# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001410368-25-010248
**Filing Date:** 2025-9
**Character Count:** 298808
**Document Hash:** 7d68f8abadb29a688ec042def3e17356
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010248.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001410368-25-010248

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock ETF Trust II
- **CENTRAL INDEX KEY:** 0001804196

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 251338736

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800 882 0052

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

### iShares Global Government Bond USD Hedged Active ETF (Series ID: S000092377)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000260349 | iShares Global Government Bond USD Hedged Active ETF |  |

## Nport-Ex

July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2025 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock ETF Trust II** |
| • iShares Global Government Bond USD Hedged Active ETF \| GGOV \| NYSE Arca |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

Schedule of Investments (unaudited)

July 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Australia — 1.1%** | **Australia — 1.1%** | **Australia — 1.1%** |
| Australia Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 12/21/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; AUD30 | &nbsp;&nbsp; $16783 |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/21/32 | &nbsp;&nbsp;&nbsp; AUD140 | &nbsp;&nbsp; 75839 |
| &nbsp;&nbsp;&nbsp; 1.75%, 06/21/51<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; AUD30 | &nbsp;&nbsp; 10233 |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/21/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; AUD100 | &nbsp;&nbsp; 63404 |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/21/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; AUD230 | &nbsp;&nbsp; 143244 |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/21/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; AUD37 | &nbsp;&nbsp; 18800 |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/21/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; AUD20 | &nbsp;&nbsp; 12472 |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/21/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; AUD120 | &nbsp;&nbsp; 77625 |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/21/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; AUD70 | &nbsp;&nbsp; 44788 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/21/36 | &nbsp;&nbsp;&nbsp; AUD20 | &nbsp;&nbsp; 12746 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/21/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; AUD10 | &nbsp;&nbsp; 6219 |
|  |  | &nbsp;&nbsp; 482153 |
| **Austria — 0.8%** | **Austria — 0.8%** | **Austria — 0.8%** |
| Republic of Austria Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.50%, 04/20/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR39 | &nbsp;&nbsp; 43378 |
| &nbsp;&nbsp;&nbsp; 0.70%, 04/20/71<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR30 | &nbsp;&nbsp; 11925 |
| &nbsp;&nbsp;&nbsp; 0.75%, 03/20/51<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR23 | &nbsp;&nbsp; 14015 |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/20/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR80 | &nbsp;&nbsp; 91745 |
| &nbsp;&nbsp;&nbsp; 2.90%, 02/20/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR50 | &nbsp;&nbsp; 57460 |
| &nbsp;&nbsp;&nbsp; 2.95%, 02/20/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR33 | &nbsp;&nbsp; 37475 |
| &nbsp;&nbsp;&nbsp; 3.15%, 06/20/44<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR25 | &nbsp;&nbsp; 27298 |
| &nbsp;&nbsp;&nbsp; 3.15%, 10/20/53<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR10 | &nbsp;&nbsp; 10399 |
| &nbsp;&nbsp;&nbsp; 3.20%, 07/15/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR27 | &nbsp;&nbsp; 30358 |
|  |  | &nbsp;&nbsp; 324053 |
| **Belgium — 1.2%** | **Belgium — 1.2%** | **Belgium — 1.2%** |
| Kingdom of Belgium Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/22/27<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; EUR40 | &nbsp;&nbsp; 43623 |
| &nbsp;&nbsp;&nbsp; 0.35%, 06/22/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR52 | &nbsp;&nbsp; 50236 |
| &nbsp;&nbsp;&nbsp; 1.70%, 06/22/50<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR40 | &nbsp;&nbsp; 29397 |
| &nbsp;&nbsp;&nbsp; 2.60%, 10/22/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR30 | &nbsp;&nbsp; 34240 |
| &nbsp;&nbsp;&nbsp; 2.70%, 10/22/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR30 | &nbsp;&nbsp; 34607 |
| &nbsp;&nbsp;&nbsp; 2.85%, 10/22/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR50 | &nbsp;&nbsp; 55828 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/22/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR60 | &nbsp;&nbsp; 68730 |
| &nbsp;&nbsp;&nbsp; 3.10%, 06/22/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR30 | &nbsp;&nbsp; 33942 |
| &nbsp;&nbsp;&nbsp; 3.45%, 06/22/42<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR30 | &nbsp;&nbsp; 32997 |
| &nbsp;&nbsp;&nbsp; 3.45%, 06/22/43<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR10 | &nbsp;&nbsp; 10960 |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/22/55<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR10 | &nbsp;&nbsp; 10321 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/28/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR30 | &nbsp;&nbsp; 36723 |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/28/41<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR40 | &nbsp;&nbsp; 48833 |
|  |  | &nbsp;&nbsp; 490437 |
| **Canada — 1.6%** | **Canada — 1.6%** | **Canada — 1.6%** |
| Canada Government Bond, 3.50%, 12/01/57 | &nbsp;&nbsp;&nbsp; CAD60 | &nbsp;&nbsp; 41210 |
| Canadian Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 12/01/51 | &nbsp;&nbsp;&nbsp; CAD83 | &nbsp;&nbsp; 42336 |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/01/27 | &nbsp;&nbsp;&nbsp; CAD100 | &nbsp;&nbsp; 71796 |
| &nbsp;&nbsp;&nbsp; 2.75%, 12/01/55 | &nbsp;&nbsp;&nbsp; CAD10 | &nbsp;&nbsp; 5913 |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/01/32 | &nbsp;&nbsp;&nbsp; CAD195 | &nbsp;&nbsp; 139053 |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/01/26 | &nbsp;&nbsp;&nbsp; CAD60 | &nbsp;&nbsp; 43559 |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/01/28 | &nbsp;&nbsp;&nbsp; CAD105 | &nbsp;&nbsp; 76614 |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/01/35 | &nbsp;&nbsp;&nbsp; CAD130 | &nbsp;&nbsp; 92286 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/28 | &nbsp;&nbsp;&nbsp; CAD30 | &nbsp;&nbsp; 22012 |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/01/45 | &nbsp;&nbsp;&nbsp; CAD20 | &nbsp;&nbsp; 14048 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/41 | &nbsp;&nbsp;&nbsp; CAD17 | &nbsp;&nbsp; 12822 |
| &nbsp;&nbsp;&nbsp; Canadian When Issued Government Bond, 2.75%, <br> 09/01/30<br>| &nbsp;&nbsp;&nbsp; CAD172 | &nbsp;&nbsp; 122287 |
|  |  | &nbsp;&nbsp; 683936 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Bonos de la Tesoreria de la Republica en pesos |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 07/15/50 | &nbsp;&nbsp;&nbsp; CLP5,000 | &nbsp;&nbsp; $4821 |
| &nbsp;&nbsp;&nbsp; 5.80%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; CLP10,000 | &nbsp;&nbsp; 10456 |
| &nbsp;&nbsp;&nbsp; 5.80%, 10/01/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; CLP25,000 | &nbsp;&nbsp; 26092 |
|  |  | &nbsp;&nbsp; 41369 |
| **China — 0.4%** | **China — 0.4%** | **China — 0.4%** |
| China Government Bond, 3.96%, 07/29/40 | &nbsp;&nbsp;&nbsp; CNY960 | &nbsp;&nbsp; 168171 |
| **Czech Republic — 0.2%** | **Czech Republic — 0.2%** | **Czech Republic — 0.2%** |
| Czech Republic Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.05%, 11/29/29 | &nbsp;&nbsp;&nbsp; CZK970 | &nbsp;&nbsp; 38241 |
| &nbsp;&nbsp;&nbsp; 3.60%, 06/03/36 | &nbsp;&nbsp;&nbsp; CZK720 | &nbsp;&nbsp; 30760 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/11/32 | &nbsp;&nbsp;&nbsp; CZK670 | &nbsp;&nbsp; 31703 |
|  |  | &nbsp;&nbsp; 100704 |
| **Denmark — 0.2%** | **Denmark — 0.2%** | **Denmark — 0.2%** |
| Denmark Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; DKK180 | &nbsp;&nbsp; 24013 |
| &nbsp;&nbsp;&nbsp; 0.25%, 11/15/52 | &nbsp;&nbsp;&nbsp; DKK80 | &nbsp;&nbsp; 6332 |
| &nbsp;&nbsp;&nbsp; 0.50%, 11/15/27 | &nbsp;&nbsp;&nbsp; DKK100 | &nbsp;&nbsp; 14872 |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/15/35 | &nbsp;&nbsp;&nbsp; DKK100 | &nbsp;&nbsp; 14882 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/39 | &nbsp;&nbsp;&nbsp; DKK80 | &nbsp;&nbsp; 14752 |
|  |  | &nbsp;&nbsp; 74851 |
| **Finland — 0.4%** | **Finland — 0.4%** | **Finland — 0.4%** |
| Finland Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.13%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR40 | &nbsp;&nbsp; 39215 |
| &nbsp;&nbsp;&nbsp; 0.25%, 09/15/40<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR10 | &nbsp;&nbsp; 7199 |
| &nbsp;&nbsp;&nbsp; 2.88%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR37 | &nbsp;&nbsp; 43015 |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/15/55<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR10 | &nbsp;&nbsp; 9952 |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/15/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR10 | &nbsp;&nbsp; 11492 |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/15/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR23 | &nbsp;&nbsp; 26088 |
| &nbsp;&nbsp;&nbsp; 3.20%, 04/15/45<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR15 | &nbsp;&nbsp; 16347 |
|  |  | &nbsp;&nbsp; 153308 |
| **France — 5.4%** | **France — 5.4%** | **France — 5.4%** |
| French Republic Government Bond OAT |  |  |
| &nbsp;&nbsp;&nbsp; 0.50%, 05/25/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR150 | &nbsp;&nbsp; 159156 |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/25/36<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 91728 |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/25/38<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR160 | &nbsp;&nbsp; 138696 |
| &nbsp;&nbsp;&nbsp; 1.50%, 05/25/50<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR20 | &nbsp;&nbsp; 13890 |
| &nbsp;&nbsp;&nbsp; 1.75%, 05/25/66<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR127 | &nbsp;&nbsp; 76647 |
| &nbsp;&nbsp;&nbsp; 2.40%, 09/24/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR120 | &nbsp;&nbsp; 137271 |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/24/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR130 | &nbsp;&nbsp; 149219 |
| &nbsp;&nbsp;&nbsp; 2.70%, 02/25/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR140 | &nbsp;&nbsp; 159289 |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/25/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR255 | &nbsp;&nbsp; 294216 |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/25/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR230 | &nbsp;&nbsp; 264310 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/25/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR170 | &nbsp;&nbsp; 192815 |
| &nbsp;&nbsp;&nbsp; 3.20%, 05/25/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR150 | &nbsp;&nbsp; 169231 |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/25/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR140 | &nbsp;&nbsp; 163714 |
| &nbsp;&nbsp;&nbsp; 3.60%, 05/25/42<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR120 | &nbsp;&nbsp; 133128 |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/25/56<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR123 | &nbsp;&nbsp; 130629 |
|  |  | &nbsp;&nbsp; 2273939 |
| **Germany — 1.1%** | **Germany — 1.1%** | **Germany — 1.1%** |
| Bundesobligation,2.10%, 04/12/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR130 | &nbsp;&nbsp; 148236 |
| Bundesrepublik Deutschland Bundesanleihe |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/50<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; EUR40 | &nbsp;&nbsp; 21219 |
| &nbsp;&nbsp;&nbsp; 1.25%, 08/15/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR80 | &nbsp;&nbsp; 63654 |
| &nbsp;&nbsp;&nbsp; 2.30%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR50 | &nbsp;&nbsp; 56329 |
| &nbsp;&nbsp;&nbsp; 2.60%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR45 | &nbsp;&nbsp; 51615 |
| &nbsp;&nbsp;&nbsp; 2.60%, 05/15/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR130 | &nbsp;&nbsp; 140740 |
|  |  | &nbsp;&nbsp; 481793 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Greece — 0.2%** | **Greece — 0.2%** | **Greece — 0.2%** |
| Hellenic Republic Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 06/18/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR20 | &nbsp;&nbsp; $21112 |
| &nbsp;&nbsp;&nbsp; 3.63%, 06/15/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR25 | &nbsp;&nbsp; 29173 |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR23 | &nbsp;&nbsp; 27386 |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/54<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR4 | &nbsp;&nbsp; 4518 |
| &nbsp;&nbsp;&nbsp; 4.20%, 01/30/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR13 | &nbsp;&nbsp; 15502 |
|  |  | &nbsp;&nbsp; 97691 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| Hungary Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/23/29 | &nbsp;&nbsp;&nbsp; HUF9,900 | &nbsp;&nbsp; 24047 |
| &nbsp;&nbsp;&nbsp; 2.25%, 04/20/33 | &nbsp;&nbsp;&nbsp; HUF8,350 | &nbsp;&nbsp; 17198 |
|  |  | &nbsp;&nbsp; 41245 |
| **Indonesia — 0.7%** | **Indonesia — 0.7%** | **Indonesia — 0.7%** |
| Indonesia Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/15/36 | &nbsp;&nbsp;&nbsp; IDR179,000 | &nbsp;&nbsp; 10563 |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/15/28 | &nbsp;&nbsp;&nbsp; IDR686,000 | &nbsp;&nbsp; 42239 |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/32 | &nbsp;&nbsp;&nbsp; IDR960,000 | &nbsp;&nbsp; 58249 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/30 | &nbsp;&nbsp;&nbsp; IDR756,000 | &nbsp;&nbsp; 46556 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/35 | &nbsp;&nbsp;&nbsp; IDR902,000 | &nbsp;&nbsp; 55418 |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/15/51 | &nbsp;&nbsp;&nbsp; IDR225,000 | &nbsp;&nbsp; 13458 |
| &nbsp;&nbsp;&nbsp; 7.13%, 08/15/40 | &nbsp;&nbsp;&nbsp; IDR634,000 | &nbsp;&nbsp; 39370 |
