229 Bc Ltd                                                                   | 1261229 BC, Ltd.                                                                 | CUSIP: C6903HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    548855 | PA      | $539208.87    | 0.19%             | 2030-10-08      | Floating      | 10.59%                | No            | 2                  | On Loan: No      |
| N/A                                                                              | Wen Sponsor LLC Class B                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    157130 | NS      | $157130.00    | 0.06%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                                                              | EGH Sponsor LLC, Cl A                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     58498 | NS      | $175.49       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Mct Ln Trs:b15pv03                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $1854695.11   | 0.66%             |  |  |  | No            | 2                  | On Loan: No      |
| Csc Holdings Llc                                                                 | CSC Holdings LLC                                                                 | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    270000 | PA      | $178875.00    | 0.06%             | 2031-02-15      | Fixed         | 3.38%                 | Yes           | 2                  | On Loan: No      |
| Us Treasury N/b                                                                  | U.S. Treasury Note                                                               | CUSIP: 91282CNL1<br>LEI: 254900HROIFWPRGM1V77 | Short            | DBT              | UST               | US        | -86614000 | PA      | $-86265517.23 | -30.57%           | 2027-06-30      | Fixed         | 3.75%                 | No            | 1                  | On Loan: No      |
| Community Health Systems Inc                                                     | Community Health Systems, Inc.                                                   | CUSIP: 203668108<br>LEI: 549300BQWM4WENQ3YW73 | Long             | EC               | CORP              | US        |    111785 | NS      | $290641.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Chs/community Health Sys                                                         | CHS/Community Health Systems, Inc.                                               | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    949000 | PA      | $749710.00    | 0.27%             | 2029-04-15      | Fixed         | 6.88%                 | Yes           | 2                  | On Loan: No      |
| Dynatrace Inc                                                                    | Dynatrace, Inc.                                                                  | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Short            | EC               | CORP              | US        |      -771 | NS      | $-40562.31    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| The Options Clearing Corporation                                                 | S&P 500 INDEX-SPX US 10/17/25 P6060                                              | CUSIP: 58599HA56<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |         8 | NC      | $64640.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Beach Acquisition Bidco                                                          | Beach Acquisition Bidco LLC                                                      | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |    532000 | PA      | $556605.00    | 0.20%             | 2033-07-15      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recordati Industria Chimica e Farmaceutica SpA TRS                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | IT        |         1 | NC      | $-370003.77   | -0.13%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | BT Group PLC TRS                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |         1 | NC      | $-68945.81    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| J.P. Morgan Chase & Co.                                                          | Recv Vof Ln Trs:byxvt88                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GG        |         1 | NC      | $450183.57    | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| Rithm Acquisition Corp                                                           | Rithm Acquisition Corp.                                                          | CUSIP: G75751118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1581 | NC      | $790.50       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-08-30

**Name of Applicant:** Saba Capital Income & Opportunities Fund II

**Signature:** Troy Statczar

**Name of Signer:** Troy Statczar

**Title:** Principal Financial Officer