| &nbsp;&nbsp;&nbsp; 7.13%, 08/15/45 | &nbsp;&nbsp;&nbsp; IDR307,000 | &nbsp;&nbsp; 19064 |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/15/48 | &nbsp;&nbsp;&nbsp; IDR121,000 | &nbsp;&nbsp; 7648 |
|  |  | &nbsp;&nbsp; 292565 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| Ireland Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.90%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR15 | &nbsp;&nbsp; 16583 |
| &nbsp;&nbsp;&nbsp; 1.35%, 03/18/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR40 | &nbsp;&nbsp; 43074 |
| &nbsp;&nbsp;&nbsp; 2.60%, 10/18/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR21 | &nbsp;&nbsp; 23373 |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/18/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR21 | &nbsp;&nbsp; 22811 |
| &nbsp;&nbsp;&nbsp; 3.15%, 10/18/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR13 | &nbsp;&nbsp; 13716 |
|  |  | &nbsp;&nbsp; 119557 |
| **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** |
| Israel Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 11/29/52 | &nbsp;&nbsp;&nbsp; ILS38 | &nbsp;&nbsp; 7891 |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/28/29 | &nbsp;&nbsp;&nbsp; ILS170 | &nbsp;&nbsp; 49401 |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/31/47 | &nbsp;&nbsp;&nbsp; ILS36 | &nbsp;&nbsp; 9277 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/30/35 | &nbsp;&nbsp;&nbsp; ILS112 | &nbsp;&nbsp; 32187 |
|  |  | &nbsp;&nbsp; 98756 |
| **Italy — 5.2%** | **Italy — 5.2%** | **Italy — 5.2%** |
| Italy Buoni Poliennali Del Tesoro |  |  |
| &nbsp;&nbsp;&nbsp; 2.10%, 08/26/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR70 | &nbsp;&nbsp; 79741 |
| &nbsp;&nbsp;&nbsp; 2.55%, 02/25/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR110 | &nbsp;&nbsp; 126314 |
| &nbsp;&nbsp;&nbsp; 2.95%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR110 | &nbsp;&nbsp; 127108 |
| &nbsp;&nbsp;&nbsp; 2.95%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR105 | &nbsp;&nbsp; 121076 |
| &nbsp;&nbsp;&nbsp; 3.10%, 08/28/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 115385 |
| &nbsp;&nbsp;&nbsp; 3.15%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR140 | &nbsp;&nbsp; 161415 |
| &nbsp;&nbsp;&nbsp; 3.25%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 115324 |
| &nbsp;&nbsp;&nbsp; 3.45%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 116909 |
| &nbsp;&nbsp;&nbsp; 3.45%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR110 | &nbsp;&nbsp; 129196 |
| &nbsp;&nbsp;&nbsp; 3.60%, 10/01/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR120 | &nbsp;&nbsp; 138187 |
| &nbsp;&nbsp;&nbsp; 3.65%, 08/01/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR110 | &nbsp;&nbsp; 127365 |
| &nbsp;&nbsp;&nbsp; 3.85%, 09/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR70 | &nbsp;&nbsp; 81431 |
| &nbsp;&nbsp;&nbsp; 3.85%, 07/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR90 | &nbsp;&nbsp; 106795 |
| &nbsp;&nbsp;&nbsp; 3.85%, 02/01/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR110 | &nbsp;&nbsp; 130118 |
| &nbsp;&nbsp;&nbsp; 3.85%, 10/01/40<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR115 | &nbsp;&nbsp; 130356 |
| &nbsp;&nbsp;&nbsp; 4.30%, 10/01/54<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR110 | &nbsp;&nbsp; 124922 |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/01/43<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR40 | &nbsp;&nbsp; 48053 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/53<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR48 | &nbsp;&nbsp; 56627 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | &nbsp;&nbsp; $133951 |
|  |  | &nbsp;&nbsp; 2170273 |
| **Japan — 15.4%** | **Japan — 15.4%** | **Japan — 15.4%** |
| Japan Government Five Year Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.50%, 06/20/29 | &nbsp;&nbsp;&nbsp; JPY49,000 | &nbsp;&nbsp; 318710 |
| &nbsp;&nbsp;&nbsp; 0.90%, 12/20/29 | &nbsp;&nbsp;&nbsp; JPY25,200 | &nbsp;&nbsp; 166083 |
| &nbsp;&nbsp;&nbsp; 1.00%, 03/20/30 | &nbsp;&nbsp;&nbsp; JPY62,000 | &nbsp;&nbsp; 409895 |
| &nbsp;&nbsp;&nbsp; 1.10%, 12/20/29 | &nbsp;&nbsp;&nbsp; JPY22,000 | &nbsp;&nbsp; 146250 |
| Japan Government Forty Year Bond |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 03/20/49 | &nbsp;&nbsp;&nbsp; JPY15,000 | &nbsp;&nbsp; 89845 |
| &nbsp;&nbsp;&nbsp; 2.20%, 03/20/50 | &nbsp;&nbsp;&nbsp; JPY22,000 | &nbsp;&nbsp; 129780 |
| &nbsp;&nbsp;&nbsp; 2.20%, 03/20/51 | &nbsp;&nbsp;&nbsp; JPY24,000 | &nbsp;&nbsp; 138952 |
| &nbsp;&nbsp;&nbsp; 2.20%, 03/20/64 | &nbsp;&nbsp;&nbsp; JPY23,500 | &nbsp;&nbsp; 119425 |
| &nbsp;&nbsp;&nbsp; 2.40%, 03/20/48 | &nbsp;&nbsp;&nbsp; JPY40,000 | &nbsp;&nbsp; 251597 |
| &nbsp;&nbsp;&nbsp; 3.10%, 03/20/65 | &nbsp;&nbsp;&nbsp; JPY750 | &nbsp;&nbsp; 4750 |
| Japan Government Ten Year Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.70%, 12/20/33 | &nbsp;&nbsp;&nbsp; JPY48,800 | &nbsp;&nbsp; 305751 |
| &nbsp;&nbsp;&nbsp; 1.00%, 03/20/34 | &nbsp;&nbsp;&nbsp; JPY62,300 | &nbsp;&nbsp; 398654 |
| Japan Government Thirty Year Bond |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 09/20/39 | &nbsp;&nbsp;&nbsp; JPY50,000 | &nbsp;&nbsp; 337009 |
| &nbsp;&nbsp;&nbsp; 2.20%, 03/20/41 | &nbsp;&nbsp;&nbsp; JPY7,200 | &nbsp;&nbsp; 47667 |
| &nbsp;&nbsp;&nbsp; 2.20%, 06/20/54 | &nbsp;&nbsp;&nbsp; JPY30,650 | &nbsp;&nbsp; 170465 |
| &nbsp;&nbsp;&nbsp; 2.30%, 05/20/32 | &nbsp;&nbsp;&nbsp; JPY49,000 | &nbsp;&nbsp; 347377 |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/20/39 | &nbsp;&nbsp;&nbsp; JPY50,000 | &nbsp;&nbsp; 343166 |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/20/40 | &nbsp;&nbsp;&nbsp; JPY50,000 | &nbsp;&nbsp; 339208 |
| &nbsp;&nbsp;&nbsp; 2.40%, 02/20/30 | &nbsp;&nbsp;&nbsp; JPY44,000 | &nbsp;&nbsp; 309056 |
| &nbsp;&nbsp;&nbsp; 2.40%, 11/20/31 | &nbsp;&nbsp;&nbsp; JPY46,000 | &nbsp;&nbsp; 327231 |
| &nbsp;&nbsp;&nbsp; 2.40%, 09/20/38 | &nbsp;&nbsp;&nbsp; JPY30,000 | &nbsp;&nbsp; 209300 |
| &nbsp;&nbsp;&nbsp; 2.40%, 03/20/55 | &nbsp;&nbsp;&nbsp; JPY9,300 | &nbsp;&nbsp; 53986 |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/20/34 | &nbsp;&nbsp;&nbsp; JPY4,500 | &nbsp;&nbsp; 32437 |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/20/34 | &nbsp;&nbsp;&nbsp; JPY10,000 | &nbsp;&nbsp; 72065 |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/20/36 | &nbsp;&nbsp;&nbsp; JPY2,000 | &nbsp;&nbsp; 14369 |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/20/36 | &nbsp;&nbsp;&nbsp; JPY6,000 | &nbsp;&nbsp; 43033 |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/20/38 | &nbsp;&nbsp;&nbsp; JPY27,800 | &nbsp;&nbsp; 196914 |
| Japan Government Twenty Year Bond |  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 12/20/31 | &nbsp;&nbsp;&nbsp; JPY4,000 | &nbsp;&nbsp; 27327 |
| &nbsp;&nbsp;&nbsp; 2.00%, 12/20/44 | &nbsp;&nbsp;&nbsp; JPY2,500 | &nbsp;&nbsp; 15290 |
| &nbsp;&nbsp;&nbsp; 2.40%, 03/20/45 | &nbsp;&nbsp;&nbsp; JPY8,900 | &nbsp;&nbsp; 57867 |
| Japan Government Two Year Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.60%, 12/01/26 | &nbsp;&nbsp;&nbsp; JPY50,000 | &nbsp;&nbsp; 331034 |
| &nbsp;&nbsp;&nbsp; 0.70%, 02/01/27 | &nbsp;&nbsp;&nbsp; JPY28,000 | &nbsp;&nbsp; 185533 |
| &nbsp;&nbsp;&nbsp; 0.70%, 07/01/27 | &nbsp;&nbsp;&nbsp; JPY60,000 | &nbsp;&nbsp; 396987 |
| &nbsp;&nbsp;&nbsp; 0.80%, 06/01/27 | &nbsp;&nbsp;&nbsp; JPY16,000 | &nbsp;&nbsp; 106086 |
| &nbsp;&nbsp;&nbsp; 0.90%, 08/01/27 | &nbsp;&nbsp;&nbsp; JPY7,000 | &nbsp;&nbsp; 46490 |
|  |  | &nbsp;&nbsp; 6489589 |
| **Malaysia — 0.7%** | **Malaysia — 0.7%** | **Malaysia — 0.7%** |
| Malaysia Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.34%, 05/15/30 | &nbsp;&nbsp;&nbsp; MYR200 | &nbsp;&nbsp; 47258 |
| &nbsp;&nbsp;&nbsp; 3.48%, 07/02/35 | &nbsp;&nbsp;&nbsp; MYR130 | &nbsp;&nbsp; 30715 |
| &nbsp;&nbsp;&nbsp; 3.52%, 04/20/28 | &nbsp;&nbsp;&nbsp; MYR250 | &nbsp;&nbsp; 59321 |
| &nbsp;&nbsp;&nbsp; 3.58%, 07/15/32 | &nbsp;&nbsp;&nbsp; MYR170 | &nbsp;&nbsp; 40405 |
| &nbsp;&nbsp;&nbsp; 4.05%, 04/18/39 | &nbsp;&nbsp;&nbsp; MYR235 | &nbsp;&nbsp; 57657 |
| &nbsp;&nbsp;&nbsp; 4.07%, 06/15/50 | &nbsp;&nbsp;&nbsp; MYR70 | &nbsp;&nbsp; 16820 |
| &nbsp;&nbsp;&nbsp; 4.18%, 05/16/44 | &nbsp;&nbsp;&nbsp; MYR120 | &nbsp;&nbsp; 29655 |
| &nbsp;&nbsp;&nbsp; 4.46%, 03/31/53 | &nbsp;&nbsp;&nbsp; MYR70 | &nbsp;&nbsp; 17843 |
|  |  | &nbsp;&nbsp; 299674 |
| **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** |
| Mexican Bonos |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/04/27 | &nbsp;&nbsp;&nbsp; MXN10 | &nbsp;&nbsp; 50955 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/26/33 | &nbsp;&nbsp;&nbsp; MXN10 | &nbsp;&nbsp; 48166 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/24/35 | &nbsp;&nbsp;&nbsp; MXN10 | &nbsp;&nbsp; $48579 |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/07/47 | &nbsp;&nbsp;&nbsp; MXN10 | &nbsp;&nbsp; 43766 |
| &nbsp;&nbsp;&nbsp; 8.50%, 02/28/30 | &nbsp;&nbsp;&nbsp; MXN10 | &nbsp;&nbsp; 52488 |
|  |  | &nbsp;&nbsp; 243954 |
| **Netherlands — 1.0%** | **Netherlands — 1.0%** | **Netherlands — 1.0%** |
| Netherlands Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/15/27<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; EUR50 | &nbsp;&nbsp; 55505 |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/15/52<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; EUR30 | &nbsp;&nbsp; 14636 |
| &nbsp;&nbsp;&nbsp; 0.50%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR50 | &nbsp;&nbsp; 49542 |
| &nbsp;&nbsp;&nbsp; 0.50%, 01/15/40<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR35 | &nbsp;&nbsp; 27818 |
| &nbsp;&nbsp;&nbsp; 0.75%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR40 | &nbsp;&nbsp; 43900 |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/15/54<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR20 | &nbsp;&nbsp; 17346 |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR76 | &nbsp;&nbsp; 87365 |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/15/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR50 | &nbsp;&nbsp; 55346 |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/15/44<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR45 | &nbsp;&nbsp; 51590 |
|  |  | &nbsp;&nbsp; 403048 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| New Zealand Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.25%, 05/15/28 | &nbsp;&nbsp;&nbsp; NZD40 | &nbsp;&nbsp; 21574 |
| &nbsp;&nbsp;&nbsp; 1.75%, 05/15/41 | &nbsp;&nbsp;&nbsp; NZD17 | &nbsp;&nbsp; 6478 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/15/32 | &nbsp;&nbsp;&nbsp; NZD40 | &nbsp;&nbsp; 20532 |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/15/51 | &nbsp;&nbsp;&nbsp; NZD15 | &nbsp;&nbsp; 5772 |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/36 | &nbsp;&nbsp;&nbsp; NZD40 | &nbsp;&nbsp; 22808 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/30 | &nbsp;&nbsp;&nbsp; NZD30 | &nbsp;&nbsp; 18189 |
|  |  | &nbsp;&nbsp; 95353 |
| **Norway — 0.1%** | **Norway — 0.1%** | **Norway — 0.1%** |
| Norway Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 09/17/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; NOK320 | &nbsp;&nbsp; 26664 |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/12/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; NOK150 | &nbsp;&nbsp; 14281 |
|  |  | &nbsp;&nbsp; 40945 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Peru Government Bond, 7.30%, 08/12/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; PEN0 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 45441 |
| **Poland — 0.5%** | **Poland — 0.5%** | **Poland — 0.5%** |
| Republic of Poland Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/25/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; PLN400 | &nbsp;&nbsp; 95917 |
| &nbsp;&nbsp;&nbsp; 1.75%, 04/25/32 | &nbsp;&nbsp;&nbsp; PLN100 | &nbsp;&nbsp; 21704 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/25/47 | &nbsp;&nbsp;&nbsp; PLN28 | &nbsp;&nbsp; 6019 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/25/30 | &nbsp;&nbsp;&nbsp; PLN180 | &nbsp;&nbsp; 47125 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/25/34 | &nbsp;&nbsp;&nbsp; PLN110 | &nbsp;&nbsp; 28552 |
|  |  | &nbsp;&nbsp; 199317 |
| **Portugal — 0.4%** | **Portugal — 0.4%** | **Portugal — 0.4%** |
| Portugal Obrigacoes do Tesouro OT |  |  |
| &nbsp;&nbsp;&nbsp; 0.30%, 10/17/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR50 | &nbsp;&nbsp; 49600 |
| &nbsp;&nbsp;&nbsp; 0.70%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR30 | &nbsp;&nbsp; 33300 |
| &nbsp;&nbsp;&nbsp; 1.00%, 04/12/52<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR10 | &nbsp;&nbsp; 6074 |
| &nbsp;&nbsp;&nbsp; 1.15%, 04/11/42<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR28 | &nbsp;&nbsp; 22130 |
| &nbsp;&nbsp;&nbsp; 1.95%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR20 | &nbsp;&nbsp; 22584 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/15/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR35 | &nbsp;&nbsp; 39600 |
| &nbsp;&nbsp;&nbsp; 3.63%, 06/12/54<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR5 | &nbsp;&nbsp; 5411 |
|  |  | &nbsp;&nbsp; 178699 |
| **Romania — 0.2%** | **Romania — 0.2%** | **Romania — 0.2%** |
| Romania Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 6.30%, 04/25/29 | &nbsp;&nbsp;&nbsp; RON200 | &nbsp;&nbsp; 43396 |
| &nbsp;&nbsp;&nbsp; 7.20%, 10/30/33 | &nbsp;&nbsp;&nbsp; RON120 | &nbsp;&nbsp; 26835 |
|  |  | &nbsp;&nbsp; 70231 |
| **Singapore — 0.3%** | **Singapore — 0.3%** | **Singapore — 0.3%** |
| Singapore Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 03/01/50 | &nbsp;&nbsp;&nbsp; SGD20 | &nbsp;&nbsp; 14557 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| &nbsp;&nbsp;&nbsp; 2.38%, 07/01/39 | &nbsp;&nbsp;&nbsp; SGD30 | &nbsp;&nbsp; $23634 |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/29 | &nbsp;&nbsp;&nbsp; SGD50 | &nbsp;&nbsp; 40135 |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/72<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; SGD10 | &nbsp;&nbsp; 9067 |
| &nbsp;&nbsp;&nbsp; 3.38%, 05/01/34 | &nbsp;&nbsp;&nbsp; SGD30 | &nbsp;&nbsp; 25491 |
|  |  | &nbsp;&nbsp; 112884 |
| **Slovakia — 0.2%** | **Slovakia — 0.2%** | **Slovakia — 0.2%** |
| Slovakia Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/04/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR10 | &nbsp;&nbsp; 11396 |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/06/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR40 | &nbsp;&nbsp; 46771 |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/27/40<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR10 | &nbsp;&nbsp; 11190 |
|  |  | &nbsp;&nbsp; 69357 |
| **Slovenia — 0.1%** | **Slovenia — 0.1%** | **Slovenia — 0.1%** |
| Slovenia Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.49%, 10/20/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR5 | &nbsp;&nbsp; 2721 |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/10/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR25 | &nbsp;&nbsp; 28448 |
|  |  | &nbsp;&nbsp; 31169 |
| **South Korea — 1.8%** | **South Korea — 1.8%** | **South Korea — 1.8%** |
| Korea Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp; 1.13%, 09/10/39 | &nbsp;&nbsp;&nbsp; KRW21,250 | &nbsp;&nbsp; 12362 |
| &nbsp;&nbsp;&nbsp; 1.38%, 06/10/30 | &nbsp;&nbsp;&nbsp; KRW15,000 | &nbsp;&nbsp; 10192 |
| &nbsp;&nbsp;&nbsp; 1.88%, 03/10/51 | &nbsp;&nbsp;&nbsp; KRW98,800 | &nbsp;&nbsp; 59941 |
| &nbsp;&nbsp;&nbsp; 2.00%, 09/10/68 | &nbsp;&nbsp;&nbsp; KRW19,340 | &nbsp;&nbsp; 11693 |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/10/28 | &nbsp;&nbsp;&nbsp; KRW98,020 | &nbsp;&nbsp; 70229 |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/10/52 | &nbsp;&nbsp;&nbsp; KRW90,020 | &nbsp;&nbsp; 61942 |
| &nbsp;&nbsp;&nbsp; 2.63%, 03/10/30 | &nbsp;&nbsp;&nbsp; KRW135,920 | &nbsp;&nbsp; 98054 |
| &nbsp;&nbsp;&nbsp; 2.63%, 06/10/35 | &nbsp;&nbsp;&nbsp; KRW80,460 | &nbsp;&nbsp; 57109 |
| &nbsp;&nbsp;&nbsp; 2.63%, 03/10/48 | &nbsp;&nbsp;&nbsp; KRW50,110 | &nbsp;&nbsp; 35083 |
| &nbsp;&nbsp;&nbsp; 2.63%, 03/10/55 | &nbsp;&nbsp;&nbsp; KRW63,080 | &nbsp;&nbsp; 44614 |
| &nbsp;&nbsp;&nbsp; 2.75%, 09/10/54 | &nbsp;&nbsp;&nbsp; KRW11,650 | &nbsp;&nbsp; 8443 |
| &nbsp;&nbsp;&nbsp; 2.75%, 09/10/74 | &nbsp;&nbsp;&nbsp; KRW15,440 | &nbsp;&nbsp; 11683 |
| &nbsp;&nbsp;&nbsp; 2.88%, 09/10/44 | &nbsp;&nbsp;&nbsp; KRW52,850 | &nbsp;&nbsp; 38415 |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/10/27 | &nbsp;&nbsp;&nbsp; KRW112,330 | &nbsp;&nbsp; 82186 |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/10/42 | &nbsp;&nbsp;&nbsp; KRW58,880 | &nbsp;&nbsp; 44856 |
| &nbsp;&nbsp;&nbsp; 3.25%, 03/10/53 | &nbsp;&nbsp;&nbsp; KRW49,010 | &nbsp;&nbsp; 38834 |
| &nbsp;&nbsp;&nbsp; 3.38%, 06/10/32 | &nbsp;&nbsp;&nbsp; KRW110,400 | &nbsp;&nbsp; 82684 |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/10/53 | &nbsp;&nbsp;&nbsp; KRW6,000 | &nbsp;&nbsp; 5079 |
|  |  | &nbsp;&nbsp; 773399 |
| **Spain — 3.3%** | **Spain — 3.3%** | **Spain — 3.3%** |
| Spain Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/31/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR80 | &nbsp;&nbsp; 88622 |
| &nbsp;&nbsp;&nbsp; 0.80%, 07/30/29 | &nbsp;&nbsp;&nbsp; EUR90 | &nbsp;&nbsp; 96372 |
| &nbsp;&nbsp;&nbsp; 0.85%, 07/30/37<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 85287 |
| &nbsp;&nbsp;&nbsp; 2.40%, 05/31/28 | &nbsp;&nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 114568 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/31/27 | &nbsp;&nbsp;&nbsp; EUR80 | &nbsp;&nbsp; 91991 |
| &nbsp;&nbsp;&nbsp; 2.70%, 01/31/30 | &nbsp;&nbsp;&nbsp; EUR70 | &nbsp;&nbsp; 80498 |
| &nbsp;&nbsp;&nbsp; 3.10%, 07/30/31 | &nbsp;&nbsp;&nbsp; EUR110 | &nbsp;&nbsp; 128018 |
| &nbsp;&nbsp;&nbsp; 3.20%, 10/31/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR10 | &nbsp;&nbsp; 11350 |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/30/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR70 | &nbsp;&nbsp; 80794 |
| &nbsp;&nbsp;&nbsp; 3.45%, 10/31/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR93 | &nbsp;&nbsp; 108630 |
| &nbsp;&nbsp;&nbsp; 3.45%, 07/30/43<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR88 | &nbsp;&nbsp; 95863 |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/31/29 | &nbsp;&nbsp;&nbsp; EUR80 | &nbsp;&nbsp; 94883 |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/31/41<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR70 | &nbsp;&nbsp; 77898 |
| &nbsp;&nbsp;&nbsp; 3.90%, 07/30/39<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR70 | &nbsp;&nbsp; 82542 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/31/54<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR70 | &nbsp;&nbsp; 79066 |
| &nbsp;&nbsp;&nbsp; 5.15%, 10/31/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; EUR60 | &nbsp;&nbsp; 74507 |
|  |  | &nbsp;&nbsp; 1390889 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Sweden Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.13%, 05/12/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; SEK200 | &nbsp;&nbsp; 18199 |
| &nbsp;&nbsp;&nbsp; 0.50%, 11/24/45<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; SEK60 | &nbsp;&nbsp; 4019 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| &nbsp;&nbsp;&nbsp; 2.25%, 05/11/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; SEK200 | &nbsp;&nbsp; $20101 |
|  |  | &nbsp;&nbsp; 42319 |
| **Switzerland — 0.2%** | **Switzerland — 0.2%** | **Switzerland — 0.2%** |
| Swiss Confederation Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/22/29<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; CHF15 | &nbsp;&nbsp; 18467 |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/26/34<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; CHF35 | &nbsp;&nbsp; 41970 |
| &nbsp;&nbsp;&nbsp; 0.50%, 05/28/40<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; CHF15 | &nbsp;&nbsp; 18321 |
| &nbsp;&nbsp;&nbsp; 0.50%, 05/24/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; CHF13 | &nbsp;&nbsp; 15720 |
| &nbsp;&nbsp;&nbsp; 0.88%, 05/22/47<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; CHF10 | &nbsp;&nbsp; 13018 |
|  |  | &nbsp;&nbsp; 107496 |
| **Thailand — 0.7%** | **Thailand — 0.7%** | **Thailand — 0.7%** |
| Thailand Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 1.66%, 03/17/30 | &nbsp;&nbsp;&nbsp; THB590 | &nbsp;&nbsp; 18298 |
| &nbsp;&nbsp;&nbsp; 2.00%, 12/17/31 | &nbsp;&nbsp;&nbsp; THB1,080 | &nbsp;&nbsp; 34280 |
| &nbsp;&nbsp;&nbsp; 2.05%, 04/17/28 | &nbsp;&nbsp;&nbsp; THB1,970 | &nbsp;&nbsp; 61342 |
| &nbsp;&nbsp;&nbsp; 2.41%, 03/17/35 | &nbsp;&nbsp;&nbsp; THB1,440 | &nbsp;&nbsp; 47525 |
| &nbsp;&nbsp;&nbsp; 2.70%, 06/17/40 | &nbsp;&nbsp;&nbsp; THB1,000 | &nbsp;&nbsp; 34361 |
| &nbsp;&nbsp;&nbsp; 2.80%, 06/17/34 | &nbsp;&nbsp;&nbsp; THB351 | &nbsp;&nbsp; 11914 |
| &nbsp;&nbsp;&nbsp; 2.98%, 06/17/45 | &nbsp;&nbsp;&nbsp; THB650 | &nbsp;&nbsp; 22756 |
| &nbsp;&nbsp;&nbsp; 3.15%, 06/17/50 | &nbsp;&nbsp;&nbsp; THB420 | &nbsp;&nbsp; 15316 |
| &nbsp;&nbsp;&nbsp; 3.60%, 06/17/67 | &nbsp;&nbsp;&nbsp; THB450 | &nbsp;&nbsp; 18727 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/17/55 | &nbsp;&nbsp;&nbsp; THB270 | &nbsp;&nbsp; 11642 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/17/72 | &nbsp;&nbsp;&nbsp; THB250 | &nbsp;&nbsp; 11660 |
|  |  | &nbsp;&nbsp; 287821 |
| **United Kingdom — 5.4%** | **United Kingdom — 5.4%** | **United Kingdom — 5.4%** |
| United Kingdom Gilt |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/22/68<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP130 | &nbsp;&nbsp; 120969 |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/07/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP90 | &nbsp;&nbsp; 118658 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/22/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP120 | &nbsp;&nbsp; 157036 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/22/60<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP40 | &nbsp;&nbsp; 41786 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/22/63<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP115 | &nbsp;&nbsp; 118834 |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/29/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP110 | &nbsp;&nbsp; 145804 |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/22/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP130 | &nbsp;&nbsp; 172977 |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/07/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP120 | &nbsp;&nbsp; 135119 |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/07/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP110 | &nbsp;&nbsp; 147040 |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/07/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP110 | &nbsp;&nbsp; 147514 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/31/40<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP100 | &nbsp;&nbsp; 123572 |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/31/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP84 | &nbsp;&nbsp; 94708 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/07/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP80 | &nbsp;&nbsp; 107492 |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/07/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP95 | &nbsp;&nbsp; 124794 |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/31/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP140 | &nbsp;&nbsp; 187355 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/22/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP160 | &nbsp;&nbsp; 199499 |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/31/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP90 | &nbsp;&nbsp; 118942 |
|  |  | &nbsp;&nbsp; 2262099 |
| **Total Foreign Government Obligations — 50.5%** <br>**(Cost: $21,948,235)** | **Total Foreign Government Obligations — 50.5%** <br>**(Cost: $21,948,235)** | &nbsp;&nbsp; 21238485 |
| **U.S. Government Obligations** | **U.S. Government Obligations** | **U.S. Government Obligations** |
| **U.S. Government Obligations — 32.4%** | **U.S. Government Obligations — 32.4%** | **U.S. Government Obligations — 32.4%** |
| U.S. Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.63%, 11/30/27 | &nbsp;&nbsp;&nbsp; $740 | &nbsp;&nbsp; 686350 |
| &nbsp;&nbsp;&nbsp; 0.63%, 08/15/30 | &nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 127313 |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/31/28 | &nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp; 432602 |
| &nbsp;&nbsp;&nbsp; 1.25%, 03/31/28 | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp; 93363 |
| &nbsp;&nbsp;&nbsp; 1.25%, 08/15/31 | &nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp; 799331 |
| &nbsp;&nbsp;&nbsp; 1.38%, 10/31/28 | &nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 692959 |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/31 | &nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp; 833345 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/15/41 | &nbsp;&nbsp;&nbsp; $1050 | &nbsp;&nbsp; $691400 |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/32 | &nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 418781 |
| &nbsp;&nbsp;&nbsp; 1.88%, 11/15/51 | &nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp; 290341 |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/27 | &nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp; 860727 |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/46 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 32373 |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/52 | &nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp; 716045 |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/46 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 13705 |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/47 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 35207 |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/15/28 | &nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp; 776781 |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/44 | &nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp; 646963 |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/48 | &nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp; 194878 |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/30/30 | &nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 686410 |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/31/30 | &nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 592617 |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/31/30 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 49820 |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/34 | &nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp; 841657 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/31/29 | &nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp; 661908 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/30/26 | &nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 330632 |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/15/27 | &nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp; 762820 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/34 | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp; 159000 |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/15/26 | &nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp; 702844 |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/15/27 | &nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp; 403125 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/31/29 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 51025 |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/55 | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 63578 |
|  |  | &nbsp;&nbsp; 13647900 |
| **Total U.S. Government Obligations — 32.4%** <br>**(Cost: $13,704,115)** | **Total U.S. Government Obligations — 32.4%** <br>**(Cost: $13,704,115)** | &nbsp;&nbsp; 13647900 |
| **Total Long-Term Investments — 82.9%** <br>**(Cost: $35,652,350)** | **Total Long-Term Investments — 82.9%** <br>**(Cost: $35,652,350)** | &nbsp;&nbsp; 34886385 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 8.7%** | **Money Market Funds — 8.7%** | **Money Market Funds — 8.7%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp;&nbsp; 3544857 | &nbsp;&nbsp; 3546275 |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(e)(f)</sup><br>| &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| **Total Short-Term Securities — 8.7%** <br>**(Cost: $3,646,275)** | **Total Short-Term Securities — 8.7%** <br>**(Cost: $3,646,275)** | &nbsp;&nbsp; 3646275 |
| **Total Investments — 91.6%** <br>**(Cost: $39,298,625)** | **Total Investments — 91.6%** <br>**(Cost: $39,298,625)** | &nbsp;&nbsp; 38532660 |
| **Other Assets Less Liabilities — 8.4%** | **Other Assets Less Liabilities — 8.4%** | &nbsp;&nbsp; 3515780 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $42048440 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> Zero-coupon bond.

<sup>(d)</sup> Rounds to less than 1,000.

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $—<br> &nbsp;&nbsp; $3546275 <br><sup>(b)</sup><br>| $— | $— | $— | $3546275 | 3544857 | $13773 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> &nbsp;&nbsp; 100000 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | $— | $— | $3646275 |  | $14184 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Euro BOBL | 3 | 09/08/25 | &nbsp;&nbsp; $401 | $(1064) |
| &nbsp;&nbsp;&nbsp; Euro-Schatz | 4 | 09/08/25 | &nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (985) |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | 63 | 09/19/25 | &nbsp;&nbsp; 6998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6391 |
| &nbsp;&nbsp;&nbsp; Long Gilt | 41 | 09/26/25 | &nbsp;&nbsp; 4990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4860 |
| Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 30-Year Euro Buxl Bond | (1) | 09/08/25 | &nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3331 |
| &nbsp;&nbsp;&nbsp; Euro BTP | (9) | 09/08/25 | &nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1378) |
| &nbsp;&nbsp;&nbsp; Euro Bund | (21) | 09/08/25 | &nbsp;&nbsp; 3108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17135 |
| &nbsp;&nbsp;&nbsp; Euro OAT | (1) | 09/08/25 | &nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (126) |
| &nbsp;&nbsp;&nbsp; 10-Year Japanese Government Treasury Bonds | (2) | 09/12/25 | &nbsp;&nbsp; 1831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16110 |
| &nbsp;&nbsp;&nbsp; 10-Year Australian Treasury Bond | (40) | 09/15/25 | &nbsp;&nbsp; 2925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18032) |
| &nbsp;&nbsp;&nbsp; 10-Year Canadian Bond | (59) | 09/18/25 | &nbsp;&nbsp; 5132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6141) |
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | (17) | 09/19/25 | &nbsp;&nbsp; 1992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18594 |
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | (1) | 09/30/25 | &nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29538 |
|  |  |  |  | $34398 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 111187 | CZK | 2340000 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2548 |
| USD | 64356 | DKK | 412000 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1367 |
| USD | 9670278 | EUR | 8298000 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200605 |
| USD | 269957 | EUR | 230000 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7481 |
| USD | 116607 | GBP | 85000 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4351 |
| USD | 2249758 | GBP | 1651000 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69365 |
| USD | 48026 | HUF | 16603000 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655 |
| USD | 6844386 | JPY | 992756000 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261123 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 12594 | JPY | 1870000 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $194 |
| USD | 21184 | MXN | 397000 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 |
| USD | 47901 | NOK | 486000 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 893 |
| USD | 96431 | NZD | 160000 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2175 |
| USD | 200338 | PLN | 733000 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4744 |
| USD | 75817 | RON | 331000 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1426 |
| USD | 48279 | SEK | 458000 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1493 |
| USD | 116659 | SGD | 149000 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1903 |
| USD | 277217 | THB | 9000000 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1820 |
| CHF | 87000 | USD | 106932 | UBS AG | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| USD | 479726 | AUD | 738000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5450 |
| USD | 25407 | AUD | 39000 | Morgan Stanley & Co. LLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344 |
| USD | 670580 | CAD | 919000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7202 |
| USD | 57806 | CAD | 79000 | Morgan Stanley & Co. LLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 781 |
| USD | 108476 | CHF | 87000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1366 |
| USD | 500388 | AUD | 777000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 794 |
| USD | 721570 | CAD | 998000 | Morgan Stanley & Co. LLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| USD | 108874 | CZK | 2340000 | Morgan Stanley & Co. LLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 |
| USD | 84769 | DKK | 552000 | Morgan Stanley & Co. LLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| USD | 4082290 | EUR | 3563000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8372 |
| USD | 4256715 | EUR | 3715000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9001 |
| USD | 1130825 | GBP | 855000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1351 |
| USD | 1133512 | GBP | 857000 | UBS AG | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1396 |
| USD | 47372 | HUF | 16603000 | Morgan Stanley & Co. LLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| USD | 104606 | ILS | 354000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 |
| USD | 3316330 | JPY | 495690000 | Morgan Stanley & Co. LLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18654 |
| USD | 3295845 | JPY | 492567000 | UBS AG | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18946 |
| USD | 254864 | MXN | 4816000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373 |
| USD | 47098 | NOK | 486000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| USD | 94470 | NZD | 160000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| USD | 5909 | NZD | 10000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| USD | 8030 | PLN | 30000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| USD | 196194 | PLN | 733000 | Goldman Sachs & Co. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699 |
| USD | 74445 | RON | 331000 | Goldman Sachs & Co. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 |
| USD | 46967 | SEK | 458000 | Morgan Stanley & Co. LLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| USD | 115116 | SGD | 149000 | Morgan Stanley & Co. LLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| USD | 276134 | THB | 9000000 | UBS AG | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| USD | 6441 | AUD | 10000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| USD | 41485 | BRL | 230000 | Goldman Sachs & Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867 |
| USD | 70231 | BRL | 392000 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003 |
| USD | 12710 | BRL | 70000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 |
| USD | 14716 | CAD | 20000 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 |
| USD | 41859 | CLP | 40480000 | Goldman Sachs & Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237 |
| USD | 1916015 | CNY | 13660000 | Goldman Sachs & Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6438 |
| USD | 36504 | CNY | 260000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 |
| USD | 82824 | COP | 340746000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1775 |
| USD | 23544 | EUR | 20000 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653 |
| USD | 13305 | GBP | 10000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| USD | 13552 | GBP | 10000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339 |
| USD | 13486 | GBP | 10000 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274 |
| USD | 40673 | GBP | 30000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1036 |
| USD | 3840 | HKD | 30000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| USD | 3842 | HKD | 30000 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 12562 | IDR | 207260000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17 |
| USD | 298157 | IDR | 4849998000 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4607 |
| USD | 13920 | JPY | 2030000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393 |
| USD | 755043 | KRW | 1022930000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20182 |
| USD | 16817 | KRW | 22673000 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529 |
| USD | 3701 | MXN | 70000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| USD | 295039 | MYR | 1252000 | Goldman Sachs & Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1347 |
| USD | 51944 | PEN | 186000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 |
| USD | 2720 | PLN | 10000 | Goldman Sachs & Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| USD | 9437 | SEK | 90000 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| USD | 5018 | ZAR | 90000 | Goldman Sachs & Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680037 |
| CZK | 2340000 | USD | 108787 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(147)<br>|
| DKK | 552000 | USD | 63109 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119)<br>|
| EUR | 4863000 | USD | 5581875 | Bank of America N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32222)<br>|
| EUR | 3595000 | USD | 4111718 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9106)<br>|
| EUR | 70000 | USD | 82322 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2438)<br>|
| GBP | 855000 | USD | 1130507 | Bank of America N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1351)<br>|
| GBP | 24000 | USD | 32118 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (423)<br>|
| GBP | 857000 | USD | 1133194 | UBS AG | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1397)<br>|
| HUF | 16603000 | USD | 47443 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71)<br>|
| JPY | 9489000 | USD | 65920 | Bank of America N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2996)<br>|
| JPY | 495690000 | USD | 3284917 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18538)<br>|
| JPY | 492567000 | USD | 3285226 | UBS AG | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18866)<br>|
| MXN | 4816000 | USD | 255670 | Bank of America N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (382)<br>|
| NOK | 486000 | USD | 47090 | Bank of America N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82)<br>|
| NZD | 160000 | USD | 94374 | Bank of America N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118)<br>|
| PLN | 733000 | USD | 196295 | Goldman Sachs & Co. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (701)<br>|
| RON | 331000 | USD | 74547 | Goldman Sachs & Co. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (155)<br>|
| SEK | 458000 | USD | 46879 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93)<br>|
| SGD | 149000 | USD | 114859 | Morgan Stanley & Co. LLC | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103)<br>|
| THB | 9000000 | USD | 275803 | UBS AG | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (405)<br>|
| USD | 232556 | MXN | 4419000 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1687)<br>|
| AUD | 777000 | USD | 500132 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (793)<br>|
| CAD | 998000 | USD | 720580 | Morgan Stanley & Co. LLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (176)<br>|
| ILS | 354000 | USD | 104586 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (389)<br>|
| USD | 103989 | ILS | 354000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (209)<br>|
| USD | 107310 | CHF | 87000 | UBS AG | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (177)<br>|
| USD | 16550 | THB | 540000 | UBS AG | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| AUD | 20000 | USD | 13188 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (325)<br>|
| BRL | 550000 | USD | 98491 | Goldman Sachs & Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1360)<br>|
| BRL | 190000 | USD | 34218 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (664)<br>|
| CAD | 30000 | USD | 22106 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (405)<br>|
| CAD | 30000 | USD | 21777 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76)<br>|
| CNY | 253000 | USD | 35475 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108)<br>|
| CNY | 90000 | USD | 12620 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39)<br>|
| COP | 345231000 | USD | 84901 | Goldman Sachs & Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2786)<br>|
| EUR | 30000 | USD | 35283 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (947)<br>|
| GBP | 12000 | USD | 16134 | Goldman Sachs & Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (280)<br>|
| JPY | 1670000 | USD | 11458 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (330)<br>|
| SEK | 120000 | USD | 12574 | Morgan Stanley & Co. LLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (281)<br>|

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 24703 | BRL | 140000 | Goldman Sachs & Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(21)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (100777)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $579260 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 13.37% | At Termination | &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.06%<br>| At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp; $294 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $293 |
| 13.45% | At Termination | &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.06%<br>| At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 1770 | &nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 262 |
| 13.55% | At Termination | &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.06%<br>| At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (48)<br>|
| 13.55% | At Termination | &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.06%<br>| At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (28)<br>|
| &nbsp;&nbsp;&nbsp; 1-day SORA, <br> 1.75%<br>| Semi-Annual | 1.73% | Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 07/01/30 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp; 723 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 721 |
| &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.73% | Monthly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/11/30 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 25462 | &nbsp;&nbsp;&nbsp; (6071)<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (6084)<br>|
| &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.76% | Monthly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/11/30 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 759 | &nbsp;&nbsp;&nbsp; (139)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (139)<br>|
| &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.77% | Monthly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/11/30 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12)<br>|
| &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.80% | Monthly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/11/30 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (49)<br>|
| &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.83% | Monthly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/11/30 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 861 | &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (27)<br>|
| &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.84% | Monthly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/11/30 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 6032 | &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (22)<br>|
| &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 8.05%<br>| Monthly | 7.87% | Monthly | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/11/30 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 3725 | &nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 169 |
| 0.14% | Annual | &nbsp;&nbsp;&nbsp; 1-day SSARON, <br> (0.03)%<br>| Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 462 |
| 0.18% | Annual | &nbsp;&nbsp;&nbsp; 1-day SSARON, <br> (0.03)%<br>| Annual | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 6 |
| 1.30% | At Termination | &nbsp;&nbsp;&nbsp; 1-day THOR, <br> 1.74%<br>| At Termination | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; THB | &nbsp;&nbsp;&nbsp; 1788 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |
| 1.31% | At Termination | &nbsp;&nbsp;&nbsp; 1-day THOR, <br> 1.74%<br>| At Termination | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; THB | &nbsp;&nbsp;&nbsp; 21527 | &nbsp;&nbsp;&nbsp; (352)<br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; (359)<br>|
| 1.54% | At Termination | &nbsp;&nbsp;&nbsp; 3-mo. TAIBOR, <br> 1.68%<br>| At Termination | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp; 25175 | &nbsp;&nbsp;&nbsp; 3904 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 3894 |
| 1.55% | At Termination | &nbsp;&nbsp;&nbsp; 3-mo. TAIBOR, <br> 1.68%<br>| At Termination | 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; TWD | &nbsp;&nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 79 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| &nbsp;&nbsp;&nbsp; China Fixing Repo <br> Rates 7-Day, <br> 1.60%<br>| At Termination | 1.58% | At Termination<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; CNY | &nbsp;&nbsp;&nbsp; 626 | &nbsp;&nbsp;&nbsp; $55 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $54 |
| &nbsp;&nbsp;&nbsp; China Fixing Repo <br> Rates 7-Day, <br> 1.60%<br>| At Termination | 1.59% | At Termination<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; CNY | &nbsp;&nbsp;&nbsp; 2645 | &nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp; China Fixing Repo <br> Rates 7-Day, <br> 1.60%<br>| At Termination | 1.61% | At Termination<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; CNY | &nbsp;&nbsp;&nbsp; 1712 | &nbsp;&nbsp;&nbsp; 447 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 445 |
| &nbsp;&nbsp;&nbsp; 1-day SORA, <br> 1.75%<br>| Semi-Annual | 1.71% | Semi-Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; 3-mo. STIBOR, <br> 2.16%<br>| Quarterly | 2.21% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp; 9458 | &nbsp;&nbsp;&nbsp; (9336)<br>| &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; (9347)<br>|
| &nbsp;&nbsp;&nbsp; 3-mo. STIBOR, <br> 2.16%<br>| Quarterly | 2.23% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp; (497)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (498)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.25% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 5058 | &nbsp;&nbsp;&nbsp; (36073)<br>| &nbsp;&nbsp;&nbsp; (1424)<br>| &nbsp;&nbsp;&nbsp; (34649)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.26% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; (891)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (893)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.28% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; (669)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (671)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.28% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; (635)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (637)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.29% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; (212)<br>| &nbsp;&nbsp;&nbsp; (43)<br>| &nbsp;&nbsp;&nbsp; (169)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.30% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; (174)<br>| &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; (192)<br>|
| &nbsp;&nbsp;&nbsp; 3-mo. STIBOR, <br> 2.16%<br>| Quarterly | 2.30% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; (284)<br>| &nbsp;&nbsp;&nbsp; (43)<br>| &nbsp;&nbsp;&nbsp; (241)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.31% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp; (1205)<br>| &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (1198)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.31% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp; (1037)<br>| &nbsp;&nbsp;&nbsp; (282)<br>| &nbsp;&nbsp;&nbsp; (755)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.32% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp; (1020)<br>| &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; (1032)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.34% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; (285)<br>| &nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp; (244)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.35% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp; (954)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (960)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.37% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; (74)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. EURIBOR, <br> 2.08%<br>| Semi-Annual | 2.38% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; (74)<br>|
| &nbsp;&nbsp;&nbsp; 3-mo. STIBOR, <br> 2.16%<br>| Quarterly | 2.38% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp; 1841 | &nbsp;&nbsp;&nbsp; (353)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (353)<br>|
| &nbsp;&nbsp;&nbsp; 3-mo. KRW CDC, <br> 2.51%<br>| At Termination | 2.50% | At Termination<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp;&nbsp; 68260 | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5)<br>|
| &nbsp;&nbsp;&nbsp; 3-mo. KRW CDC, <br> 2.51%<br>| At Termination | 2.50% | At Termination<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp;&nbsp; 107586 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; 3-mo. KRW CDC, <br> 2.51%<br>| At Termination | 2.50% | At Termination<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp;&nbsp; 68122 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (1)<br>|
| &nbsp;&nbsp;&nbsp; 3-mo. KRW CDC, <br> 2.51%<br>| At Termination | 2.53% | At Termination<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp;&nbsp; 570448 | &nbsp;&nbsp;&nbsp; 526 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 522 |
| &nbsp;&nbsp;&nbsp; 3-mo. KRW CDC, <br> 2.51%<br>| At Termination | 2.55% | At Termination<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp;&nbsp; 191684 | &nbsp;&nbsp;&nbsp; 314 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp; 1-day CORRA, <br> 2.75%<br>| Semi-Annual | 2.66% | Semi-Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp; (2547)<br>| &nbsp;&nbsp;&nbsp; (743)<br>| &nbsp;&nbsp;&nbsp; (1804)<br>|

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| &nbsp;&nbsp;&nbsp; 1-day CORRA, <br> 2.75%<br>| Semi-Annual | 2.72% | Semi-Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; $(45)<br>| &nbsp;&nbsp;&nbsp; $(14)<br>| &nbsp;&nbsp;&nbsp; $(31)<br>|
| &nbsp;&nbsp;&nbsp; 3-mo. HIBOR, <br> 1.62%<br>| Quarterly | 2.80% | Quarterly<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp; 8666 | &nbsp;&nbsp;&nbsp; (1787)<br>| &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; (1799)<br>|
| &nbsp;&nbsp;&nbsp; 3-mo. HIBOR, <br> 1.62%<br>| Quarterly | 2.84% | Quarterly<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; 1-day CORRA, <br> 2.75%<br>| Semi-Annual | 2.85% | Semi-Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; (155)<br>| &nbsp;&nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp; 1-day CORRA, <br> 2.75%<br>| Semi-Annual | 2.85% | Semi-Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; (432)<br>| &nbsp;&nbsp;&nbsp; 469 |
| &nbsp;&nbsp;&nbsp; 3-mo. HIBOR, <br> 1.62%<br>| Quarterly | 2.86% | Quarterly<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp; 1142 | &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp; 3-mo. HIBOR, <br> 1.62%<br>| Quarterly | 2.87% | Quarterly<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp; 414 | &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; 3-mo. HIBOR, <br> 1.62%<br>| Quarterly | 2.90% | Quarterly<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; 1-day CORRA, <br> 2.75%<br>| Semi-Annual | 2.91% | Semi-Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 143 |
| 3.43% | Annual | &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 4887 | &nbsp;&nbsp;&nbsp; 30100 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 30055 |
| 3.49% | Annual | &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; 694 | &nbsp;&nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp; 2 |
| 3.52% | Annual | &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp; (92)<br>|
| 3.52% | Annual | &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 269 |
| 3.53% | Annual | &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp; 56 |
| 3.55% | Annual | &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp; 641 | &nbsp;&nbsp;&nbsp; (349)<br>|
| 3.57% | Annual | &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (510)<br>| &nbsp;&nbsp;&nbsp; 510 |
| 3.57% | Annual | &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 704 | &nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (30)<br>|
| 3.57% | Annual | &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 4.39%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; (149)<br>|
| 3.63% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. PRIBOR, <br> 3.50%<br>| Semi-Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; CZK | &nbsp;&nbsp;&nbsp; 3859 | &nbsp;&nbsp;&nbsp; 2059 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2057 |
| 3.67% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. PRIBOR, <br> 3.50%<br>| Semi-Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; CZK | &nbsp;&nbsp;&nbsp; 1066 | &nbsp;&nbsp;&nbsp; 482 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 481 |
| 3.68% | Annual | &nbsp;&nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 1049 | &nbsp;&nbsp;&nbsp; 3213 | &nbsp;&nbsp;&nbsp; (712)<br>| &nbsp;&nbsp;&nbsp; 3925 |
| 3.70% | Annual | &nbsp;&nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 202 |
| 3.70% | Annual | &nbsp;&nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 82 |
| 3.71% | Annual | &nbsp;&nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp; 859 | &nbsp;&nbsp;&nbsp; (575)<br>|
| 3.73% | Semi-Annual | &nbsp;&nbsp;&nbsp; 6-mo. BBSW, <br> 3.78%<br>| Semi-Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 42 |
| 3.75% | Semi-Annual | &nbsp;&nbsp;&nbsp; 6-mo. BBSW, <br> 3.78%<br>| Semi-Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (61)<br>|
| 3.75% | Annual | &nbsp;&nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; (117)<br>| &nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; (402)<br>|
| 3.75% | Annual | &nbsp;&nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| 3.75% | Semi-Annual | &nbsp;&nbsp;&nbsp; 6-mo. BBSW, <br> 3.78%<br>| Semi-Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (26)<br>|

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.76% | Annual | &nbsp;&nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; $(338)<br>| &nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp; $(340)<br>|
| 3.76% | Semi-Annual | &nbsp;&nbsp;&nbsp; 6-mo. BBSW, <br> 3.78%<br>| Semi-Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; (111)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (113)<br>|
| 3.76% | Annual | &nbsp;&nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; (75)<br>| &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; (80)<br>|
| 3.76% | Annual | &nbsp;&nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; (141)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (141)<br>|
| 3.77% | Annual | &nbsp;&nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp; (459)<br>| &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; (432)<br>|
| 3.80% | Semi-Annual | &nbsp;&nbsp;&nbsp; 6-mo. BBSW, <br> 3.78%<br>| Semi-Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; (143)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (144)<br>|
| 3.80% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. PRIBOR, <br> 3.50%<br>| Semi-Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; CZK | &nbsp;&nbsp;&nbsp; 521 | &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 90 |
| 3.80% | Semi-Annual | &nbsp;&nbsp;&nbsp; 6-mo. BBSW, <br> 3.78%<br>| Semi-Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; (201)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (202)<br>|
| 3.80% | Annual | &nbsp;&nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp; (579)<br>| &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; (606)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 4.05% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; (207)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (207)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 4.05% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp; (226)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (226)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 4.06% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp; (413)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (414)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 4.06% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; (263)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (263)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 4.07% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; (429)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (430)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 4.10% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; (247)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (248)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 4.13% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp; (174)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (175)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 4.16% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; (83)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (84)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 4.17% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 902 | &nbsp;&nbsp;&nbsp; (150)<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (153)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 4.78%<br>| Semi-Annual | 4.18% | Annual<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 567 | &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (34)<br>|
| &nbsp;&nbsp;&nbsp; 1-day MIBOR, <br> 5.54%<br>| At Termination | 5.67% | At Termination<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; INR | &nbsp;&nbsp;&nbsp; 6963 | &nbsp;&nbsp;&nbsp; (135)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (136)<br>|
| &nbsp;&nbsp;&nbsp; 1-day MIBOR, <br> 5.54%<br>| At Termination | 5.70% | At Termination<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; INR | &nbsp;&nbsp;&nbsp; 205578 | &nbsp;&nbsp;&nbsp; (1707)<br>| &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; (1733)<br>|
| &nbsp;&nbsp;&nbsp; 1-day MIBOR, <br> 5.54%<br>| At Termination | 5.70% | At Termination<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; INR | &nbsp;&nbsp;&nbsp; 7610 | &nbsp;&nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (63)<br>|
| &nbsp;&nbsp;&nbsp; 1-day MIBOR, <br> 5.54%<br>| At Termination | 5.70% | At Termination<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; INR | &nbsp;&nbsp;&nbsp; 8688 | &nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (60)<br>|
| &nbsp;&nbsp;&nbsp; 1-day MIBOR, <br> 5.54%<br>| At Termination | 5.73% | At Termination<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; INR | &nbsp;&nbsp;&nbsp; 4353 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; 1-day MIBOR, <br> 5.54%<br>| At Termination | 5.74% | At Termination<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; INR | &nbsp;&nbsp;&nbsp; 22251 | &nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 7.36% | Quarterly<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp; 4113 | &nbsp;&nbsp;&nbsp; 1012 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 7.37% | Quarterly<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp; 529 | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 7.40% | Quarterly<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp; 2085 | &nbsp;&nbsp;&nbsp; 699 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 698 |
| &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 7.13%<br>| Quarterly | 7.52% | Quarterly<br> 9/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 09/17/30 | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 284 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| &nbsp;&nbsp;&nbsp; China Fixing Repo <br> Rates 7-Day, <br> 1.60%<br>| At Termination | 1.47% | At Termination<br> 12/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp;&nbsp; CNY | &nbsp;&nbsp;&nbsp; 7633 | &nbsp;&nbsp;&nbsp; $(5274)<br>| &nbsp;&nbsp;&nbsp; $12 | &nbsp;&nbsp;&nbsp; $(5286)<br>|
| &nbsp;&nbsp;&nbsp; China Fixing Repo <br> Rates 7-Day, <br> 1.60%<br>| At Termination | 1.47% | At Termination<br> 12/17/2025<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp;&nbsp; CNY | &nbsp;&nbsp;&nbsp; 5827 | &nbsp;&nbsp;&nbsp; (4065)<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; (4074)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(31376)<br>| &nbsp;&nbsp;&nbsp; $(524)<br>| &nbsp;&nbsp;&nbsp; $(30852)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Forward Swap.

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 13.25% | At Termination | &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.06%<br>| At Termination | &nbsp;&nbsp;&nbsp; Bank of America <br> N.A.<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; $20941 | &nbsp;&nbsp; $31812 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31812 |
| 13.18% | At Termination | &nbsp;&nbsp;&nbsp; 1-Day <br> BZDIOVER, <br> 0.06%<br>| At Termination | BNP Paribas S.A. | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; — | &nbsp;&nbsp; 68 |
|  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; $31880 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31880 |

---

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21238485 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21238485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 13647900 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13647900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 3646275 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3646275 |
|  | &nbsp;&nbsp; $3646275 | &nbsp;&nbsp; $34886385 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38532660 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares Global Government Bond USD Hedged Active ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $680037 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $680037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 62124 | &nbsp;&nbsp; 80752 | &nbsp;&nbsp; — | &nbsp;&nbsp; 142876 |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (100777)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (100777)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (27726)<br>| &nbsp;&nbsp; (79724)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (107450)<br>|
|  | &nbsp;&nbsp; $34398 | &nbsp;&nbsp; $580288 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $614686 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peru Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| BZDIOVER | Overnight Brazil CETIP — Interbank Rate |
| EURIBOR | Euro Interbank Offered Rate |
| JIBAR | Johannesburg Interbank Agreed Rate |

---

 <br> SOFR Secured Overnight Financing Rate <br> SONIA Sterling Overnight Interbank Average Rate

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BlackRock ETF Trust II

- **b. Investment Company Act file number:** 811-23511

- **c. CIK number of Registrant:** 0001804196

- **d. LEI of Registrant:** 549300PLJCTZLQ2LE832

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

  - **Street Address 1:** 100 BELLEVUE PARKWAY

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

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

- **a. Name of Series:** iShares Global Government Bond USD Hedged Active ETF

- **b. EDGAR series identifier (if any):** S000092377

- **c. LEI of Series:** 529900L8PU1B65289D41

**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:** $42107947.24

**Total Liabilities:** $60518.31

**Net Assets:** $42047428.93

**Cash Not Reported:** $2978085.94

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.01000000 | **1-Year:** 179.23000000 | **5-Year:** 1712.43000000 | **10-Year:** 2143.94000000 | **30-Year:** 1579.46000000

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

- **3-Month:** 62.05000000 | **1-Year:** 0.00000000 | **5-Year:** 2452.68000000 | **10-Year:** -1056.09000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000260349 |  | 0.13%                | -0.02%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $167211.32               | $214645.62                                 |
| Month 3  | $-52236.46               | $-982865.01                                |

**Designated Index Information**

- **Index Name:** BBG Global Aggregate Treasury Index, 100% USD Hedged

- **Index Identifier:** H00023US

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BONOS Y OBLIG DEL ESTADO                         | Spain Government Bond                            | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     70000 | PA      | $79065.54     | 0.19%             | 2054-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                             | Indonesia Treasury Bond                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 756000000 | PA      | $46555.99     | 0.11%             | 2030-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.320160 17-SEP-2030 EUR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    317000 | OU      | $-1019.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD GBP                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $1839.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Twenty Year Bonds               | Japan Government Twenty Year Bonds               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   4000000 | PA      | $27327.06     | 0.06%             | 2031-12-20      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: GBP 3.746000 17-SEP-2030 SON               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    116000 | OU      | $-117.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD CAD                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $92.80        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD CAD                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $197.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Forty Year Bonds                | Japan Government Forty Year Bonds                | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  15000000 | PA      | $89844.83     | 0.21%             | 2049-03-20      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Australia Government Bonds                       | Australia Government Bonds                       | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |     37000 | PA      | $18799.88     | 0.04%             | 2041-05-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                              | CUSIP: 912810RY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000 | PA      | $35207.03     | 0.08%             | 2047-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.571000 17-SEP-2030 SOF               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    704000 | OU      | $-63.63       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD AUD                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $4999.48      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.516000 17-SEP-2030 SOF               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    116000 | OU      | $278.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD HUF                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $655.13       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CJQ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $592617.19    | 1.41%             | 2030-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NETHERLANDS GOVERNMENT                           | Netherlands Government Bond                      | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |     50000 | PA      | $49542.05     | 0.12%             | 2032-07-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                          | Mexican Bonos                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1000000 | PA      | $48578.72     | 0.12%             | 2035-05-24      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Australia Government Bonds                       | Australia Government Bonds                       | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |     30000 | PA      | $10232.59     | 0.02%             | 2051-06-21      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: GBP 3.764200 17-SEP-2030 SON               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     36000 | OU      | $-75.04       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     95000 | PA      | $124793.59    | 0.30%             | 2035-03-07      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                            | Bonos de la Tesoreria de la Republica en pesos   | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   5000000 | PA      | $4821.22      | 0.01%             | 2050-07-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: AUD 3.796000 17-SEP-2030 AUD               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     88000 | OU      | $-143.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SLOVAKIA GOVERNMENT BOND                         | Slovakia Government Bond                         | CUSIP: 000000000<br>LEI: 097900BHFM0000074794 | Long             | DBT              | NUSS              | SK        |     10000 | PA      | $11396.53     | 0.03%             | 2029-06-04      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     90000 | PA      | $118657.65    | 0.28%             | 2027-03-07      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT             | French Republic Government Bonds OAT             | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    140000 | PA      | $163714.49    | 0.39%             | 2033-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Australia Government Bonds                       | Australia Government Bonds                       | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    140000 | PA      | $75839.25     | 0.18%             | 2032-05-21      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: HKD 2.855000 17-SEP-2030 HKD               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   1142000 | OU      | $159.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: KRW 2.504000 17-SEP-2030 KRW               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  68121992 | OU      | $-0.06        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 1.313300 17-SEP-2030 THO               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  21527000 | OU      | $-351.25      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SWITZERLAND                                      | Swiss Confederation Government Bond              | CUSIP: 000000000<br>LEI: 5067006OA1BJ88912Q83 | Long             | DBT              | NUSS              | CH        |     15000 | PA      | $18321.47     | 0.04%             | 2040-05-28      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                              | CUSIP: 912810TA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1050000 | PA      | $691400.39    | 1.64%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BELGIUM KINGDOM                                  | Kingdom of Belgium Government Bond               | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     10000 | PA      | $10321.03     | 0.02%             | 2055-06-22      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Republic of Austria Government Bonds             | Republic of Austria Government Bonds             | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |     33000 | PA      | $37474.49     | 0.09%             | 2035-02-20      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: SEK 2.300000 17-SEP-2030 3M                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    495000 | OU      | $-284.13      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Spain Government Bonds                           | Spain Government Bonds                           | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     70000 | PA      | $77898.05     | 0.19%             | 2041-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                            | Bonos de la Tesoreria de la Republica en pesos   | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |  10000000 | PA      | $10456.17     | 0.02%             | 2029-10-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  90020000 | PA      | $61942.13     | 0.15%             | 2052-03-10      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| New Zealand Government Bonds                     | New Zealand Government Bonds                     | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |     40000 | PA      | $20532.25     | 0.05%             | 2032-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Australia Government Bonds                       | Australia Government Bonds                       | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    230000 | PA      | $143243.66    | 0.34%             | 2029-11-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: AUD 3.749000 17-SEP-2030 AUD               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    100000 | OU      | $-25.47       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        | 112330000 | PA      | $82185.46     | 0.20%             | 2027-06-10      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: PLN 4.182500 17-SEP-2030 WIB               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    567000 | OU      | $-32.65       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Two Year Bonds                  | Japan Government Two Year Bonds                  | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  60000000 | PA      | $396986.74    | 0.94%             | 2027-07-01      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    110000 | PA      | $127364.77    | 0.30%             | 2035-08-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        | 135920000 | PA      | $98053.73     | 0.23%             | 2030-03-10      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD NOK                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $893.25       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Forty Year Bonds                | Japan Government Forty Year Bonds                | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  22000000 | PA      | $129779.58    | 0.31%             | 2050-03-20      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Kingdom of Belgium Government Bonds              | Kingdom of Belgium Government Bonds              | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     40000 | PA      | $48832.59     | 0.12%             | 2041-03-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.259600 17-SEP-2030 EUR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    138000 | OU      | $-891.10      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED BRL / SOLD USD                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |         1 | NC      | $-62.81       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    140000 | PA      | $161415.45    | 0.38%             | 2031-11-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Denmark Government Bonds                         | Denmark Government Bonds                         | CUSIP: 000000000<br>LEI: 549300PTO6LS1PTM6607 | Long             | DBT              | NUSS              | DK        |     80000 | PA      | $14752.42     | 0.04%             | 2039-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: CZK 3.667500 17-SEP-2030 PRI               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   1066000 | OU      | $481.93       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: GBP 3.761400 17-SEP-2030 SON               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    176000 | OU      | $-337.77      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bundesobligation                                 | Bundesobligation                                 | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |     30000 | PA      | $34211.51     | 0.08%             | 2029-04-12      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: ZAR 7.364000 17-SEP-2030 JIB               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   4113000 | OU      | $1012.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT             | French Republic Government Bonds OAT             | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    120000 | PA      | $137270.64    | 0.33%             | 2028-09-24      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: ZAR 7.524500 17-SEP-2030 JIB               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    464000 | OU      | $284.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: PLN 4.051000 17-SEP-2030 WIB               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    141000 | OU      | $-225.28      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                             | Indonesia Treasury Bond                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 179000000 | PA      | $10563.46     | 0.03%             | 2036-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Australia Government Bonds                       | Australia Government Bonds                       | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    120000 | PA      | $77625.43     | 0.18%             | 2034-06-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                         | Thailand Government Bond                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |   1000000 | PA      | $34361.23     | 0.08%             | 2040-06-17      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BTP FUTURE SEP25                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -9 | NC      | $-1377.86     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Japan Government Twenty Year Bonds               | Japan Government Twenty Year Bonds               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   2500000 | PA      | $15290.29     | 0.04%             | 2044-12-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                              | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    510000 | PA      | $279384.38    | 0.66%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Canada Government Bonds                          | Canada Government Bonds                          | CUSIP: 135087T38<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |    172000 | PA      | $122286.84    | 0.29%             | 2030-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Singapore Government Bonds                       | Singapore Government Bonds                       | CUSIP: 000000000<br>LEI: 549300ZSV6VOGFH1ER70 | Long             | DBT              | NUSS              | SG        |     50000 | PA      | $40134.78     | 0.10%             | 2029-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD BRL                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $1003.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                         | Thailand Government Bond                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    450000 | PA      | $18726.71     | 0.04%             | 2067-06-17      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD THB                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $1819.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    100000 | PA      | $115384.84    | 0.27%             | 2026-08-28      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED BRL / SOLD USD                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |         1 | NC      | $-1285.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Portugal Obrigacoes do Tesouro OT                | Portugal Obrigacoes do Tesouro OT                | CUSIP: 000000000<br>LEI: 549300P6U1FJ3IMP7K42 | Long             | DBT              | NUSS              | PT        |     50000 | PA      | $49600.17     | 0.12%             | 2031-10-17      | Fixed         | 0.30%                 | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                              | AUST 10Y BOND FUT SEP25                          | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |       -40 | NC      | $-18031.99    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Japan Government Thirty Year Bonds               | Japan Government Thirty Year Bonds               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   9300000 | PA      | $53986.25     | 0.13%             | 2055-03-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.296920 17-SEP-2030 EUR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     39000 | OU      | $-173.90      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 13.550000 02-JAN-2029 BZD               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     82000 | OU      | $-28.31       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    110000 | PA      | $127108.19    | 0.30%             | 2027-02-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     90000 | PA      | $118941.68    | 0.28%             | 2056-01-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |   6000000 | PA      | $5079.17      | 0.01%             | 2053-09-10      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: KRW 2.552000 17-SEP-2030 KRW               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 191684000 | OU      | $314.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Netherlands Government Bonds                     | Netherlands Government Bonds                     | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |     20000 | PA      | $17345.40     | 0.04%             | 2054-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: PLN 4.158000 17-SEP-2030 WIB               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    241000 | OU      | $-83.03       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.488000 17-SEP-2030 SOF               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    189000 | OU      | $694.37       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: GBP 3.767000 17-SEP-2030 SON               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    204000 | OU      | $-458.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                          | Romania Government Bond                          | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    120000 | PA      | $26835.05     | 0.06%             | 2033-10-30      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Kingdom of Belgium Government Bonds              | Kingdom of Belgium Government Bonds              | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     30000 | PA      | $34239.64     | 0.08%             | 2030-10-22      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: CNY 1.584000 17-SEP-2030 CNR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    626000 | OU      | $55.29        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD CHF                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $1365.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                             | Indonesia Treasury Bond                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 686000000 | PA      | $42238.62     | 0.10%             | 2028-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Bundesrepublik Deutschland Bundesanleihe         | Bundesrepublik Deutschland Bundesanleihe         | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |    130000 | PA      | $140739.71    | 0.33%             | 2041-05-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 0.181560 17-SEP-2030 SAR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     51000 | OU      | $18.94        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CLC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    660000 | PA      | $661907.81    | 1.57%             | 2029-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Zealand Government Bonds                     | New Zealand Government Bonds                     | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |     30000 | PA      | $18188.87     | 0.04%             | 2030-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CKT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000 | PA      | $51025.39     | 0.12%             | 2029-05-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                              | CUSIP: 912810RT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000 | PA      | $32373.05     | 0.08%             | 2046-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Australia Government Bonds                       | Australia Government Bonds                       | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    100000 | PA      | $63403.85     | 0.15%             | 2027-11-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CJP7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    700000 | PA      | $702843.75    | 1.67%             | 2026-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED USD / SOLD CNY                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $158.04       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                              | Malaysia Government Bond                         | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    170000 | PA      | $40405.59     | 0.10%             | 2032-07-15      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Spain Government Bonds                           | Spain Government Bonds                           | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     80000 | PA      | $88621.91     | 0.21%             | 2027-01-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kingdom of Belgium Government Bonds              | Kingdom of Belgium Government Bonds              | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     52000 | PA      | $50236.32     | 0.12%             | 2032-06-22      | Fixed         | 0.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                              | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    260000 | PA      | $194878.13    | 0.46%             | 2048-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CCS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    940000 | PA      | $799330.47    | 1.90%             | 2031-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Ireland Government Bonds                         | Ireland Government Bonds                         | CUSIP: 000000000<br>LEI: 549300KXBEJAOJ9OVF93 | Long             | DBT              | NUSS              | IE        |     15000 | PA      | $16583.26     | 0.04%             | 2028-05-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    110000 | PA      | $129196.22    | 0.31%             | 2031-07-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                   | Czech Republic Government Bond                   | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    720000 | PA      | $30759.90     | 0.07%             | 2036-06-03      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD AUD                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $450.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.281800 17-SEP-2030 EUR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    127000 | OU      | $-669.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.574000 17-SEP-2030 SOF               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    273000 | OU      | $-61.82       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds               | Japan Government Thirty Year Bonds               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  50000000 | PA      | $337009.28    | 0.80%             | 2039-09-20      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD EUR                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $653.36       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT             | French Republic Government Bonds OAT             | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    150000 | PA      | $159155.66    | 0.38%             | 2029-05-25      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED CNY / SOLD USD                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CN        |         1 | NC      | $-21.08       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED USD / SOLD BRL                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $348.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds               | Japan Government Thirty Year Bonds               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   7200000 | PA      | $47667.06     | 0.11%             | 2041-03-20      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal       | CAN 10YR BOND FUT SEP25                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |       -59 | NC      | $-6140.57     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: KRW 2.531000 17-SEP-2030 KRW               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 570448000 | OU      | $526.09       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 1.727200 01-JUL-2030 SOR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    413000 | OU      | $723.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD KRW                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $528.84       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Israel Government Bonds - Fixed                  | Israel Government Bonds - Fixed                  | CUSIP: 000000000<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |     38000 | PA      | $7891.32      | 0.02%             | 2052-11-29      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT             | French Republic Government Bonds OAT             | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    115000 | PA      | $122132.84    | 0.29%             | 2056-05-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED USD / SOLD GBP                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $93.21        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                         | Thailand Government Bond                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    250000 | PA      | $11659.85     | 0.03%             | 2072-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                              | Malaysia Government Bond                         | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    130000 | PA      | $30715.36     | 0.07%             | 2035-07-02      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds               | Japan Government Thirty Year Bonds               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  10000000 | PA      | $72064.99     | 0.17%             | 2034-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    110000 | PA      | $147040.36    | 0.35%             | 2028-03-07      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Spain Government Bonds                           | Spain Government Bonds                           | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     80000 | PA      | $94883.38     | 0.23%             | 2029-05-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BOBL FUTURE SEP25                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         3 | NC      | $-1064.12     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.338000 17-SEP-2030 EUR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    126000 | OU      | $-284.69      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED EUR / SOLD USD                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | XX        |         1 | NC      | $-443.58      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Spain Government Bonds                           | Spain Government Bonds                           | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     60000 | PA      | $74507.40     | 0.18%             | 2028-10-31      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 13.450000 02-JAN-2029 BZD               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   1770000 | OU      | $265.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD NZD                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $2174.82      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD CAD                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $6912.04      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.312000 17-SEP-2030 EUR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    284000 | OU      | $-1037.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD CAD                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $326.24       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BUONI POLIENNALI DEL TES                         | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     48000 | PA      | $56626.93     | 0.13%             | 2053-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: CNY 1.471000 17-DEC-2030 CNR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   5827549 | OU      | $-4065.32     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.545000 17-SEP-2030 SOF               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    268000 | OU      | $291.80       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD SEK                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $85.29        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT             | French Republic Government Bonds OAT             | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    100000 | PA      | $91727.80     | 0.22%             | 2036-05-25      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Kingdom of Belgium Government Bonds              | Kingdom of Belgium Government Bonds              | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     30000 | PA      | $33941.98     | 0.08%             | 2035-06-22      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Bundesrepublik Deutschland Bundesanleihe         | Bundesrepublik Deutschland Bundesanleihe         | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |     80000 | PA      | $63654.46     | 0.15%             | 2048-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    100000 | PA      | $115156.18    | 0.27%             | 2035-10-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED CNY / SOLD USD                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CN        |         1 | NC      | $-86.58       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ireland Government Bonds                         | Ireland Government Bonds                         | CUSIP: 000000000<br>LEI: 549300KXBEJAOJ9OVF93 | Long             | DBT              | NUSS              | IE        |     13000 | PA      | $13716.43     | 0.03%             | 2055-10-18      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED USD / SOLD JPY                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $392.51       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Austria Government Bonds             | Republic of Austria Government Bonds             | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |     23000 | PA      | $14014.48     | 0.03%             | 2051-03-20      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds               | Japan Government Thirty Year Bonds               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  50000000 | PA      | $343166.45    | 0.82%             | 2039-03-20      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds               | Japan Government Thirty Year Bonds               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   6000000 | PA      | $43032.89     | 0.10%             | 2036-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                   | SWP: OIS 13.184000 02-JAN-2029 BZD               | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DIR              |  | US        |     36000 | OU      | $67.88        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: HKD 2.837500 17-SEP-2030 HKD               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    402000 | OU      | $13.42        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: AUD 3.734000 17-SEP-2030 AUD               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    239040 | OU      | $43.74        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Austria Government Bonds             | Republic of Austria Government Bonds             | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |     30000 | PA      | $11925.45     | 0.03%             | 2071-04-20      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    100000 | PA      | $115324.36    | 0.27%             | 2032-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds               | Japan Government Thirty Year Bonds               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  30000000 | PA      | $209299.73    | 0.50%             | 2038-09-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    130000 | PA      | $120968.88    | 0.29%             | 2068-07-22      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: KRW 2.504500 17-SEP-2030 KRW               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 107586008 | OU      | $1.75         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD MYR                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $1347.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD SGD                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $1902.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED EUR / SOLD USD                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | XX        |         1 | NC      | $-175.85      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     70000 | PA      | $81430.66     | 0.19%             | 2026-09-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Japan Government Two Year Bonds                  | Japan Government Two Year Bonds                  | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  28000000 | PA      | $185533.42    | 0.44%             | 2027-02-01      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     80000 | PA      | $98857.31     | 0.24%             | 2040-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    100000 | PA      | $133950.73    | 0.32%             | 2033-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.376300 17-SEP-2030 EUR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    138000 | OU      | $-28.82       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED JPY / SOLD USD                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | JP        |         1 | NC      | $-2996.01     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SWITZERLAND                                      | Swiss Confederation Government Bond              | CUSIP: 000000000<br>LEI: 5067006OA1BJ88912Q83 | Long             | DBT              | NUSS              | CH        |     35000 | PA      | $41970.27     | 0.10%             | 2034-06-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: PLN 4.130000 17-SEP-2030 WIB               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    259000 | OU      | $-174.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: AUD 3.750000 17-SEP-2030 AUD               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    210701 | OU      | $-59.82       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: GBP 3.703700 17-SEP-2030 SON               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    242000 | OU      | $359.83       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| New Zealand Government Bonds                     | New Zealand Government Bonds                     | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |     15000 | PA      | $5771.91      | 0.01%             | 2051-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.311600 17-SEP-2030 EUR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    328000 | OU      | $-1204.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Finland Government Bonds                         | Finland Government Bonds                         | CUSIP: 000000000<br>LEI: 743700M6Y2OQRVSBRD14 | Long             | DBT              | NUSS              | FI        |     10000 | PA      | $7199.27      | 0.02%             | 2040-09-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD GBP                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $306.51       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 9128284V9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $776781.25    | 1.85%             | 2028-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT             | French Republic Government Bonds OAT             | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    140000 | PA      | $159289.14    | 0.38%             | 2031-02-25      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Netherlands Government Bonds                     | Netherlands Government Bonds                     | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |     76000 | PA      | $87364.98     | 0.21%             | 2030-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT             | French Republic Government Bonds OAT             | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    127000 | PA      | $76646.75     | 0.18%             | 2066-05-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 2YR NOTE (CBT) SEP25                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         4 | NC      | $-849.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MEX BONOS DESARR FIX RT                          | Mexican Bonos                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1000000 | PA      | $48165.52     | 0.11%             | 2033-05-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 2.846000 17-SEP-2030 CAD               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     60000 | OU      | $16.78        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 13.550000 02-JAN-2029 BZD               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    161000 | OU      | $-47.32       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: TWD 1.535000 17-SEP-2030 TAI               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  25175000 | OU      | $3903.87      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: CZK 3.798000 17-SEP-2030 PRI               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    521000 | OU      | $90.63        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                         | Spain Government Bond                            | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     88000 | PA      | $95862.88     | 0.23%             | 2043-07-30      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED USD / SOLD MXN                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $7.94         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CAE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $127312.50    | 0.30%             | 2030-08-15      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  49010000 | PA      | $38833.48     | 0.09%             | 2053-03-10      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CKZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $403125.00    | 0.96%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: SEK 2.379700 17-SEP-2030 3M                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   1841000 | OU      | $-353.56      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.368000 17-SEP-2030 EUR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     92000 | OU      | $-60.09       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: AUD 3.757000 17-SEP-2030 AUD               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    228259 | OU      | $-111.43      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD JPY                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $5546.54      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    110000 | PA      | $124922.14    | 0.30%             | 2054-10-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD AUD                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $143.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 5.697500 17-SEP-2030 INR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   7610000 | OU      | $-62.09       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                              | Malaysia Government Bond                         | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     70000 | PA      | $17842.61     | 0.04%             | 2053-03-31      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: GBP 3.760300 17-SEP-2030 SON               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     76000 | OU      | $-140.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                         | Spain Government Bond                            | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     93000 | PA      | $108629.97    | 0.26%             | 2034-10-31      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CBS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $93363.28     | 0.22%             | 2028-03-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 2.845000 17-SEP-2030 CAD               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    150000 | OU      | $36.94        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: PLN 4.099500 17-SEP-2030 WIB               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    240000 | OU      | $-247.13      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  21250000 | PA      | $12361.53     | 0.03%             | 2039-09-10      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.277900 17-SEP-2030 EUR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    116000 | OU      | $-635.38      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                           | Republic of Poland Government Bond               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    180000 | PA      | $47124.79     | 0.11%             | 2030-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                            | Japan Government Thirty Year Bond                | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  44000000 | PA      | $309056.23    | 0.74%             | 2030-02-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD AUD                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $200.80       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED GBP / SOLD USD                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | GB        |         1 | NC      | $-422.64      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Spain Government Bonds                           | Spain Government Bonds                           | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     10000 | PA      | $11349.99     | 0.03%             | 2035-10-31      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                         | Thailand Government Bond                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |   1970000 | PA      | $61342.47     | 0.15%             | 2028-04-17      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.569000 17-SEP-2030 SOF               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    334000 | OU      | $0.11         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Ten Year Bonds                  | Japan Government Ten Year Bonds                  | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  59300000 | PA      | $379457.21    | 0.90%             | 2034-03-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    980000 | PA      | $833344.53    | 1.98%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT             | French Republic Government Bonds OAT             | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    255000 | PA      | $294215.80    | 0.70%             | 2029-02-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD PLN                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $4744.02      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD EUR                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $6085.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED USD / SOLD GBP                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $281.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: GBP 3.749000 17-SEP-2030 SON               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     59000 | OU      | $-70.04       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds               | Japan Government Thirty Year Bonds               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  50000000 | PA      | $339207.56    | 0.81%             | 2040-03-20      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: ZAR 7.367500 17-SEP-2030 JIB               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    529000 | OU      | $134.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    110000 | PA      | $126313.46    | 0.30%             | 2027-02-25      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Denmark Government Bonds                         | Denmark Government Bonds                         | CUSIP: 000000000<br>LEI: 549300PTO6LS1PTM6607 | Long             | DBT              | NUSS              | DK        |     80000 | PA      | $6331.45      | 0.02%             | 2052-11-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: CNY 1.590000 17-SEP-2030 CNR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   2645000 | OU      | $339.22       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD EUR                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $6263.02      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     40000 | PA      | $41786.10     | 0.10%             | 2060-01-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 7.734700 11-SEP-2030 TII               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  25462000 | OU      | $-6071.42     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Finland Government Bonds                         | Finland Government Bonds                         | CUSIP: 000000000<br>LEI: 743700M6Y2OQRVSBRD14 | Long             | DBT              | NUSS              | FI        |     15000 | PA      | $16347.16     | 0.04%             | 2045-04-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 2.910000 17-SEP-2030 CAD               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     93000 | OU      | $224.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                             | Indonesia Treasury Bond                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 225000000 | PA      | $13457.61     | 0.03%             | 2051-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BELGIUM KINGDOM                                  | Kingdom of Belgium Government Bond               | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     60000 | PA      | $68729.70     | 0.16%             | 2033-06-22      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Singapore Government Bonds                       | Singapore Government Bonds                       | CUSIP: 000000000<br>LEI: 549300ZSV6VOGFH1ER70 | Long             | DBT              | NUSS              | SG        |     20000 | PA      | $14556.76     | 0.03%             | 2050-03-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  19340000 | PA      | $11692.47     | 0.03%             | 2068-09-10      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | LONG GILT FUTURE SEP25                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |        41 | NC      | $517.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  76680000 | PA      | $54939.58     | 0.13%             | 2028-06-10      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Japan Government Five Year Bonds                 | Japan Government Five Year Bonds                 | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  62000000 | PA      | $409894.83    | 0.97%             | 2030-03-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED USD / SOLD KRW                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $19587.23     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD IDR                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $4430.82      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 7.760000 11-SEP-2030 TII               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    759000 | OU      | $-139.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Ten Year Bonds                  | Japan Government Ten Year Bonds                  | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  48800000 | PA      | $305751.44    | 0.73%             | 2033-12-20      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: PLN 4.054000 17-SEP-2030 WIB               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    132000 | OU      | $-206.26      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Government Bonds                       | Singapore Government Bonds                       | CUSIP: 000000000<br>LEI: 549300ZSV6VOGFH1ER70 | Long             | DBT              | NUSS              | SG        |     30000 | PA      | $25490.53     | 0.06%             | 2034-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                         | Spain Government Bond                            | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     80000 | PA      | $93103.98     | 0.22%             | 2031-07-30      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Australia Government Bonds                       | Australia Government Bonds                       | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |     20000 | PA      | $12471.78     | 0.03%             | 2034-05-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Japan Government Forty Year Bonds                | Japan Government Forty Year Bonds                | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  23500000 | PA      | $119424.57    | 0.28%             | 2064-03-20      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED CAD / SOLD USD                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CA        |         1 | NC      | $-76.09       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SWEDISH GOVERNMENT                               | Sweden Government Bond                           | CUSIP: 000000000<br>LEI: ERE94C0BSULG2RM19605 | Long             | DBT              | NUSS              | SE        |     60000 | PA      | $4018.67      | 0.01%             | 2045-11-24      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Japan Government Five Year Bonds                 | Japan Government Five Year Bonds                 | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  22000000 | PA      | $146250.40    | 0.35%             | 2029-12-20      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Denmark Government Bonds                         | Denmark Government Bonds                         | CUSIP: 000000000<br>LEI: 549300PTO6LS1PTM6607 | Long             | DBT              | NUSS              | DK        |    100000 | PA      | $14881.82     | 0.04%             | 2035-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Finland Government Bonds                         | Finland Government Bonds                         | CUSIP: 000000000<br>LEI: 743700M6Y2OQRVSBRD14 | Long             | DBT              | NUSS              | FI        |     10000 | PA      | $9951.75      | 0.02%             | 2055-04-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    115000 | PA      | $118834.30    | 0.28%             | 2063-10-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HELLENIC REPUBLIC                                | Hellenic Republic Government Bond                | CUSIP: 000000000<br>LEI: 2138003EKTMKZ5598902 | Long             | DBT              | NUSS              | GR        |     23000 | PA      | $27385.82     | 0.07%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD MXN                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $139.39       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Portugal Obrigacoes do Tesouro OT                | Portugal Obrigacoes do Tesouro OT                | CUSIP: 000000000<br>LEI: 549300P6U1FJ3IMP7K42 | Long             | DBT              | NUSS              | PT        |     28000 | PA      | $22129.52     | 0.05%             | 2042-04-11      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD CAD                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $248.73       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT             | French Republic Government Bonds OAT             | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    130000 | PA      | $149218.78    | 0.35%             | 2026-09-24      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Australia Government Bonds                       | Australia Government Bonds                       | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |     30000 | PA      | $16782.61     | 0.04%             | 2030-12-21      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 0.140700 17-SEP-2030 SAR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    159000 | OU      | $463.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    120000 | PA      | $135119.49    | 0.32%             | 2049-12-07      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Canada Government Bonds                          | Canada Government Bonds                          | CUSIP: 135087P99<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     10000 | PA      | $5913.54      | 0.01%             | 2055-12-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: KRW 2.502000 17-SEP-2030 KRW               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  68260000 | OU      | $-4.73        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED EUR / SOLD USD                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | XX        |         1 | NC      | $-946.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Australia Government Bonds                       | Australia Government Bonds                       | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |     70000 | PA      | $44788.46     | 0.11%             | 2036-03-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                               | SWP: OIS 13.250000 02-JAN-2029 BZD               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |  20941000 | OU      | $31811.92     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Canada Government Bonds                          | Canada Government Bonds                          | CUSIP: 135087H72<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     83000 | PA      | $42335.63     | 0.10%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                          | Mexican Bonos                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1000000 | PA      | $43766.37     | 0.10%             | 2047-11-07      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Bundesrepublik Deutschland Bundesanleihe         | Bundesrepublik Deutschland Bundesanleihe         | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |     50000 | PA      | $56329.29     | 0.13%             | 2033-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.433200 17-SEP-2030 SOF               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   4887000 | OU      | $30100.34     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    160000 | PA      | $199499.45    | 0.47%             | 2043-10-22      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: PLN 4.060500 17-SEP-2030 WIB               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    278000 | OU      | $-413.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                              | Malaysia Government Bond                         | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    200000 | PA      | $49070.11     | 0.12%             | 2039-04-18      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| SWITZERLAND                                      | Swiss Confederation Government Bond              | CUSIP: 000000000<br>LEI: 5067006OA1BJ88912Q83 | Long             | DBT              | NUSS              | CH        |     13000 | PA      | $15719.50     | 0.04%             | 2055-05-24      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: PLN 4.173200 17-SEP-2030 WIB               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    902000 | OU      | $-150.18      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Five Year Bonds                 | Japan Government Five Year Bonds                 | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  25200000 | PA      | $166082.71    | 0.39%             | 2029-12-20      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    870000 | PA      | $841657.04    | 2.00%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    130000 | PA      | $172976.69    | 0.41%             | 2029-07-22      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| HELLENIC REPUBLIC                                | Hellenic Republic Government Bond                | CUSIP: 000000000<br>LEI: 2138003EKTMKZ5598902 | Long             | DBT              | NUSS              | GR        |     20000 | PA      | $21112.45     | 0.05%             | 2032-06-18      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Portugal Obrigacoes do Tesouro OT                | Portugal Obrigacoes do Tesouro OT                | CUSIP: 000000000<br>LEI: 549300P6U1FJ3IMP7K42 | Long             | DBT              | NUSS              | PT        |     30000 | PA      | $33300.20     | 0.08%             | 2027-10-15      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    140000 | PA      | $161434.84    | 0.38%             | 2030-07-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD BRL                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $-21.32       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     80000 | PA      | $107492.17    | 0.26%             | 2028-06-07      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT             | French Republic Government Bonds OAT             | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    150000 | PA      | $169231.03    | 0.40%             | 2035-05-25      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: GBP 3.703710 17-SEP-2030 SON               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     67000 | OU      | $99.59        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD CNY                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $6437.50      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SWITZERLAND                                      | Swiss Confederation Government Bond              | CUSIP: 000000000<br>LEI: 5067006OA1BJ88912Q83 | Long             | DBT              | NUSS              | CH        |     15000 | PA      | $18467.41     | 0.04%             | 2029-06-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD SEK                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $81.91        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: GBP 3.798470 17-SEP-2030 SON               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    141000 | OU      | $-579.16      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Austria Government Bonds             | Republic of Austria Government Bonds             | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |     27000 | PA      | $30358.03     | 0.07%             | 2039-07-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                   | JPN 10Y BOND(OSE) SEP25                          | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              |  | JP        |        -2 | NC      | $16109.62     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        | 110400000 | PA      | $82684.11     | 0.20%             | 2032-06-10      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Portugal Obrigacoes do Tesouro OT                | Portugal Obrigacoes do Tesouro OT                | CUSIP: 000000000<br>LEI: 549300P6U1FJ3IMP7K42 | Long             | DBT              | NUSS              | PT        |     20000 | PA      | $22584.10     | 0.05%             | 2029-06-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Bundesobligation                                 | Bundesobligation                                 | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |    100000 | PA      | $114023.99    | 0.27%             | 2029-04-12      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 2.716000 17-SEP-2030 CAD               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     11000 | OU      | $-44.68       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bundesrepublik Deutschland Bundesanleihe         | Bundesrepublik Deutschland Bundesanleihe         | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |     40000 | PA      | $21218.71     | 0.05%             | 2050-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 2.659000 17-SEP-2030 CAD               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    427000 | OU      | $-2547.29     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Canada Government Bonds                          | Canada Government Bonds                          | CUSIP: 135087YQ1<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     17000 | PA      | $12821.65     | 0.03%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Japan Government Two Year Bonds                  | Japan Government Two Year Bonds                  | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  16000000 | PA      | $106085.94    | 0.25%             | 2027-06-01      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| Japan Government Forty Year Bonds                | Japan Government Forty Year Bonds                | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  40000000 | PA      | $251596.82    | 0.60%             | 2048-03-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Portugal Obrigacoes do Tesouro OT                | Portugal Obrigacoes do Tesouro OT                | CUSIP: 000000000<br>LEI: 549300P6U1FJ3IMP7K42 | Long             | DBT              | NUSS              | PT        |     10000 | PA      | $6073.60      | 0.01%             | 2052-04-12      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                         | Thailand Government Bond                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    270000 | PA      | $11642.10     | 0.03%             | 2055-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Singapore Government Bonds                       | Singapore Government Bonds                       | CUSIP: 000000000<br>LEI: 549300ZSV6VOGFH1ER70 | Long             | DBT              | NUSS              | SG        |     10000 | PA      | $9067.24      | 0.02%             | 2072-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                          | Hungary Government Bond                          | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   8350000 | PA      | $17198.57     | 0.04%             | 2033-04-20      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: TWD 1.554000 17-SEP-2030 TAI               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    643000 | OU      | $78.84        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD ILS                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $-208.68      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 5.700400 17-SEP-2030 INR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   8688000 | OU      | $-58.76       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BUND FUTURE SEP25                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -21 | NC      | $17135.43     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                         | FSWP: PLN 4.060000 17-SEP-2030 WIB               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    176000 | OU      | $-262.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED COP / SOLD USD                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CO        |         1 | NC      | $-2785.91     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD GBP                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $339.38       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    110000 | PA      | $147513.82    | 0.35%             | 2030-03-07      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Israel Government Bonds - Fixed                  | Israel Government Bonds - Fixed                  | CUSIP: 000000000<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |     36000 | PA      | $9277.46      | 0.02%             | 2047-03-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                   | Czech Republic Government Bond                   | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    670000 | PA      | $31702.84     | 0.08%             | 2032-11-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                            | Japan Government Thirty Year Bond                | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  46000000 | PA      | $327231.43    | 0.78%             | 2031-11-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                         | Thailand Government Bond                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    590000 | PA      | $18298.03     | 0.04%             | 2030-03-17      | Fixed         | 1.66%                 | No            |                  2 | On Loan: No      |
| New Zealand Government Bonds                     | New Zealand Government Bonds                     | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |     40000 | PA      | $22807.59     | 0.05%             | 2036-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | SWP: OIS 13.370000 02-JAN-2029 BZD               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    417000 | OU      | $293.83       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BUONI POLIENNALI DEL TES                         | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     40000 | PA      | $48053.17     | 0.11%             | 2043-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Ireland Government Bonds                         | Ireland Government Bonds                         | CUSIP: 000000000<br>LEI: 549300KXBEJAOJ9OVF93 | Long             | DBT              | NUSS              | IE        |     21000 | PA      | $22810.91     | 0.05%             | 2043-10-18      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                   | Czech Republic Government Bond                   | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    970000 | PA      | $38241.08     | 0.09%             | 2029-11-29      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED BRL / SOLD USD                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |         1 | NC      | $-11.70       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                           | Republic of Poland Government Bond               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    110000 | PA      | $28552.51     | 0.07%             | 2034-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 10YR NOTE (CBT)SEP25                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        82 | NC      | $1152.97      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  58880000 | PA      | $44856.41     | 0.11%             | 2042-09-10      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BLACKROCK CASH FUNDS                             | BlackRock Cash Funds: Treasury, SL Agency Shares | CUSIP: 066922477<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3544857 | NS      | $3546275.35   | 8.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD BRL                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $867.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Finland Government Bonds                         | Finland Government Bonds                         | CUSIP: 000000000<br>LEI: 743700M6Y2OQRVSBRD14 | Long             | DBT              | NUSS              | FI        |     37000 | PA      | $43014.80     | 0.10%             | 2029-04-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    110000 | PA      | $130118.02    | 0.31%             | 2035-02-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 1.706000 17-SEP-2030 SOR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     84000 | OU      | $18.12        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  98800000 | PA      | $59940.64     | 0.14%             | 2051-03-10      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Australia Government Bonds                       | Australia Government Bonds                       | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |     10000 | PA      | $6219.12      | 0.01%             | 2054-06-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD CAD                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $454.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Finland Government Bonds                         | Finland Government Bonds                         | CUSIP: 000000000<br>LEI: 743700M6Y2OQRVSBRD14 | Long             | DBT              | NUSS              | FI        |     23000 | PA      | $26088.13     | 0.06%             | 2035-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD COP                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $1775.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Canada Government Bonds                          | Canada Government Bonds                          | CUSIP: 135087T46<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |    100000 | PA      | $71796.33     | 0.17%             | 2027-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD DKK                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $1366.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CCV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    470000 | PA      | $432601.95    | 1.03%             | 2028-08-31      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-SCHATZ FUT SEP25                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         4 | NC      | $-985.17      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BONOS TESORERIA PESOS                            | Bonos de la Tesoreria de la Republica en pesos   | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |  25000000 | PA      | $26091.48     | 0.06%             | 2034-10-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds               | Japan Government Thirty Year Bonds               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  27800000 | PA      | $196913.59    | 0.47%             | 2038-03-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                              | Malaysia Government Bond                         | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     70000 | PA      | $16820.27     | 0.04%             | 2050-06-15      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| NETHERLANDS GOVERNMENT                           | Netherlands Government Bond                      | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |     45000 | PA      | $51590.35     | 0.12%             | 2044-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED AUD / SOLD USD                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | AU        |         1 | NC      | $-324.79      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Two Year Bonds                  | Japan Government Two Year Bonds                  | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  50000000 | PA      | $331034.48    | 0.79%             | 2026-12-01      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| Kingdom of Belgium Government Bonds              | Kingdom of Belgium Government Bonds              | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     30000 | PA      | $34607.34     | 0.08%             | 2029-10-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds               | Japan Government Thirty Year Bonds               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  28800000 | PA      | $160176.13    | 0.38%             | 2054-06-20      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Spain Government Bonds                           | Spain Government Bonds                           | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     70000 | PA      | $80498.13     | 0.19%             | 2030-01-31      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  80460000 | PA      | $57109.34     | 0.14%             | 2035-06-10      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  15440000 | PA      | $11683.42     | 0.03%             | 2074-09-10      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 7.842500 11-SEP-2030 TII               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   6032000 | OU      | $-19.09       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: PLN 4.073000 17-SEP-2030 WIB               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    320000 | OU      | $-428.82      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                              | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1190000 | PA      | $716045.31    | 1.70%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 9128282R0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    890000 | PA      | $860727.35    | 2.05%             | 2027-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US ULTRA BOND CBT SEP25                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -17 | NC      | $18567.06     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD GBP                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $1098.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CGZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    700000 | PA      | $686410.16    | 1.63%             | 2030-04-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    140000 | PA      | $187354.96    | 0.45%             | 2034-01-31      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.288000 17-SEP-2030 EUR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     43000 | OU      | $-212.28      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 5.728000 17-SEP-2030 INR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   4353000 | OU      | $28.32        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED USD / SOLD GBP                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $383.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds               | Japan Government Thirty Year Bonds               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   4500000 | PA      | $32437.30     | 0.08%             | 2034-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD CZK                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $2547.60      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                             | Indonesia Treasury Bond                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 307000000 | PA      | $19064.24     | 0.05%             | 2045-08-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 7.830000 11-SEP-2030 TII               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    861000 | OU      | $-26.21       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Spain Government Bonds                           | Spain Government Bonds                           | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |    100000 | PA      | $114567.79    | 0.27%             | 2028-05-31      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                             | Indonesia Treasury Bond                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 902000000 | PA      | $55417.80     | 0.13%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Netherlands Government Bonds                     | Netherlands Government Bonds                     | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |     50000 | PA      | $55504.77     | 0.13%             | 2027-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES   | BlackRock Cash Funds: Treasury, SL Agency Shares | CUSIP: 066922477<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |    100000 | NS      | $100000.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Government Thirty Year Bonds               | Japan Government Thirty Year Bonds               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   2000000 | PA      | $14368.57     | 0.03%             | 2036-03-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Portugal Obrigacoes do Tesouro OT                | Portugal Obrigacoes do Tesouro OT                | CUSIP: 000000000<br>LEI: 549300P6U1FJ3IMP7K42 | Long             | DBT              | NUSS              | PT        |     35000 | PA      | $39599.91     | 0.09%             | 2035-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  63080000 | PA      | $44614.42     | 0.11%             | 2055-03-10      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     84000 | PA      | $94707.73     | 0.23%             | 2054-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    120000 | PA      | $157035.63    | 0.37%             | 2031-10-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds               | Japan Government Thirty Year Bonds               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  49000000 | PA      | $347376.86    | 0.83%             | 2032-05-20      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                              | CUSIP: 912810RQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $13704.69     | 0.03%             | 2046-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD GBP                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $273.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD RON                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $1425.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingdom of Belgium Government Bonds              | Kingdom of Belgium Government Bonds              | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     40000 | PA      | $29396.70     | 0.07%             | 2050-06-22      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: AUD 3.797300 17-SEP-2030 AUD               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    121000 | OU      | $-201.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Israel Government Bonds - Fixed                  | Israel Government Bonds - Fixed                  | CUSIP: 000000000<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    170000 | PA      | $49401.27     | 0.12%             | 2029-02-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                             | Indonesia Treasury Bond                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 634000000 | PA      | $39370.38     | 0.09%             | 2040-08-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD JPY                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $193.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED USD / SOLD GBP                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $371.58       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN GOVERNMENT                              | Canadian Government Bond                         | CUSIP: 135087S96<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |    175000 | PA      | $124791.07    | 0.30%             | 2032-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Republic of Austria Government Bonds             | Republic of Austria Government Bonds             | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |     39000 | PA      | $43378.41     | 0.10%             | 2027-04-20      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 7.770000 11-SEP-2030 TII               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     77000 | OU      | $-12.43       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Netherlands Government Bonds                     | Netherlands Government Bonds                     | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |     40000 | PA      | $43900.15     | 0.10%             | 2028-07-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD CLP                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $237.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 5.697200 17-SEP-2030 INR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 205578000 | OU      | $-1706.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CDF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    720000 | PA      | $665240.62    | 1.58%             | 2028-10-31      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                              | CUSIP: 912810RJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    830000 | PA      | $631740.23    | 1.50%             | 2044-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD JPY                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $248480.45    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED GBP / SOLD USD                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | GB        |         1 | NC      | $-279.88      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Kingdom of Belgium Government Bonds              | Kingdom of Belgium Government Bonds              | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     40000 | PA      | $43623.56     | 0.10%             | 2027-10-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.526000 17-SEP-2030 SOF               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    133000 | OU      | $259.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED USD / SOLD KRW                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $594.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Spain Government Bonds                           | Spain Government Bonds                           | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     70000 | PA      | $82541.82     | 0.20%             | 2039-07-30      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED EUR / SOLD USD                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | XX        |         1 | NC      | $-23883.12    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT             | French Republic Government Bonds OAT             | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    160000 | PA      | $138696.25    | 0.33%             | 2038-05-25      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: GBP 3.709000 17-SEP-2030 SON               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    242000 | OU      | $284.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KINGDOM OF DENMARK                               | Denmark Government Bond                          | CUSIP: 000000000<br>LEI: 549300PTO6LS1PTM6607 | Long             | DBT              | NUSS              | DK        |    180000 | PA      | $24013.02     | 0.06%             | 2031-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SWEDISH GOVERNMENT                               | Sweden Government Bond                           | CUSIP: 000000000<br>LEI: ERE94C0BSULG2RM19605 | Long             | DBT              | NUSS              | SE        |    200000 | PA      | $18198.90     | 0.04%             | 2031-05-12      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD MXN                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $-1687.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD EUR                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $313.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED BRL / SOLD USD                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | BR        |         1 | NC      | $-663.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: CZK 3.629300 17-SEP-2030 PRI               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   3859000 | OU      | $2058.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Spain Government Bonds                           | Spain Government Bonds                           | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     90000 | PA      | $96372.38     | 0.23%             | 2029-07-30      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CAY7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    740000 | PA      | $686350.00    | 1.63%             | 2027-11-30      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                         | Spain Government Bond                            | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     70000 | PA      | $80793.77     | 0.19%             | 2034-04-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: SEK 2.213800 17-SEP-2030 3M                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   9458000 | OU      | $-9336.04     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| SLOVAKIA GOVERNMENT BOND                         | Slovakia Government Bond                         | CUSIP: 000000000<br>LEI: 097900BHFM0000074794 | Long             | DBT              | NUSS              | SK        |     10000 | PA      | $11190.03     | 0.03%             | 2040-02-27      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-OAT FUTURE SEP25                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -1 | NC      | $-126.47      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     90000 | PA      | $106795.20    | 0.25%             | 2034-07-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD SEK                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $1493.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD EUR                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $1395.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Canada Government Bonds                          | Canada Government Bonds                          | CUSIP: 135087S70<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     60000 | PA      | $41209.73     | 0.10%             | 2057-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sweden Government Bonds                          | Sweden Government Bonds                          | CUSIP: 000000000<br>LEI: ERE94C0BSULG2RM19605 | Long             | DBT              | NUSS              | SE        |    200000 | PA      | $20101.16     | 0.05%             | 2035-05-11      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Republic of Austria Government Bonds             | Republic of Austria Government Bonds             | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |     80000 | PA      | $91744.95     | 0.22%             | 2029-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                              | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $29343.75     | 0.07%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 7.865000 11-SEP-2030 TII               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   3725000 | OU      | $171.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Canada Government Bonds                          | Canada Government Bonds                          | CUSIP: 135087ZS6<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     20000 | PA      | $14048.35     | 0.03%             | 2045-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000 | PA      | $79500.00     | 0.19%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD EUR                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $930.59       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                            | China Government Bond                            | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    960000 | PA      | $168171.41    | 0.40%             | 2040-07-29      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| Kingdom of Belgium Government Bonds              | Kingdom of Belgium Government Bonds              | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     30000 | PA      | $36723.43     | 0.09%             | 2032-03-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  15000000 | PA      | $10192.23     | 0.02%             | 2030-06-10      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD PEN                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $237.83       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CLB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    670000 | PA      | $671193.44    | 1.60%             | 2026-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD GBP                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $2205.48      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD PLN                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $53.06        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD ZAR                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $92.35        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SLOVAKIA GOVERNMENT BOND                         | Slovakia Government Bond                         | CUSIP: 000000000<br>LEI: 097900BHFM0000074794 | Long             | DBT              | NUSS              | SK        |     40000 | PA      | $46770.92     | 0.11%             | 2034-03-06      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Finland Government Bonds                         | Finland Government Bonds                         | CUSIP: 000000000<br>LEI: 743700M6Y2OQRVSBRD14 | Long             | DBT              | NUSS              | FI        |     40000 | PA      | $39214.56     | 0.09%             | 2031-09-15      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| New Zealand Government Bonds                     | New Zealand Government Bonds                     | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |     40000 | PA      | $21573.78     | 0.05%             | 2028-05-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: HKD 2.798000 17-SEP-2030 HKD               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   8666000 | OU      | $-1786.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BELGIUM KINGDOM                                  | Kingdom of Belgium Government Bond               | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     50000 | PA      | $55828.19     | 0.13%             | 2034-10-22      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| SWITZERLAND                                      | Swiss Confederation Government Bond              | CUSIP: 000000000<br>LEI: 5067006OA1BJ88912Q83 | Long             | DBT              | NUSS              | CH        |     10000 | PA      | $13017.58     | 0.03%             | 2047-05-22      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Norway Government Bonds                          | Norway Government Bonds                          | CUSIP: 000000000<br>LEI: 549300L0BT3FJTN9MX24 | Long             | DBT              | NUSS              | NO        |    320000 | PA      | $26663.94     | 0.06%             | 2031-09-17      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Republic of Austria Government Bonds             | Republic of Austria Government Bonds             | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |     25000 | PA      | $27298.44     | 0.06%             | 2044-06-20      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                              | Malaysia Government Bond                         | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    120000 | PA      | $29654.77     | 0.07%             | 2044-05-16      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD SEK                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $49.95        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                          | Hungary Government Bond                          | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   9900000 | PA      | $24046.64     | 0.06%             | 2029-05-23      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                         | Thailand Government Bond                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |   1440000 | PA      | $47524.85     | 0.11%             | 2035-03-17      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: SEK 2.228300 17-SEP-2030 3M                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    542000 | OU      | $-497.35      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Canada Government Bonds                          | Canada Government Bonds                          | CUSIP: 135087Q49<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |    105000 | PA      | $76613.78     | 0.18%             | 2028-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: CNY 1.610000 17-SEP-2030 CNR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   1712000 | OU      | $447.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CKE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    760000 | PA      | $762820.31    | 1.81%             | 2027-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                              | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    480000 | PA      | $418781.25    | 1.00%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Netherlands Government Bonds                     | Netherlands Government Bonds                     | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |     35000 | PA      | $27818.06     | 0.07%             | 2040-01-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: ZAR 7.403000 17-SEP-2030 JIB               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   2085000 | OU      | $699.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Canada Government Bonds                          | Canada Government Bonds                          | CUSIP: 135087S39<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     60000 | PA      | $43559.32     | 0.10%             | 2026-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                         | Thailand Government Bond                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    650000 | PA      | $22756.20     | 0.05%             | 2045-06-17      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED EUR / SOLD USD                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |         1 | NC      | $-2438.06     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                         | Thailand Government Bond                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |   1080000 | PA      | $34279.59     | 0.08%             | 2031-12-17      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED JPY / SOLD USD                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | JP        |         1 | NC      | $-329.77      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 5.738000 17-SEP-2030 INR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  22251000 | OU      | $251.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 3.517000 17-SEP-2030 SOF               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    226000 | OU      | $533.06       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HELLENIC REPUBLIC                                | Hellenic Republic Government Bond                | CUSIP: 000000000<br>LEI: 2138003EKTMKZ5598902 | Long             | DBT              | NUSS              | GR        |     25000 | PA      | $29172.80     | 0.07%             | 2035-06-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Ireland Government Bonds                         | Ireland Government Bonds                         | CUSIP: 000000000<br>LEI: 549300KXBEJAOJ9OVF93 | Long             | DBT              | NUSS              | IE        |     40000 | PA      | $43073.66     | 0.10%             | 2031-03-18      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 5.674000 17-SEP-2030 INR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   6963000 | OU      | $-135.48      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD HKD                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $5.14         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                              | Malaysia Government Bond                         | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    200000 | PA      | $47257.68     | 0.11%             | 2030-05-15      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: GBP 3.677000 17-SEP-2030 SON               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   1049000 | OU      | $3213.16      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIKA SLOVENIJA                              | Slovenia Government Bond                         | CUSIP: 000000000<br>LEI: 485100000LWQHIX4XX88 | Long             | DBT              | NUSS              | SI        |      5000 | PA      | $2720.84      | 0.01%             | 2050-10-20      | Fixed         | 0.49%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD GBP                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $68266.00     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  50110000 | PA      | $35083.44     | 0.08%             | 2048-03-10      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                           | Republic of Poland Government Bond               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    100000 | PA      | $21704.05     | 0.05%             | 2032-04-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: HKD 2.865000 17-SEP-2030 HKD               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    414000 | OU      | $82.88        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED SEK / SOLD USD                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | SE        |         1 | NC      | $-281.05      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Canada Government Bonds                          | Canada Government Bonds                          | CUSIP: 135087S62<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |    130000 | PA      | $92286.30     | 0.22%             | 2035-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Netherlands Government Bonds                     | Netherlands Government Bonds                     | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |     30000 | PA      | $14636.07     | 0.03%             | 2052-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: CNY 1.472000 17-DEC-2030 CNR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   7632768 | OU      | $-5274.09     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.348100 17-SEP-2030 EUR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    555000 | OU      | $-953.89      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                          | Mexican Bonos                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1000000 | PA      | $52487.81     | 0.12%             | 2030-02-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: OIS 1.300000 17-SEP-2030 THO               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   1788000 | OU      | $6.15         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BUXL 30Y BND SEP25                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -1 | NC      | $3331.37      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MALAYSIA GOVERNMENT                              | Malaysia Government Bond                         | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    250000 | PA      | $59320.63     | 0.14%             | 2028-04-20      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| Ireland Government Bonds                         | Ireland Government Bonds                         | CUSIP: 000000000<br>LEI: 549300KXBEJAOJ9OVF93 | Long             | DBT              | NUSS              | IE        |     21000 | PA      | $23372.53     | 0.06%             | 2034-10-18      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Kingdom of Belgium Government Bonds              | Kingdom of Belgium Government Bonds              | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     30000 | PA      | $32997.21     | 0.08%             | 2042-06-22      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 5YR NOTE (CBT) SEP25                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         3 | NC      | $-472.71      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JAPAN (5 YEAR ISSUE)                             | Japan Government Five Year Bond                  | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  49000000 | PA      | $318709.59    | 0.76%             | 2029-06-20      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT             | French Republic Government Bonds OAT             | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    140000 | PA      | $158789.19    | 0.38%             | 2033-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HELLENIC REPUBLIC                                | Hellenic Republic Government Bond                | CUSIP: 000000000<br>LEI: 2138003EKTMKZ5598902 | Long             | DBT              | NUSS              | GR        |      4000 | PA      | $4518.31      | 0.01%             | 2054-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                              | Korea Treasury Bond                              | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  52850000 | PA      | $38414.95     | 0.09%             | 2044-09-10      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD JPY                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $503.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    115000 | PA      | $130355.60    | 0.31%             | 2040-10-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF AUSTRIA                              | Republic of Austria Government Bond              | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |     50000 | PA      | $57459.96     | 0.14%             | 2033-02-20      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | PURCHASED USD / SOLD IDR                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $176.60       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                         | Spain Government Bond                            | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |    100000 | PA      | $85287.31     | 0.20%             | 2037-07-30      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED USD / SOLD HKD                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $3.53         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                          | Romania Government Bond                          | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    200000 | PA      | $43395.98     | 0.10%             | 2029-04-25      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT             | French Republic Government Bonds OAT             | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |     20000 | PA      | $13890.53     | 0.03%             | 2050-05-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Israel Government Bonds - Fixed                  | Israel Government Bonds - Fixed                  | CUSIP: 000000000<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    112000 | PA      | $32186.46     | 0.08%             | 2035-03-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED CAD / SOLD USD                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CA        |         1 | NC      | $-404.72      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Norway Government Bonds                          | Norway Government Bonds                          | CUSIP: 000000000<br>LEI: 549300L0BT3FJTN9MX24 | Long             | DBT              | NUSS              | NO        |    150000 | PA      | $14281.03     | 0.03%             | 2035-06-12      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FRANCE (GOVT OF)                                 | French Republic Government Bond OAT              | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    230000 | PA      | $264309.83    | 0.63%             | 2030-02-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Japan Government Forty Year Bonds                | Japan Government Forty Year Bonds                | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  24000000 | PA      | $138951.72    | 0.33%             | 2051-03-20      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                | Italy Buoni Poliennali Del Tesoro                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    100000 | PA      | $116908.99    | 0.28%             | 2027-07-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| HELLENIC REPUBLIC                                | Hellenic Republic Government Bond                | CUSIP: 000000000<br>LEI: 2138003EKTMKZ5598902 | Long             | DBT              | NUSS              | GR        |     13000 | PA      | $15501.59     | 0.04%             | 2042-01-30      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | FSWP: OIS 7.800000 11-SEP-2030 TII               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    512000 | OU      | $-49.12       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Spain Government Bonds                           | Spain Government Bonds                           | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     80000 | PA      | $91990.73     | 0.22%             | 2027-05-31      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                           | Republic of Poland Government Bond               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    400000 | PA      | $95916.53     | 0.23%             | 2028-01-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Netherlands Government Bonds                     | Netherlands Government Bonds                     | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |     50000 | PA      | $55346.02     | 0.13%             | 2035-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: HKD 2.897500 17-SEP-2030 HKD               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    208000 | OU      | $82.63        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Austria Government Bonds             | Republic of Austria Government Bonds             | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |     10000 | PA      | $10398.75     | 0.02%             | 2053-10-20      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    110000 | PA      | $145804.44    | 0.35%             | 2027-01-29      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Japan Government Twenty Year Bonds               | Japan Government Twenty Year Bonds               | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   5900000 | PA      | $38361.35     | 0.09%             | 2045-03-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD EUR                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $193098.46    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                             | Indonesia Treasury Bond                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 960000000 | PA      | $58248.93     | 0.14%             | 2032-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Singapore Government Bonds                       | Singapore Government Bonds                       | CUSIP: 000000000<br>LEI: 549300ZSV6VOGFH1ER70 | Long             | DBT              | NUSS              | SG        |     30000 | PA      | $23634.32     | 0.06%             | 2039-07-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | PURCHASED USD / SOLD JPY                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $6592.93      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | FSWP: EUR 2.247000 17-SEP-2030 EUR               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   5058000 | OU      | $-36073.02    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIKA SLOVENIJA                              | Slovenia Government Bond                         | CUSIP: 000000000<br>LEI: 485100000LWQHIX4XX88 | Long             | DBT              | NUSS              | SI        |     25000 | PA      | $28447.97     | 0.07%             | 2034-03-10      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                         | Thailand Government Bond                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    420000 | PA      | $15315.61     | 0.04%             | 2050-06-17      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                               | Peru Government Bond                             | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    150000 | PA      | $45440.82     | 0.11%             | 2033-08-12      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                          | Mexican Bonos                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1000000 | PA      | $50955.34     | 0.12%             | 2027-03-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED CNY / SOLD USD                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | CN        |         1 | NC      | $-38.87       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| French Republic Government Bonds OAT             | French Republic Government Bonds OAT             | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    120000 | PA      | $133127.69    | 0.32%             | 2042-05-25      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** BlackRock ETF Trust II

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer