# EDGAR Filing Document

**Accession Number:** 0000110055
**File Stem:** 0000940400-26-014721
**Filing Date:** 2026-4
**Character Count:** 694416
**Document Hash:** 9b144a9991b305c3705676d1e2559586
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-014721.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000940400-26-014721

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260227

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK BALANCED FUND, INC.
- **CENTRAL INDEX KEY:** 0000110055

**ORGANIZATION NAME:**
- **EIN:** 132757134
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02405
- **FILM NUMBER:** 26893044

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 08536
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 08536

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK SUSTAINABLE BALANCED FUND, INC.
- **DATE OF NAME CHANGE:** 20220408

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK BALANCED CAPITAL FUND, INC.
- **DATE OF NAME CHANGE:** 20061002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH BALANCED CAPITAL FUND INC
- **DATE OF NAME CHANGE:** 20051214

## Series and Classes Contracts Data

### BLACKROCK BALANCED FUND, INC. (Series ID: S000002175)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000005578 | Investor A    |  |
| C000005580 | Investor C    |  |
| C000005581 | Institutional |  |
| C000005582 | Class R       |  |
| C000199764 | Class K       |  |

## Nport-Ex

Schedule of Investments (unaudited)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| BAE Systems PLC | 223173 | $6372828 |
| Curtiss-Wright Corp. | 3895 | 2727786 |
| General Electric Co. | 3747 | 1282448 |
| Lockheed Martin Corp. | 5336 | 3511515 |
| Northrop Grumman Corp. | 2147 | 1555244 |
| Rolls-Royce Holdings PLC | 158196 | 2844693 |
| RTX Corp. | 14144 | 2865857 |
| Safran SA | 16153 | 6505439 |
| Thales SA | 3349 | 1016479 |
|  |  | 28682289 |
| **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
| Hyundai Glovis Co. Ltd. | 946 | 190477 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| Aptiv PLC<sup>(a)</sup> | 691 | 50816 |
| BorgWarner, Inc. | 45036 | 2592723 |
|  |  | 2643539 |
| **Automobiles — 0.7%** | **Automobiles — 0.7%** | **Automobiles — 0.7%** |
| Geely Automobile Holdings Ltd. | 317000 | 654389 |
| General Motors Co. | 4979 | 391897 |
| Mercedes-Benz Group AG, Class N | 5921 | 409666 |
| Tesla, Inc.<sup>(a)</sup> | 28710 | 11556062 |
|  |  | 13012014 |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
| Banco Bilbao Vizcaya Argentaria SA | 21770 | 504228 |
| Banco Santander SA | 94040 | 1186038 |
| Bank Central Asia Tbk PT | 3000600 | 1281225 |
| Bank Hapoalim BM | 8026 | 202561 |
| Bank Mandiri Persero Tbk PT | 423300 | 132862 |
| Bank Negara Indonesia Persero Tbk PT | 144900 | 37979 |
| Bank of America Corp. | 171814 | 8561492 |
| Bank of Hangzhou Co. Ltd., Class A | 13700 | 32449 |
| Bank of Montreal | 11274 | 1622520 |
| Bank Polska Kasa Opieki SA | 5295 | 335496 |
| Bank Rakyat Indonesia Persero Tbk PT | 2372400 | 552104 |
| Barclays PLC | 39452 | 239462 |
| BAWAG Group AG<sup>(b)</sup> | 2699 | 418029 |
| BNP Paribas SA | 25545 | 2868236 |
| Canadian Imperial Bank of Commerce | 5327 | 538109 |
| China Merchants Bank Co. Ltd., Class A | 65800 | 371346 |
| Citigroup, Inc. | 30142 | 3321347 |
| Commonwealth Bank of Australia | 3618 | 448891 |
| Credit Agricole SA | 89157 | 1969743 |
| DBS Group Holdings Ltd. | 97000 | 4369385 |
| Grupo Cibest SA | 6422 | 144392 |
| Grupo Financiero Banorte SAB de CV, Class O | 13006 | 147890 |
| Intesa Sanpaolo SpA | 544493 | 3736065 |
| Israel Discount Bank Ltd., Class A | 10101 | 122252 |
| JPMorgan Chase & Co. | 23957 | 7194287 |
| KB Financial Group, Inc. | 3874 | 427566 |
| Mitsubishi UFJ Financial Group, Inc. | 222000 | 4121209 |
| NatWest Group PLC | 63426 | 526589 |
| Popular, Inc. | 746 | 100979 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 1852 | 47983 |
| Shanghai Commercial & Savings Bank Ltd. (The) | 99 | 127 |
| Societe Generale SA | 7932 | 687392 |
| Standard Chartered PLC | 19670 | 485208 |
| Sumitomo Mitsui Financial Group, Inc. | 116200 | 4384875 |
| Sumitomo Mitsui Trust Group, Inc. | 112900 | 3936699 |
| U.S. Bancorp | 71477 | 3906933 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| UniCredit SpA | 37140 | $3162373 |
| Wells Fargo & Co. | 607 | 49440 |
|  |  | 62175761 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Ambev SA | 317966 | 1009131 |
| Coca-Cola Femsa SAB de CV | 6013 | 66865 |
| PepsiCo, Inc. | 16265 | 2760821 |
|  |  | 3836817 |
| **Biotechnology — 0.9%** | **Biotechnology — 0.9%** | **Biotechnology — 0.9%** |
| AbbVie, Inc. | 17993 | 4175815 |
| Alkermes PLC<sup>(a)</sup> | 7473 | 224937 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 294 | 97878 |
| Amgen, Inc. | 6032 | 2341381 |
| Ascendis Pharma A/S, ADR<sup>(a)</sup> | 369 | 86162 |
| BeOne Medicines Ltd., Class H<sup>(a)</sup> | 5400 | 133307 |
| Biogen, Inc.<sup>(a)</sup> | 2546 | 488374 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 7033 | 434147 |
| BioNTech SE, ADR<sup>(a)</sup> | 4028 | 444006 |
| CSL Ltd. | 945 | 98929 |
| Exelixis, Inc.<sup>(a)</sup> | 10082 | 444213 |
| Genmab A/S<sup>(a)</sup> | 1908 | 561766 |
| Gilead Sciences, Inc. | 14138 | 2105855 |
| Hugel, Inc.<sup>(a)</sup> | 1468 | 275583 |
| Incyte Corp.<sup>(a)</sup> | 660 | 66838 |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | 51000 | 554874 |
| Insmed, Inc.<sup>(a)</sup> | 132 | 19712 |
| Moderna, Inc.<sup>(a)</sup> | 8510 | 455881 |
| Natera, Inc.<sup>(a)</sup> | 2979 | 619751 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 4181 | 552937 |
| PharmaResearch Co. Ltd. | 409 | 99334 |
| Regeneron Pharmaceuticals, Inc. | 1514 | 1183448 |
| Seegene, Inc. | 2268 | 41376 |
| United Therapeutics Corp.<sup>(a)</sup> | 453 | 228267 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1337 | 664262 |
| Zai Lab Ltd.<sup>(a)</sup> | 34100 | 64729 |
|  |  | 16463762 |
| **Broadline Retail — 1.8%** | **Broadline Retail — 1.8%** | **Broadline Retail — 1.8%** |
| Alibaba Group Holding Ltd. | 122900 | 2224090 |
| Amazon.com, Inc.<sup>(a)</sup> | 112935 | 23716350 |
| Dollarama, Inc. | 2110 | 310641 |
| eBay, Inc. | 26780 | 2433231 |
| Etsy, Inc.<sup>(a)</sup> | 8105 | 444802 |
| JD.com, Inc., Class A | 22650 | 300694 |
| MercadoLibre, Inc.<sup>(a)</sup> | 807 | 1418367 |
| Wesfarmers Ltd. | 12738 | 721648 |
|  |  | 31569823 |
| **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
| Johnson Controls International PLC | 2344 | 338239 |
| **Capital Markets — 1.6%** | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** |
| Ameriprise Financial, Inc. | 2802 | 1317276 |
| B3 SA - Brasil Bolsa Balcao | 434202 | 1517780 |
| Charles Schwab Corp. (The) | 69196 | 6587459 |
| China International Capital Corp. Ltd., Class A | 219200 | 1105463 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | 1890 | 332357 |
| Deutsche Bank AG, Registered Shares | 19002 | 673681 |
| Goldman Sachs Group, Inc. (The) | 865 | 743528 |
| IG Group Holdings PLC | 2965 | 52007 |
| Intercontinental Exchange, Inc. | 7805 | 1281035 |
| Jefferies Financial Group, Inc. | 1722 | 76457 |
| London Stock Exchange Group PLC | 1773 | 211241 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Macquarie Group Ltd. | 34399 | $5220406 |
| Morgan Stanley | 48562 | 8086059 |
| SEI Investments Co. | 871 | 70830 |
| TMX Group Ltd. | 611 | 20609 |
| UBS Group AG, Registered Shares | 3883 | 161338 |
|  |  | 27457526 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| Albemarle Corp. | 4940 | 882630 |
| Corteva, Inc. | 37122 | 2974215 |
| DSM-Firmenich AG | 20717 | 1479603 |
| KCC Corp. | 855 | 387058 |
| LG Chem Ltd. | 3615 | 1051163 |
| Nitto Denko Corp. | 2500 | 57976 |
| Orica Ltd. | 23740 | 412141 |
| Sumitomo Chemical Co. Ltd. | 234500 | 856630 |
|  |  | 8101416 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| Republic Services, Inc. | 130 | 29770 |
| Tetra Tech, Inc. | 2718 | 97413 |
| Waste Management, Inc. | 4668 | 1124241 |
|  |  | 1251424 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Accton Technology Corp. | 7000 | 308037 |
| Arcadyan Technology Corp. | 43000 | 269193 |
| Arista Networks, Inc.<sup>(a)</sup> | 2893 | 386215 |
| Lumentum Holdings, Inc.<sup>(a)(c)</sup> | 407 | 285270 |
| Motorola Solutions, Inc. | 6964 | 3358459 |
| Nokia Oyj | 289034 | 2218342 |
| Telefonaktiebolaget LM Ericsson, B Shares | 9607 | 111057 |
| Zhongji Innolight Co. Ltd., Class A | 4000 | 309617 |
|  |  | 7246190 |
| **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** |
| ACS Actividades de Construccion y Servicios SA | 3231 | 416912 |
| AECOM | 47913 | 4694516 |
| &nbsp;&nbsp;&nbsp; HDC Hyundai Development Co-Engineering & <br> Construction, Class E<br>| 3726 | 59947 |
| Hyundai Engineering & Construction Co. Ltd. | 635 | 72726 |
| MasTec, Inc.<sup>(a)</sup> | 13343 | 3976481 |
| Obayashi Corp. | 56100 | 1583756 |
| Quanta Services, Inc. | 91 | 51240 |
| Samsung E & A Co. Ltd. | 18588 | 469963 |
| Skanska AB, B Shares | 15343 | 470368 |
| Stantec, Inc. | 30634 | 2836461 |
| Sunway Construction Group Bhd | 128600 | 232925 |
| United Integrated Services Co. Ltd. | 19000 | 675333 |
| Worley Ltd. | 164155 | 1321927 |
| WSP Global, Inc. | 722 | 122307 |
|  |  | 16984862 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
| Holcim AG | 8561 | 787024 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| Ally Financial, Inc. | 2883 | 113706 |
| American Express Co. | 19418 | 5998220 |
| Gentera SAB de CV | 9291 | 26969 |
|  |  | 6138895 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
| Costco Wholesale Corp. | 5211 | 5267227 |
| Dino Polska SA<sup>(a)(b)</sup> | 5013 | 56367 |
| E-MART, Inc. | 817 | 59609 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
| J Sainsbury PLC | 14559 | $68475 |
| Koninklijke Ahold Delhaize NV | 17078 | 842892 |
| Tesco PLC | 219788 | 1422805 |
| Walmart, Inc. | 43229 | 5531151 |
|  |  | 13248526 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Ball Corp. | 7951 | 533751 |
| Crown Holdings, Inc. | 12777 | 1464244 |
|  |  | 1997995 |
| **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** |
| British Land Co. PLC (The) | 11827 | 65021 |
| Mirvac Group | 90044 | 131337 |
|  |  | 196358 |
| **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** |
| AT&T Inc. | 83603 | 2341720 |
| Comcast Corp., Class A | 104867 | 3246683 |
| Deutsche Telekom AG, Registered Shares | 156829 | 6298277 |
| Telefonica Brasil SA | 74923 | 632238 |
| Verizon Communications, Inc. | 108309 | 5430613 |
|  |  | 17949531 |
| **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** |
| Cia Paranaense de Energia - Copel | 88588 | 254368 |
| Duke Energy Corp. | 2284 | 298861 |
| Edison International | 12871 | 961979 |
| EDP SA | 445753 | 2371651 |
| Eversource Energy | 269 | 20500 |
| Exelon Corp. | 362 | 17908 |
| Iberdrola SA | 27197 | 641938 |
| Korea Electric Power Corp. | 1003 | 40315 |
| NextEra Energy, Inc. | 2070 | 194104 |
| NRG Energy, Inc. | 12149 | 2174185 |
|  |  | 6975809 |
| **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** |
| ABB Ltd., Registered Shares | 88873 | 8277299 |
| AMETEK, Inc. | 28407 | 6795523 |
| Bizlink Holding, Inc. | 28504 | 1259566 |
| &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| 52700 | 2620027 |
| GE Vernova, Inc. | 502 | 438547 |
| LS Corp. | 612 | 121249 |
| Siemens Energy AG | 25778 | 4992626 |
| Sungrow Power Supply Co. Ltd., Class A | 17600 | 369517 |
| Vestas Wind Systems A/S | 14552 | 372012 |
|  |  | 25246366 |
| **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** |
| Chroma ATE, Inc. | 89000 | 3867403 |
| Delta Electronics, Inc. | 23000 | 1037158 |
| Flex Ltd.<sup>(a)</sup> | 1374 | 86589 |
| Jabil, Inc. | 227 | 60153 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 4588 | 1410030 |
| LG Innotek Co. Ltd. | 597 | 132269 |
| Murata Manufacturing Co. Ltd. | 152800 | 3995710 |
| Primax Electronics Ltd. | 147000 | 382247 |
| TDK Corp. | 1800 | 27807 |
| TE Connectivity PLC | 9467 | 2178830 |
| Tripod Technology Corp. | 6000 | 74114 |
|  |  | 13252310 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Halliburton Co. | 3577 | 128772 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| NCSoft Corp. | 327 | $52447 |
| NetEase, Inc. | 12600 | 283818 |
| Netflix, Inc.<sup>(a)</sup> | 50286 | 4839525 |
| ROBLOX Corp., Class A<sup>(a)</sup> | 13914 | 955335 |
| Roku, Inc., Class A<sup>(a)</sup> | 12603 | 1240261 |
| Spotify Technology SA<sup>(a)</sup> | 3589 | 1848120 |
|  |  | 9219506 |
| **Financial Services — 0.7%** | **Financial Services — 0.7%** | **Financial Services — 0.7%** |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 2310 | 1166434 |
| Block, Inc., Class A<sup>(a)</sup> | 25795 | 1643141 |
| Essent Group Ltd. | 1409 | 85724 |
| Fidelity National Information Services, Inc. | 25465 | 1297696 |
| FirstRand Ltd. | 18756 | 116880 |
| Mastercard, Inc., Class A | 8838 | 4571102 |
| ORIX Corp. | 32600 | 1144231 |
| Visa, Inc., Class A | 5255 | 1682336 |
|  |  | 11707544 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| AVI Ltd. | 27839 | 196208 |
| China Mengniu Dairy Co. Ltd. | 217000 | 447159 |
| Chocoladefabriken Lindt & Spruengli AG, NVS | 1 | 16510 |
| Conagra Brands, Inc. | 44895 | 864229 |
| General Mills, Inc. | 1716 | 77615 |
| MBRF Global Foods Co. SA | 67639 | 273115 |
| Minerva SA | 62990 | 64139 |
| Tingyi Cayman Islands Holding Corp. | 66000 | 110217 |
| Tyson Foods, Inc., Class A | 302 | 19627 |
| Uni-President China Holdings Ltd. | 113000 | 111506 |
| WH Group Ltd.<sup>(b)</sup> | 109500 | 137725 |
|  |  | 2318050 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| ENN Energy Holdings Ltd. | 38900 | 341288 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| Canadian National Railway Co. | 5464 | 613155 |
| Canadian Pacific Kansas City Ltd. | 2944 | 257785 |
| Uber Technologies, Inc.<sup>(a)</sup> | 33895 | 2556361 |
|  |  | 3427301 |
| **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** |
| Abbott Laboratories | 35078 | 4081325 |
| Boston Scientific Corp.<sup>(a)</sup> | 56260 | 4323581 |
| Koninklijke Philips NV | 20601 | 660166 |
| Stryker Corp. | 2971 | 1151144 |
| Sysmex Corp. | 5900 | 55701 |
|  |  | 10271917 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| Cardinal Health, Inc. | 4931 | 1130333 |
| Centene Corp.<sup>(a)</sup> | 987 | 44297 |
| Cigna Group (The) | 10953 | 3174398 |
| HCA Healthcare, Inc. | 4004 | 2120919 |
| KPJ Healthcare Bhd | 94600 | 71111 |
| McKesson Corp. | 2195 | 2167277 |
| Tenet Healthcare Corp.<sup>(a)</sup> | 4324 | 1035122 |
| UnitedHealth Group, Inc. | 9517 | 2791051 |
|  |  | 12534508 |
| **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** |
| Ventas, Inc. | 1558 | 134237 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 4938 | 898765 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| RLJ Lodging Trust | 17 | $136 |
| **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** |
| Airbnb, Inc., Class A<sup>(a)</sup> | 24875 | 3360861 |
| Aristocrat Leisure Ltd. | 49643 | 1697131 |
| Booking Holdings, Inc. | 803 | 3404198 |
| MakeMyTrip Ltd.<sup>(a)(c)</sup> | 8900 | 502583 |
| McDonald's Corp. | 23070 | 7868254 |
| Meituan, Class B<sup>(a)(b)</sup> | 65870 | 678264 |
| Trip.com Group Ltd. | 581 | 30153 |
|  |  | 17541444 |
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| Haier Smart Home Co. Ltd., Class H | 6400 | 21732 |
| NVR, Inc.<sup>(a)</sup> | 221 | 1661432 |
| Sony Group Corp. | 359700 | 8268878 |
|  |  | 9952042 |
| **Household Products — 0.6%** | **Household Products — 0.6%** | **Household Products — 0.6%** |
| Colgate-Palmolive Co. | 885 | 87739 |
| Procter & Gamble Co. (The) | 65247 | 10909298 |
|  |  | 10997037 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| AES Corp. (The) | 29683 | 512922 |
| Brookfield Renewable Corp. | 1003 | 42803 |
| ReNew Energy Global PLC, Class A<sup>(a)</sup> | 80486 | 444283 |
| Vistra Corp. | 679 | 118071 |
|  |  | 1118079 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| 3M Co. | 2405 | 397594 |
| CJ Corp. | 3085 | 468765 |
| Hanwha Corp.<sup>(a)</sup> | 675 | 64098 |
| Hitachi Ltd. | 43200 | 1414252 |
| Honeywell International, Inc. | 35015 | 8529304 |
| Samsung C&T Corp. | 858 | 209089 |
| Siemens AG, Registered Shares | 1923 | 556024 |
| Smiths Group PLC | 50248 | 1857687 |
|  |  | 13496813 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| AIA Group Ltd. | 689600 | 7607346 |
| Allianz SE, Registered Shares | 14048 | 6308636 |
| ASR Nederland NV | 1986 | 144308 |
| AXA SA | 161916 | 7918033 |
| Hartford Insurance Group, Inc. (The) | 11923 | 1679116 |
| MetLife, Inc. | 49486 | 3566456 |
| NN Group NV | 20309 | 1665696 |
| &nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China Ltd., <br> Class A<br>| 39800 | 365545 |
| &nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China Ltd., H <br> Shares<br>| 81500 | 705028 |
| Power Corp. of Canada | 1294 | 65001 |
| Progressive Corp. (The) | 1278 | 273057 |
| Prudential Financial, Inc. | 3806 | 374434 |
| Travelers Cos., Inc. (The) | 12055 | 3720655 |
|  |  | 34393311 |
| **Interactive Media & Services — 2.7%** | **Interactive Media & Services — 2.7%** | **Interactive Media & Services — 2.7%** |
| Alphabet, Inc., Class A | 60034 | 18716200 |
| Alphabet, Inc., Class C, NVS | 38133 | 11875760 |
| Autotrader Group PLC<sup>(b)</sup> | 24136 | 159876 |
| Meta Platforms, Inc., Class A | 13500 | 8750430 |
| NAVER Corp. | 2483 | 438633 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| REA Group Ltd. | 1023 | $121029 |
| Tencent Holdings Ltd. | 114400 | 7526814 |
|  |  | 47588742 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| CoreWeave, Inc., Class A<sup>(a)</sup> | 1606 | 127773 |
| Fujitsu Ltd. | 42200 | 940761 |
| International Business Machines Corp. | 3839 | 922166 |
| NEC Corp. | 17500 | 485158 |
| Shopify, Inc., Class A<sup>(a)</sup> | 4724 | 570288 |
| VeriSign, Inc. | 1568 | 357410 |
| Wix.com Ltd.<sup>(a)</sup> | 3180 | 224063 |
|  |  | 3627619 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Hasbro, Inc. | 6207 | 618155 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| Illumina, Inc.<sup>(a)</sup> | 149 | 20035 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 2747 | 491191 |
| Lonza Group AG, Registered Shares | 106 | 73728 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 117 | 52856 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 19 | 25967 |
| QIAGEN NV | 1766 | 87804 |
| Thermo Fisher Scientific, Inc. | 158 | 82335 |
| West Pharmaceutical Services, Inc. | 216 | 54937 |
|  |  | 888853 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Amada Co. Ltd. | 73700 | 1225356 |
| Caterpillar, Inc. | 934 | 693803 |
| HD Construction Equipment Co. Ltd. | 850 | 82930 |
| HD Hyundai Heavy Industries Co. Ltd. | 328 | 137358 |
| &nbsp;&nbsp;&nbsp; HD Korea Shipbuilding & Offshore Engineering Co. <br> Ltd.<br>| 236 | 73822 |
| Hyundai Rotem Co. Ltd. | 650 | 103924 |
| Illinois Tool Works, Inc. | 406 | 117996 |
| Mitsubishi Heavy Industries Ltd. | 2300 | 73319 |
| Techtronic Industries Co. Ltd. | 40000 | 647827 |
| Wartsila Oyj Abp | 17028 | 739435 |
|  |  | 3895770 |
| **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** |
| Star Bulk Carriers Corp. | 1551 | 40776 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| CyberAgent, Inc. | 4400 | 38796 |
| Fox Corp., Class B | 3780 | 195539 |
| Informa PLC | 137280 | 1550478 |
|  |  | 1784813 |
| **Metals & Mining — 1.3%** | **Metals & Mining — 1.3%** | **Metals & Mining — 1.3%** |
| Aneka Tambang Tbk | 236800 | 61571 |
| Anglo American PLC | 6248 | 314122 |
| Baoshan Iron & Steel Co. Ltd., Class A | 148300 | 155617 |
| Barrick Mining Corp. | 14118 | 716328 |
| BHP Group Ltd. | 74286 | 3014176 |
| Capstone Copper Corp.<sup>(a)</sup> | 7588 | 78492 |
| Cia Brasileira de Aluminio<sup>(a)</sup> | 53613 | 106463 |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> | 35700 | 380562 |
| Endeavour Mining PLC | 14891 | 1071480 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | 34389 | 1029615 |
| Fortescue Ltd. | 85185 | 1279583 |
| Freeport-McMoRan, Inc. | 49730 | 3385618 |
| Hyundai Steel Co. | 15977 | 515262 |
| Kobe Steel Ltd. | 2600 | 37835 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| MP Materials Corp., Class A<sup>(a)(c)</sup> | 2476 | $145762 |
| Newmont Corp. | 6033 | 784290 |
| Rio Tinto PLC | 1888 | 187044 |
| South32 Ltd. | 796565 | 2609454 |
| Vale SA | 20706 | 357210 |
| Valterra Platinum Ltd. | 1 | 117 |
| Wheaton Precious Metals Corp. | 45808 | 7464348 |
|  |  | 23694949 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Consolidated Edison, Inc. | 29080 | 3272082 |
| Engie SA | 92567 | 3162374 |
| Public Service Enterprise Group, Inc. | 1301 | 111977 |
|  |  | 6546433 |
| **Oil, Gas & Consumable Fuels — 2.0%** | **Oil, Gas & Consumable Fuels — 2.0%** | **Oil, Gas & Consumable Fuels — 2.0%** |
| Aker BP ASA | 20747 | 630349 |
| BP PLC | 87161 | 564926 |
| Cameco Corp. (CAD) | 1766 | 208935 |
| Cheniere Energy, Inc. | 1151 | 271325 |
| Chevron Corp. | 55651 | 10393381 |
| Enbridge, Inc. | 7344 | 390176 |
| ENEOS Holdings, Inc. | 555500 | 5299832 |
| EOG Resources, Inc. | 20742 | 2573667 |
| Exxon Mobil Corp. | 7471 | 1139328 |
| Repsol SA | 150546 | 3406944 |
| Santos Ltd. | 363438 | 1751467 |
| Shell PLC | 192426 | 8059354 |
| Valero Energy Corp. | 194 | 39700 |
| Var Energi ASA | 218776 | 825953 |
|  |  | 35555337 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| Delta Air Lines, Inc. | 669 | 43953 |
| International Consolidated Airlines Group SA | 120735 | 687684 |
|  |  | 731637 |
| **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** |
| L'Oreal SA | 284 | 133067 |
| **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** |
| Astellas Pharma, Inc. | 58500 | 973529 |
| AstraZeneca PLC | 14232 | 2994877 |
| Bristol-Myers Squibb Co. | 63945 | 3988250 |
| Daiichi Sankyo Co. Ltd. | 87900 | 1731192 |
| Eli Lilly & Co. | 4693 | 4936989 |
| GSK PLC | 48296 | 1435032 |
| Ipsen SA | 752 | 146792 |
| &nbsp;&nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br> Class A<br>| 188600 | 1550473 |
| Johnson & Johnson | 18199 | 4521178 |
| Novartis AG, Registered Shares | 6869 | 1154966 |
| Ono Pharmaceutical Co. Ltd. | 74200 | 1275622 |
| Pfizer, Inc. | 295664 | 8175110 |
| Sanofi SA | 21408 | 2093731 |
| Sino Biopharmaceutical Ltd. | 145000 | 111814 |
| Takeda Pharmaceutical Co. Ltd. | 50600 | 1893817 |
| Zoetis, Inc., Class A | 9794 | 1283993 |
|  |  | 38267365 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| Experian PLC | 46735 | 1759068 |
| Intertek Group PLC | 22370 | 1425418 |
| Jacobs Solutions, Inc. | 2301 | 317216 |
| Recruit Holdings Co. Ltd. | 4600 | 200170 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| Thomson Reuters Corp. | 13930 | $1341173 |
| Wolters Kluwer NV, Class C | 1625 | 131277 |
|  |  | 5174322 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| CBRE Group, Inc., Class A<sup>(a)</sup> | 377 | 55668 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | 293900 | 207242 |
| Daiwa House Industry Co. Ltd. | 8800 | 317561 |
| Mitsui Fudosan Co. Ltd. | 216800 | 2922426 |
| Vonovia SE | 2256 | 76495 |
|  |  | 3579392 |
| **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |
| Invitation Homes, Inc. | 13212 | 348004 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Kimco Realty Corp. | 33302 | 784262 |
| Klepierre SA | 2407 | 101295 |
| Link REIT | 16300 | 80586 |
| RioCan REIT | 62387 | 902383 |
|  |  | 1868526 |
| **Semiconductors & Semiconductor Equipment — 6.7%** | **Semiconductors & Semiconductor Equipment — 6.7%** | **Semiconductors & Semiconductor Equipment — 6.7%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 21911 | 4386801 |
| Analog Devices, Inc. | 2582 | 918650 |
| Applied Materials, Inc. | 9315 | 3467974 |
| ASE Technology Holding Co. Ltd. | 85000 | 1024214 |
| ASM International NV | 161 | 135785 |
| ASML Holding NV | 4053 | 5894716 |
| ASPEED Technology, Inc. | 9000 | 2777968 |
| Broadcom, Inc. | 37583 | 12009648 |
| Elan Microelectronics Corp. | 66000 | 255354 |
| First Solar, Inc.<sup>(a)</sup> | 778 | 153422 |
| Intel Corp.<sup>(a)</sup> | 67376 | 3073019 |
| King Yuan Electronics Co. Ltd. | 109000 | 1121561 |
| Lam Research Corp. | 13183 | 3083372 |
| MediaTek, Inc. | 26000 | 1601589 |
| Microchip Technology, Inc. | 952 | 71057 |
| Micron Technology, Inc. | 12576 | 5185965 |
| Nanya Technology Corp.<sup>(a)</sup> | 81000 | 719034 |
| NVIDIA Corp. | 232733 | 41237960 |
| NXP Semiconductors NV | 164 | 37230 |
| Parade Technologies Ltd. | 20000 | 345157 |
| Phison Electronics Corp. | 40000 | 2363088 |
| QUALCOMM, Inc. | 27869 | 3967431 |
| Shenzhen Goodix Technology Co. Ltd., Class A | 14200 | 161677 |
| SK hynix, Inc. | 4220 | 3120236 |
| Skyworks Solutions, Inc. | 40879 | 2435571 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 223000 | 13914797 |
| Texas Instruments, Inc. | 3897 | 826593 |
| Tokyo Electron Ltd. | 16300 | 4586409 |
| Winbond Electronics Corp.<sup>(a)</sup> | 7000 | 26631 |
|  |  | 118902909 |
| **Software — 2.6%** | **Software — 2.6%** | **Software — 2.6%** |
| Adobe, Inc.<sup>(a)</sup> | 7172 | 1882005 |
| Autodesk, Inc.<sup>(a)</sup> | 1332 | 327499 |
| Dropbox, Inc., Class A<sup>(a)</sup> | 22767 | 568947 |
| Intuit, Inc. | 4750 | 1942892 |
| Microsoft Corp. | 80412 | 31581009 |
| Nice Ltd.<sup>(a)</sup> | 3345 | 383063 |
| Oracle Corp. | 9570 | 1391478 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 27585 | 3784386 |
| Salesforce, Inc. | 4903 | 955055 |
| SAP SE | 6476 | 1300979 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| ServiceNow, Inc.<sup>(a)</sup> | 17565 | $1897196 |
| Trimble, Inc.<sup>(a)</sup> | 1496 | 100038 |
| Zscaler, Inc.<sup>(a)</sup> | 561 | 82461 |
|  |  | 46197008 |
| **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
| American Tower Corp. | 20163 | 3868473 |
| Digital Realty Trust, Inc. | 27664 | 4902061 |
| Equinix, Inc. | 1002 | 976209 |
|  |  | 9746743 |
| **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** |
| Home Depot, Inc. (The) | 411 | 156476 |
| JB Hi-Fi Ltd. | 9236 | 539886 |
| Lojas Renner SA | 780361 | 2386825 |
| TJX Cos., Inc. (The) | 21049 | 3402781 |
| Ultrapar Participacoes SA | 140298 | 706348 |
|  |  | 7192316 |
| **Technology Hardware, Storage & Peripherals — 3.1%** | **Technology Hardware, Storage & Peripherals — 3.1%** | **Technology Hardware, Storage & Peripherals — 3.1%** |
| Apple Inc. | 158887 | 41974767 |
| Chicony Electronics Co. Ltd. | 67000 | 267652 |
| Dell Technologies, Inc., Class C | 10723 | 1587862 |
| Hewlett Packard Enterprise Co. | 3408 | 73170 |
| Lenovo Group Ltd. | 600000 | 740594 |
| Samsung Electronics Co. Ltd. | 61262 | 9169165 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | 296800 | 1312720 |
|  |  | 55125930 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| Bosideng International Holdings Ltd. | 114000 | 70670 |
| Makalot Industrial Co. Ltd. | 27640 | 281840 |
| Pandora A/S | 1814 | 143397 |
| Tapestry, Inc. | 23035 | 3581251 |
|  |  | 4077158 |
| **Tobacco — 0.5%** | **Tobacco — 0.5%** | **Tobacco — 0.5%** |
| Altria Group, Inc. | 88152 | 6086014 |
| Imperial Brands PLC | 14192 | 635644 |
| Japan Tobacco, Inc. | 43100 | 1648980 |
|  |  | 8370638 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| Guangdong Investment Ltd. | 32000 | 31170 |
| United Utilities Group PLC | 36223 | 678979 |
|  |  | 710149 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| MTN Group Ltd. | 67407 | 876771 |
| SoftBank Corp. | 551800 | 754754 |
| SoftBank Group Corp. | 1900 | 48651 |
| Tele2 AB, B Shares | 2721 | 57424 |
| T-Mobile U.S., Inc. | 10119 | 2196734 |
| Vodafone Group PLC | 815569 | 1255838 |
|  |  | 5190172 |
| **Total Common Stocks — 49.5%** <br>**(Cost: $538,771,205)** | **Total Common Stocks — 49.5%** <br>**(Cost: $538,771,205)** | 874084486 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| Boeing Co. (The), 5.93%, 05/01/60 | USD  | 200 | 200584 |
| Bombardier, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/01/31<sup>(b)</sup> |  | 88 | 93624 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Bombardier, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 06/15/33<sup>(b)</sup> | USD  | 241 | $253952 |
| &nbsp;&nbsp;&nbsp; 7.45%, 05/01/34<sup>(b)</sup> |  | 114 | 128429 |
| General Electric Co., 4.90%, 01/29/36 |  | 335 | 343630 |
| Lockheed Martin Corp., 4.09%, 09/15/52 |  | 150 | 121639 |
| RTX Corp., 6.40%, 03/15/54 |  | 150 | 167620 |
| TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/31<sup>(b)</sup> |  | 166 | 173983 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/32<sup>(b)</sup> |  | 59 | 61124 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/33<sup>(b)</sup> |  | 81 | 82671 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/31/34<sup>(b)</sup> |  | 15 | 15517 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/31/34<sup>(b)</sup> |  | 40 | 41511 |
|  |  |  | 1684284 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Belron UK Finance PLC, 5.75%, 10/15/29<sup>(b)</sup> |  | 200 | 204431 |
| Cooper-Standard Automotive, Inc., 03/01/31<sup>(b)(d)</sup> |  | 328 | 328925 |
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings, Inc./Garrett LX I S.a.r.l., <br> 7.75%, 05/31/32<sup>(b)</sup><br>|  | 200 | 211364 |
| IHO Verwaltungs GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.75% Cash or 8.50% PIK), 7.75%, <br> 11/15/30<sup>(b)(e)</sup><br>|  | 33 | 34684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.00% Cash or 8.75% PIK), 8.00%, <br> 11/15/32<sup>(b)(e)</sup><br>|  | 25 | 26668 |
| Patrick Industries, Inc., 6.38%, 11/01/32<sup>(b)</sup> |  | 183 | 187963 |
| Phinia, Inc., 6.63%, 10/15/32<sup>(b)</sup> |  | 61 | 63328 |
|  |  |  | 1057363 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd., 10.00%, <br> 03/31/29<sup>(b)</sup><br>|  | 165 | 134062 |
| Honda Motor Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.53%, 03/10/27 |  | 1000 | 987088 |
| &nbsp;&nbsp;&nbsp; 4.69%, 07/08/30 |  | 1275 | 1299661 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, <br> 8.50%, 01/18/31<br>|  | 200 | 237656 |
| New Flyer Holdings, Inc., 9.25%, 07/01/30<sup>(b)</sup> |  | 147 | 158675 |
| Nissan Motor Acceptance Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 09/15/26<sup>(b)</sup> |  | 52 | 52533 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/29/28<sup>(b)</sup> |  | 45 | 45290 |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/30/30<sup>(b)</sup> |  | 150 | 150347 |
| Nissan Motor Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/17/30<sup>(b)</sup> |  | 82 | 86491 |
| &nbsp;&nbsp;&nbsp; 7.75%, 07/17/32<sup>(b)</sup> |  | 175 | 187139 |
| &nbsp;&nbsp;&nbsp; 8.13%, 07/17/35<sup>(b)</sup> |  | 70 | 76440 |
| &nbsp;&nbsp;&nbsp; Rivian Holdings LLC/Rivian LLC/Rivian Automotive <br> LLC, 10.00%, 01/15/31<sup>(b)</sup><br>|  | 62 | 58645 |
|  |  |  | 3474027 |
| **Banks — 2.6%** | **Banks — 2.6%** | **Banks — 2.6%** | **Banks — 2.6%** |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, 6.14%, <br> 09/14/28<br>|  | 1400 | 1443559 |
| Banco Santander SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.18%, 03/24/28 |  | 600 | 600213 |
| &nbsp;&nbsp;&nbsp; 5.59%, 08/08/28 |  | 1200 | 1243833 |
| &nbsp;&nbsp;&nbsp; 6.61%, 11/07/28 |  | 1000 | 1065802 |
| Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 02/04/28 |  | 1150 | 1135069 |
| &nbsp;&nbsp;&nbsp; 3.19%, 07/23/30 |  | 250 | 243148 |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/13/31 |  | 100 | 93923 |
| &nbsp;&nbsp;&nbsp; 2.69%, 04/22/32 |  | 820 | 759256 |
| &nbsp;&nbsp;&nbsp; 4.57%, 04/27/33 |  | 890 | 893621 |
| &nbsp;&nbsp;&nbsp; 5.51%, 01/24/36 |  | 795 | 834426 |
| &nbsp;&nbsp;&nbsp; 5.74%, 02/12/36 |  | 470 | 491204 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/07/42 | USD  | 175 | $187687 |
| &nbsp;&nbsp;&nbsp; 4.08%, 03/20/51 |  | 475 | 385271 |
| Bank of Montreal, 5.20%, 02/01/28 |  | 810 | 830334 |
| Barclays PLC, 2.67%, 03/10/32 |  | 450 | 413893 |
| Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.67%, 01/29/31 |  | 1060 | 1000101 |
| &nbsp;&nbsp;&nbsp; 4.41%, 03/31/31 |  | 1140 | 1145942 |
| &nbsp;&nbsp;&nbsp; 2.57%, 06/03/31 |  | 1470 | 1374038 |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/22/33 |  | 350 | 376636 |
| &nbsp;&nbsp;&nbsp; 3.79%, 03/17/33 |  | 1080 | 1039255 |
| Fifth Third Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.34%, 07/27/29 |  | 60 | 63093 |
| &nbsp;&nbsp;&nbsp; 4.77%, 07/28/30 |  | 225 | 228770 |
| First Citizens BancShares, Inc., 5.23%, 03/12/31 |  | 250 | 254591 |
| HSBC Holdings PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.87%, 11/18/35 |  | 440 | 461910 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/03/36 |  | 300 | 311987 |
| &nbsp;&nbsp;&nbsp; 5.79%, 05/13/36 |  | 3010 | 3199667 |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/14/42 |  | 350 | 382391 |
| Huntington Bancshares, Inc., 5.02%, 05/17/33 |  | 100 | 102099 |
| ING Groep NV, 4.02%, 03/28/28 |  | 1580 | 1581151 |
| JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.18%, 06/01/28 |  | 2575 | 2518935 |
| &nbsp;&nbsp;&nbsp; 4.85%, 07/25/28 |  | 970 | 981238 |
| &nbsp;&nbsp;&nbsp; 2.52%, 04/22/31 |  | 1370 | 1285523 |
| &nbsp;&nbsp;&nbsp; 2.96%, 05/13/31 |  | 1775 | 1689035 |
| &nbsp;&nbsp;&nbsp; 1.76%, 11/19/31 |  | 345 | 309026 |
| &nbsp;&nbsp;&nbsp; 2.96%, 01/25/33 |  | 540 | 500843 |
| &nbsp;&nbsp;&nbsp; 5.35%, 06/01/34 |  | 602 | 630008 |
| M&T Bank Corp., 5.05%, 01/27/34 |  | 125 | 126990 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.34%, 01/19/28 |  | 1250 | 1232863 |
| &nbsp;&nbsp;&nbsp; 5.48%, 02/22/31 |  | 425 | 445529 |
| Mizuho Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.55%, 07/09/27 |  | 1850 | 1834768 |
| &nbsp;&nbsp;&nbsp; 2.87%, 09/13/30 |  | 375 | 359584 |
| Morgan Stanley Bank N.A., 4.45%, 10/15/27 |  | 900 | 903228 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Private Bank N.A., 4.47%, <br> 07/06/28<br>|  | 250 | 251633 |
| PNC Financial Services Group, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/21/28 |  | 610 | 617315 |
| &nbsp;&nbsp;&nbsp; 5.94%, 08/18/34 |  | 325 | 351146 |
| &nbsp;&nbsp;&nbsp; 5.37%, 07/21/36 |  | 195 | 202172 |
| &nbsp;&nbsp;&nbsp; 5.42%, 01/25/41 |  | 140 | 141534 |
| Royal Bank of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/01/28 |  | 1000 | 1030118 |
| &nbsp;&nbsp;&nbsp; 4.70%, 08/06/31 |  | 125 | 127717 |
| Santander Holdings U.S.A., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/09/29 |  | 1830 | 1905056 |
| &nbsp;&nbsp;&nbsp; 6.57%, 06/12/29 |  | 610 | 637438 |
| &nbsp;&nbsp;&nbsp; 7.66%, 11/09/31 |  | 25 | 28217 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, 6.53%, <br> 01/10/29<br>|  | 1660 | 1731901 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 09/17/28 |  | 900 | 855147 |
| &nbsp;&nbsp;&nbsp; 5.42%, 07/09/31 |  | 550 | 580090 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank. (The), Series FXD, 1.95%, <br> 01/12/27<br>|  | 1310 | 1289635 |
| Truist Financial Corp., 6.12%, 10/28/33 |  | 100 | 108526 |
| U.S. Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.68%, 01/27/33 |  | 250 | 227657 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| U.S. Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.68%, 01/23/35 | USD  | 90 | $95542 |
| &nbsp;&nbsp;&nbsp; 5.42%, 02/12/36 |  | 580 | 608584 |
| Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.61%, 01/15/44 |  | 150 | 149517 |
| &nbsp;&nbsp;&nbsp; 5.01%, 04/04/51 |  | 325 | 297325 |
| Westpac Banking Corp., 6.82%, 11/17/33 |  | 25 | 28206 |
| Zions Bancorp N.A., 4.48%, 02/09/29 |  | 430 | 430149 |
|  |  |  | 46655065 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev <br> Worldwide, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/01/36 |  | 75 | 75194 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 |  | 300 | 282179 |
| Coca-Cola Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/05/51 |  | 4700 | 3198050 |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/15/51 |  | 700 | 430543 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/14/55 |  | 273 | 268364 |
| Constellation Brands, Inc., 3.60%, 02/15/28 |  | 175 | 173901 |
| Diageo Capital PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/29/30 |  | 1620 | 1492524 |
| &nbsp;&nbsp;&nbsp; 2.13%, 04/29/32 |  | 960 | 846255 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/24/33 |  | 3570 | 3787998 |
| Keurig Dr Pepper, Inc., 3.43%, 06/15/27 |  | 300 | 297835 |
| PepsiCo, Inc., 3.00%, 10/15/27 |  | 100 | 99194 |
|  |  |  | 10952037 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 02/21/27 |  | 650 | 639583 |
| &nbsp;&nbsp;&nbsp; 5.65%, 02/19/56 |  | 100 | 99808 |
| Genmab A/S/Genmab Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 12/15/32<sup>(b)</sup> |  | 37 | 38399 |
| &nbsp;&nbsp;&nbsp; 7.25%, 12/15/33<sup>(b)</sup> |  | 238 | 252550 |
| Gilead Sciences, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/15/33 |  | 520 | 548761 |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/15/53 |  | 660 | 663035 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., 1.75%, <br> 09/15/30<br>|  | 3706 | 3340450 |
|  |  |  | 5582586 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| Alibaba Group Holding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 12/06/27 |  | 300 | 297895 |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/09/31 |  | 200 | 183582 |
| JD.com, Inc., 3.38%, 01/14/30 |  | 200 | 196334 |
| Kohl's Corp., 10.00%, 06/01/30<sup>(b)</sup> |  | 28 | 30481 |
| Macy's Retail Holdings LLC, 7.38%, 08/01/33<sup>(b)</sup> |  | 75 | 78572 |
| Nordstrom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/01/30 |  | 74 | 71250 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/44 |  | 72 | 54841 |
| QVC, Inc., 6.88%, 04/15/29<sup>(b)</sup> |  | 219 | 91980 |
| Rakuten Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 11.25%, 02/15/27<sup>(b)</sup> |  | 200 | 210602 |
| &nbsp;&nbsp;&nbsp; 9.75%, 04/15/29<sup>(b)</sup> |  | 300 | 332749 |
|  |  |  | 1548286 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc., 5.38%, <br> 03/01/34<sup>(b)</sup><br>|  | 50 | 50381 |
| Carlisle Cos., Inc., 5.55%, 09/15/40 |  | 270 | 279516 |
| Owens Corning |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 08/15/26 |  | 350 | 348820 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Owens Corning |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/01/30 | USD  | 50 | $49449 |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/15/47 |  | 1430 | 1182126 |
|  |  |  | 1910292 |
| **Capital Markets — 1.2%** | **Capital Markets — 1.2%** | **Capital Markets — 1.2%** | **Capital Markets — 1.2%** |
| Apollo Debt Solutions BDC, 6.70%, 07/29/31 |  | 150 | 154863 |
| Ares Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/15/27 |  | 360 | 353350 |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/15/28 |  | 470 | 448259 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/30 |  | 100 | 99009 |
| &nbsp;&nbsp;&nbsp; 5.10%, 01/15/31 |  | 70 | 68315 |
| Bank of New York Mellon Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.71%, 02/01/34 |  | 430 | 435352 |
| &nbsp;&nbsp;&nbsp; Series J, 4.97%, 04/26/34 |  | 375 | 384734 |
| Charles Schwab Corp. (The), 4.91%, 11/14/36 |  | 330 | 330099 |
| Deutsche Bank AG |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.71%, 02/08/28 |  | 260 | 263852 |
| &nbsp;&nbsp;&nbsp; 6.82%, 11/20/29 |  | 190 | 202351 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/08/31 |  | 200 | 208490 |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/11/35 |  | 421 | 431666 |
| FactSet Research Systems, Inc., 2.90%, 03/01/27 |  | 1980 | 1954729 |
| Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(b)</sup> |  | 76 | 82656 |
| Goldman Sachs Group, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/07/30 |  | 840 | 794403 |
| &nbsp;&nbsp;&nbsp; 1.99%, 01/27/32 |  | 246 | 220114 |
| &nbsp;&nbsp;&nbsp; 2.62%, 04/22/32 |  | 319 | 292966 |
| &nbsp;&nbsp;&nbsp; 2.38%, 07/21/32 |  | 2775 | 2502921 |
| &nbsp;&nbsp;&nbsp; 3.10%, 02/24/33 |  | 755 | 700531 |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/01/37 |  | 450 | 505480 |
| &nbsp;&nbsp;&nbsp; 4.02%, 10/31/38 |  | 302 | 272867 |
| &nbsp;&nbsp;&nbsp; 5.39%, 02/02/41 |  | 120 | 119095 |
| Intercontinental Exchange, Inc., 2.10%, 06/15/30 |  | 150 | 138290 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., 6.75%, <br> 05/01/33<sup>(b)</sup><br>|  | 50 | 51309 |
| LPL Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/30 |  | 100 | 102101 |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/35 |  | 570 | 578364 |
| Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.48%, 01/21/28 |  | 950 | 937357 |
| &nbsp;&nbsp;&nbsp; 2.70%, 01/22/31 |  | 145 | 137202 |
| &nbsp;&nbsp;&nbsp; 1.79%, 02/13/32 |  | 2070 | 1832751 |
| &nbsp;&nbsp;&nbsp; 2.51%, 10/20/32 |  | 925 | 838310 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/21/34 |  | 855 | 885850 |
| &nbsp;&nbsp;&nbsp; 5.42%, 07/21/34 |  | 1775 | 1853861 |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/24/42 |  | 525 | 586913 |
| MSCI, Inc., 5.15%, 03/15/36 |  | 645 | 639141 |
| Nomura Holdings, Inc., 6.18%, 01/18/33 |  | 350 | 381493 |
| Osaic Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/01/32<sup>(b)</sup> |  | 80 | 80730 |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/01/33<sup>(b)</sup> |  | 25 | 24906 |
| S&P Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 |  | 175 | 162769 |
| &nbsp;&nbsp;&nbsp; 4.80%, 12/04/35<sup>(b)</sup> |  | 285 | 285645 |
| StoneX Escrow Issuer LLC, 6.88%, 07/15/32<sup>(b)</sup> |  | 80 | 83018 |
| StoneX Group, Inc., 7.88%, 03/01/31<sup>(b)</sup> |  | 203 | 215257 |
| UBS AG, 1.25%, 08/07/26 |  | 430 | 425211 |
| UBS Group AG, 3.09%, 05/14/32<sup>(b)</sup> |  | 200 | 187154 |
| &nbsp;&nbsp;&nbsp; VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, <br> 06/15/31<sup>(b)</sup><br>|  | 116 | 120735 |
|  |  |  | 21374469 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Air Products & Chemicals, Inc., 4.85%, 02/08/34 |  | 25 | 25665 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| CF Industries, Inc., 5.38%, 03/15/44 | USD  | 100 | $95858 |
| Dow Chemical Co. (The), 7.38%, 11/01/29 |  | 125 | 137404 |
| Ecolab, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/35 |  | 50 | 51625 |
| &nbsp;&nbsp;&nbsp; 2.70%, 12/15/51 |  | 760 | 479224 |
| Linde, Inc., 3.55%, 11/07/42 |  | 25 | 20464 |
| NOVA Chemicals Corp., 9.00%, 02/15/30<sup>(b)</sup> |  | 28 | 29746 |
| Perimeter Holdings LLC, 6.25%, 01/15/34<sup>(b)</sup> |  | 65 | 65296 |
| Rain Carbon, Inc., 12.25%, 09/01/29<sup>(b)</sup> |  | 93 | 99034 |
| Sherwin-Williams Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/15/35 |  | 1220 | 1255751 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/47 |  | 100 | 86716 |
| &nbsp;&nbsp;&nbsp; SK Invictus Intermediate II S.a.r.l., 5.00%, <br> 10/30/29<sup>(b)</sup><br>|  | 212 | 208623 |
| Tronox, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/29<sup>(b)</sup> |  | 161 | 124482 |
| &nbsp;&nbsp;&nbsp; 9.13%, 09/30/30<sup>(b)</sup> |  | 140 | 137467 |
| Westlake Corp., 5.00%, 08/15/46 |  | 150 | 131939 |
|  |  |  | 2949294 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| ADT Security Corp. (The), 5.88%, 10/15/33<sup>(b)</sup> |  | 130 | 132128 |
| CompoSecure Holdings LLC, 5.63%, 02/01/33<sup>(b)</sup> |  | 50 | 49750 |
| Deluxe Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/01/29<sup>(b)</sup> |  | 28 | 28259 |
| &nbsp;&nbsp;&nbsp; 8.13%, 09/15/29<sup>(b)</sup> |  | 94 | 98599 |
| Pitney Bowes, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/15/27<sup>(b)</sup> |  | 7 | 7001 |
| &nbsp;&nbsp;&nbsp; 7.25%, 03/15/29<sup>(b)</sup> |  | 69 | 68812 |
| Republic Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/15/30 |  | 120 | 123357 |
| &nbsp;&nbsp;&nbsp; 5.20%, 11/15/34 |  | 495 | 518166 |
| Waste Connections, Inc., 5.25%, 09/01/35 |  | 945 | 989187 |
| Waste Management, Inc., 5.35%, 10/15/54 |  | 544 | 538578 |
|  |  |  | 2553837 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| Cisco Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/24/32 |  | 60 | 62489 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/26/54 |  | 215 | 209166 |
| Motorola Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 11/15/30 |  | 400 | 368011 |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/24/31 |  | 1320 | 1224010 |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/01/32 |  | 830 | 881483 |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/15/34 |  | 480 | 501707 |
| Viasat, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/28<sup>(b)</sup> |  | 65 | 64169 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/30/31<sup>(b)</sup> |  | 195 | 192375 |
|  |  |  | 3503410 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| AECOM, 6.00%, 08/01/33<sup>(b)</sup> |  | 50 | 51088 |
| &nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp., 5.25%, <br> 06/01/29<sup>(b)</sup><br>|  | 48 | 47865 |
| HTA Group Ltd., 7.50%, 06/04/29<sup>(b)</sup> |  | 200 | 206678 |
| Quanta Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 10/01/30 |  | 3480 | 3291676 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/31 |  | 125 | 126478 |
| Tutor Perini Corp., 11.88%, 04/30/29<sup>(b)</sup> |  | 127 | 139277 |
|  |  |  | 3863062 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| CRH America Finance, Inc., 5.50%, 01/09/35 | USD  | 1050 | $1105933 |
| Martin Marietta Materials, Inc., 5.15%, 12/01/34 |  | 530 | 547082 |
|  |  |  | 1653015 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| Ally Financial, Inc., 6.65%, 01/17/40 |  | 23 | 22946 |
| American Express Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 03/04/27 |  | 480 | 474617 |
| &nbsp;&nbsp;&nbsp; 5.28%, 07/27/29 |  | 700 | 721190 |
| &nbsp;&nbsp;&nbsp; 5.04%, 05/01/34 |  | 310 | 318689 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/28/34 |  | 110 | 115263 |
| &nbsp;&nbsp;&nbsp; 5.44%, 01/30/36 |  | 200 | 208439 |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/24/36 |  | 405 | 401106 |
| Atlanticus Holdings Corp., 9.75%, 09/01/30<sup>(b)</sup> |  | 126 | 114484 |
| Bread Financial Holdings, Inc., 6.75%, 05/15/31<sup>(b)</sup> |  | 85 | 86601 |
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, 9.25%, <br> 07/01/31<sup>(b)</sup><br>|  | 93 | 94480 |
| Capital One Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/26/30 |  | 375 | 387501 |
| &nbsp;&nbsp;&nbsp; 7.62%, 10/30/31 |  | 2230 | 2513543 |
| &nbsp;&nbsp;&nbsp; 5.27%, 05/10/33 |  | 230 | 236175 |
| &nbsp;&nbsp;&nbsp; 5.82%, 02/01/34 |  | 480 | 506497 |
| &nbsp;&nbsp;&nbsp; 7.96%, 11/02/34 |  | 1160 | 1365461 |
| Credit Acceptance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 12/15/28<sup>(b)</sup> |  | 153 | 159863 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/30<sup>(b)</sup> |  | 90 | 89531 |
| Enova International, Inc., 9.13%, 08/01/29<sup>(b)</sup> |  | 174 | 182777 |
| EZCORP, Inc., 7.38%, 04/01/32<sup>(b)</sup> |  | 45 | 48192 |
| FirstCash, Inc., 6.88%, 03/01/32<sup>(b)</sup> |  | 231 | 238392 |
| Ford Motor Credit Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/13/30 |  | 425 | 407301 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/06/33 |  | 445 | 453463 |
| goeasy Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 12/01/28<sup>(b)</sup> |  | 121 | 119715 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/30<sup>(b)</sup> |  | 95 | 84220 |
| OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/29 |  | 104 | 106171 |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/15/30 |  | 86 | 89952 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/15/31 |  | 178 | 183788 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/33 |  | 85 | 84364 |
| SLM Corp., 6.50%, 01/31/30 |  | 24 | 24374 |
| Synchrony Financial |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/01/27 |  | 150 | 149312 |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/28/31 |  | 1490 | 1337853 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/02/33 |  | 229 | 241490 |
|  |  |  | 11567750 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New Albertsons <br> LP/Albertsons LLC, 5.75%, 03/31/34<sup>(b)</sup><br>|  | 73 | 72637 |
| Bunge Ltd. Finance Corp., 3.75%, 09/25/27 |  | 100 | 99750 |
| Kroger Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 05/01/30 |  | 425 | 395710 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/34 |  | 335 | 340621 |
| Target Corp., 4.50%, 09/15/32 |  | 50 | 51161 |
| U.S. Foods, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/32<sup>(b)</sup> |  | 177 | 185373 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/15/33<sup>(b)</sup> |  | 123 | 125463 |
| Walmart, Inc., 4.90%, 04/28/35 |  | 1490 | 1546079 |
|  |  |  | 2816794 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| Covista, Inc., 5.50%, 03/01/28<sup>(b)</sup> |  | 42 | 42000 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
| Graham Holdings Co., 5.63%, 12/01/33<sup>(b)</sup> | USD  | 47 | $46999 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc., 5.38%, <br> 11/15/33<sup>(b)</sup><br>|  | 38 | 38310 |
|  |  |  | 127309 |
| **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** |
| American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.45%, 09/15/26 |  | 425 | 419243 |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/15/28 |  | 25 | 26127 |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/15/35 |  | 300 | 311512 |
| Crown Castle, Inc., 3.65%, 09/01/27 |  | 1100 | 1094552 |
| Equinix, Inc., 1.45%, 05/15/26 |  | 1000 | 994534 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/01/37 |  | 246 | 244975 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/54 |  | 162 | 162016 |
| VICI Properties LP, 5.13%, 05/15/32 |  | 552 | 559911 |
|  |  |  | 3812870 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| APLD ComputeCo LLC, 9.25%, 12/15/30<sup>(b)</sup> |  | 247 | 259249 |
| AT&T Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/01/54 |  | 500 | 485116 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/30/56 |  | 1300 | 1311219 |
| British Telecommunications PLC, 9.63%, 12/15/30 |  | 125 | 152930 |
| Comcast Corp., 2.94%, 11/01/56 |  | 625 | 364482 |
| &nbsp;&nbsp;&nbsp; Connect Finco S.a.r.l./Connect U.S. Finco LLC, <br> 9.00%, 09/15/29<sup>(b)</sup><br>|  | 266 | 282272 |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom International Finance BV, <br> 9.25%, 06/01/32<br>|  | 100 | 126021 |
| Flash Compute LLC, 7.25%, 12/31/30<sup>(b)</sup> |  | 75 | 76771 |
| GCI LLC, 4.75%, 10/15/28<sup>(b)</sup> |  | 100 | 98256 |
| Koninklijke KPN NV, 8.38%, 10/01/30 |  | 450 | 527602 |
| Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/28<sup>(b)</sup> |  | 147 | 141713 |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/33<sup>(b)</sup> |  | 215 | 222670 |
| Orange SA, 5.50%, 02/06/44 |  | 200 | 201845 |
| Telecom Italia Capital SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/30/34 |  | 62 | 64541 |
| &nbsp;&nbsp;&nbsp; 7.20%, 07/18/36 |  | 81 | 89746 |
| &nbsp;&nbsp;&nbsp; 7.72%, 06/04/38 |  | 152 | 173689 |
| Verizon Communications, Inc., 5.88%, 11/30/55 |  | 195 | 196305 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(b)</sup> |  | 183 | 193800 |
|  |  |  | 4968227 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| Alpha Generation LLC, 6.25%, 01/15/34<sup>(b)</sup> |  | 85 | 86318 |
| Ameren Illinois Co., 5.90%, 12/01/52 |  | 125 | 130752 |
| Avangrid, Inc., 3.80%, 06/01/29 |  | 500 | 496374 |
| Baltimore Gas & Electric Co., 5.40%, 06/01/53 |  | 177 | 172658 |
| Berkshire Hathaway Energy Co., 6.13%, 04/01/36 |  | 50 | 54850 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, 3.55%, <br> 08/01/42<br>|  | 125 | 101259 |
| Commonwealth Edison Co., 4.90%, 02/01/33 |  | 1590 | 1636167 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., <br> Series 05-A, 5.30%, 03/01/35<br>|  | 225 | 234684 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, 5.60%, <br> 06/15/42<br>|  | 100 | 101565 |
| Consumers Energy Co., 4.20%, 09/01/52 |  | 200 | 163881 |
| DTE Electric Co., 5.25%, 05/15/35 |  | 225 | 233677 |
| Duke Energy Carolinas LLC, 3.20%, 08/15/49 |  | 125 | 87810 |
| Duke Energy Corp., 4.20%, 06/15/49 |  | 150 | 119351 |
| Enel Chile SA, 4.88%, 06/12/28 |  | 25 | 25388 |
| Entergy Louisiana LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/15/55 |  | 125 | 127121 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Entergy Louisiana LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 04/15/56 | USD  | 685 | $679671 |
| Evergy Kansas Central, Inc., 5.25%, 03/15/35 |  | 75 | 77130 |
| Eversource Energy |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 |  | 1000 | 989179 |
| &nbsp;&nbsp;&nbsp; 3.38%, 03/01/32 |  | 750 | 703230 |
| &nbsp;&nbsp;&nbsp; Series U, 1.40%, 08/15/26 |  | 200 | 197553 |
| Exelon Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 03/15/27 |  | 550 | 543519 |
| &nbsp;&nbsp;&nbsp; 3.35%, 03/15/32 |  | 350 | 330756 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/34 |  | 420 | 441119 |
| Florida Power & Light Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/01/35 |  | 275 | 281724 |
| &nbsp;&nbsp;&nbsp; 5.60%, 02/15/66 |  | 315 | 313183 |
| Hawaiian Electric Co., Inc., 6.00%, 10/01/33<sup>(b)</sup> |  | 13 | 13250 |
| Interstate Power & Light Co., 4.95%, 09/30/34 |  | 50 | 50608 |
| Kentucky Utilities Co., 4.38%, 10/01/45 |  | 50 | 43171 |
| MidAmerican Energy Co., 5.85%, 09/15/54 |  | 125 | 130238 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., 4.40%, <br> 03/01/31<br>|  | 400 | 404621 |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/34<sup>(b)</sup> |  | 70 | 72392 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/36<sup>(b)</sup> |  | 85 | 86510 |
| NSTAR Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 05/15/29 |  | 1000 | 980458 |
| &nbsp;&nbsp;&nbsp; 3.95%, 04/01/30 |  | 1000 | 994196 |
| Oncor Electric Delivery Co. LLC, 7.50%, 09/01/38 |  | 75 | 91586 |
| Pacific Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 08/01/28 |  | 250 | 252935 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/56 |  | 265 | 261735 |
| PacifiCorp, 5.45%, 02/15/34 |  | 200 | 205414 |
| Potomac Electric Power Co., 5.20%, 03/15/34 |  | 125 | 130465 |
| PPL Electric Utilities Corp., 4.85%, 02/15/34 |  | 175 | 179103 |
| Public Service Co. of Colorado, 5.15%, 09/15/35 |  | 175 | 178686 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of New Hampshire, 5.15%, <br> 01/15/53<br>|  | 360 | 340185 |
| Public Service Co. of Oklahoma, 5.45%, 01/15/36 |  | 75 | 77709 |
| Public Service Electric & Gas Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/01/33 |  | 2410 | 2519709 |
| &nbsp;&nbsp;&nbsp; 3.80%, 01/01/43 |  | 50 | 41680 |
| San Diego Gas & Electric Co., 5.35%, 04/01/53 |  | 100 | 95126 |
| Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/01/35 |  | 200 | 205785 |
| &nbsp;&nbsp;&nbsp; Series C, 4.13%, 03/01/48 |  | 75 | 58700 |
| Southern Co. (The), 4.40%, 07/01/46 |  | 125 | 106888 |
| Talen Energy Supply LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/01/34<sup>(b)</sup> |  | 93 | 94636 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/36<sup>(b)</sup> |  | 123 | 126465 |
| Tampa Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/01/35 |  | 670 | 688052 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/52 |  | 25 | 23230 |
| Virginia Electric & Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/15/38 |  | 25 | 33446 |
| &nbsp;&nbsp;&nbsp; 03/15/56<sup>(d)</sup> |  | 370 | 367440 |
| &nbsp;&nbsp;&nbsp; Series B, 6.00%, 01/15/36 |  | 100 | 108018 |
| Vistra Operations Co. LLC, 7.75%, 10/15/31<sup>(b)</sup> |  | 86 | 90881 |
| Xcel Energy, Inc., 5.50%, 03/15/34 |  | 150 | 156607 |
|  |  |  | 17538844 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| NXP BV/NXP Funding LLC, 5.55%, 12/01/28 |  | 560 | 579101 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
| &nbsp;&nbsp;&nbsp; NXP BV/NXP Funding LLC/NXP U.S.A., Inc., <br> 4.85%, 08/19/32<br>| USD  | 175 | $178033 |
| WESCO Distribution, Inc., 6.38%, 03/15/33<sup>(b)</sup> |  | 19 | 19810 |
|  |  |  | 776944 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| Allegion U.S. Holding Co., Inc., 3.55%, 10/01/27 |  | 45 | 44685 |
| Amphenol Corp., 4.63%, 02/15/36 |  | 125 | 124234 |
| Arrow Electronics, Inc., 5.88%, 04/10/34 |  | 477 | 502574 |
| Keysight Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 04/06/27 |  | 1250 | 1256992 |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/30/29 |  | 760 | 734076 |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/15/34 |  | 65 | 66268 |
| TD SYNNEX Corp., 2.38%, 08/09/28 |  | 75 | 71791 |
|  |  |  | 2800620 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Archrock Services LP/Archrock Partners Finance <br> Corp., 6.00%, 02/01/34<sup>(b)</sup><br>|  | 35 | 35437 |
| Bristow Group, Inc., 6.75%, 02/01/33<sup>(b)</sup> |  | 191 | 193803 |
| Chevron U.S.A., Inc., 4.98%, 04/15/35 |  | 1745 | 1811248 |
| &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(b)</sup><br>|  | 25 | 26575 |
| Enerflex, Inc., 6.88%, 01/15/31<sup>(b)</sup> |  | 25 | 25910 |
| Kodiak Gas Services LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/33<sup>(b)</sup> |  | 40 | 41249 |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/01/35<sup>(b)</sup> |  | 40 | 41796 |
| Nabors Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.13%, 01/31/30<sup>(b)</sup> |  | 14 | 14721 |
| &nbsp;&nbsp;&nbsp; 7.63%, 11/15/32<sup>(b)</sup> |  | 67 | 69022 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(b)</sup> |  | 193 | 200878 |
| Pentair Finance S.a.r.l. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/29 |  | 1580 | 1595266 |
| &nbsp;&nbsp;&nbsp; 5.90%, 07/15/32 |  | 740 | 794364 |
| Tidewater, Inc., 9.13%, 07/15/30<sup>(b)</sup> |  | 234 | 253142 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(b)</sup> |  | 258 | 270568 |
| Venture Global LNG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/01/29<sup>(b)</sup> |  | 100 | 107255 |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/32<sup>(b)</sup> |  | 61 | 64626 |
| Viridien, 10.00%, 10/15/30<sup>(b)</sup> |  | 97 | 104015 |
| Weatherford International Ltd., 6.75%, 10/15/33<sup>(b)</sup> |  | 50 | 52274 |
|  |  |  | 5702149 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| &nbsp;&nbsp;&nbsp; Resorts World Las Vegas LLC/RWLV Capital, Inc., <br> 8.45%, 07/27/30<sup>(b)</sup><br>|  | 57 | 58069 |
| **Financial Services — 0.3%** | **Financial Services — 0.3%** | **Financial Services — 0.3%** | **Financial Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/19/34 |  | 150 | 154317 |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/10/34 |  | 780 | 782007 |
| Ares Strategic Income Fund, 5.55%, 04/15/31<sup>(b)</sup> |  | 50 | 49099 |
| Coinbase Global, Inc., 3.38%, 10/01/28<sup>(b)</sup> |  | 188 | 179320 |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, 9.25%, <br> 02/01/29<sup>(b)</sup><br>|  | 125 | 130560 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP/Icahn Enterprises Finance <br> Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.75%, 01/15/29 |  | 185 | 182845 |
| &nbsp;&nbsp;&nbsp; 10.00%, 11/15/29<sup>(b)</sup> |  | 136 | 134292 |
| &nbsp;&nbsp;&nbsp; 9.00%, 06/15/30 |  | 65 | 61829 |
| MGIC Investment Corp., 5.25%, 08/15/28 |  | 2010 | 2007198 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp., <br> 5.00%, 08/15/34<br>|  | 75 | 77408 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| PayPal Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/06/28 | USD  | 50 | $50566 |
| &nbsp;&nbsp;&nbsp; 2.30%, 06/01/30 |  | 25 | 23353 |
| PennyMac Financial Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/15/29<sup>(b)</sup> |  | 28 | 29398 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/30<sup>(b)</sup> |  | 81 | 83270 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/32<sup>(b)</sup> |  | 180 | 181030 |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/33<sup>(b)</sup> |  | 3 | 3003 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/34<sup>(b)</sup> |  | 28 | 27682 |
| RELX Capital, Inc., 5.25%, 03/27/35 |  | 70 | 72079 |
| Rocket Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/29<sup>(b)</sup> |  | 120 | 123284 |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/30<sup>(b)</sup> |  | 95 | 97466 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/32<sup>(b)</sup> |  | 69 | 72165 |
| UWM Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/01/30<sup>(b)</sup> |  | 50 | 49622 |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/31<sup>(b)</sup> |  | 19 | 18357 |
| &nbsp;&nbsp;&nbsp; Velocity Commercial Capital LLC, 9.38%, <br> 02/15/31<sup>(b)</sup><br>|  | 33 | 33439 |
|  |  |  | 4623589 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| Campbell's Co. (The), 4.15%, 03/15/28 |  | 225 | 225616 |
| Conagra Brands, Inc., 7.00%, 10/01/28 |  | 225 | 240637 |
| General Mills, Inc., 4.20%, 04/17/28 |  | 125 | 125441 |
| &nbsp;&nbsp;&nbsp; HLF Financing S.a.r.l. LLC/Herbalife International, <br> Inc., 12.25%, 04/15/29<sup>(b)</sup><br>|  | 145 | 154887 |
| J M Smucker Co. (The), 2.38%, 03/15/30 |  | 275 | 257437 |
| &nbsp;&nbsp;&nbsp; JBS NV/JBS U.S.A. Foods Group Holdings, <br> Inc./JBS U.S.A. Food Co. Holdings, 3.00%, <br> 02/02/29<br>|  | 375 | 364273 |
| Kellanova |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 11/15/27 |  | 610 | 606634 |
| &nbsp;&nbsp;&nbsp; 4.30%, 05/15/28 |  | 2720 | 2747308 |
| Kraft Heinz Foods Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/15/27 |  | 75 | 74865 |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/01/30 |  | 150 | 147705 |
| Pilgrim's Pride Corp., 4.25%, 04/15/31 |  | 125 | 122517 |
| Post Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/33<sup>(b)</sup> |  | 157 | 159808 |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/15/36<sup>(b)</sup> |  | 48 | 48830 |
| Tyson Foods, Inc., 5.10%, 09/28/48 |  | 150 | 141121 |
|  |  |  | 5417079 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/20/27 |  | 30 | 30247 |
| &nbsp;&nbsp;&nbsp; 9.38%, 06/01/28<sup>(b)</sup> |  | 107 | 110594 |
| &nbsp;&nbsp;&nbsp; 9.50%, 06/01/30<sup>(b)</sup> |  | 85 | 90982 |
| Atmos Energy Corp., 5.90%, 11/15/33 |  | 75 | 81988 |
| National Fuel Gas Co., 5.95%, 03/15/35 |  | 1865 | 1986885 |
| ONE Gas, Inc., 4.25%, 09/01/32 |  | 155 | 155045 |
|  |  |  | 2455741 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, 5.50%, <br> 03/15/55<br>|  | 200 | 199749 |
| Canadian National Railway Co., 3.85%, 08/05/32 |  | 485 | 475149 |
| Canadian Pacific Railway Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/01/50 |  | 75 | 55446 |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/15 |  | 25 | 25865 |
| CSX Corp., 4.90%, 03/15/55 |  | 50 | 45758 |
| Hertz Corp. (The), 12.63%, 07/15/29<sup>(b)</sup> |  | 37 | 34118 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| Ryder System, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/01/28 | USD  | 25 | $25774 |
| &nbsp;&nbsp;&nbsp; 6.30%, 12/01/28 |  | 940 | 994986 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32<sup>(b)</sup> |  | 124 | 131592 |
| Union Pacific Corp., 3.84%, 03/20/60 |  | 325 | 240176 |
|  |  |  | 2228613 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
| Abbott Laboratories, 4.90%, 11/30/46 |  | 200 | 189552 |
| Bausch + Lomb Corp., 8.38%, 10/01/28<sup>(b)</sup> |  | 82 | 84973 |
| Baxter International, Inc., 2.27%, 12/01/28 |  | 150 | 141827 |
| Insulet Corp., 6.50%, 04/01/33<sup>(b)</sup> |  | 58 | 60324 |
| Zimmer Biomet Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/19/27 |  | 40 | 40298 |
| &nbsp;&nbsp;&nbsp; 5.35%, 12/01/28 |  | 130 | 134709 |
|  |  |  | 651683 |
| **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** |
| Cardinal Health, Inc., 5.35%, 11/15/34 |  | 670 | 696955 |
| Cencora, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 03/15/31 |  | 1870 | 1742612 |
| &nbsp;&nbsp;&nbsp; 4.30%, 12/15/47 |  | 1170 | 1006788 |
| Cigna Group (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/15/28 |  | 900 | 909336 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/34 |  | 540 | 560192 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/32 |  | 270 | 277015 |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/15/35 |  | 550 | 568066 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/25/48 |  | 350 | 312096 |
| DaVita, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/01/32<sup>(b)</sup> |  | 102 | 105987 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/33<sup>(b)</sup> |  | 75 | 77871 |
| Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/01/47 |  | 125 | 104579 |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/15/55 |  | 175 | 172111 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<sup>(b)</sup> |  | 56 | 53433 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/26 |  | 850 | 850562 |
| &nbsp;&nbsp;&nbsp; 3.13%, 03/15/27 |  | 400 | 396675 |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/28 |  | 540 | 553523 |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/31 |  | 710 | 743506 |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/15/32 |  | 1029 | 980504 |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/01/34 |  | 895 | 939827 |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/15/34 |  | 155 | 160938 |
| &nbsp;&nbsp;&nbsp; 5.90%, 06/01/53 |  | 300 | 295416 |
| Humana, Inc., 4.88%, 04/01/30 |  | 500 | 507026 |
| McKesson Corp., 5.10%, 07/15/33 |  | 2500 | 2612356 |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, (6.50% Cash and <br> 5.00% PIK), 11.50%, 12/31/30<sup>(b)(e)</sup><br>|  | 89 | 79010 |
| Quest Diagnostics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 12/15/27 |  | 890 | 900922 |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/29 |  | 1090 | 1114566 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<sup>(b)</sup> |  | 92 | 96804 |
| Tenet Healthcare Corp., 6.13%, 10/01/28 |  | 46 | 46106 |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/15/31 |  | 290 | 299819 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/33 |  | 440 | 439454 |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/53 |  | 140 | 142380 |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/15/53 |  | 750 | 681803 |
|  |  |  | 18428238 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., 4.70%, <br> 07/01/30<br>|  | 250 | 253829 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care REITs (continued)** | **Health Care REITs (continued)** | **Health Care REITs (continued)** | **Health Care REITs (continued)** |
| Diversified Healthcare Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 | USD  | 124 | $121254 |
| &nbsp;&nbsp;&nbsp; 7.25%, 10/15/30<sup>(b)</sup> |  | 20 | 20798 |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/01/31 |  | 159 | 143819 |
| Healthpeak OP LLC, 3.00%, 01/15/30 |  | 175 | 167430 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 |  | 151 | 147950 |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 |  | 159 | 137375 |
| Ventas Realty LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 07/15/32 |  | 620 | 640989 |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/30/43 |  | 25 | 25635 |
| Welltower OP LLC, 4.50%, 07/01/30 |  | 860 | 875833 |
|  |  |  | 2534912 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., <br> 03/15/34<sup>(b)(d)</sup><br>|  | 25 | 25182 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| Brinker International, Inc., 8.25%, 07/15/30<sup>(b)</sup> |  | 38 | 40029 |
| Darden Restaurants, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 10/15/27 |  | 305 | 307090 |
| &nbsp;&nbsp;&nbsp; 4.55%, 10/15/29 |  | 305 | 309149 |
| Flutter Treasury DAC, 5.88%, 06/04/31<sup>(b)</sup> |  | 100 | 99713 |
| &nbsp;&nbsp;&nbsp; Genting New York LLC/GENNY Capital, Inc., <br> 7.25%, 10/01/29<sup>(b)</sup><br>|  | 126 | 130640 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., 6.13%, <br> 04/01/32<sup>(b)</sup><br>|  | 108 | 111656 |
| Hyatt Hotels Corp., 5.38%, 12/15/31 |  | 40 | 41516 |
| Life Time, Inc., 6.00%, 11/15/31<sup>(b)</sup> |  | 122 | 125661 |
| Light & Wonder International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/01/31<sup>(b)</sup> |  | 176 | 183480 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/33<sup>(b)</sup> |  | 60 | 60259 |
| Lindblad Expeditions LLC, 7.00%, 09/15/30<sup>(b)</sup> |  | 35 | 36716 |
| Marriott International, Inc., 5.10%, 05/01/38 |  | 1040 | 1028631 |
| McDonald's Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 12/09/45 |  | 200 | 185583 |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/01/49 |  | 50 | 37696 |
| Royal Caribbean Cruises Ltd., 5.25%, 02/27/38 |  | 780 | 781227 |
| Viking Cruises Ltd., 5.88%, 10/15/33<sup>(b)</sup> |  | 68 | 69371 |
|  |  |  | 3548417 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| Century Communities, Inc., 6.63%, 09/15/33<sup>(b)</sup> |  | 55 | 55886 |
| DR Horton, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.40%, 10/15/27 |  | 75 | 72193 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/35 |  | 898 | 945123 |
| &nbsp;&nbsp;&nbsp; Installed Building Products, Inc., 5.63%, <br> 02/01/34<sup>(b)</sup><br>|  | 35 | 35465 |
| Leggett & Platt, Inc., 3.50%, 11/15/27 |  | 25 | 24694 |
| NVR, Inc., 3.00%, 05/15/30 |  | 1930 | 1846876 |
| PulteGroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/27 |  | 1630 | 1637926 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/33 |  | 890 | 990888 |
| Sekisui House U.S., Inc., 3.97%, 08/06/61 |  | 360 | 242281 |
| Somnigroup International, Inc., 4.00%, 04/15/29<sup>(b)</sup> |  | 80 | 77747 |
| Toll Brothers Finance Corp., 5.60%, 06/15/35 |  | 491 | 519647 |
| Whirlpool Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 |  | 39 | 39175 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/46 |  | 23 | 16878 |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/15/50 |  | 22 | 16110 |
|  |  |  | 6520889 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc., 3.15%, 08/01/27 |  | 200 | 198215 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Household Products (continued)** | **Household Products (continued)** | **Household Products (continued)** | **Household Products (continued)** |
| Colgate-Palmolive Co., 3.25%, 08/15/32 | USD  | 50 | $47894 |
| Unilever Capital Corp., 1.75%, 08/12/31 |  | 1950 | 1737304 |
|  |  |  | 1983413 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co., 2.38%, 08/26/29 |  | 1330 | 1263172 |
| Honeywell International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/54 |  | 100 | 96214 |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/01/64 |  | 300 | 289974 |
| &nbsp;&nbsp;&nbsp; Trane Technologies Financing Ltd., 3.80%, <br> 03/21/29<br>|  | 4610 | 4609771 |
|  |  |  | 6259131 |
| **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., 6.75%, <br> 07/01/32<sup>(b)</sup><br>|  | 7 | 6865 |
| Allstate Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 06/01/33 |  | 100 | 104845 |
| &nbsp;&nbsp;&nbsp; 3.85%, 08/10/49 |  | 350 | 268784 |
| American International Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 05/07/30 |  | 290 | 297545 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/27/33 |  | 175 | 180367 |
| Assurant, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/27/28 |  | 150 | 151886 |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/15/36 |  | 185 | 187961 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/27/48 |  | 84 | 86515 |
| &nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings LLC/Baldwin <br> Insurance Group Holdings Finance, 7.13%, <br> 05/15/31<sup>(b)</sup><br>|  | 114 | 114374 |
| Brighthouse Financial, Inc., 3.70%, 06/22/27 |  | 75 | 74067 |
| CNA Financial Corp., 5.20%, 08/15/35 |  | 270 | 271615 |
| Lincoln National Corp., 5.85%, 03/15/34 |  | 175 | 180510 |
| Markel Group, Inc., 6.00%, 05/16/54 |  | 248 | 252512 |
| Marsh & McLennan Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/34 |  | 890 | 918447 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/53 |  | 550 | 529296 |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/15/53 |  | 710 | 709653 |
| Progressive Corp. (The), 4.95%, 06/15/33 |  | 1410 | 1455056 |
| Prudential Financial, Inc., 4.35%, 02/25/50 |  | 300 | 245296 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc., 5.75%, <br> 09/15/34<br>|  | 125 | 130966 |
| &nbsp;&nbsp;&nbsp; Stewart Information Services Corp., 3.60%, <br> 11/15/31<br>|  | 428 | 385726 |
| Travelers Cos., Inc. (The), 5.05%, 07/24/35 |  | 150 | 153552 |
| Willis North America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 06/15/27 |  | 390 | 392559 |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/15/33 |  | 700 | 721002 |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/05/54 |  | 530 | 524592 |
|  |  |  | 8343991 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Alphabet, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/35 |  | 1190 | 1197808 |
| &nbsp;&nbsp;&nbsp; 5.45%, 11/15/55 |  | 275 | 273346 |
| Baidu, Inc., 3.43%, 04/07/30 |  | 200 | 195980 |
| Getty Images, Inc., 10.50%, 11/15/30<sup>(b)</sup> |  | 31 | 27440 |
| &nbsp;&nbsp;&nbsp; GrubHub Holdings, Inc., (13.00% Cash or 7.00% <br> PIK), 13.00%, 07/31/30<sup>(b)(e)</sup><br>|  | 97 | 64875 |
| Match Group Holdings II LLC, 6.13%, 09/15/33<sup>(b)</sup> |  | 165 | 164548 |
| Meta Platforms, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 11/15/32 |  | 155 | 157600 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/45 |  | 175 | 172893 |
| &nbsp;&nbsp;&nbsp; 5.63%, 11/15/55 |  | 550 | 538354 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| Meta Platforms, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/65 | USD  | 175 | $170484 |
| Snap, Inc., 6.88%, 03/01/33<sup>(b)</sup> |  | 177 | 176295 |
|  |  |  | 3139623 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| Accenture Capital, Inc., 4.50%, 10/04/34 |  | 50 | 49461 |
| Automatic Data Processing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 05/15/28 |  | 3560 | 3410867 |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/08/32 |  | 390 | 402097 |
| CGI, Inc., 2.30%, 09/14/31 |  | 1570 | 1398558 |
| CoreWeave, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/30<sup>(b)</sup> |  | 242 | 237027 |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/31<sup>(b)</sup> |  | 66 | 63681 |
| Global Payments, Inc., 4.95%, 08/15/27 |  | 450 | 453689 |
| IBM International Capital Pte Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/05/34 |  | 1690 | 1710447 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/05/54 |  | 1020 | 948166 |
| International Business Machines Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 02/09/27 |  | 750 | 739127 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/29/32 |  | 200 | 216930 |
| Mastercard, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 06/01/29 |  | 150 | 146210 |
| &nbsp;&nbsp;&nbsp; 3.35%, 03/26/30 |  | 100 | 98274 |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/18/31 |  | 960 | 864070 |
| &nbsp;&nbsp;&nbsp; 3.85%, 03/26/50 |  | 850 | 676134 |
| VeriSign, Inc., 5.25%, 06/01/32 |  | 135 | 138178 |
| Visa, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 12/14/45 |  | 325 | 287998 |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/15/47 |  | 420 | 332984 |
|  |  |  | 12173898 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Acushnet Co., 5.63%, 12/01/33<sup>(b)</sup> |  | 60 | 61066 |
| Amer Sports Co., 6.75%, 02/16/31<sup>(b)</sup> |  | 193 | 201497 |
|  |  |  | 262563 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| Caterpillar, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 05/15/35 |  | 50 | 52380 |
| &nbsp;&nbsp;&nbsp; 3.80%, 08/15/42 |  | 125 | 106853 |
| CNH Industrial Capital LLC, 4.50%, 10/08/27 |  | 200 | 201424 |
| Columbus McKinnon Corp., 7.13%, 02/01/33<sup>(b)</sup> |  | 133 | 136732 |
| Cummins, Inc., 4.90%, 02/20/29 |  | 570 | 587996 |
| Deere & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 01/16/35 |  | 225 | 240220 |
| &nbsp;&nbsp;&nbsp; 3.90%, 06/09/42 |  | 25 | 22048 |
| Enpro, Inc., 6.13%, 06/01/33<sup>(b)</sup> |  | 35 | 36122 |
| Manitowoc Co., Inc. (The), 9.25%, 10/01/31<sup>(b)</sup> |  | 123 | 133703 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., <br> 5.50%, 05/29/35<br>|  | 452 | 475673 |
|  |  |  | 1993151 |
| **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** |
| Danaos Corp., 6.88%, 10/15/32<sup>(b)</sup> |  | 146 | 150573 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| AMC Networks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.25%, 01/15/29<sup>(b)</sup> |  | 77 | 82583 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 |  | 50 | 44094 |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/15/32<sup>(b)</sup> |  | 180 | 184390 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/01/29<sup>(b)</sup> |  | 30 | 30400 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31<sup>(b)</sup> |  | 226 | 233181 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 |  | 69 | 63146 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/01/33<sup>(b)</sup> | USD  | 120 | $122694 |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/01/36<sup>(b)</sup> |  | 51 | 51767 |
| Clear Channel Outdoor Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/28<sup>(b)</sup> |  | 60 | 60476 |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/29<sup>(b)</sup> |  | 64 | 64456 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/31<sup>(b)</sup> |  | 54 | 57079 |
| CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/27<sup>(b)</sup> |  | 110 | 93262 |
| &nbsp;&nbsp;&nbsp; 11.25%, 05/15/28<sup>(b)</sup> |  | 229 | 181430 |
| DirecTV Financing LLC, 8.88%, 02/01/30<sup>(b)</sup> |  | 30 | 30010 |
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-<br> Obligor, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/15/27<sup>(b)</sup> |  | 51 | 51059 |
| &nbsp;&nbsp;&nbsp; 10.00%, 02/15/31<sup>(b)</sup> |  | 68 | 69549 |
| Discovery Communications LLC, 5.00%, 09/20/37 |  | 90 | 71526 |
| Discovery Global Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/15/29 |  | 65 | 64309 |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/32 |  | 141 | 129544 |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/42 |  | 185 | 129962 |
| &nbsp;&nbsp;&nbsp; 5.14%, 03/15/52 |  | 86 | 56330 |
| DISH DBS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 07/01/28 |  | 136 | 131219 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/28<sup>(b)</sup> |  | 131 | 126783 |
| EchoStar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/30/29 |  | 282 | 307928 |
| &nbsp;&nbsp;&nbsp; (6.75% PIK), 6.75%, 11/30/30<sup>(e)</sup> |  | 72 | 72918 |
| Fox Corp., 5.58%, 01/25/49 |  | 300 | 285071 |
| iHeartCommunications, Inc., 10.88%, 05/01/30<sup>(b)</sup> |  | 240 | 178037 |
| Nexstar Media, Inc., 4.75%, 11/01/28<sup>(b)</sup> |  | 157 | 156231 |
| Omnicom Group, Inc., 4.65%, 10/01/28 |  | 500 | 505547 |
| Sinclair Television Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/30<sup>(b)</sup> |  | 37 | 32826 |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/31/32<sup>(b)</sup> |  | 63 | 50501 |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/33<sup>(b)</sup> |  | 46 | 47897 |
| Sirius XM Radio LLC, 4.13%, 07/01/30<sup>(b)</sup> |  | 67 | 63153 |
| TEGNA, Inc., 5.00%, 09/15/29 |  | 7 | 6993 |
| Versant Media Group, Inc., 7.25%, 01/30/31<sup>(b)</sup> |  | 126 | 128946 |
|  |  |  | 3965297 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp; Barrick North America Finance LLC, 5.70%, <br> 05/30/41<br>|  | 75 | 77960 |
| Century Aluminum Co., 6.88%, 08/01/32<sup>(b)</sup> |  | 122 | 126192 |
| Champion Iron Canada, Inc., 7.88%, 07/15/32<sup>(b)</sup> |  | 90 | 95723 |
| Cleveland-Cliffs, Inc., 7.63%, 01/15/34<sup>(b)</sup> |  | 30 | 30788 |
| Commercial Metals Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/33<sup>(b)</sup> |  | 55 | 56116 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/15/35<sup>(b)</sup> |  | 110 | 112667 |
| Eldorado Gold Corp., 6.25%, 09/01/29<sup>(b)</sup> |  | 123 | 123488 |
| Fortescue Treasury Pty Ltd., 6.13%, 04/15/32<sup>(b)</sup> |  | 121 | 126712 |
| Freeport-McMoRan, Inc., 5.45%, 03/15/43 |  | 75 | 74204 |
| Ivanhoe Mines Ltd., 7.88%, 01/23/30<sup>(b)</sup> |  | 179 | 186356 |
| Kaiser Aluminum Corp., 5.88%, 03/01/34<sup>(b)</sup> |  | 85 | 85947 |
| Mineral Resources Ltd., 7.00%, 04/01/31<sup>(b)</sup> |  | 190 | 199831 |
| New Gold, Inc., 6.88%, 04/01/32<sup>(b)</sup> |  | 179 | 190229 |
| Novelis Corp., 6.88%, 01/30/30<sup>(b)</sup> |  | 80 | 82582 |
| Perenti Finance Pty Ltd., 7.50%, 04/26/29<sup>(b)</sup> |  | 114 | 118399 |
| Reliance, Inc., 2.15%, 08/15/30 |  | 50 | 45765 |
| Rio Tinto Alcan, Inc., 6.13%, 12/15/33 |  | 100 | 110359 |
| Rio Tinto Finance U.S.A. PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/14/35 |  | 715 | 746094 |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/22/42 |  | 75 | 71136 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| SunCoke Energy, Inc., 4.88%, 06/30/29<sup>(b)</sup> | USD  | 69 | $63028 |
| Taseko Mines Ltd., 8.25%, 05/01/30<sup>(b)</sup> |  | 131 | 138681 |
|  |  |  | 2862257 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc., <br> 4.63%, 06/15/29<sup>(b)</sup><br>|  | 93 | 92533 |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., 7.75%, <br> 12/01/29<sup>(b)</sup><br>|  | 161 | 171615 |
| &nbsp;&nbsp;&nbsp; EF Holdco/EF Cayman Hold/Ellington Fin REIT <br> Cayman/TRS/EF Cayman Non-MTM, 7.38%, <br> 09/30/30<sup>(b)</sup><br>|  | 75 | 75746 |
| Rithm Capital Corp., 8.00%, 04/01/29<sup>(b)</sup> |  | 206 | 207307 |
| Starwood Property Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/29<sup>(b)</sup> |  | 169 | 177087 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/30<sup>(b)</sup> |  | 75 | 78162 |
|  |  |  | 802450 |
| **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** |
| American Water Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/01/54 |  | 75 | 73616 |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/01/55 |  | 95 | 96223 |
|  |  |  | 169839 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| Boston Properties LP, 2.90%, 03/15/30 |  | 150 | 141546 |
| **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR LP/Aethon United Finance <br> Corp., 7.50%, 10/01/29<sup>(b)</sup><br>|  | 42 | 44184 |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream <br> Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/15/33<sup>(b)</sup> |  | 14 | 14212 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/34<sup>(b)</sup> |  | 65 | 66016 |
| BKV Upstream Midstream LLC, 7.50%, 10/15/30<sup>(b)</sup> |  | 192 | 195375 |
| BP Capital Markets America, Inc., 5.23%, 11/17/34 |  | 425 | 444865 |
| California Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/15/29<sup>(b)</sup> |  | 214 | 224659 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/34<sup>(b)</sup> |  | 74 | 75354 |
| &nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, 3.70%, <br> 11/15/29<br>|  | 610 | 601619 |
| Cheniere Energy Partners LP, 5.75%, 08/15/34 |  | 75 | 79254 |
| Cheniere Energy, Inc., 4.63%, 10/15/28 |  | 2640 | 2639057 |
| Chord Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/30<sup>(b)</sup> |  | 70 | 71505 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/33<sup>(b)</sup> |  | 110 | 114245 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<sup>(b)</sup> |  | 55 | 53640 |
| CNX Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/15/31<sup>(b)</sup> |  | 99 | 102677 |
| &nbsp;&nbsp;&nbsp; 7.25%, 03/01/32<sup>(b)</sup> |  | 124 | 130026 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/01/34<sup>(b)</sup> |  | 45 | 45082 |
| ConocoPhillips Co., 5.00%, 01/15/35 |  | 1515 | 1559043 |
| Coterra Energy, Inc., 5.40%, 02/15/35 |  | 125 | 128904 |
| CVR Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/15/31<sup>(b)</sup> |  | 32 | 31892 |
| &nbsp;&nbsp;&nbsp; 7.88%, 02/15/34<sup>(b)</sup> |  | 46 | 45080 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP/Delek Logistics <br> Finance Corp., 8.63%, 03/15/29<sup>(b)</sup><br>|  | 266 | 277746 |
| Enbridge, Inc., 6.20%, 11/15/30 |  | 65 | 70363 |
| Energy Transfer LP, 6.50%, 02/01/42 |  | 225 | 240768 |
| Enterprise Products Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/31/34 |  | 225 | 230093 |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/15/44 |  | 150 | 139954 |
| EQT Corp., 5.75%, 02/01/34 |  | 350 | 370779 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 | USD  | 104 | $108570 |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/32 |  | 85 | 88977 |
| &nbsp;&nbsp;&nbsp; 03/15/34<sup>(b)(d)</sup> |  | 45 | 45519 |
| &nbsp;&nbsp;&nbsp; Global Partners LP/GLP Finance Corp., 8.25%, <br> 01/15/32<sup>(b)</sup><br>|  | 84 | 88744 |
| Golar LNG Ltd., 7.50%, 10/02/30<sup>(b)</sup> |  | 200 | 200264 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp., 6.75%, <br> 09/01/29<sup>(b)</sup><br>|  | 168 | 173975 |
| Ithaca Energy North Sea PLC, 8.13%, 10/15/29<sup>(b)</sup> |  | 124 | 130533 |
| Karoon U.S.A. Finance, Inc., 10.50%, 05/14/29<sup>(b)</sup> |  | 33 | 34188 |
| Kinder Morgan Energy Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/15/35 |  | 100 | 106723 |
| &nbsp;&nbsp;&nbsp; 6.55%, 09/15/40 |  | 25 | 27762 |
| Kinder Morgan, Inc., 5.95%, 08/01/54 |  | 676 | 690626 |
| Marathon Petroleum Corp., 5.15%, 03/01/30 |  | 75 | 77734 |
| MPLX LP, 6.10%, 04/01/56 |  | 1090 | 1089024 |
| Murphy Oil Corp., 6.50%, 02/15/34 |  | 46 | 46000 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL Energy Finance <br> Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/29<sup>(b)</sup> |  | 122 | 126437 |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/32<sup>(b)</sup> |  | 136 | 142651 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/01/28 |  | 1490 | 1550273 |
| &nbsp;&nbsp;&nbsp; 6.35%, 01/15/31 |  | 1530 | 1657565 |
| &nbsp;&nbsp;&nbsp; 6.05%, 09/01/33 |  | 540 | 579814 |
| &nbsp;&nbsp;&nbsp; 7.15%, 01/15/51 |  | 390 | 438611 |
| Phillips 66 Co., 5.25%, 06/15/31 |  | 200 | 209399 |
| Sabine Pass Liquefaction LLC, 4.20%, 03/15/28 |  | 25 | 25101 |
| Shell Finance U.S., Inc., 4.38%, 05/11/45 |  | 300 | 262722 |
| Talos Production, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/29<sup>(b)</sup> |  | 118 | 122891 |
| &nbsp;&nbsp;&nbsp; 9.38%, 02/01/31<sup>(b)</sup> |  | 114 | 121298 |
| Targa Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.15%, 03/01/29 |  | 2550 | 2698027 |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/35 |  | 520 | 538863 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/53 |  | 690 | 732044 |
| TotalEnergies Capital SA, 5.49%, 04/05/54 |  | 470 | 464555 |
| Vermilion Energy, Inc., 7.25%, 02/15/33<sup>(b)</sup> |  | 108 | 105635 |
| Western Midstream Operating LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 |  | 50 | 50377 |
| &nbsp;&nbsp;&nbsp; 6.35%, 01/15/29 |  | 35 | 36985 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/35 |  | 395 | 398405 |
| Williams Cos., Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/15/45 |  | 100 | 93593 |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/01/48 |  | 175 | 155013 |
|  |  |  | 21415290 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Suzano Austria GmbH, 6.00%, 01/15/29 |  | 200 | 207116 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(b)</sup><br>|  | 235 | 238818 |
| Southwest Airlines Co., 2.63%, 02/10/30 |  | 175 | 164214 |
|  |  |  | 403032 |
| **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** |
| Estee Lauder Cos., Inc. (The), 2.38%, 12/01/29 |  | 125 | 118139 |
| Kenvue, Inc., 5.00%, 03/22/30 |  | 50 | 51810 |
|  |  |  | 169949 |
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
| 1261229 BC Ltd., 10.00%, 04/15/32<sup>(b)</sup> |  | 240 | 248192 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<sup>(b)</sup> |  | 181 | 190290 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| AstraZeneca PLC, 6.45%, 09/15/37 | USD  | 350 | $401457 |
| Bausch Health Cos., Inc., 11.00%, 09/30/28<sup>(b)</sup> |  | 80 | 83649 |
| Eli Lilly & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 08/14/54 |  | 850 | 804154 |
| &nbsp;&nbsp;&nbsp; 5.65%, 10/15/65 |  | 55 | 55678 |
| Merck & Co., Inc., 5.00%, 05/17/53 |  | 310 | 288445 |
| Novartis Capital Corp., 2.20%, 08/14/30 |  | 2750 | 2563839 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.11%, 05/19/43 |  | 550 | 535248 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/19/53 |  | 200 | 191495 |
| &nbsp;&nbsp;&nbsp; 5.34%, 05/19/63 |  | 125 | 117307 |
| Zoetis, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/12/27 |  | 580 | 573129 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 |  | 2560 | 2364811 |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/01/43 |  | 300 | 279027 |
|  |  |  | 8696721 |
| **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
| CACI International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/15/33<sup>(b)</sup> |  | 181 | 186338 |
| &nbsp;&nbsp;&nbsp; Series MAR, 06/15/33<sup>(b)(d)</sup> |  | 55 | 56622 |
|  |  |  | 242960 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Realogy Co-<br> Issuer Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/29<sup>(b)</sup> |  | 118 | 116320 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/15/30<sup>(b)</sup> |  | 76 | 71887 |
| &nbsp;&nbsp;&nbsp; 9.75%, 04/15/30<sup>(b)</sup> |  | 68 | 73271 |
| CBRE Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/29 |  | 1130 | 1173684 |
| &nbsp;&nbsp;&nbsp; 5.95%, 08/15/34 |  | 1830 | 1957203 |
| Five Point Operating Co. LP, 8.00%, 10/01/30<sup>(b)</sup> |  | 126 | 130481 |
| Howard Hughes Corp. (The), 6.13%, 03/01/34<sup>(b)</sup> |  | 40 | 39917 |
|  |  |  | 3562763 |
| **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |
| AvalonBay Communities, Inc., 5.00%, 08/01/35 |  | 50 | 51284 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership LP, 5.45%, <br> 08/15/30<br>|  | 50 | 52091 |
| Mid-America Apartments LP, 4.65%, 01/15/33 |  | 75 | 75457 |
| UDR, Inc., 2.10%, 06/15/33 |  | 125 | 105514 |
|  |  |  | 284346 |
| **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** |
| Kimco Realty OP LLC, 6.40%, 03/01/34 |  | 75 | 83571 |
| NNN REIT, Inc., 5.60%, 10/15/33 |  | 100 | 105432 |
| Realty Income Corp., 4.90%, 07/15/33 |  | 50 | 51301 |
|  |  |  | 240304 |
| **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** |
| Amkor Technology, Inc., 5.88%, 10/01/33<sup>(b)</sup> |  | 53 | 54083 |
| ams-OSRAM AG, 12.25%, 03/30/29<sup>(b)</sup> |  | 46 | 49005 |
| Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 04/15/32<sup>(b)</sup> |  | 700 | 693142 |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/51 |  | 300 | 231304 |
| Intel Corp., 4.88%, 02/10/28 |  | 1070 | 1086956 |
| Kioxia Holdings Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/24/30<sup>(b)</sup> |  | 70 | 72681 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/24/33<sup>(b)</sup> |  | 138 | 145433 |
| Lam Research Corp., 1.90%, 06/15/30 |  | 2520 | 2316387 |
| Micron Technology, Inc., 5.80%, 01/15/35 |  | 250 | 267727 |
| NVIDIA Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.55%, 06/15/28 |  | 400 | 382179 |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/15/31 |  | 2970 | 2707418 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| NVIDIA Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/01/50 | USD  | 275 | $209906 |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/01/60 |  | 1050 | 788120 |
| Texas Instruments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 09/15/31 |  | 299 | 268637 |
| &nbsp;&nbsp;&nbsp; 3.65%, 08/16/32 |  | 2345 | 2280689 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/14/33 |  | 520 | 540226 |
| TSMC Arizona Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/22/32 |  | 828 | 838797 |
| &nbsp;&nbsp;&nbsp; 3.25%, 10/25/51 |  | 540 | 424823 |
|  |  |  | 13357513 |
| **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
| Adobe, Inc., 2.30%, 02/01/30 |  | 2360 | 2211262 |
| AppLovin Corp., 5.50%, 12/01/34 |  | 890 | 907340 |
| Autodesk, Inc., 3.50%, 06/15/27 |  | 325 | 323047 |
| Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/29<sup>(b)</sup> |  | 83 | 81278 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/32<sup>(b)</sup> |  | 73 | 73061 |
| Electronic Arts, Inc., 1.85%, 02/15/31 |  | 1000 | 944681 |
| Fair Isaac Corp., 6.00%, 05/15/33<sup>(b)</sup> |  | 74 | 74797 |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/01/27 |  | 200 | 195422 |
| &nbsp;&nbsp;&nbsp; 4.20%, 10/01/28 |  | 275 | 275069 |
| Intuit, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.35%, 07/15/27 |  | 660 | 638431 |
| &nbsp;&nbsp;&nbsp; 1.65%, 07/15/30 |  | 3100 | 2798595 |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/15/33 |  | 200 | 207415 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/53 |  | 65 | 61518 |
| Microsoft Corp., 2.68%, 06/01/60 |  | 525 | 303953 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(b)</sup> |  | 169 | 181490 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/03/35 |  | 1360 | 1344406 |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/26/55 |  | 260 | 228798 |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/04/56 |  | 770 | 746715 |
| Roper Technologies, Inc., 5.10%, 09/15/35 |  | 70 | 69878 |
| Salesforce, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/11/28 |  | 125 | 124718 |
| &nbsp;&nbsp;&nbsp; 3.05%, 07/15/61 |  | 610 | 355199 |
| ServiceNow, Inc., 1.40%, 09/01/30 |  | 1980 | 1753960 |
| Workday, Inc., 3.80%, 04/01/32 |  | 1200 | 1138284 |
|  |  |  | 15039317 |
| **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** |
| EPR Properties, 4.95%, 04/15/28 |  | 225 | 227633 |
| Extra Space Storage LP, 5.50%, 07/01/30 |  | 150 | 156931 |
| Iron Mountain, Inc., 6.25%, 01/15/33<sup>(b)</sup> |  | 83 | 84810 |
| Millrose Properties, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/30<sup>(b)</sup> |  | 50 | 51295 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/32<sup>(b)</sup> |  | 192 | 194408 |
|  |  |  | 715077 |
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| Advance Auto Parts, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/01/30<sup>(b)</sup> |  | 70 | 71811 |
| &nbsp;&nbsp;&nbsp; 7.38%, 08/01/33<sup>(b)</sup> |  | 49 | 50215 |
| AutoZone, Inc., 4.00%, 04/15/30 |  | 225 | 224027 |
| Carvana Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.00% Cash or 13.00% PIK), 9.00%, <br> 06/01/30<sup>(b)(e)</sup><br>|  | 105 | 109082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.00% Cash or 14.00% PIK), 9.00%, <br> 06/01/31<sup>(b)(e)</sup><br>|  | 33 | 36706 |
| Dick's Sporting Goods, Inc., 4.00%, 10/01/29<sup>(b)</sup> |  | 70 | 69291 |
| Gap, Inc. (The), 3.63%, 10/01/29<sup>(b)</sup> |  | 69 | 65636 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Home Depot, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/15/28 | USD  | 1050 | $996321 |
| &nbsp;&nbsp;&nbsp; 1.88%, 09/15/31 |  | 1420 | 1267400 |
| &nbsp;&nbsp;&nbsp; 4.65%, 09/15/35 |  | 475 | 475533 |
| &nbsp;&nbsp;&nbsp; 3.35%, 04/15/50 |  | 940 | 672140 |
| Lowe's Cos., Inc., 1.70%, 09/15/28 |  | 1150 | 1089749 |
| O'Reilly Automotive, Inc., 3.60%, 09/01/27 |  | 25 | 24879 |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc., 8.25%, <br> 02/01/31<sup>(b)</sup><br>|  | 11 | 10743 |
| Wayfair LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 10/31/29<sup>(b)</sup> |  | 181 | 187053 |
| &nbsp;&nbsp;&nbsp; 7.75%, 09/15/30<sup>(b)</sup> |  | 103 | 108316 |
|  |  |  | 5458902 |
| **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| CDW LLC/CDW Finance Corp., 3.57%, 12/01/31 |  | 226 | 210381 |
| Diebold Nixdorf, Inc., 7.75%, 03/31/30<sup>(b)</sup> |  | 35 | 36915 |
| HP, Inc., 4.00%, 04/15/29 |  | 325 | 323181 |
| Seagate Data Storage Technology Pte Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 12/15/29<sup>(b)</sup> |  | 106 | 111847 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/15/30<sup>(b)</sup> |  | 60 | 61749 |
|  |  |  | 744073 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| Ralph Lauren Corp., 5.00%, 06/15/32 |  | 1000 | 1040764 |
| **Tobacco — 0.0%** | **Tobacco — 0.0%** | **Tobacco — 0.0%** | **Tobacco — 0.0%** |
| Altria Group, Inc., 3.40%, 05/06/30 |  | 250 | 243424 |
| BAT Capital Corp., 3.46%, 09/06/29 |  | 200 | 196351 |
| Turning Point Brands, Inc., 7.63%, 03/15/32<sup>(b)</sup> |  | 88 | 94368 |
|  |  |  | 534143 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
| FTAI Aviation Investors LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/01/30<sup>(b)</sup> |  | 66 | 69836 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/32<sup>(b)</sup> |  | 48 | 50386 |
| GATX Corp., 5.45%, 09/15/33 |  | 75 | 78674 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(b)</sup> |  | 240 | 248572 |
|  |  |  | 447468 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| America Movil SAB de CV, 3.63%, 04/22/29 |  | 200 | 197073 |
| Millicom International Cellular SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/25/29<sup>(b)</sup> |  | 63 | 63420 |
| &nbsp;&nbsp;&nbsp; 7.38%, 04/02/32<sup>(b)</sup> |  | 168 | 173386 |
| Rogers Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/15/52 |  | 225 | 183725 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/55 |  | 58 | 60661 |
| &nbsp;&nbsp;&nbsp; 7.13%, 04/15/55 |  | 56 | 59308 |
| T-Mobile U.S.A., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 |  | 75 | 73640 |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/15/31 |  | 400 | 386426 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/55 |  | 320 | 305198 |
| Vodafone Group PLC, 6.15%, 02/27/37 |  | 300 | 330777 |
| Zegona Finance PLC, 8.63%, 07/15/29<sup>(b)</sup> |  | 218 | 230198 |
|  |  |  | 2063812 |
| **Total Corporate Bonds — 18.2%** <br>**(Cost: $316,937,610)** | **Total Corporate Bonds — 18.2%** <br>**(Cost: $316,937,610)** | **Total Corporate Bonds — 18.2%** <br>**(Cost: $316,937,610)** | 322236228 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** |
| Canada Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/26/28 | USD  | 1050 | $1057183 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/18/30 |  | 75 | 76435 |
|  |  |  | 1133618 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| Republic of Chile, 3.25%, 09/21/71 |  | 1110 | 716283 |
| **Hong Kong — 0.0%** | **Hong Kong — 0.0%** | **Hong Kong — 0.0%** | **Hong Kong — 0.0%** |
| &nbsp;&nbsp;&nbsp; Hong Kong Government International Bond, <br> 1.75%, 11/24/31<sup>(f)</sup><br>|  | 275 | 248911 |
| **Indonesia — 0.0%** | **Indonesia — 0.0%** | **Indonesia — 0.0%** | **Indonesia — 0.0%** |
| Republic of Indonesia, 5.25%, 01/15/30 |  | 200 | 207600 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| United Mexican States |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 07/02/32 |  | 225 | 234000 |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/09/38 |  | 475 | 481294 |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/13/55 |  | 550 | 602525 |
| &nbsp;&nbsp;&nbsp; 3.77%, 05/24/61 |  | 870 | 544620 |
|  |  |  | 1862439 |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |
| Republic of Peru, 6.20%, 06/30/55 |  | 300 | 315825 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| Republic of the Philippines |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/17/28 |  | 200 | 203100 |
| &nbsp;&nbsp;&nbsp; 2.46%, 05/05/30 |  | 325 | 305500 |
| &nbsp;&nbsp;&nbsp; 5.90%, 02/04/50 |  | 400 | 422840 |
|  |  |  | 931440 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
| Republic of Poland, 5.50%, 03/18/54 |  | 220 | 215301 |
| **Total Foreign Government Obligations — 0.3%** <br>**(Cost: $5,570,613)** | **Total Foreign Government Obligations — 0.3%** <br>**(Cost: $5,570,613)** | **Total Foreign Government Obligations — 0.3%** <br>**(Cost: $5,570,613)** | 5631417 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Equity Funds — 0.2%** | **Equity Funds — 0.2%** | **Equity Funds — 0.2%** |
| iShares MSCI India ETF<sup>(g)</sup> | 76701 | 4009161 |
| **Total Investment Companies — 0.2%** <br>**(Cost: $3,492,383)** | **Total Investment Companies — 0.2%** <br>**(Cost: $3,492,383)** | 4009161 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 0.0%** | **Capital Trusts — 0.0%** | **Capital Trusts — 0.0%** | **Capital Trusts — 0.0%** |
| **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, 6.95%, <br> 01/28/85<br>| USD  | 136 | 140635 |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., Series C, <br> 5.80%, 03/15/56<br>|  | 125 | 125608 |
| Electricite de France SA, 9.13%<sup>(b)(h)</sup> |  | 78 | 92772 |
| Entergy Corp., 6.10%, 06/15/56 |  | 125 | 126036 |
|  |  |  | 344416 |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc., 7.13%, <br> 11/15/56<br>|  | 295 | 294919 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| AltaGas Ltd., 7.20%, 10/15/54<sup>(b)</sup> | USD  | 92 | $96123 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/10/54 |  | 104 | 108194 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/10/55 |  | 106 | 111494 |
|  |  |  | 219688 |
| **Total Capital Trusts — 0.0%** | **Total Capital Trusts — 0.0%** | **Total Capital Trusts — 0.0%** | 1095781 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Grupo Cibest SA | 24294 | 416339 |
| Itau Unibanco Holding SA | 7012 | 63534 |
|  |  | 479873 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| Braskem SA, Series A<sup>(a)</sup> | 95990 | 179191 |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| Cia Energetica de Minas Gerais | 55598 | 131769 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Marcopolo SA | 316822 | 427662 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| Gerdau SA | 84879 | 344881 |
| **Total Preferred Stocks — 0.1%** | **Total Preferred Stocks — 0.1%** | 1563376 |
| **Total Preferred Securities — 0.1%** <br>**(Cost: $2,561,676)** | **Total Preferred Securities — 0.1%** <br>**(Cost: $2,561,676)** | 2659157 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Mortgage-Backed Securities — 10.9%** | **Mortgage-Backed Securities — 10.9%** | **Mortgage-Backed Securities — 10.9%** | **Mortgage-Backed Securities — 10.9%** |
| Fannie Mae Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/01/37 - 04/01/52 | USD  | 1938 | 1576277 |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/01/37 - 12/01/51 |  | 22450 | 19078157 |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/01/37 - 12/01/51 |  | 6900 | 6052240 |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/34 - 06/01/52 |  | 3134 | 2902770 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/37 - 08/01/52 |  | 965 | 944615 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/52 - 08/01/53 |  | 158 | 158099 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/52 - 01/01/55 |  | 2612 | 2637515 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/53 - 10/01/54 |  | 2902 | 2971222 |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/01/53 - 11/01/55 |  | 8039 | 8279875 |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/01/53 - 08/01/54 |  | 1372 | 1451163 |
| Freddie Mac Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 03/01/37 |  | 132 | 120153 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/01/36 - 04/01/37 |  | 728 | 678331 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/01/37 - 04/01/52 |  | 4057 | 3564790 |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/38 - 07/01/50 |  | 409 | 393853 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/38 - 02/01/53 |  | 906 | 889320 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/01/52 - 08/01/53 |  | 52 | 51622 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/53 - 01/01/56 |  | 3064 | 3095125 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/53 - 10/01/55 |  | 4514 | 4621489 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/53 - 08/01/55 |  | 3472 | 3627521 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/53 - 09/01/55 |  | 1950 | 2037435 |
| Ginnie Mae Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/20/51 - 03/15/56<sup>(i)</sup> |  | 8712 | 7380916 |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/20/51 - 03/15/56<sup>(i)</sup> |  | 11486 | 10143509 |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/20/46 - 03/15/56<sup>(i)</sup> |  | 8378 | 7698524 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/20/50 - 03/15/56<sup>(i)</sup> |  | 5414 | 5138353 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Ginnie Mae Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/20/50 - 09/20/52 | USD  | 4686 | $4552732 |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/20/49 - 03/15/56<sup>(i)</sup> |  | 3807 | 3784553 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/20/53 - 03/15/56<sup>(i)</sup> |  | 5472 | 5493118 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/20/52 - 03/15/56<sup>(i)</sup> |  | 5786 | 5864454 |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/20/53 - 03/15/56<sup>(i)</sup> |  | 2475 | 2529935 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/20/53 - 03/15/56<sup>(i)</sup> |  | 1061 | 1102818 |
| Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 03/01/41 - 03/01/56<sup>(i)</sup> |  | 2189 | 1840961 |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/41 - 03/01/56<sup>(i)</sup> |  | 16365 | 13641964 |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/41 - 03/01/56<sup>(i)</sup> |  | 7466 | 6613656 |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/01/41 - 03/01/56<sup>(i)</sup> |  | 5313 | 4849312 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/41 - 03/01/56<sup>(i)</sup> |  | 9002 | 8548009 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/41 - 03/01/56<sup>(i)</sup> |  | 4969 | 4863041 |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/01/56<sup>(i)</sup> |  | 3336 | 3298561 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/56<sup>(i)</sup> |  | 8199 | 8233238 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/56<sup>(i)</sup> |  | 15288 | 15530150 |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/56<sup>(i)</sup> |  | 3705 | 3799892 |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/01/56<sup>(i)</sup> |  | 509 | 528672 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/01/56<sup>(i)</sup> |  | 1208 | 1270097 |
|  |  |  | 191838037 |
| **Total U.S. Government Sponsored Agency Securities — 10.9%** <br>**(Cost: $194,287,178)** | **Total U.S. Government Sponsored Agency Securities — 10.9%** <br>**(Cost: $194,287,178)** | **Total U.S. Government Sponsored Agency Securities — 10.9%** <br>**(Cost: $194,287,178)** | 191838037 |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
| U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 05/15/41 - 02/15/52 |  | 49030 | 33206344 |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/15/41 |  | 10280 | 7176725 |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/42 |  | 16000 | 12165000 |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/43 |  | 10000 | 8019141 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/44 |  | 1000 | 947031 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/47 - 08/15/48 |  | 16100 | 12460855 |
| &nbsp;&nbsp;&nbsp; 3.38%, 11/15/48 |  | 2600 | 2131797 |
| &nbsp;&nbsp;&nbsp; 1.88%, 11/15/51 |  | 7510 | 4334971 |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/15/55 |  | 2930 | 2983564 |
| U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/31/27 |  | 5000 | 4947266 |
| &nbsp;&nbsp;&nbsp; 2.75%, 04/30/27 |  | 9350 | 9271109 |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/31/28 |  | 22120 | 22638438 |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/28/29 - 02/15/32 |  | 32000 | 29758633 |
| &nbsp;&nbsp;&nbsp; 2.38%, 05/15/29 |  | 16000 | 15501875 |
| &nbsp;&nbsp;&nbsp; 0.63%, 08/15/30 |  | 5000 | 4413086 |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/31/30 |  | 27100 | 27368883 |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/34 |  | 15590 | 15613141 |
| **Total U.S. Treasury Obligations — 12.1%** <br>**(Cost: $231,195,189)** | **Total U.S. Treasury Obligations — 12.1%** <br>**(Cost: $231,195,189)** | **Total U.S. Treasury Obligations — 12.1%** <br>**(Cost: $231,195,189)** | 212937859 |
| **Total Long-Term Investments — 91.3%** <br>**(Cost: $1,292,815,854)** | **Total Long-Term Investments — 91.3%** <br>**(Cost: $1,292,815,854)** | **Total Long-Term Investments — 91.3%** <br>**(Cost: $1,292,815,854)** | 1613396345 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 11.9%** | **Money Market Funds — 11.9%** | **Money Market Funds — 11.9%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(g)(j)(k)</sup><br>| 950908 | $951383 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 3.56%<sup>(g)(j)</sup><br>| 210101136 | 210101136 |
| **Total Short-Term Securities — 11.9%** <br>**(Cost: $211,052,519)** | **Total Short-Term Securities — 11.9%** <br>**(Cost: $211,052,519)** | 211052519 |
| **Total Investments Before TBA Sale Commitments — 103.2%** <br>**(Cost: $1,503,868,373)** | **Total Investments Before TBA Sale Commitments — 103.2%** <br>**(Cost: $1,503,868,373)** | 1824448864 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **TBA Sale Commitments**<sup>(i)</sup> | **TBA Sale Commitments**<sup>(i)</sup> | **TBA Sale Commitments**<sup>(i)</sup> | **TBA Sale Commitments**<sup>(i)</sup> |
| **Mortgage-Backed Securities — (1.3)%** | **Mortgage-Backed Securities — (1.3)%** | **Mortgage-Backed Securities — (1.3)%** | **Mortgage-Backed Securities — (1.3)%** |
| Ginnie Mae Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/15/56 | USD  | (250)<br>| (229270)<br>|
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/56 |  | (300)<br>| (281527)<br>|
| &nbsp;&nbsp;&nbsp; 6.50%, 03/15/56 |  | (775)<br>| (805717)<br>|
| Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/56 |  | (6200)<br>| (5135050)<br>|
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/41 |  | (450)<br>| (428984)<br>|
| &nbsp;&nbsp;&nbsp; 3.00%, 03/01/41 |  | (550)<br>| (532458)<br>|
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/56 |  | (425)<br>| (413021)<br>|
| &nbsp;&nbsp;&nbsp; 4.50%, 03/01/56 |  | (650)<br>| (642752)<br>|
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/56 |  | (3800)<br>| (3817045)<br>|
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/56 |  | (10725)<br>| (10896952)<br>|
| &nbsp;&nbsp;&nbsp; 6.50%, 03/01/56 |  | (475)<br>| (493339)<br>|
| **Total TBA Sale Commitments — (1.3)%** <br>**(Proceeds: $(23674367))** | **Total TBA Sale Commitments — (1.3)%** <br>**(Proceeds: $(23674367))** | **Total TBA Sale Commitments — (1.3)%** <br>**(Proceeds: $(23674367))** | (23676115)<br>|
| **Total Investments Net of TBA Sale Commitments — 101.9%** <br>**(Cost: $1,480,194,006)** | **Total Investments Net of TBA Sale Commitments — 101.9%** <br>**(Cost: $1,480,194,006)** | **Total Investments Net of TBA Sale Commitments — 101.9%** <br>**(Cost: $1,480,194,006)** | 1800772749 |
| **Liabilities in Excess of Other Assets — (1.9)%** | **Liabilities in Excess of Other Assets — (1.9)%** | **Liabilities in Excess of Other Assets — (1.9)%** | (33775095)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1766997654 |

---

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

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

<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> All or a portion of this security is on loan.

<sup>(d)</sup> When-issued security.

<sup>(e)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. 

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

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

<sup>(h)</sup> Perpetual security with no stated maturity date.

<sup>(i)</sup> Represents or includes a TBA transaction.

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

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

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*05/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $1291050<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(339948 )<sup>(a)</sup><br>| &nbsp;&nbsp; $281 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $951383 | &nbsp;&nbsp; 950908 | &nbsp;&nbsp; $9136 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, <br> T-Fund, Institutional Shares<br>| &nbsp;&nbsp; 89404974<br>| &nbsp;&nbsp; 120696162 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 210101136 | &nbsp;&nbsp; 210101136 | &nbsp;&nbsp; 3575419 | &nbsp;&nbsp; — |
| iShares MSCI India ETF | &nbsp;&nbsp; 4579582<br>| &nbsp;&nbsp; 1957297 | &nbsp;&nbsp; (2374928)<br>| &nbsp;&nbsp; 86130 | &nbsp;&nbsp; (238920)<br>| &nbsp;&nbsp; 4009161 | &nbsp;&nbsp; 76701 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $86411 | &nbsp;&nbsp; $(238920)<br>| &nbsp;&nbsp; $215061680 |  | &nbsp;&nbsp; $3584555 | &nbsp;&nbsp; $— |

---

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

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

<sup>(b)</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. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOPIX Index | 136 | 03/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; $34439 | &nbsp;&nbsp;&nbsp;&nbsp; $4943398 |
| &nbsp;&nbsp;&nbsp; S&P/Toronto Stock Exchange 60 Index | 1 | 03/19/26 | &nbsp;&nbsp;&nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp;&nbsp; 16734 |
| &nbsp;&nbsp;&nbsp; Mini MSCI EAFE Index | 119 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 18832 | &nbsp;&nbsp;&nbsp;&nbsp; 1605519 |
| &nbsp;&nbsp;&nbsp; Mini MSCI Emerging Markets Index | 11 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 882 | &nbsp;&nbsp;&nbsp;&nbsp; 126868 |
| &nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 49 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 16878 | &nbsp;&nbsp;&nbsp;&nbsp; (126316)<br>|
| &nbsp;&nbsp;&nbsp; U.S. Ultra Treasury Notes (10 Year) | 85 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 9922 | &nbsp;&nbsp;&nbsp;&nbsp; 56242 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (2 Year) | 179 | 06/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 37460 | &nbsp;&nbsp;&nbsp;&nbsp; 59100 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (5 Year) | 176 | 06/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 19385 | &nbsp;&nbsp;&nbsp;&nbsp; 47681 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6729226 |
| Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Euro STOXX 50 Index | 103 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 7488 | &nbsp;&nbsp;&nbsp;&nbsp; (406865)<br>|
| &nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | 105 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 52510 | &nbsp;&nbsp;&nbsp;&nbsp; 2024736 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds (30 Year) | 66 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 7819 | &nbsp;&nbsp;&nbsp;&nbsp; (58115)<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (10 Year) | 14 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1593 | &nbsp;&nbsp;&nbsp;&nbsp; (6914)<br>|
| &nbsp;&nbsp;&nbsp; U.S. Ultra Treasury Bonds | 955 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 116122 | &nbsp;&nbsp;&nbsp;&nbsp; (1085604)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 467238 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $7196464 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Settlement* <br>*Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 78326836 | USD | 51863566 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3872890 |
| CAD | 47518230 | USD | 34243341 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 623756 |
| EUR | 57939246 | JPY | 10644487610 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253835 |
| EUR | 4485000 | JPY | 818646000 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53839 |
| EUR | 58786960 | USD | 68942995 | BNP Paribas S.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599176 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Settlement*<br> *Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 69621397 | EUR | 58786960 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $79225 |
| USD | 630079 | JPY | 96699400 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9743 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5492464 |
| JPY | 10644487610 | EUR | 59223726 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1773314)<br>|
| JPY | 10644487118 | USD | 69357980 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1072452)<br>|
| JPY | 10836135024 | USD | 69852864 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (337894)<br>|
| USD | 491621 | EUR | 419200 | BNP Paribas S.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4273)<br>|
| USD | 4805359 | EUR | 4105000 | Wells Fargo Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50660)<br>|
| USD | 472566 | GBP | 353700 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4128)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3242721)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2249743 |

---

**Centrally Cleared Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate* <br>*Paid by* <br>*the* <br>*Fund*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.45.V2 | 5.00<br> %<br>| Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | USD | 10501 | &nbsp;&nbsp;&nbsp;&nbsp; $(813796)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(842832)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29036 |

---

**OTC Total Return Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)* | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; SOFR plus 0.29%, <br> 3.68%<br>| Quarterly | &nbsp;&nbsp;&nbsp; MSCI All Country <br> World Index<br>| Quarterly | Merrill Lynch International | 04/07/26 | USD | 170219 | &nbsp;&nbsp; $3412690 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3412690 |
| &nbsp;&nbsp;&nbsp; SOFR plus 0.38%, <br> 3.68%<br>| Quarterly | &nbsp;&nbsp;&nbsp; MSCI All Country <br> World Index<br>| Quarterly | Merrill Lynch International | 11/12/26 | USD | 8476 | &nbsp;&nbsp; 84386 | &nbsp;&nbsp; — | &nbsp;&nbsp; 84386 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $3497076 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3497076 |

---

**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:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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;• 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.

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

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; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp; $11942850 | &nbsp;&nbsp; $16739439 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28682289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | &nbsp;&nbsp; — | &nbsp;&nbsp; 190477 | &nbsp;&nbsp; — | &nbsp;&nbsp; 190477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp; 2643539 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2643539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp; 12602348 | &nbsp;&nbsp; 409666 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13012014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp; 25667821 | &nbsp;&nbsp; 36507940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62175761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp; 3836817 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3836817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp; 14633864 | &nbsp;&nbsp; 1829898 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16463762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp; 28323391 | &nbsp;&nbsp; 3246432 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31569823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp; 338239 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 338239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp; 20033390 | &nbsp;&nbsp; 7424136 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27457526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp; 3856845 | &nbsp;&nbsp; 4244571 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8101416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp; 1251424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1251424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp; 4029944 | &nbsp;&nbsp; 3216246 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7246190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp; 11681005 | &nbsp;&nbsp; 5303857 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16984862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 787024 | &nbsp;&nbsp; — | &nbsp;&nbsp; 787024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp; 6138895 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6138895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp; 11709745 | &nbsp;&nbsp; 1538781 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13248526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp; 1997995 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1997995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | &nbsp;&nbsp; — | &nbsp;&nbsp; 196358 | &nbsp;&nbsp; — | &nbsp;&nbsp; 196358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp; 11651254 | &nbsp;&nbsp; 6298277 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17949531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp; 3921905 | &nbsp;&nbsp; 3053904 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6975809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp; 7234070 | &nbsp;&nbsp; 18012296 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25246366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 3735602 | &nbsp;&nbsp; 9516708 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13252310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp; 128772 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 128772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp; 8883241 | &nbsp;&nbsp; 336265 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9219506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp; 10446433 | &nbsp;&nbsp; 1261111 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11707544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp; 1744164 | &nbsp;&nbsp; 573886 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2318050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | &nbsp;&nbsp; — | &nbsp;&nbsp; 341288 | &nbsp;&nbsp; — | &nbsp;&nbsp; 341288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp; 3427301 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3427301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp; 9556050 | &nbsp;&nbsp; 715867 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10271917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp; 12463397 | &nbsp;&nbsp; 71111 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12534508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | &nbsp;&nbsp; 134237 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 134237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp; 898765 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 898765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | &nbsp;&nbsp; 136 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp; 15135896 | &nbsp;&nbsp; 2405548 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17541444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp; 1661432 | &nbsp;&nbsp; 8290610 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9952042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products | &nbsp;&nbsp; 10997037 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10997037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 1118079 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1118079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | &nbsp;&nbsp; 8926898 | &nbsp;&nbsp; 4569915 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13496813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp; 9678719 | &nbsp;&nbsp; 24714592 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34393311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp; 39342390 | &nbsp;&nbsp; 8246352 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47588742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp; 2201700 | &nbsp;&nbsp; 1425919 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3627619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp; 618155 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 618155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp; 727321 | &nbsp;&nbsp; 161532 | &nbsp;&nbsp; — | &nbsp;&nbsp; 888853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp; 811799 | &nbsp;&nbsp; 3083971 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3895770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | &nbsp;&nbsp; 40776 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp; 195539 | &nbsp;&nbsp; 1589274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1784813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp; 15520168 | &nbsp;&nbsp; 8174781 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23694949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | &nbsp;&nbsp; 3384059 | &nbsp;&nbsp; 3162374 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6546433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 15016512 | &nbsp;&nbsp; 20538825 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35555337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp; 43953 | &nbsp;&nbsp; 687684 | &nbsp;&nbsp; — | &nbsp;&nbsp; 731637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 133067 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp; 22905520 | &nbsp;&nbsp; 15361845 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38267365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp; 1658389 | &nbsp;&nbsp; 3515933 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5174322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp; 55668 | &nbsp;&nbsp; 3523724 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3579392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | &nbsp;&nbsp; 348004 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 348004 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | &nbsp;&nbsp; $1686645 | &nbsp;&nbsp; $181881 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1868526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 80854693 | &nbsp;&nbsp; 38048216 | &nbsp;&nbsp; — | &nbsp;&nbsp; 118902909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp; 44512966 | &nbsp;&nbsp; 1684042 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46197008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp; 9746743 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9746743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp; 6652430 | &nbsp;&nbsp; 539886 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7192316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 43635799 | &nbsp;&nbsp; 11490131 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55125930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 3581251 | &nbsp;&nbsp; 495907 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4077158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | &nbsp;&nbsp; 6086014 | &nbsp;&nbsp; 2284624 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8370638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | &nbsp;&nbsp; — | &nbsp;&nbsp; 710149 | &nbsp;&nbsp; — | &nbsp;&nbsp; 710149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp; 2196734 | &nbsp;&nbsp; 2993438 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5190172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds  | &nbsp;&nbsp; — | &nbsp;&nbsp; 322236228 | &nbsp;&nbsp; — | &nbsp;&nbsp; 322236228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 5631417 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5631417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies  | &nbsp;&nbsp; 4009161 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4009161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1095781 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1095781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 1563376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1563376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 191838037 | &nbsp;&nbsp; — | &nbsp;&nbsp; 191838037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 212937859 | &nbsp;&nbsp; — | &nbsp;&nbsp; 212937859 |
| &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; 211052519 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 211052519 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sale Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; (23676115)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (23676115)<br>|
|  | &nbsp;&nbsp; $800879784 | &nbsp;&nbsp; $999892965 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1800772749 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29036 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 3773857 | &nbsp;&nbsp; 8440474 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12214331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 5492464 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5492464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 163023 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 163023 |
| &nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; (533181)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (533181)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (3242721)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3242721)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (1150633)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1150633)<br>|
|  | &nbsp;&nbsp; $2253066 | &nbsp;&nbsp; $10719253 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12972319 |

---

&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 |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Balanced Fund, Inc.**

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| DAC | Designated Activity Co. |
| ETF | Exchange-Traded Fund |
| LP | Limited Partnership |
| MTN | Medium-Term Note |
| NVS | Non-Voting Shares |
| OTC | Over-the-Counter |
| PIK | Payment-in-Kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| TBA | To-be-Announced |
| TOPIX | Tokyo Stock Price Index |

---

------

## 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 Balanced Fund, Inc.

- **b. Investment Company Act file number:** 811-02405

- **c. CIK number of Registrant:** 0000110055

- **d. LEI of Registrant:** 549300IQRQVPFY18OX84

- **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:** BlackRock Balanced Fund, Inc.

- **b. EDGAR series identifier (if any):** S000002175

- **c. LEI of Series:** 549300IQRQVPFY18OX84

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2026-02-27

**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:** $1822078393.03

**Total Liabilities:** $54817132.95

**Net Assets:** $1767261260.08

**Delayed Delivery Securities:** $252428.59

**Stand-by Commitments:** $47718157.42

**Cash Not Reported:** $18525845.64

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 268.39000000 | **1-Year:** 11867.19000000 | **5-Year:** 137050.99000000 | **10-Year:** 50431.62000000 | **30-Year:** 54462.78000000

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

- **3-Month:** 47.94000000 | **1-Year:** 978.82000000 | **5-Year:** 3292.60000000 | **10-Year:** 658.09000000 | **30-Year:** 165.38000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000005578 | 0.99%                | 2.50%                | 1.68%                |
| Class ID C000005580 | 0.92%                | 2.43%                | 1.64%                |
| Class ID C000005581 | 0.98%                | 2.55%                | 1.67%                |
| Class ID C000005582 | 0.94%                | 2.49%                | 1.65%                |
| Class ID C000199764 | 1.03%                | 2.51%                | 1.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1702515.25              | $6818719.56                                |
| Month 2  | $15860952.68             | $12450267.76                               |
| Month 3  | $13949756.86             | $9118853.41                                |

**Designated Index Information**

- **Index Name:** 60% MSCI All Country World Index/40% Bloomberg U.S. Aggregate Bond Index

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ICE FUTURES U.S., INC.                                     | MSCI EAFE Index Futures - ICUS, Mar26                                  | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |       119 | NC      | $1605519.18   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                               | USD/EUR FORWARD                                                        | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $599176.56    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Astellas Pharma Inc.                                       | Astellas Pharma Inc. NPV                                               | CUSIP: 000000000<br>LEI: 529900IB708DY2HBBB35 | Long             | EC               | CORP              | JP        |     60700 | NS      | $1010139.89   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Advance Auto Parts Inc.                                    | AAP 7.375 08/01/33 144A                                                | CUSIP: 00751YAL0<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     49000 | PA      | $50215.45     | 0.00%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| StoneX Escrow Issuer LLC                                   | SNEX 6.875 07/15/32 144A                                               | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $83018.48     | 0.00%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                                       | Booking Holdings Inc COM                                               | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       765 | NS      | $3243102.75   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc.                                    | AAP 7 08/01/30 144A                                                    | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71811.25     | 0.00%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Perimeter Holdings LLC                                     | PRM 6.25 01/15/34 144A                                                 | CUSIP: 71384AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $65296.37     | 0.00%             | 2034-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                                      | Societe Generale S.A. EUR1.25                                          | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |      7932 | NS      | $687391.80    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Perenti Finance Pty Ltd.                                   | ASLAU 7.5 04/26/29 144A                                                | CUSIP: 71367VAB5<br>LEI: 894500ZDIIAOXSQHE612 | Long             | DBT              | CORP              | AU        |    114000 | PA      | $118398.61    | 0.01%             | 2029-04-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                            | LLY 5.05 08/14/54                                                      | CUSIP: 532457CS5<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    930000 | PA      | $879839.18    | 0.05%             | 2054-08-14      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Seegene Inc                                                | Seegene Inc KRW500                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2268 | NS      | $41375.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                           | DB V5.706 02/08/28                                                     | CUSIP: 251526CV9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | US        |    260000 | PA      | $263851.91    | 0.01%             | 2028-02-08      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Amada Co Ltd                                               | Amada Co Ltd NPV                                                       | CUSIP: 000000000<br>LEI: 529900QF5O6TQGCPDX85 | Long             | EC               | CORP              | JP        |     73700 | NS      | $1225356.31   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERIGAS PARTNERS LP                                       | APU 5.75 05/20/27                                                      | CUSIP: 030981AL8<br>LEI: H36E1IF6YS0OBMHM6168 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30247.26     | 0.00%             | 2027-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES LP                                       | IEP 9 06/15/30                                                         | CUSIP: 451102CJ4<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |     65000 | PA      | $61829.15     | 0.00%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA6542                                                              | CUSIP: 36179VHT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    937401 | PA      | $895192.12    | 0.05%             | 2050-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                        | SYF 7.25 02/02/33                                                      | CUSIP: 87165BAU7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    229000 | PA      | $241489.51    | 0.01%             | 2033-02-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| The Gap Inc.                                               | GAP 3.625 10/01/29 144A                                                | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     69000 | PA      | $65635.97     | 0.00%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                 | OKE 7.15 01/15/51                                                      | CUSIP: 682680BF9<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    430000 | PA      | $483596.74    | 0.03%             | 2051-01-15      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Chevron USA Inc                                            | CVX 4.98 04/15/35                                                      | CUSIP: 166756BF2<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |   1905000 | PA      | $1977322.60   | 0.11%             | 2035-04-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Essent Group Ltd.                                          | Essent Group Ltd. COM USD0.015                                         | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | BM        |      1409 | NS      | $85723.56     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                                | Pfizer Inc. COM                                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    295664 | NS      | $8175109.60   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corporation                                     | FAIRIC 6 05/15/33 144A                                                 | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     87000 | PA      | $87937.53     | 0.00%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Travelers Companies, Inc.                                  | Travelers Companies, Inc. COM                                          | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     12055 | NS      | $3720655.20   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd.                                             | BHP Group Ltd. NPV                                                     | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     50545 | NS      | $2050878.02   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                    | TLN 6.25 02/01/34 144A                                                 | CUSIP: 87422VAM0<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    165000 | PA      | $167903.12    | 0.01%             | 2034-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Chroma Ate Inc                                             | Chroma Ate Inc TWD10                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     89000 | NS      | $3867403.51   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| INVITATION HOMES INC                                       | Invitation Homes Inc. COM                                              | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |     13212 | NS      | $348004.08    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aston Martin Capital Holdings Ltd.                         | ASTONM 10 03/31/29 144A                                                | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |    179000 | PA      | $145437.50    | 0.01%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                            | Home Depot Inc. COM                                                    | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       189 | NS      | $71956.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                       | JPM V4.851 07/25/28                                                    | CUSIP: 46647PDG8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1426336.32   | 0.08%             | 2028-07-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PARTNERS LP                                       | APU 9.375 06/01/28 144A                                                | CUSIP: 030981AM6<br>LEI: H36E1IF6YS0OBMHM6168 | Long             | DBT              | CORP              | US        |    107000 | PA      | $110593.60    | 0.01%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Marfrig Global Foods SA                                    | Marfrig Global Foods SA COM NPV                                        | CUSIP: 000000000<br>LEI: 391200219USWMOBN3F92 | Long             | EC               | CORP              | BR        |     67639 | NS      | $273115.63    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Oneok Inc.                                                 | OKE 6.35 01/15/31                                                      | CUSIP: 682680BE2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1451723.53   | 0.08%             | 2031-01-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| MTN Group Ltd                                              | MTN Group Ltd ZAR0.0001                                                | CUSIP: 000000000<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |     67407 | NS      | $876771.37    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Santander Holdings USA Inc.                                | SANUSA V6.499 03/09/29                                                 | CUSIP: 80282KBF2<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   2670000 | PA      | $2779507.67   | 0.16%             | 2029-03-09      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LTD                                       | Tencent Holdings Ltd. HKD0.00002                                       | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    114400 | NS      | $7526814.48   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| AETHON UNITED BR LP                                        | AETUNI 7.5 10/01/29 144A                                               | CUSIP: 00810GAD6<br>LEI: 5493007HPG2M9K9X5V41 | Long             | DBT              | CORP              | US        |     42000 | PA      | $44183.66     | 0.00%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FS6294                                                              | CUSIP: 3140XM7G5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26844 | PA      | $27903.89     | 0.00%             | 2053-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pennymac Financial Services Inc                            | PFSI 7.875 12/15/29 144A                                               | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     28000 | PA      | $29398.15     | 0.00%             | 2029-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                               | Tenet Healthcare Corporation COM NEW                                   | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      4324 | NS      | $1035122.36   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Antam Persero Tbk                                          | Antam Persero Tbk IDR100                                               | CUSIP: 000000000<br>LEI: 529900LRE2NALSSHMB80 | Long             | EC               | CORP              | ID        |    236800 | NS      | $61571.18     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EZCORP Inc.                                                | EZPW 7.375 04/01/32 144A                                               | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |     45000 | PA      | $48192.21     | 0.00%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANKS                                    | FR SD7557                                                              | CUSIP: 3132DVME2<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGSE             | US        |     32940 | PA      | $32921.04     | 0.00%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Etsy Inc                                                   | Etsy Inc COM                                                           | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |      8105 | NS      | $444802.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA7767                                                              | CUSIP: 36179WTY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1699282 | PA      | $1500507.60   | 0.08%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA4097                                                              | CUSIP: 31418DRT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8021 | PA      | $7328.39      | 0.00%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                    | TLN 6.5 02/01/36 144A                                                  | CUSIP: 87422VAN8<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    180000 | PA      | $185070.24    | 0.01%             | 2036-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fortress Transportation & Infrastructure Investors LLC     | FTAI 7.875 12/01/30 144A                                               | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     66000 | PA      | $69836.51     | 0.00%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                               | EXC 2.75 03/15/27                                                      | CUSIP: 30161NBB6<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    550000 | PA      | $543518.71    | 0.03%             | 2027-03-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                            | BBDBCN 6.75 06/15/33 144A                                              | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    241000 | PA      | $253952.06    | 0.01%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                             | C V3.785 03/17/33                                                      | CUSIP: 172967NN7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1570000 | PA      | $1510768.86   | 0.09%             | 2033-03-17      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                        | CSCO 4.95 02/24/32                                                     | CUSIP: 17275RBY7<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |     90000 | PA      | $93733.56     | 0.01%             | 2032-02-24      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                           | MRK 5 05/17/53                                                         | CUSIP: 58933YBM6<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    340000 | PA      | $316358.64    | 0.02%             | 2053-05-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sunway Construction Group Bhd                              | Sunway Construction Group Bhd NPV                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    128600 | NS      | $232925.40    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| First Solar Inc                                            | First Solar Inc COM                                                    | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       371 | NS      | $73161.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BIZLINK HOLDING INC                                        | BizLink Holding Inc. TWD10                                             | CUSIP: 000000000<br>LEI: 213800YAKRFVU5XOX138 | Long             | EC               | CORP              | KY        |     28504 | NS      | $1259566.11   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Palantir Technologies Inc                                  | Palantir Technologies Inc CL A                                         | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     38308 | NS      | $5255474.52   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloud Software Group Inc.                                  | TIBX 9 09/30/29 144A                                                   | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    199000 | PA      | $194870.57    | 0.01%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Dick's Sporting Goods, Inc.                                | DKS 4 10/01/29 144A                                                    | CUSIP: 253393AH5<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69290.46     | 0.00%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Noble Finance II LLC.                                      | NEFINA 8 04/15/30 144A                                                 | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    193000 | PA      | $200878.26    | 0.01%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Santos Ltd.                                                | Santos Ltd. NPV                                                        | CUSIP: 000000000<br>LEI: 5299000RK70B5O2M7077 | Long             | EC               | CORP              | AU        |    363438 | NS      | $1751466.65   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance (Group) Company of China Ltd.            | Ping An Insurance (Group) Company of China Ltd. 'A'CNY1                | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |     39800 | NS      | $365544.68    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SEI Investments Co                                         | SEI Investments Co COM                                                 | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |       871 | NS      | $70829.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Phison Electronics Corp.                                   | Phison Electronics Corp. TWD10                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     40000 | NS      | $2363087.75   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MB0092                                                              | CUSIP: 3618N5C64<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    532894 | PA      | $541621.71    | 0.03%             | 2054-12-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP                                          | GEL 8.25 01/15/29                                                      | CUSIP: 37185LAP7<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |    104000 | PA      | $108570.28    | 0.01%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                       | JPM V2.963 01/25/33                                                    | CUSIP: 46647PCU8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    790000 | PA      | $732715.40    | 0.04%             | 2033-01-25      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                                        | LNG 4.625 10/15/28                                                     | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |   2890000 | PA      | $2888967.63   | 0.16%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.               | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10                     | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    223000 | NS      | $13914797.19  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                            | TDG 6.75 01/31/34 144a                                                 | CUSIP: 893647CA3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41511.25     | 0.00%             | 2034-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Darden Restaurants, Inc.                                   | DRI 4.55 10/15/29                                                      | CUSIP: 237194AQ8<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |    305000 | PA      | $309148.66    | 0.02%             | 2029-10-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB7803                                                              | CUSIP: 3140QTU56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     76578 | PA      | $80509.39     | 0.00%             | 2054-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pennymac Financial Services Inc                            | PFSI 7.125 11/15/30 144A                                               | CUSIP: 70932MAE7<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     81000 | PA      | $83269.94     | 0.00%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Martin Marietta Materials Inc                              | MLM 5.15 12/01/34                                                      | CUSIP: 573284BA3<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |    530000 | PA      | $547081.69    | 0.03%             | 2034-12-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Zhongji Innolight Co Ltd.                                  | Zhongji Innolight Co Ltd. 'A'CNY1                                      | CUSIP: 000000000<br>LEI: 655600K7YZDKAI214O83 | Long             | EC               | CORP              | CN        |      4000 | NS      | $309616.62    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Albemarle Corp                                             | Albemarle Corp COM                                                     | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |      4940 | NS      | $882629.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hdc Hyundai Development Co.                                | Hdc Hyundai Development Co. KRW5000                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3726 | NS      | $59947.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                            | LLY 5.65 10/15/65                                                      | CUSIP: 532457DG0<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55678.50     | 0.00%             | 2065-10-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                    | RSG 4.75 07/15/30                                                      | CUSIP: 760759BL3<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123356.99    | 0.01%             | 2030-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Accenture Capital Inc.                                     | ACN 4.5 10/04/34                                                       | CUSIP: 00440KAD5<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79138.08     | 0.00%             | 2034-10-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pennymac Financial Services Inc                            | PFSI 6.875 05/15/32 144A                                               | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    180000 | PA      | $181029.78    | 0.01%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Corporation                               | FREMOR 12.25 10/01/30 144A                                             | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     76000 | PA      | $82656.00     | 0.00%             | 2030-10-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN BT2234                                                              | CUSIP: 3140LQPU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    808022 | PA      | $753454.91    | 0.04%             | 2037-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                               | NVDA 3.7 04/01/60                                                      | CUSIP: 67066GAJ3<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |   1580000 | PA      | $1185932.37   | 0.07%             | 2060-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                   | HCA 5.2 06/01/28                                                       | CUSIP: 404119CP2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    590000 | PA      | $604774.60    | 0.03%             | 2028-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Bank of Hangzhou Co Ltd.                                   | Bank of Hangzhou Co Ltd. A CNY1                                        | CUSIP: 000000000<br>LEI: 300300C1092033000075 | Long             | EC               | CORP              | CN        |     13700 | NS      | $32448.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS INC                                      | WCNCN 5.25 09/01/35                                                    | CUSIP: 94106BAJ0<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |    945000 | PA      | $989187.17    | 0.06%             | 2035-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                     | Micron Technology Inc. COM                                             | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     12576 | NS      | $5185965.12   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.                  | STX 8.25 12/15/29 144a                                                 | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    106000 | PA      | $111846.85    | 0.01%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Sysmex Corp.                                               | Sysmex Corp. NPV                                                       | CUSIP: 000000000<br>LEI: 5299001ZO4CKWACMZI55 | Long             | EC               | CORP              | JP        |      5900 | NS      | $55701.15     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson Controls International PLC                         | Johnson Controls International PLC COM USD1.00                         | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |      2344 | NS      | $338239.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                                               | Alkermes PLC COM USD0.01                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      7473 | NS      | $224937.30    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc.                                              | AIZ V7 03/27/48                                                        | CUSIP: 04621XAK4<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |     84000 | PA      | $86514.77     | 0.00%             | 2048-03-27      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Tsmc Arizona Corp.                                         | TAISEM 3.25 10/25/51                                                   | CUSIP: 872898AE1<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |    810000 | PA      | $637235.10    | 0.04%             | 2051-10-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| National Fuel Gas Company                                  | NFG 5.95 03/15/35                                                      | CUSIP: 636180BU4<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |   2035000 | PA      | $2167995.43   | 0.12%             | 2035-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Roblox Corporation                                         | Roblox Corporation CL A                                                | CUSIP: 771049103<br>LEI: 529900ANZDBDFU91SO19 | Long             | EC               | CORP              | US        |     13914 | NS      | $955335.24    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile USA, Inc.                                         | TMUS 5.5 01/15/55                                                      | CUSIP: 87264ADG7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    320000 | PA      | $305198.08    | 0.02%             | 2055-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                         | Banco Santander SA EUR0.50(REGD)                                       | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |     94040 | NS      | $1186038.39   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Halliburton Company                                        | Halliburton Company COM                                                | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |      2979 | NS      | $107244.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA4566                                                              | CUSIP: 31418ECC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     66897 | PA      | $61010.66     | 0.00%             | 2037-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Pennymac Financial Services Inc                            | PFSI 6.875 02/15/33 144A                                               | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125138.50    | 0.01%             | 2033-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                    | RSG 5.2 11/15/34                                                       | CUSIP: 760759BK5<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    495000 | PA      | $518165.96    | 0.03%             | 2034-11-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                  | GS V1.992 01/27/32                                                     | CUSIP: 38141GXR0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    366000 | PA      | $327486.52    | 0.02%             | 2032-01-27      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Kobe Steel Ltd                                             | Kobe Steel Ltd NPV                                                     | CUSIP: 000000000<br>LEI: 549300ZDCYYUPHEE5K87 | Long             | EC               | CORP              | JP        |      2600 | NS      | $37834.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WH GROUP LTD                                               | WH Group Ltd. USD0.0001                                                | CUSIP: 000000000<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | KY        |    109500 | NS      | $137725.29    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                                            | CBRE Group Inc. CL A                                                   | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |       377 | NS      | $55667.82     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennymac Financial Services Inc                            | PFSI 6.75 02/15/34 144A                                                | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27682.45     | 0.00%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LENOVO GROUP LTD                                           | Lenovo Group Ltd. NPV                                                  | CUSIP: 000000000<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | HK        |    520000 | NS      | $641847.86    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Composecure Holdings LLC                                   | COMPOS 5.625 02/01/33 144A                                             | CUSIP: 20459XAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49750.00     | 0.00%             | 2033-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES LP                                       | IEP 9.75 01/15/29                                                      | CUSIP: 451102CF2<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    185000 | PA      | $182844.56    | 0.01%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                               | JPY/EUR FORWARD                                                        | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |         1 | NC      | $253835.32    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Consolidated Edison, Inc.                                  | Consolidated Edison, Inc. COM                                          | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     29080 | NS      | $3272081.60   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                               | NVDA 1.55 06/15/28                                                     | CUSIP: 67066GAM6<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |    600000 | PA      | $573268.84    | 0.03%             | 2028-06-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PARTNERS LP                                       | APU 9.5 06/01/30 144A                                                  | CUSIP: 030981AP9<br>LEI: H36E1IF6YS0OBMHM6168 | Long             | DBT              | CORP              | US        |     85000 | PA      | $90981.54     | 0.01%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NCsoft Corp.                                               | NCsoft Corp. KRW500                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       327 | NS      | $52447.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Genesis Energy LP & Genesis Energy Finance Corp.           | GEL 6.75 03/15/34                                                      | CUSIP: 37185LAS1<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45519.07     | 0.00%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc.                        | CCO 7.125 02/15/31 144A                                                | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     54000 | PA      | $57078.59     | 0.00%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Capital S.A.                                | TITIM 6 09/30/34                                                       | CUSIP: 87927VAM0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     62000 | PA      | $64540.88     | 0.00%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc.                                  | TIBX 8.25 06/30/32 144A                                                | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     82000 | PA      | $82068.70     | 0.00%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| L'Oreal S.A.                                               | L'Oreal S.A. EUR0.20                                                   | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |       284 | NS      | $133067.13    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FLEX LTD                                                   | Flex Ltd. COM USD0.01                                                  | CUSIP: 000000000<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |       276 | NS      | $17393.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW LLC / CDW Finance Corp                                 | CDW 3.569 12/01/31                                                     | CUSIP: 12513GBJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    226000 | PA      | $210380.94    | 0.01%             | 2031-12-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| Bread Financial Holdings Inc                               | BFH 6.75 05/15/31 144A                                                 | CUSIP: 018581AR9<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |     85000 | PA      | $86601.06     | 0.00%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FS3085                                                              | CUSIP: 3140XJNB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    987456 | PA      | $901915.18    | 0.05%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA5073                                                              | CUSIP: 31418ET75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    149924 | PA      | $154701.07    | 0.01%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                            | FNMA-15YR                                                              | CUSIP: 01F012437<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    888750 | PA      | $810365.63    | 0.05%             | 2041-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                            | BBDBCN 7.25 07/01/31 144A                                              | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     88000 | PA      | $93624.34     | 0.01%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PARTNERS LP                               | AM 5.75 10/15/33 144A                                                  | CUSIP: 03690AAM8<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101515.09    | 0.01%             | 2033-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Costco Wholesale Corporation                               | Costco Wholesale Corporation COM                                       | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      5211 | NS      | $5267226.69   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System, Inc.                                         | R 6.3 12/01/28                                                         | CUSIP: 78355HKX6<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1185515.72   | 0.07%             | 2028-12-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| NCR Atleos Corp.                                           | NCRATL 9.5 04/01/29 144A                                               | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    169000 | PA      | $181489.44    | 0.01%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA6411                                                              | CUSIP: 36179VDQ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    433919 | PA      | $422603.43    | 0.02%             | 2050-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pharmaresearch Co Ltd                                      | Pharmaresearch Co Ltd KRW500                                           | CUSIP: 000000000<br>LEI: 988400WCI2SXC6H7SG23 | Long             | EC               | CORP              | KR        |       409 | NS      | $99334.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNMA-30YR                                                              | CUSIP: 01F032633<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3850000 | PA      | $3627779.73   | 0.21%             | 2056-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Braskem S.A.                                               | Braskem S.A. PRF'A' NPV                                                | CUSIP: 000000000<br>LEI: 549300RPMQUFGBB7EY44 | Long             | EP               | CORP              | BR        |     95990 | NS      | $179191.32    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FMG Resources (August 2006) Pty Ltd.                       | FMGAU 6.125 04/15/32 144A                                              | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    121000 | PA      | $126712.18    | 0.01%             | 2032-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                        | SYF 2.875 10/28/31                                                     | CUSIP: 87165BAR4<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |   2180000 | PA      | $1957395.99   | 0.11%             | 2031-10-28      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Amkor Technology, Inc.                                     | AMKR 5.875 10/01/33 144A                                               | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |    140000 | PA      | $142861.46    | 0.01%             | 2033-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Tutor Perini Corporation                                   | TPC 11.875 04/30/29 144A                                               | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |    127000 | PA      | $139276.71    | 0.01%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| Bank Negara Indonesia (Persero) Tbk PT                     | Bank Negara Indonesia (Persero) Tbk PT LKD SHS(IDR3750 & IDR187.5)     | CUSIP: 000000000<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | EC               | CORP              | ID        |    144900 | NS      | $37978.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RJ0530                                                              | CUSIP: 3142GQSU7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    101454 | PA      | $105581.82    | 0.01%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                              | U.S. Bancorp. COM NEW                                                  | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     71477 | NS      | $3906932.82   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| GENESIS ENERGY LP                                          | GEL 7.875 05/15/32                                                     | CUSIP: 37185LAQ5<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |     85000 | PA      | $88976.81     | 0.01%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                        | Mitsubishi UFJ Financial Group Inc. NPV                                | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    222000 | NS      | $4121209.45   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan LLC                                                | Meituan LLC USD0.00001 B CLASS                                         | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |     65870 | NS      | $678263.79    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                          | HSBC V5.45 03/03/36                                                    | CUSIP: 404280ES4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $519977.71    | 0.03%             | 2036-03-03      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Adobe Inc                                                  | Adobe Inc COM                                                          | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      7172 | NS      | $1882004.52   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortrea Holdings Inc.                                      | FTRE 7.5 07/01/30 144A                                                 | CUSIP: 34965KAA5<br>LEI: 5493000FIVFABOVCDU97 | Long             | DBT              | CORP              | US        |    136000 | PA      | $129766.51    | 0.01%             | 2030-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Lam Research Corporation                                   | Lam Research Corporation COM NEW                                       | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     13183 | NS      | $3083371.87   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO MIDSTREAM PARTNERS LP                               | AM 5.75 07/01/34 144A                                                  | CUSIP: 03690AAN6<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66016.08     | 0.00%             | 2034-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Jabil Inc                                                  | Jabil Inc COM                                                          | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |        79 | NS      | $20934.21     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                                  | GS V5.387 02/02/41                                                     | CUSIP: 38145GAU4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    180000 | PA      | $178643.00    | 0.01%             | 2041-02-02      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RJ1979                                                              | CUSIP: 3142GSFV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    331793 | PA      | $349238.93    | 0.02%             | 2054-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Keysight Technologies, Inc.                                | Keysight Technologies, Inc. COM                                        | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |      4588 | NS      | $1410030.04   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SL1137                                                              | CUSIP: 31427NHP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    264478 | PA      | $271332.34    | 0.02%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Post Holdings Inc.                                         | POST 6.375 03/01/33 144A                                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    157000 | PA      | $159807.47    | 0.01%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Covista Inc.                                               | CVSA 5.5 03/01/28 144A                                                 | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |     42000 | PA      | $42000.00     | 0.00%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fujitsu Ltd.                                               | Fujitsu Ltd. NPV                                                       | CUSIP: 000000000<br>LEI: 3538000246DHJLRTUZ24 | Long             | EC               | CORP              | JP        |     42200 | NS      | $940761.16    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| The TJX Companies Inc.                                     | The TJX Companies Inc. COM                                             | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     21049 | NS      | $3402781.34   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA8801                                                              | CUSIP: 36179XX68<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    100432 | PA      | $102684.63    | 0.01%             | 2053-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                                      | Uber Technologies Inc COM                                              | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     33895 | NS      | $2556360.90   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                                        | Arista Networks Inc COM SHS                                            | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      3029 | NS      | $404371.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                                 | AMT 5.8 11/15/28                                                       | CUSIP: 03027XCE8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26126.52     | 0.00%             | 2028-11-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                            | TDG 7.125 12/01/31 144A                                                | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    166000 | PA      | $173983.11    | 0.01%             | 2031-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GE Aerospace                                               | GE 4.9 01/29/36                                                        | CUSIP: 369604CA9<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    335000 | PA      | $343629.47    | 0.02%             | 2036-01-29      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Tsmc Arizona Corp.                                         | TAISEM 4.25 04/22/32                                                   | CUSIP: 872898AH4<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |   1258000 | PA      | $1274404.32   | 0.07%             | 2032-04-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Diversified Healthcare Trust                               | DHC 4.375 03/01/31                                                     | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    159000 | PA      | $143819.45    | 0.01%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SunCoke Energy, Inc.                                       | SXC 4.875 06/30/29 144A                                                | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |     69000 | PA      | $63028.45     | 0.00%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Weatherford International Ltd Bermuda                      | WFRD 6.75 10/15/33 144A                                                | CUSIP: 947075AW7<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     50000 | PA      | $52274.20     | 0.00%             | 2033-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC/Directv Financing Co-Obligor Inc.    | DTV 8.875 02/01/30 144a                                                | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100034.33    | 0.01%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Stantec Inc.                                               | Stantec Inc. COM NPV                                                   | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               | CORP              | CA        |     29317 | NS      | $2714517.14   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB6065                                                              | CUSIP: 3140QRW33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    155665 | PA      | $157300.50    | 0.01%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hawaiian Electric Company, Inc.                            | HE 6 10/01/33 144A                                                     | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13250.47     | 0.00%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA8345                                                              | CUSIP: 36179XHW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1574858 | PA      | $1492940.43   | 0.08%             | 2052-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                         | BBVASM V6.138 09/14/28                                                 | CUSIP: 05946KAL5<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   1800000 | PA      | $1856005.02   | 0.11%             | 2028-09-14      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Lumentum Holdings Inc.                                     | Lumentum Holdings Inc. COM                                             | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |       407 | NS      | $285270.37    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Peru (Republic Of)                                         | PERU 6.2 06/30/55                                                      | CUSIP: 715638FD9<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    300000 | PA      | $315825.00    | 0.02%             | 2055-06-30      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| NETEASE INC                                                | NetEase Inc. USD0.0001                                                 | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     12600 | NS      | $283817.43    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom Inc                                               | AVGO 3.75 02/15/51                                                     | CUSIP: 11135FCS8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    460000 | PA      | $354666.40    | 0.02%             | 2051-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA5023                                                              | CUSIP: 31418ESM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21758 | PA      | $21607.23     | 0.00%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mineral Resources Ltd.                                     | MINAU 7 04/01/31 144A                                                  | CUSIP: 603051AF0<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    190000 | PA      | $199831.36    | 0.01%             | 2031-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                               | THC 6.125 10/01/28                                                     | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     46000 | PA      | $46106.17     | 0.00%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ADT Security Corp.                                         | ADT 5.875 10/15/33 144A                                                | CUSIP: 00109LAB9<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    130000 | PA      | $132127.45    | 0.01%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Talos Prodtn Inc                                           | TALO 9.375 02/01/31 144A                                               | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    114000 | PA      | $121297.48    | 0.01%             | 2031-02-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RJ0528                                                              | CUSIP: 3142GQSS2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     33313 | PA      | $34824.31     | 0.00%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                          | ES 1.4 08/15/26 U                                                      | CUSIP: 30040WAN8<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197553.11    | 0.01%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                            | CI 4.375 10/15/28                                                      | CUSIP: 125523AH3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    990000 | PA      | $1000269.42   | 0.06%             | 2028-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Inc.                                     | TXN 4.9 03/14/33                                                       | CUSIP: 882508CB8<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |    790000 | PA      | $820727.46    | 0.05%             | 2033-03-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                              | Alphabet Inc. CAP STK CL C                                             | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     38133 | NS      | $11875760.19  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Chem Ltd                                                | LG Chem Ltd KRW5000                                                    | CUSIP: 000000000<br>LEI: 988400IES4EIG7O06940 | Long             | EC               | CORP              | KR        |      3615 | NS      | $1051163.19   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                  | Goldman Sachs Group, Inc. COM                                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       720 | NS      | $618890.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA7829                                                              | CUSIP: 36179WVW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1629205 | PA      | $1547739.05   | 0.09%             | 2052-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                               | NVDA 2 06/15/31                                                        | CUSIP: 67066GAN4<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |   4490000 | PA      | $4093032.05   | 0.23%             | 2031-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Koninklijke KPN N.V.                                       | KPN 8.375 10/01/30                                                     | CUSIP: 780641AH9<br>LEI: 549300YO0JZHAL7FVP81 | Long             | DBT              | CORP              | NL        |    450000 | PA      | $527601.69    | 0.03%             | 2030-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                               | Barclays PLC ORD GBP0.25                                               | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |     14365 | NS      | $87191.45     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp.                                               | ORCL 6.7 02/04/56                                                      | CUSIP: 68389XEB7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1134619.42   | 0.06%             | 2056-02-04      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| GLOBAL PARTNERS LP                                         | GLP 8.25 01/15/32 144A                                                 | CUSIP: 37954FAK0<br>LEI: 549300PCHWTW9P4DU444 | Long             | DBT              | CORP              | US        |     84000 | PA      | $88744.32     | 0.01%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Burford Capital Global Finance LLC                         | BURLN 9.25 07/01/31 144A                                               | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    156000 | PA      | $158483.36    | 0.01%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA5223                                                              | CUSIP: 31418EYV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11361 | PA      | $11271.84     | 0.00%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corporation                               | Northrop Grumman Corporation COM                                       | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      2147 | NS      | $1555243.86   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Capital Corp                                | AWK 5.7 09/01/55                                                       | CUSIP: 03040WBG9<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96222.80     | 0.01%             | 2055-09-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 0.625 08/15/30                                                       | CUSIP: 91282CAE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4413085.95   | 0.25%             | 2030-08-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RJ5735                                                              | CUSIP: 3142GWLR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2822317 | PA      | $2850716.94   | 0.16%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB8024                                                              | CUSIP: 3140QT4J5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    139599 | PA      | $149358.73    | 0.01%             | 2054-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                       | Credit Agricole S.A. EUR3                                              | CUSIP: 000000000<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | EC               | CORP              | FR        |     89157 | NS      | $1969743.31   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Glovis Co Ltd.                                     | Hyundai Glovis Co Ltd. KRW500                                          | CUSIP: 000000000<br>LEI: 988400U6RDXNJ5ZRN304 | Long             | EC               | CORP              | KR        |       946 | NS      | $190477.21    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                            | TDG 6.625 03/01/32 144A                                                | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     59000 | PA      | $61123.53     | 0.00%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB8482                                                              | CUSIP: 3140QUM86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    640911 | PA      | $653001.65    | 0.04%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Automatic Data Processing, Inc.                            | ADP 1.7 05/15/28                                                       | CUSIP: 053015AG8<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | DBT              | CORP              | US        |   5380000 | PA      | $5154624.97   | 0.29%             | 2028-05-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| AVI Ltd                                                    | AVI Ltd ZAR0.05                                                        | CUSIP: 000000000<br>LEI: 378900C2D68805FAAF75 | Long             | EC               | CORP              | ZA        |     27839 | NS      | $196208.24    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas, Inc.                                              | OGS 4.25 09/01/32                                                      | CUSIP: 68235PAM0<br>LEI: 549300HXDWI0LATTX840 | Long             | DBT              | CORP              | US        |    155000 | PA      | $155045.54    | 0.01%             | 2032-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FM7460                                                              | CUSIP: 3140XBJE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    649020 | PA      | $634730.37    | 0.04%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                | First Quantum Minerals Ltd. COM NPV                                    | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |     34389 | NS      | $1029615.31   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RJ0527                                                              | CUSIP: 3142GQSR4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15800 | PA      | $16428.35     | 0.00%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Sanofi SA                                                  | Sanofi SA EUR2                                                         | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     21408 | NS      | $2093731.55   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                                 | Siemens AG NPV(REGD)                                                   | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |       316 | NS      | $91369.46     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Tele2 AB (publ)                                            | Tele2 AB (publ) SER'B'NPV                                              | CUSIP: 000000000<br>LEI: 213800EKD193RVI9HL76 | Long             | EC               | CORP              | SE        |      2721 | NS      | $57424.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Keysight Technologies, Inc.                                | KEYS 4.6 04/06/27                                                      | CUSIP: 49338LAE3<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1256991.70   | 0.07%             | 2027-04-06      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                         | Canadian Imperial Bank of Commerce COM NPV                             | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | CA        |      5327 | NS      | $538108.82    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                                          | ES 3.375 03/01/32                                                      | CUSIP: 30040WAP3<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    750000 | PA      | $703229.73    | 0.04%             | 2032-03-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                          | INTC 4.875 02/10/28                                                    | CUSIP: 458140CE8<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1635513.70   | 0.09%             | 2028-02-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                 | USD/AUD FORWARD                                                        | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3872889.79   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander SA                                         | SANTAN V4.175 03/24/28                                                 | CUSIP: 05964HAQ8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1000000 | PA      | $1000355.53   | 0.06%             | 2028-03-24      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA7826                                                              | CUSIP: 36179WVT2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1874959 | PA      | $1588692.59   | 0.09%             | 2052-01-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA7936                                                              | CUSIP: 36179WY93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2695661 | PA      | $2380335.16   | 0.13%             | 2052-03-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA8799                                                              | CUSIP: 36179XX43<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2295356 | PA      | $2283335.48   | 0.13%             | 2053-04-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Canadian National Railway Company                          | CNRCN 3.85 08/05/32                                                    | CUSIP: 136375DC3<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | DBT              | CORP              | CA        |    575000 | PA      | $563321.19    | 0.03%             | 2032-08-05      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Tidewater Inc New                                          | TDW 9.125 07/15/30 144A                                                | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |    234000 | PA      | $253141.67    | 0.01%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                | Verizon Communications Inc. COM                                        | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    106710 | NS      | $5350439.40   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastec, Inc.                                               | Mastec, Inc. COM                                                       | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |     13343 | NS      | $3976480.86   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants, Inc.                                   | DRI 4.35 10/15/27                                                      | CUSIP: 237194AP0<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |    305000 | PA      | $307089.83    | 0.02%             | 2027-10-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Genting New York LLC / Genny Cap Inc.                      | RWNYNY 7.25 10/01/29 144A                                              | CUSIP: 37255JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    126000 | PA      | $130640.28    | 0.01%             | 2029-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Tyson Foods, Inc.                                          | Tyson Foods, Inc. CL A                                                 | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |       302 | NS      | $19626.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                                          | Intel Corporation COM                                                  | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     68106 | NS      | $3106314.66   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamond Foreign Asset Co. / Diamond Finance LLC            | DO 8.5 10/01/30 144A                                                   | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     25000 | PA      | $26574.45     | 0.00%             | 2030-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Super 30Y Fixed                                      | FR SL2065                                                              | CUSIP: 31427PJK1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    544574 | PA      | $568176.90    | 0.03%             | 2055-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                               | NVIDIA Corp. COM                                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    232733 | NS      | $41237960.27  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                                        | Coinbase Global Inc COM CL A                                           | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |      1890 | NS      | $332356.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                         | Banco Bilbao Vizcaya Argentaria SA EUR0.49                             | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |     21770 | NS      | $504228.12    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Telecom Italia Capital S.A.                                | TITIM 7.2 07/18/36                                                     | CUSIP: 87927VAR9<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     81000 | PA      | $89745.65     | 0.01%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                 | Apple Inc. COM                                                         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    158887 | NS      | $41974767.66  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Communications Inc.                                 | RCICN V7 04/15/55                                                      | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     58000 | PA      | $60660.98     | 0.00%             | 2055-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA8800                                                              | CUSIP: 36179XX50<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    354451 | PA      | $357143.37    | 0.02%             | 2053-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Service Company of New Hampshire                    | ES 5.15 01/15/53                                                       | CUSIP: 744482BP4<br>LEI: 549300SHPFALUPKK2351 | Long             | DBT              | CORP              | US        |    360000 | PA      | $340184.94    | 0.02%             | 2053-01-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| NSTAR Electric Company                                     | ES 3.25 05/15/29                                                       | CUSIP: 67021CAN7<br>LEI: 54930080R72Y2Z31UR68 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $980457.58    | 0.06%             | 2029-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd.       | HD Korea Shipbuilding & Offshore Engineering Co Ltd. KRW5000           | CUSIP: 000000000<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |       236 | NS      | $73822.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JANE STREET GROUP LLC                                      | JANEST 6.75 05/01/33 144A                                              | CUSIP: 47077WAE8<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143665.78    | 0.01%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                          | ES 2.9 03/01/27                                                        | CUSIP: 30040WAQ1<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $989179.13    | 0.06%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Sirius Xm Radio Inc                                        | SIRI 4.125 07/01/30 144A                                               | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     67000 | PA      | $63152.88     | 0.00%             | 2030-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                      | Freeport-McMoRan Inc. CL B                                             | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     51241 | NS      | $3488487.28   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Commercial Real Estate Finance, Inc.                | ARI 4.625 06/15/29 144A                                                | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |     93000 | PA      | $92533.02     | 0.01%             | 2029-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Rithm Capital Corp.                                        | RITM 8 04/01/29 144A                                                   | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    244000 | PA      | $245547.94    | 0.01%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CVR Energy Inc.                                            | CVI 7.5 02/15/31 144A                                                  | CUSIP: 12662PAH1<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |     85000 | PA      | $84711.91     | 0.00%             | 2031-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Bausch Plus Lomb Corp.                                     | BLCOCN 8.375 10/01/28 144A                                             | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    194000 | PA      | $201032.50    | 0.01%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| United Utilities Group PLC                                 | United Utilities Group PLC ORD GBP0.05                                 | CUSIP: 000000000<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |     36223 | NS      | $678978.71    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Power Corporation of Canada                                | Power Corporation of Canada SUB-VTG NPV                                | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |      1294 | NS      | $65001.19     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                                          | Eversource Energy COM                                                  | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |       269 | NS      | $20500.49     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                                              | USB V5.678 01/23/35                                                    | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    130000 | PA      | $138005.55    | 0.01%             | 2035-01-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| China International Capital Corp Ltd.                      | China International Capital Corp Ltd. A CNY1                           | CUSIP: 000000000<br>LEI: 529900OS3SVVTT56QN67 | Long             | EC               | CORP              | CN        |    219200 | NS      | $1105462.77   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Burford Capital Global Finance LLC                         | BURLN 6.875 04/15/30 144A                                              | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33962.02     | 0.00%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Experian PLC                                               | Experian PLC ORD USD0.10                                               | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |     49174 | NS      | $1850869.89   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegion US Holding Company Inc                            | ALLE 3.55 10/01/27                                                     | CUSIP: 01748NAE4<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44685.15     | 0.00%             | 2027-10-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                | Walmart Inc COM                                                        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     46102 | NS      | $5898750.90   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RJ0858                                                              | CUSIP: 3142GQ5U2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    157175 | PA      | $163872.40    | 0.01%             | 2054-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| QIAGEN NV                                                  | QIAGEN NV ORD SHARES                                                   | CUSIP: 000000000<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |      1766 | NS      | $87804.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Santander Holdings USA Inc.                                | SANUSA V6.565 06/12/29                                                 | CUSIP: 80282KBG0<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    890000 | PA      | $930032.53    | 0.05%             | 2029-06-12      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Repsol SA                                                  | Repsol SA EUR1                                                         | CUSIP: 000000000<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |    150546 | NS      | $3406944.34   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| American Express Company                                   | AXP V4.804 10/24/36                                                    | CUSIP: 025816EM7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    585000 | PA      | $579375.45    | 0.03%             | 2036-10-24      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Biomarin Pharmaceutical Inc.                               | Biomarin Pharmaceutical Inc. COM                                       | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      7033 | NS      | $434147.09    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation                                   | ALL 3.85 08/10/49                                                      | CUSIP: 020002BG5<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    510000 | PA      | $391656.13    | 0.02%             | 2049-08-10      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                 | RCICN V7.125 04/15/55                                                  | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     56000 | PA      | $59307.96     | 0.00%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics Incorporated                             | DGX 4.625 12/15/29                                                     | CUSIP: 74834LBF6<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1227045.58   | 0.07%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Pentair Finance S.a r.l.                                   | PNR 5.9 07/15/32                                                       | CUSIP: 709629AS8<br>LEI: 549300H2U8U8TZPV3T89 | Long             | DBT              | CORP              | LU        |    740000 | PA      | $794364.14    | 0.04%             | 2032-07-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Willis North America Inc.                                  | WTW 5.9 03/05/54                                                       | CUSIP: 970648AN1<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |    770000 | PA      | $762143.31    | 0.04%             | 2054-03-05      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 2.5 03/31/27                                                         | CUSIP: 91282CEF4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11873437.44  | 0.67%             | 2027-03-31      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Roku Inc                                                   | Roku Inc COM CL A                                                      | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |     12603 | NS      | $1240261.23   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies, Inc.                                | KEYS 4.95 10/15/34                                                     | CUSIP: 49338LAG8<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96852.73     | 0.01%             | 2034-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| HD Construction Equipment                                  | HD Construction Equipment KRW5000                                      | CUSIP: 000000000<br>LEI: 988400SUTJA1BDSX0Y30 | Long             | EC               | CORP              | KR        |       850 | NS      | $82930.22     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Medpace Holdings Inc.                                      | Medpace Holdings Inc. COM                                              | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |       117 | NS      | $52855.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                          | HSBC V5.874 11/18/35                                                   | CUSIP: 404280EL9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    640000 | PA      | $671869.10    | 0.04%             | 2035-11-18      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                            | TDG 6.375 05/31/33 144A                                                | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    311000 | PA      | $317416.86    | 0.02%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UNI-PRESIDENT CHINA HOLDINGS LTD                           | Uni-President China Holdings Ltd. HKD0.01                              | CUSIP: 000000000<br>LEI: 529900JUA05094TOKA73 | Long             | EC               | CORP              | KY        |    113000 | NS      | $111506.51    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanticus Holdings Corp.                                  | ATLC 9.75 09/01/30 144A                                                | CUSIP: 04914AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    126000 | PA      | $114483.97    | 0.01%             | 2030-09-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Automatic Data Processing, Inc.                            | ADP 4.75 05/08/32                                                      | CUSIP: 053015AJ2<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | DBT              | CORP              | US        |    590000 | PA      | $608300.47    | 0.03%             | 2032-05-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Willis North America Inc.                                  | WTW 4.65 06/15/27                                                      | CUSIP: 970648AL5<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |    570000 | PA      | $573740.60    | 0.03%             | 2027-06-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                   | HCA 3.125 03/15/27                                                     | CUSIP: 404119CH0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    440000 | PA      | $436342.73    | 0.02%             | 2027-03-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Roper Technologies Inc                                     | ROP 5.1 09/15/35                                                       | CUSIP: 776696AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109808.26    | 0.01%             | 2035-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Blackstone Mortgage Trust, Inc                             | BXMT 7.75 12/01/29 144A                                                | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |    161000 | PA      | $171615.21    | 0.01%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Adobe Inc                                                  | ADBE 2.3 02/01/30                                                      | CUSIP: 00724PAD1<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | DBT              | CORP              | US        |   3570000 | PA      | $3345001.71   | 0.19%             | 2030-02-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Popular, Inc.                                              | Popular, Inc. COM NEW                                                  | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |       746 | NS      | $100978.56    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB9374                                                              | CUSIP: 3140QVMY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    230241 | PA      | $235218.07    | 0.01%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC/Directv Financing Co-Obligor Inc.    | DTV 5.875 08/15/27 144A                                                | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     51000 | PA      | $51059.26     | 0.00%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia (Persero) Tbk                        | Bank Rakyat Indonesia (Persero) Tbk IDR50                              | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |   2372400 | NS      | $552103.56    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Hapoalim BM                                           | Bank Hapoalim BM ILS1                                                  | CUSIP: 000000000<br>LEI: B6ARUI4946ST4S7WOU88 | Long             | EC               | CORP              | IL        |      8026 | NS      | $202561.27    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA7986                                                              | CUSIP: 36179W2T4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1669323 | PA      | $1414439.70   | 0.08%             | 2052-04-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Pentair Finance S.a r.l.                                   | PNR 4.5 07/01/29                                                       | CUSIP: 709629AR0<br>LEI: 549300H2U8U8TZPV3T89 | Long             | DBT              | CORP              | LU        |   1580000 | PA      | $1595266.28   | 0.09%             | 2029-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Match Group Holdings II LLC                                | MTCHII 6.125 09/15/33 144A                                             | CUSIP: 57667JAC6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    165000 | PA      | $164548.08    | 0.01%             | 2033-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Vestas Wind Systems AS                                     | Vestas Wind Systems AS DKK0.20                                         | CUSIP: 000000000<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |      9421 | NS      | $240841.38    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Keysight Technologies, Inc.                                | KEYS 3 10/30/29                                                        | CUSIP: 49338LAF0<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1110773.09   | 0.06%             | 2029-10-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Toll Brothers Finance Corp.                                | TOL 5.6 06/15/35                                                       | CUSIP: 88947EAX8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    491000 | PA      | $519646.52    | 0.03%             | 2035-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Gci Llc                                                    | GCILLC 4.75 10/15/28 144A                                              | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98256.52     | 0.01%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Willis North America Inc.                                  | WTW 5.35 05/15/33                                                      | CUSIP: 970648AM3<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |    730000 | PA      | $751902.24    | 0.04%             | 2033-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                        | MUFG V2.341 01/19/28                                                   | CUSIP: 606822CC6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   1250000 | PA      | $1232863.35   | 0.07%             | 2028-01-19      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                              | F 5.753 04/06/33                                                       | CUSIP: 345397J38<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    445000 | PA      | $453463.49    | 0.03%             | 2033-04-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CJ Corp                                                    | CJ Corp KRW5000                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3085 | NS      | $468765.48    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Talos Prodtn Inc                                           | TALO 9 02/01/29 144A                                                   | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    118000 | PA      | $122891.31    | 0.01%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Apld Computeco LLC                                         | APLD 9.25 12/15/30 144A                                                | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $367357.20    | 0.02%             | 2030-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                               | Broadcom Inc COM                                                       | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     37583 | NS      | $12009647.65  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Directv Financing LLC/Directv Financing Co-Obligor Inc.    | DTV 10 02/15/31 144A                                                   | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     68000 | PA      | $69548.53     | 0.00%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| RioCan Real Estate Investment Trust                        | RioCan Real Estate Investment Trust UNIT                               | CUSIP: 766910103<br>LEI: 549300S8HVUSEU3JBY60 | Long             | EC               | CORP              | CA        |     62387 | NS      | $902382.98    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                                            | HD 1.875 09/15/31                                                      | CUSIP: 437076CJ9<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1267400.27   | 0.07%             | 2031-09-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                            | TDG 6.25 01/31/34 144A                                                 | CUSIP: 893647BZ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15517.47     | 0.00%             | 2034-01-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd.                                     | Daiichi Sankyo Co Ltd. NPV                                             | CUSIP: 000000000<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |     86600 | NS      | $1705588.97   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Aptiv PLC                                                  | Aptiv PLC COM SHS                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |       691 | NS      | $50816.14     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                               | Autodesk Inc COM                                                       | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      1332 | NS      | $327498.84    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 S.A. - Brasil, Bolsa, Balcao                            | B3 S.A. - Brasil, Bolsa, Balcao COM NPV                                | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |    440997 | NS      | $1541532.48   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| RHP Hotel Properties LP / RHP Finance Corporation          | RHP 5.75 03/15/34 144A                                                 | CUSIP: 74984CAA6<br>LEI: 549300SJMSMA2471GA96 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25182.40     | 0.00%             | 2034-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB6182                                                              | CUSIP: 3140QR2Q5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    188451 | PA      | $190286.64    | 0.01%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANKS                                    | FR SD7560                                                              | CUSIP: 3132DVMH5<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGSE             | US        |    224258 | PA      | $220079.49    | 0.01%             | 2053-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tegna Inc                                                  | TGNA 5 09/15/29                                                        | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6993.37      | 0.00%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| The Procter & Gamble Co.                                   | The Procter & Gamble Co. COM                                           | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     65247 | NS      | $10909298.40  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RA9630                                                              | CUSIP: 3133KRVX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    127290 | PA      | $132982.15    | 0.01%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ventas Inc.                                                | Ventas Inc. COM                                                        | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      1558 | NS      | $134237.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                                              | ENBCN 6.2 11/15/30                                                     | CUSIP: 29250NBY0<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $81188.30     | 0.00%             | 2030-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                              | USB V5.424 02/12/36                                                    | CUSIP: 91159HJU5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    850000 | PA      | $891890.25    | 0.05%             | 2036-02-12      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB7865                                                              | CUSIP: 3140QTW39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     60774 | PA      | $63393.98     | 0.00%             | 2054-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CSX Corporation                                            | CSX 4.9 03/15/55                                                       | CUSIP: 126408HY2<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |     60000 | PA      | $54909.73     | 0.00%             | 2055-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Corteva Inc                                                | Corteva Inc COM                                                        | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     37122 | NS      | $2974214.64   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Bank, National Association (Utah)           | MS V4.447 10/15/27                                                     | CUSIP: 61690U8G8<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    900000 | PA      | $903228.31    | 0.05%             | 2027-10-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                           | McDonald's Corp. COM                                                   | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     23070 | NS      | $7868254.20   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                                          | Exxon Mobil Corp. COM                                                  | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      7471 | NS      | $1139327.50   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Incorporated                             | DGX 4.6 12/15/27                                                       | CUSIP: 74834LBE9<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |    980000 | PA      | $992026.82    | 0.06%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                               | USD/EUR FORWARD                                                        | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |         1 | NC      | $79224.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ReNew Energy Global PLC                                    | ReNew Energy Global PLC CL A SHS                                       | CUSIP: 000000000<br>LEI: 254900SL77LA2KAG7R65 | Long             | EC               | CORP              | GB        |     80486 | NS      | $444282.72    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                                       | GILD 5.25 10/15/33                                                     | CUSIP: 375558BZ5<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    570000 | PA      | $601525.98    | 0.03%             | 2033-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                               | T 3 02/15/47                                                           | CUSIP: 912810RV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $5854980.45   | 0.33%             | 2047-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                                         | COP 5 01/15/35                                                         | CUSIP: 20826FBL9<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |   1655000 | PA      | $1703112.57   | 0.10%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SB1009                                                              | CUSIP: 3132CXDN9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     20723 | PA      | $20579.80     | 0.00%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Capital S.A.                                | TITIM 7.721 06/04/38                                                   | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |    152000 | PA      | $173689.09    | 0.01%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| Shell PLC                                                  | Shell PLC ORD EUR0.07                                                  | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    192426 | NS      | $8059354.01   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Dino Polska SA                                             | Dino Polska SA PLN0.01                                                 | CUSIP: 000000000<br>LEI: 259400H4L81SMPRTW956 | Long             | EC               | CORP              | PL        |      5013 | NS      | $56366.66     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Zegona Finance PLC                                         | ZEGLN 8.625 07/15/29 144A                                              | CUSIP: 98927UAA5<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |    328000 | PA      | $346353.20    | 0.02%             | 2029-07-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SD8156                                                              | CUSIP: 3132DWBZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3277514 | PA      | $2863711.80   | 0.16%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Kellanova                                                  | K 3.4 11/15/27                                                         | CUSIP: 487836BU1<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |    670000 | PA      | $666302.56    | 0.04%             | 2027-11-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FS2035                                                              | CUSIP: 3140XHHM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1548889 | PA      | $1444300.65   | 0.08%             | 2037-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| D.R. Horton, Inc.                                          | DHI 5.5 10/15/35                                                       | CUSIP: 23331ABU2<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |    898000 | PA      | $945122.95    | 0.05%             | 2035-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Novartis AG                                                | Novartis AG CHF0.49 (REGD)                                             | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     10806 | NS      | $1816940.78   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNMA-30YR                                                              | CUSIP: 01F030637<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1800000 | PA      | $1627538.56   | 0.09%             | 2056-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Inc.                                     | TXN 1.9 09/15/31                                                       | CUSIP: 882508BL7<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |    459000 | PA      | $412389.36    | 0.02%             | 2031-09-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                               | USD/EUR FORWARD                                                        | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-4272.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                        | Ally Financial Inc. COM                                                | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |      2883 | NS      | $113705.52    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED Technology Inc.                                     | ASPEED Technology Inc. TWD10                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      9000 | NS      | $2777968.09   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA8042                                                              | CUSIP: 36179W5B0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    659964 | PA      | $582763.47    | 0.03%             | 2052-05-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| eBay Inc.                                                  | eBay Inc. COM                                                          | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     27193 | NS      | $2470755.98   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                                       | Delta Air Lines Inc. COM NEW                                           | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |       669 | NS      | $43953.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Company                                   | AXP 2.55 03/04/27                                                      | CUSIP: 025816CS6<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    700000 | PA      | $692149.99    | 0.04%             | 2027-03-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNMA-15YR                                                              | CUSIP: 01F040438<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    925000 | PA      | $917010.94    | 0.05%             | 2040-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golar LNG Limited                                          | GLNG 7.5 10/02/30 144A                                                 | CUSIP: 38046YAE1<br>LEI: 213800C2VSFZG3EZLO34 | Long             | DBT              | CORP              | BM        |    200000 | PA      | $200264.00    | 0.01%             | 2030-10-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                           | Deutsche Bank AG ORD NPV(REGD)                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |     19002 | NS      | $673681.10    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2-30YR-Multi                                                          | CUSIP: 21H050631<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1275000 | PA      | $1279325.81   | 0.07%             | 2056-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                               | USD/JPY FORWARD                                                        | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1410345.78  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding N.V.                                          | ASML Holding N.V. EUR0.09                                              | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      4053 | NS      | $5894715.63   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit S.p.A.                                           | UniCredit S.p.A. NPV                                                   | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     37140 | NS      | $3162373.01   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Visa Inc                                                   | V 3.65 09/15/47                                                        | CUSIP: 92826CAJ1<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |    630000 | PA      | $499476.13    | 0.03%             | 2047-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc.                                       | GILD 5.55 10/15/53                                                     | CUSIP: 375558CA9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    720000 | PA      | $723311.34    | 0.04%             | 2053-10-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Nokia Corp                                                 | Nokia Corp NPV                                                         | CUSIP: 000000000<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |    346809 | NS      | $2661766.07   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Intuit Inc                                                 | INTU 5.2 09/15/33                                                      | CUSIP: 46124HAG1<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |    300000 | PA      | $311122.79    | 0.02%             | 2033-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                          | NatWest Group PLC ORD GBP1.0769                                        | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |     63426 | NS      | $526589.05    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Aristocrat Leisure Ltd.                                    | Aristocrat Leisure Ltd. NPV                                            | CUSIP: 000000000<br>LEI: 529900TE2HO3OZKYKC27 | Long             | EC               | CORP              | AU        |     48740 | NS      | $1666259.88   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| IBM International Capital Pte. Ltd.                        | IBM 5.3 02/05/54                                                       | CUSIP: 449276AG9<br>LEI: 2549007KTXQQBYZO7485 | Long             | DBT              | CORP              | SG        |   1540000 | PA      | $1431545.39   | 0.08%             | 2054-02-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Somnigroup International Inc.                              | SGI 4 04/15/29 144A                                                    | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77746.65     | 0.00%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                | 10-Year T-Note Futures, Jun-2026,ETH                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -203 | NC      | $-93913.89    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Ultrapar Participacoes S.A.                                | Ultrapar Participacoes S.A. COM NPV                                    | CUSIP: 000000000<br>LEI: 529900FU4XBXGQMLRE72 | Long             | EC               | CORP              | BR        |    140298 | NS      | $706347.68    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                               | T 2.375 05/15/29                                                       | CUSIP: 9128286T2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16000000 | PA      | $15501875.04  | 0.88%             | 2029-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Argenx SE                                                  | Argenx SE EUR0.10                                                      | CUSIP: 000000000<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |        38 | NS      | $29397.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                               | T 4.125 08/15/44                                                       | CUSIP: 912810UD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $947031.25    | 0.05%             | 2044-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BKV Upstream Midstream LLC                                 | BKVCOR 7.5 10/15/30 144A                                               | CUSIP: 05619CAA3<br>LEI: 254900LG75NBYHBBAU18 | Long             | DBT              | CORP              | US        |    192000 | PA      | $195375.36    | 0.01%             | 2030-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ASM International N.V.                                     | ASM International N.V. EUR0.04                                         | CUSIP: 000000000<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |       161 | NS      | $135785.40    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo Capital PLC                                         | DGELN 2.125 04/29/32                                                   | CUSIP: 25243YBE8<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |    960000 | PA      | $846255.57    | 0.05%             | 2032-04-29      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Hyundai Engineering & Construction Co Ltd.                 | Hyundai Engineering & Construction Co Ltd. KRW5000                     | CUSIP: 000000000<br>LEI: 988400CEQG9N710HN313 | Long             | EC               | CORP              | KR        |       844 | NS      | $96662.91     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| China Vanke Co Ltd.                                        | China Vanke Co Ltd. 'A'CNY1                                            | CUSIP: 000000000<br>LEI: 529900E66UJ2DWY7KW55 | Long             | EC               | CORP              | CN        |    293900 | NS      | $207241.60    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Diversified Healthcare Trust                               | DHC 7.25 10/15/30 144A                                                 | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20797.72     | 0.00%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                     | Ultra 10-Year U.S. Treasury Note Futures, Jun-2026,ETH                 | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        85 | NC      | $54913.04     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NSTAR Electric Company                                     | ES 3.95 04/01/30                                                       | CUSIP: 67021CAP2<br>LEI: 54930080R72Y2Z31UR68 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994195.85    | 0.06%             | 2030-04-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                           | NRG Energy, Inc. COM NEW                                               | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     12149 | NS      | $2174185.04   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Softbank Group Corp.                                       | Softbank Group Corp. NPV                                               | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | EC               | CORP              | JP        |      3500 | NS      | $89620.86     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.                            | Regeneron Pharmaceuticals, Inc. COM                                    | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      1267 | NS      | $990375.89    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Company                                     | General Motors Company COM                                             | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      4640 | NS      | $365214.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                                            | HD 1.5 09/15/28                                                        | CUSIP: 437076CH3<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $996320.68    | 0.06%             | 2028-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Intuit Inc                                                 | INTU 1.65 07/15/30                                                     | CUSIP: 46124HAD8<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |   4690000 | PA      | $4234002.56   | 0.24%             | 2030-07-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Group AG                                     | Mercedes-Benz Group AG ORD NPV(REGD)                                   | CUSIP: 000000000<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |     10123 | NS      | $700396.48    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Nabors Industries, Inc.                                    | NBR 8.875 08/15/31 144A                                                | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    135000 | PA      | $139857.30    | 0.01%             | 2031-08-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB4303                                                              | CUSIP: 3140QPX93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    243170 | PA      | $237496.41    | 0.01%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                   | CAD/USD FORWARD                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $623756.07    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Cnx Midstream Partners Lp                                  | CNXMPF 4.75 04/15/30 144A                                              | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $53639.57     | 0.00%             | 2030-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                              | FREMOR 8.375 04/01/32 144A                                             | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35262.50     | 0.00%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                             | NSANY 6.95 09/15/26 144A                                               | CUSIP: 65480CAE5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     52000 | PA      | $52533.00     | 0.00%             | 2026-09-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Orica Ltd.                                                 | Orica Ltd. NPV                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     23740 | NS      | $412141.30    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Haier Smart Home Co Ltd.                                   | Haier Smart Home Co Ltd. CNY1 H                                        | CUSIP: 000000000<br>LEI: 3003002BYTNGNJTWSH07 | Long             | EC               | CORP              | CN        |      6400 | NS      | $21732.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA9016                                                              | CUSIP: 36179YAR5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    441392 | PA      | $444820.07    | 0.03%             | 2053-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Diageo Capital PLC                                         | DGELN 2 04/29/30                                                       | CUSIP: 25243YBD0<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |   1820000 | PA      | $1676785.77   | 0.09%             | 2030-04-29      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                               | B 0 04/28/26                                                           | CUSIP: 912797TK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  28200000 | PA      | $28038032.17  | 1.59%             | 2026-04-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc                  | HASI V7.125 11/15/56                                                   | CUSIP: 41068XAH3<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    295000 | PA      | $294918.91    | 0.02%             | 2056-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2-30YR-Multi                                                          | CUSIP: 21H062636<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    775000 | PA      | $805717.24    | 0.05%             | 2056-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC                                | EUR/USD FORWARD                                                        | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-50660.37    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Elan Microelectronics Corp                                 | Elan Microelectronics Corp TWD10                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     66000 | NS      | $255353.84    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kellanova                                                  | K 4.3 05/15/28                                                         | CUSIP: 487836BW7<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3030119.04   | 0.17%             | 2028-05-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Deluxe Corporation                                         | DLX 8 06/01/29 144A                                                    | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28259.03     | 0.00%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                                | Samsung Electronics Co Ltd. KRW100                                     | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     61262 | NS      | $9169165.25   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNMA-30YR                                                              | CUSIP: 01F042632<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3025000 | PA      | $2991271.82   | 0.17%             | 2056-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CA4264                                                              | CUSIP: 3140QBW20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    522098 | PA      | $509608.26    | 0.03%             | 2034-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Caterpillar Inc                                            | Caterpillar Inc COM                                                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |       849 | NS      | $630662.67    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nabors Industries, Inc.                                    | NBR 7.625 11/15/32 144A                                                | CUSIP: 62957HAR6<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     67000 | PA      | $69022.40     | 0.00%             | 2032-11-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Pulte Group Inc                                            | PHM 5 01/15/27                                                         | CUSIP: 745867AX9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1630000 | PA      | $1637925.91   | 0.09%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MDC HOLDINGS INC                                           | Sekisui House US Inc                                                   | CUSIP: 552676AV0<br>LEI: 5299005FV4VNV75R8R35 | Long             | DBT              | CORP              | US        |    360000 | PA      | $242281.23    | 0.01%             | 2061-08-06      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES U.S., INC.                                     | MSCI Emerging Markets Index Futures - ICUS, Mar26                      | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |        11 | NC      | $126867.93    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                          | EURO STOXX 50 Index Futures(FESX) Index Fut, EURO STOXX 50 INDEX       | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |      -103 | NC      | $-406865.27   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Level 3 Financing, Inc.                                    | LVLT 4.25 07/01/28 144A                                                | CUSIP: 527298BR3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    147000 | PA      | $141713.03    | 0.01%             | 2028-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Analog Devices Inc.                                        | Analog Devices Inc. COM                                                | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      2582 | NS      | $918649.78    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC                                         | Vodafone Group PLC ORD USD0.2095238                                    | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |    815569 | NS      | $1255837.84   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Philips NV                                     | Koninklijke Philips NV EUR0.20                                         | CUSIP: 000000000<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |     20601 | NS      | $660166.06    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Dollarama Inc                                              | Dollarama Inc COM NPV                                                  | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               | CORP              | CA        |      2110 | NS      | $310641.25    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Lakes Dredge & Dock Corporation                      | GLDD 5.25 06/01/29 144A                                                | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |     48000 | PA      | $47865.31     | 0.00%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB7115                                                              | CUSIP: 3140QS3Z2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    179157 | PA      | $187755.97    | 0.01%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Diebold Nixdorf Incorporated                               | DBD 7.75 03/31/30 144A                                                 | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36915.20     | 0.00%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB5903                                                              | CUSIP: 3140QRRZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1348891 | PA      | $1381599.03   | 0.08%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RJ0717                                                              | CUSIP: 3142GQYP1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     28434 | PA      | $29670.65     | 0.00%             | 2054-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                           | E-mini Nasdaq-100 Futures, Mar-2026,ETH                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |      -105 | NC      | $2024736.39   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp.                                                  | AES Corp. COM                                                          | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |     29683 | NS      | $512922.24    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WSP Global Inc                                             | WSP Global Inc COM NPV                                                 | CUSIP: 92938W202<br>LEI: 549300IQ87LU6X6ERQ78 | Long             | EC               | CORP              | CA        |       308 | NS      | $52175.18     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                              | Netflix, Inc. COM                                                      | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     47782 | NS      | $4598539.68   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                               | RCL 5.25 02/27/38                                                      | CUSIP: 78017TAD5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    780000 | PA      | $781226.87    | 0.04%             | 2038-02-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Imperial Brands PLC                                        | Imperial Brands PLC GBP0.10                                            | CUSIP: 000000000<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |     14192 | NS      | $635643.59    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SL1737                                                              | CUSIP: 31427N4X4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1449743 | PA      | $1524761.95   | 0.09%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CACI International Inc.                                    | CACI 6.375 06/15/33 144A                                               | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |    236000 | PA      | $242960.18    | 0.01%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA4628                                                              | CUSIP: 31418EEA4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    272792 | PA      | $260150.40    | 0.01%             | 2037-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UWN Holdings LLC                                           | UWMC 6.625 02/01/30 144A                                               | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    139000 | PA      | $137949.54    | 0.01%             | 2030-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Sotera Health Holdings LLC                                 | STENOR 7.375 06/01/31 144A                                             | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |    183000 | PA      | $192555.89    | 0.01%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                | 5-Year T-Note Futures, Jun-2026,ETH                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       180 | NC      | $72520.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                       | Sumitomo Mitsui Financial Group Inc. NPV                               | CUSIP: 000000000<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |    116200 | NS      | $4384875.13   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Endeavour Mining PLC                                       | Endeavour Mining PLC ORD USD0.01                                       | CUSIP: 000000000<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |     14891 | NS      | $1071479.53   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ALBERTSONS COMPANIES INC                                   | ACI 5.75 03/31/34 144A                                                 | CUSIP: 01309QAD0<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |    195000 | PA      | $194030.42    | 0.01%             | 2034-03-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lojas Renner SA                                            | Lojas Renner SA COM NPV                                                | CUSIP: 000000000<br>LEI: 52990032N7OAAM138D78 | Long             | EC               | CORP              | BR        |    780361 | NS      | $2386825.41   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corporation                                            | FOXA 5.576 01/25/49                                                    | CUSIP: 35137LAK1<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |    300000 | PA      | $285070.90    | 0.02%             | 2049-01-25      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Anglo American PLC                                         | Anglo American PLC ORD USD0.623855311355311                            | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |      6248 | NS      | $314121.98    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA Inc.                                                   | HCA 5.45 04/01/31                                                      | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    780000 | PA      | $816809.04    | 0.05%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                   | HCA 5.6 04/01/34                                                       | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    985000 | PA      | $1034334.46   | 0.06%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Deluxe Corporation                                         | DLX 8.125 09/15/29 144A                                                | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |     94000 | PA      | $98598.74     | 0.01%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB4006                                                              | CUSIP: 3140QPNY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    403310 | PA      | $375954.12    | 0.02%             | 2037-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| OSAKA SECURITIES EXCHANGE                                  | TOPIX TRADE FUTURE, MAR 2026                                           | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               | CORP              | N/A       |       136 | NC      | $4718303.42   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Tobacco Inc                                          | Japan Tobacco Inc NPV                                                  | CUSIP: 000000000<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | EC               | CORP              | JP        |     43100 | NS      | $1648980.51   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| The Shanghai Commercial & Savings Bank Co., Ltd.           | The Shanghai Commercial & Savings Bank Co., Ltd. TWD10                 | CUSIP: 000000000<br>LEI: 549300TLB5ALPCGBHN23 | Long             | EC               | CORP              | TW        |        99 | NS      | $126.48       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Intuit Inc                                                 | INTU 1.35 07/15/27                                                     | CUSIP: 46124HAC0<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $967320.03    | 0.05%             | 2027-07-15      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| UWN Holdings LLC                                           | UWMC 6.25 03/15/31 144A                                                | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $106278.96    | 0.01%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SB8103                                                              | CUSIP: 3132D6AC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     63566 | PA      | $59276.56     | 0.00%             | 2036-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                 | AMT 1.45 09/15/26                                                      | CUSIP: 03027XBR0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    425000 | PA      | $419242.47    | 0.02%             | 2026-09-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Taseko Mines Limited                                       | TKOCN 8.25 05/01/30 144A                                               | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    131000 | PA      | $138681.05    | 0.01%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings PLC                            | SANUK V6.534 01/10/29                                                  | CUSIP: 80281LAT2<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   2420000 | PA      | $2524819.01   | 0.14%             | 2029-01-10      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Servicenow Inc                                             | NOW 1.4 09/01/30                                                       | CUSIP: 81762PAE2<br>LEI: 549300HJTQM36M0E1G39 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2657514.96   | 0.15%             | 2030-09-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc.                                            | CRM 3.05 07/15/61                                                      | CUSIP: 79466LAM6<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    920000 | PA      | $535710.04    | 0.03%             | 2061-07-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                | 2-Year T-Note Futures, Jun-2026,ETH                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       179 | NC      | $50708.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc.                        | CCO 7.75 04/15/28 144A                                                 | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60476.16     | 0.00%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| The Progressive Corporation                                | The Progressive Corporation COM                                        | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      1278 | NS      | $273057.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA4492                                                              | CUSIP: 31418D7E6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     46571 | PA      | $38733.37     | 0.00%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RA9162                                                              | CUSIP: 3133KRFB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    197324 | PA      | $203512.95    | 0.01%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                 | AMGN 2.2 02/21/27                                                      | CUSIP: 031162CT5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    650000 | PA      | $639583.46    | 0.04%             | 2027-02-21      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                            | FNMA-30YR                                                              | CUSIP: 01F012635<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1300000 | PA      | $1030594.59   | 0.06%             | 2056-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Mirvac Group                                               | Mirvac Group STAPLED SECURITIES                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     90044 | NS      | $131336.89    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                 | Amgen Inc. COM                                                         | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      6032 | NS      | $2341381.12   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie Group Ltd.                                       | Macquarie Group Ltd. NPV                                               | CUSIP: 000000000<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | EC               | CORP              | AU        |     33547 | NS      | $5091105.90   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Texas Instruments Inc.                                     | TXN 3.65 08/16/32                                                      | CUSIP: 882508BP8<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |   3545000 | PA      | $3447778.80   | 0.20%             | 2032-08-16      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                | U.S. Treasury Bond Futures, Jun-2026,ETH                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -66 | NC      | $-56052.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd.                    | Contemporary Amperex Technology Co Ltd. 'A' CNY1                       | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     52700 | NS      | $2620026.97   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Zoetis Inc.                                                | Zoetis Inc. CL A                                                       | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      9394 | NS      | $1231553.40   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CSC Holdings, LLC                                          | CSCHLD 11.25 05/15/28 144A                                             | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    268000 | PA      | $212328.46    | 0.01%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| New Gold, Inc.                                             | NGDCN 6.875 04/01/32 144A                                              | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |    179000 | PA      | $190229.03    | 0.01%             | 2032-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                   | HCA 5.9 06/01/53                                                       | CUSIP: 404119CR8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    330000 | PA      | $324957.36    | 0.02%             | 2053-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                             | SPGI 4.8 12/04/35 144A                                                 | CUSIP: 78409VBR4<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    425000 | PA      | $425961.63    | 0.02%             | 2035-12-04      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Enova International Inc.                                   | ENVA 9.125 08/01/29 144A                                               | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |    174000 | PA      | $182777.26    | 0.01%             | 2029-08-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Kodiak Gas Services LLC                                    | KGS 6.5 10/01/33 144A                                                  | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41248.84     | 0.00%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Biogen Inc                                                 | Biogen Inc COM                                                         | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      2000 | NS      | $383640.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                      | FNMA-15YR                                                              | CUSIP: 01F022436<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1675000 | PA      | $1596773.06   | 0.09%             | 2041-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| THE MONTREAL EXCHANGE / BOURSE DE MONTREAL                 | S&P/TSX 60 Index Standard Futures                                      | CUSIP: 000000000<br>LEI: 549300DKBYNOI0B1NP44 | N/A              | DE               | CORP              | CA        |         1 | NC      | $16734.37     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Acceptance Corporation of Michigan                  | CACC 6.625 03/15/30                                                    | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $89530.65     | 0.01%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                             | MEX 7.375 05/13/55                                                     | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    550000 | PA      | $602525.00    | 0.03%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Allianz SE                                                 | Allianz SE NPV(REGD)(VINKULIERT)                                       | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |     14048 | NS      | $6308635.98   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| GE Aerospace                                               | GE Aerospace COM NEW                                                   | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      3747 | NS      | $1282448.22   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SD4495                                                              | CUSIP: 3132E07G1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    123522 | PA      | $128916.45    | 0.01%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Skanska AB                                                 | Skanska AB SER'B'NPV                                                   | CUSIP: 000000000<br>LEI: 549300UINV5RINHGMG07 | Long             | EC               | CORP              | SE        |     15343 | NS      | $470368.39    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc.                        | CCO 7.5 06/01/29 144A                                                  | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     64000 | PA      | $64455.68     | 0.00%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA8043                                                              | CUSIP: 36179W5C8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1718273 | PA      | $1577170.80   | 0.09%             | 2052-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                           | Bank of Montreal COM NPV                                               | CUSIP: 063671101<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | EC               | CORP              | CA        |     11274 | NS      | $1622520.39   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.                            | REGN 1.75 09/15/30                                                     | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |   4076000 | PA      | $3673953.59   | 0.21%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                                | TRS NDUEACWF INDEX                                                     | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               | CORP              | GB        |         1 | NC      | $3412689.56   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA4797                                                              | CUSIP: 31418EKK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39785 | PA      | $39509.68     | 0.00%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Coinbase Global Inc                                        | COIN 3.375 10/01/28 144A                                               | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    188000 | PA      | $179320.13    | 0.01%             | 2028-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Nice Limited                                               | Nice Limited ILS1                                                      | CUSIP: 000000000<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |      3345 | NS      | $383063.04    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                                                  | Thales SA EUR3                                                         | CUSIP: 000000000<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |      3349 | NS      | $1016479.08   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                        | Abbott Laboratories COM                                                | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     24317 | NS      | $2829282.95   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisign, Inc.                                             | Verisign, Inc. COM                                                     | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |      1568 | NS      | $357409.92    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd.                              | Takeda Pharmaceutical Co Ltd. NPV                                      | CUSIP: 000000000<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |     51100 | NS      | $1912530.37   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries Ltd.                           | Mitsubishi Heavy Industries Ltd. NPV                                   | CUSIP: 000000000<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |      2300 | NS      | $73319.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kodiak Gas Services LLC                                    | KGS 6.75 10/01/35 144A                                                 | CUSIP: 50012LAE4<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41795.69     | 0.00%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Dell Technologies Inc                                      | Dell Technologies Inc CL C                                             | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      8059 | NS      | $1193376.72   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                                | TRS NDUEACWF INDEX                                                     | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               | CORP              | GB        |         1 | NC      | $84390.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HOLDINGS LLC                                 | M 7.375 08/01/33 144A                                                  | CUSIP: 55617LAS1<br>LEI: 549300JMONK27O4SQQ19 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78572.36     | 0.00%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Sumitomo Chemical Co Ltd.                                  | Sumitomo Chemical Co Ltd. NPV                                          | CUSIP: 000000000<br>LEI: 353800RSAU9BD8U4DM91 | Long             | EC               | CORP              | JP        |    229500 | NS      | $838365.09    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                                         | NextEra Energy Inc COM                                                 | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      1738 | NS      | $162972.26    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Cruises, Ltd.                                       | VIKCRU 9.125 07/15/31 144A                                             | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    108000 | PA      | $114906.06    | 0.01%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Light & Wonder International Inc.                          | LNW 7.25 11/15/29 144A                                                 | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123001.68    | 0.01%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Wheaton Precious Metals Corporation                        | Wheaton Precious Metals Corporation COM NPV                            | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     45808 | NS      | $7464348.20   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Realty Limited Partnership                          | VTR 5.1 07/15/32                                                       | CUSIP: 92277GBB2<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |    900000 | PA      | $930467.76    | 0.05%             | 2032-07-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA7472                                                              | CUSIP: 36179WJR0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1650625 | PA      | $1457642.67   | 0.08%             | 2051-07-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Vermilion Energy Inc.                                      | VETCN 7.25 02/15/33 144A                                               | CUSIP: 923725AE5<br>LEI: 8945009D1HGCJC8M8A68 | Long             | DBT              | RF                | CA        |    200000 | PA      | $195620.33    | 0.01%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Verisign, Inc.                                             | VRSN 5.25 06/01/32                                                     | CUSIP: 92343EAQ5<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |    205000 | PA      | $209826.43    | 0.01%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                               | B 0 04/21/26                                                           | CUSIP: 912797TJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17902000 | PA      | $17811992.68  | 1.01%             | 2026-04-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                         | SANTAN 6.607 11/07/28                                                  | CUSIP: 05964HAY1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1600000 | PA      | $1705282.77   | 0.10%             | 2028-11-07      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| Rivian Holdings Llc / Rivian Llc / Rivian Automotive Llc   | RIVHOL 10 01/15/31 144A                                                | CUSIP: 76954LAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     76000 | PA      | $71886.98     | 0.00%             | 2031-01-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Tripod Technology Corp.                                    | Tripod Technology Corp. TWD10                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      6000 | NS      | $74113.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortress Transportation & Infrastructure Investors LLC     | FTAI 7 06/15/32 144A                                                   | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     48000 | PA      | $50385.74     | 0.00%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sainsbury (J) PLC                                          | Sainsbury (J) PLC ORD GBP0.28571428                                    | CUSIP: 000000000<br>LEI: 213800VGZAAJIKJ9Y484 | Long             | EC               | CORP              | GB        |     14559 | NS      | $68475.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung E&A Co Ltd.                                        | Samsung E&A Co Ltd. KRW5000                                            | CUSIP: 000000000<br>LEI: 988400HDAY5KIVHGZ188 | Long             | EC               | CORP              | KR        |     18588 | NS      | $469962.70    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                                     | SAP SE ORD NPV                                                         | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      7114 | NS      | $1429148.48   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                          | BK V4.706 02/01/34                                                     | CUSIP: 06406RBP1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    630000 | PA      | $637841.79    | 0.04%             | 2034-02-01      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                              | OMF 7.875 03/15/30                                                     | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    173000 | PA      | $180950.22    | 0.01%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc.                                            | Salesforce Inc. COM                                                    | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      4903 | NS      | $955055.37    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                           | E-mini S&P 500 Futures, Mar-2026,ETH                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |        49 | NC      | $-126315.50   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| IBM International Capital Pte. Ltd.                        | IBM 4.9 02/05/34                                                       | CUSIP: 449276AE4<br>LEI: 2549007KTXQQBYZO7485 | Long             | DBT              | CORP              | SG        |   2550000 | PA      | $2580852.09   | 0.15%             | 2034-02-05      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Installed Building Products Inc                            | IBP 5.625 02/01/34 144A                                                | CUSIP: 45780RAB7<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35464.49     | 0.00%             | 2034-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FA1198                                                              | CUSIP: 3140W1KL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1188820 | PA      | $1227452.20   | 0.07%             | 2055-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Viking Cruises, Ltd.                                       | VIKCRU 5.875 10/15/33 144A                                             | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     68000 | PA      | $69370.88     | 0.00%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNMA-15YR                                                              | CUSIP: 01F020430<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    836250 | PA      | $779090.26    | 0.04%             | 2041-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Intertek Group PLC                                         | Intertek Group PLC ORD GBP0.01                                         | CUSIP: 000000000<br>LEI: 2138003GAT25WW1RN369 | Long             | EC               | CORP              | GB        |     22370 | NS      | $1425417.99   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                               | T 3.375 11/15/48                                                       | CUSIP: 912810SE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2600000 | PA      | $2131796.89   | 0.12%             | 2048-11-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                          | PNC V5.3 01/21/28                                                      | CUSIP: 693475BV6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    610000 | PA      | $617314.55    | 0.03%             | 2028-01-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PLC                            | London Stock Exchange Group PLC ORD GBP0.06918604                      | CUSIP: 000000000<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |      1773 | NS      | $211241.30    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                  | GS V3.102 02/24/33                                                     | CUSIP: 38141GZM9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1095000 | PA      | $1016001.68   | 0.06%             | 2033-02-24      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                             | Morgan Stanley COM NEW                                                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     47743 | NS      | $7949686.93   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA8150                                                              | CUSIP: 36179XBT2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    639628 | PA      | $621096.57    | 0.04%             | 2052-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Coca-Cola FEMSA SAB de CV                                  | Coca-Cola FEMSA SAB de CV UNITS (REP 3 SER 'B' SHS & 5 SER'L')         | CUSIP: 000000000<br>LEI: 5493008KEVFYPMGTXO33 | Long             | EC               | CORP              | MX        |      6013 | NS      | $66865.03     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                                  | Tesla Inc COM                                                          | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     28898 | NS      | $11631733.98  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizuho Financial Group Inc.                                | MIZUHO V1.554 07/09/27                                                 | CUSIP: 60687YBS7<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   1850000 | PA      | $1834768.41   | 0.10%             | 2027-07-09      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| NVR Inc                                                    | NVR Inc COM                                                            | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |       221 | NS      | $1661431.59   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindblad Expeditions LLC                                   | LIND 7 09/15/30 144A                                                   | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36716.26     | 0.00%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                           | MRSH 5.45 03/15/53                                                     | CUSIP: 571748BT8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    800000 | PA      | $769885.19    | 0.04%             | 2053-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Corporation of Michigan                  | CACC 9.25 12/15/28                                                     | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    153000 | PA      | $159862.51    | 0.01%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CoreWeave Inc.                                             | CRWV 9 02/01/31 144A                                                   | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     66000 | PA      | $63681.18     | 0.00%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Danaos Corp.                                               | DAC 6.875 10/15/32 144A                                                | CUSIP: 23585WAC8<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |    146000 | PA      | $150572.80    | 0.01%             | 2032-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RA7779                                                              | CUSIP: 3133KPUC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13565 | PA      | $13500.33     | 0.00%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Diversified Healthcare Trust                               | DHC 4.75 02/15/28                                                      | CUSIP: 81721MAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    124000 | PA      | $121254.11    | 0.01%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| E-Mart Inc.                                                | E-Mart Inc. KRW5000                                                    | CUSIP: 000000000<br>LEI: 988400SAX0Q74FRA9981 | Long             | EC               | CORP              | KR        |       817 | NS      | $59609.45     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Champion Iron Canada Inc.                                  | CIACN 7.875 07/15/32 144A                                              | CUSIP: 15853BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     90000 | PA      | $95722.74     | 0.01%             | 2032-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications Inc                                   | IHRT 9.125 05/01/29 144A                                               | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    281000 | PA      | $249660.07    | 0.01%             | 2029-05-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Discovery Communications, LLC                              | WBD 5 09/20/37 *                                                       | CUSIP: 25470DBY4<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     90000 | PA      | $71525.70     | 0.00%             | 2037-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacobs Solutions Inc.                                      | Jacobs Solutions Inc. COM                                              | CUSIP: 46982L108<br>LEI: 254900E3KHXCC2C8K272 | Long             | EC               | CORP              | US        |      1780 | NS      | $245390.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA8098                                                              | CUSIP: 36179W7K8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3666246 | PA      | $3364666.04   | 0.19%             | 2052-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| T-Mobile US Inc                                            | T-Mobile US Inc COM                                                    | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     10119 | NS      | $2196733.71   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                            | Microsoft Corp. COM                                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     80107 | NS      | $31461223.18  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc.                                            | GE Vernova Inc. COM                                                    | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       331 | NS      | $289161.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp.                                       | Barrick Mining Corp. COM SHS                                           | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     14118 | NS      | $716327.69    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Rolls-Royce Holdings PLC                                   | Rolls-Royce Holdings PLC ORD GBP0.20                                   | CUSIP: 000000000<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |    158196 | NS      | $2844693.03   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Axa SA                                                     | Axa SA EUR2.29                                                         | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |    161916 | NS      | $7918032.70   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| EDP SA                                                     | EDP SA EUR1(REGD)                                                      | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | EC               | CORP              | PT        |    445753 | NS      | $2371651.05   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 3.875 08/15/34                                                       | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11000000 | PA      | $11016328.18  | 0.62%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Block Inc                                                  | Block Inc CL A                                                         | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |     25031 | NS      | $1594474.70   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Cibest SA                                            | Grupo Cibest SA PREF                                                   | CUSIP: 000000000<br>LEI: 529900OSSJBGZREZ2C28 | Long             | EP               | CORP              | CO        |     24294 | NS      | $416339.07    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Financial Corporation                              | OMF 7.5 05/15/31                                                       | CUSIP: 682691AF7<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    178000 | PA      | $183787.64    | 0.01%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Rakuten Group Inc.                                         | RAKUTN 11.25 02/15/27 144A                                             | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $210602.12    | 0.01%             | 2027-02-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| NGL ENERGY OPERATING LLC                                   | NGL 8.125 02/15/29 144A                                                | CUSIP: 62922LAC2<br>LEI: 5493008CQD36WWZJ3O79 | Long             | DBT              | CORP              | US        |    122000 | PA      | $126436.90    | 0.01%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Moderna Inc                                                | Moderna Inc COM                                                        | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |      9943 | NS      | $532646.51    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                              | EQIX 1.45 05/15/26                                                     | CUSIP: 29444UBQ8<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994534.43    | 0.06%             | 2026-05-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                              | Alphabet Inc. CAP STK CL A                                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     60034 | NS      | $18716199.84  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                                | ZTS 3 09/12/27                                                         | CUSIP: 98978VAL7<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |    640000 | PA      | $632417.88    | 0.04%             | 2027-09-12      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Hasbro Inc                                                 | Hasbro Inc COM                                                         | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |      6207 | NS      | $618155.13    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                             | C V2.572 06/03/31                                                      | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2140000 | PA      | $2000300.48   | 0.11%             | 2031-06-03      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings Inc.                                  | WBD 4.054 03/15/29 *                                                   | CUSIP: 55903VBY8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64309.05     | 0.00%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                          | Johnson & Johnson COM                                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     18199 | NS      | $4521177.57   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                                      | MTG 5.25 08/15/28                                                      | CUSIP: 552848AG8<br>LEI: 254900S8483WM4M98R28 | Long             | DBT              | CORP              | US        |   2930000 | PA      | $2925915.32   | 0.17%             | 2028-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNMA-30YR                                                              | CUSIP: 01F022634<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1050000 | PA      | $909606.62    | 0.05%             | 2056-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                    | VENLNG 9.5 02/01/29 144A                                               | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $107255.30    | 0.01%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                | AbbVie Inc. COM                                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     16732 | NS      | $3883162.56   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Cruises, Ltd.                                       | VIKCRU 7 02/15/29 144a                                                 | CUSIP: 92676XAF4<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    100000 | PA      | $100150.30    | 0.01%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc.                                              | QUALCOMM Inc. COM                                                      | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     29693 | NS      | $4227095.48   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc.                              | FDS 2.9 03/01/27                                                       | CUSIP: 303075AA3<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2961709.92   | 0.17%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| ONO Pharmaceutical Co Ltd                                  | ONO Pharmaceutical Co Ltd NPV                                          | CUSIP: 000000000<br>LEI: 529900G26L4NG4GFJZ86 | Long             | EC               | CORP              | JP        |     74200 | NS      | $1275621.93   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| XIAOMI CORP                                                | Xiaomi Corp. USD0.0000025 B CLASS                                      | CUSIP: 000000000<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |    296800 | NS      | $1312719.84   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Polska Kasa Opieki SA                                 | Bank Polska Kasa Opieki SA PLN1.00                                     | CUSIP: 000000000<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |      5295 | NS      | $335495.49    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NGL ENERGY OPERATING LLC                                   | NGL 8.375 02/15/32 144A                                                | CUSIP: 62922LAD0<br>LEI: 5493008CQD36WWZJ3O79 | Long             | DBT              | CORP              | US        |    136000 | PA      | $142650.67    | 0.01%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNMA-15YR                                                              | CUSIP: 01F032435<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    750000 | PA      | $733437.59    | 0.04%             | 2041-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TMX Group Ltd.                                             | TMX Group Ltd. COM NPV                                                 | CUSIP: 87262K105<br>LEI: 549300N65GFVKSHGJW59 | Long             | EC               | CORP              | CA        |       611 | NS      | $20609.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Techtronic Industries Co. Ltd.                             | Techtronic Industries Co. Ltd. NPV                                     | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |     40000 | NS      | $647827.26    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Accton Technology Corp.                                    | Accton Technology Corp. TWD10                                          | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |      7000 | NS      | $308037.04    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Osaic Holdings Inc.                                        | ADVGRO 6.75 08/01/32 144A                                              | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80729.60     | 0.00%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Tesco PLC                                                  | Tesco PLC ORD GBP0.0633333                                             | CUSIP: 000000000<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |    219788 | NS      | $1422804.75   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RJ2746                                                              | CUSIP: 3142GTBQ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    264878 | PA      | $270887.26    | 0.02%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SD3603                                                              | CUSIP: 3132E0AC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    204934 | PA      | $214575.22    | 0.01%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Turning Point Brands Inc                                   | TPB 7.625 03/15/32 144A                                                | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |     88000 | PA      | $94367.59     | 0.01%             | 2032-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                              | OMF 6.625 05/15/29                                                     | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    104000 | PA      | $106171.10    | 0.01%             | 2029-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Millrose Properties Inc.                                   | MRP 6.25 09/15/32 144A                                                 | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    192000 | PA      | $194408.26    | 0.01%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MPT OPERATING PARTNERSHIP LP                               | MPW 5 10/15/27                                                         | CUSIP: 55342UAH7<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |    151000 | PA      | $147950.25    | 0.01%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Group Inc.                           | Sumitomo Mitsui Trust Group Inc. NPV                                   | CUSIP: 000000000<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |    111100 | NS      | $3873935.08   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                                    | MA 2 11/18/31                                                          | CUSIP: 57636QAU8<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1305104.88   | 0.07%             | 2031-11-18      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA4624                                                              | CUSIP: 31418ED64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1315681 | PA      | $1193946.71   | 0.07%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN MA5445                                                              | CUSIP: 31418FBP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    683422 | PA      | $701403.04    | 0.04%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STAR BULK CARRIERS CORP                                    | Star Bulk Carriers Corp. COM USD0.01(POST REV SPLIT)                   | CUSIP: 000000000<br>LEI: 549300SO3FMK7H6DDY54 | Long             | EC               | CORP              | MH        |      1551 | NS      | $40775.79     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SL0844                                                              | CUSIP: 31427M5E7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    902178 | PA      | $937177.41    | 0.05%             | 2055-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA4582                                                              | CUSIP: 31418ECU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    997785 | PA      | $929819.10    | 0.05%             | 2037-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                             | C V4.412 03/31/31                                                      | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1670000 | PA      | $1678704.81   | 0.09%             | 2031-03-31      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| Philippines (Republic Of)                                  | PHILIP 5.9 02/04/50                                                    | CUSIP: 718286DH7<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    400000 | PA      | $422840.00    | 0.02%             | 2050-02-04      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.              | CHTR 4.5 05/01/32                                                      | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     69000 | PA      | $63145.66     | 0.00%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Millicom International Cellular SA                         | TIGO 7.375 04/02/32 144A                                               | CUSIP: 600814AS6<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    168000 | PA      | $173385.79    | 0.01%             | 2032-04-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Ascendis Pharma A/S                                        | Ascendis Pharma A/S SPONSORED ADR                                      | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |       369 | NS      | $86161.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CNA Financial Corporation                                  | CNA 5.2 08/15/35                                                       | CUSIP: 126117AZ3<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |    400000 | PA      | $402392.93    | 0.02%             | 2035-08-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Boston Scientific Corporation                              | Boston Scientific Corporation COM                                      | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     55492 | NS      | $4264560.20   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies Capital S.A.                                 | TTEFP 5.488 04/05/54                                                   | CUSIP: 89157XAB7<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |    510000 | PA      | $504091.03    | 0.03%             | 2054-04-05      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| LPL Holdings Inc.                                          | LPLA 5.65 03/15/35                                                     | CUSIP: 50212YAM6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    830000 | PA      | $842179.52    | 0.05%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB5691                                                              | CUSIP: 3140QRKD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    363068 | PA      | $375543.63    | 0.02%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tetra Tech Inc                                             | Tetra Tech Inc COM                                                     | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |      2718 | NS      | $97413.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WarnerMedia Holdings Inc.                                  | WBD 5.05 03/15/42 *                                                    | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    185000 | PA      | $129962.50    | 0.01%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                               | Honeywell International Inc. COM                                       | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     35015 | NS      | $8529303.85   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc.                                         | IRM 6.25 01/15/33 144A                                                 | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     83000 | PA      | $84810.06     | 0.00%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Osaic Holdings Inc.                                        | ADVGRO 8 08/01/33 144A                                                 | CUSIP: 00791GAC1<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64755.29     | 0.00%             | 2033-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Trane Technologies Financing Ltd.                          | TT 3.8 03/21/29                                                        | CUSIP: 456873AD0<br>LEI: 549300A5OEF3CJI2CO89 | Long             | DBT              | CORP              | IE        |   4610000 | PA      | $4609770.88   | 0.26%             | 2029-03-21      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Millrose Properties Inc.                                   | MRP 6.375 08/01/30 144A                                                | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51295.00     | 0.00%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                    | UNH 4.9 04/15/31                                                       | CUSIP: 91324PFA5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    420000 | PA      | $434220.08    | 0.02%             | 2031-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                      | TRGP 5.55 08/15/35                                                     | CUSIP: 87612GAM3<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    570000 | PA      | $590677.21    | 0.03%             | 2035-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                      | International Business Machines Corp. COM                              | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      3839 | NS      | $922166.19    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco Distribution, Inc.                                   | WCC 6.375 03/15/33 144A                                                | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    105000 | PA      | $109475.21    | 0.01%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Karoon USA Finance Inc.                                    | KARAU 10.5 05/14/29 144A                                               | CUSIP: 48575AAA9<br>LEI: 254900I4IZ164TOMZH46 | Long             | DBT              | CORP              | US        |     33000 | PA      | $34188.00     | 0.00%             | 2029-05-14      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                      | BAC V5.511 01/24/36                                                    | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1222774.60   | 0.07%             | 2036-01-24      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Blackrock Funds III                                        | Blackrock Funds III INSTL MMKT                                         | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |    957689 | PA      | $958168.34    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                                     | MSI 2.3 11/15/30                                                       | CUSIP: 620076BT5<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    600000 | PA      | $552016.67    | 0.03%             | 2030-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RA8411                                                              | CUSIP: 3133KQKY1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     85526 | PA      | $88721.12     | 0.01%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA5038                                                              | CUSIP: 31418ES43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    402827 | PA      | $406625.82    | 0.02%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MetLife Inc.                                               | MetLife Inc. COM                                                       | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     47146 | NS      | $3397812.22   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Israel Discount Bank Ltd.                                  | Israel Discount Bank Ltd. ILS0.10                                      | CUSIP: 465074201<br>LEI: 549300XWZ7BG5G23OF51 | Long             | EC               | CORP              | IL        |     10101 | NS      | $122252.13    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                            | BAE Systems PLC ORD GBP0.025                                           | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    223173 | NS      | $6372828.04   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                    | EUR/JPY FORWARD                                                        | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $53839.11     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Illumina Inc                                               | Illumina Inc COM                                                       | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |       149 | NS      | $20034.54     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Company                                   | AXP V5.282 07/27/29                                                    | CUSIP: 025816DH9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1050877.27   | 0.06%             | 2029-07-27      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD LAS VEGAS LLC                                | RWLVCA 8.45 07/27/30 144A                                              | CUSIP: 76120HAD9<br>LEI: 254900LHVH9D3APT8R82 | Long             | DBT              | CORP              | US        |     81000 | PA      | $82518.75     | 0.00%             | 2030-07-27      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNMA-30YR                                                              | CUSIP: 01F060634<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75000 | PA      | $76926.62     | 0.00%             | 2056-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Altagas Ltd                                                | ALACN V7.2 10/15/54 144A                                               | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |     92000 | PA      | $96122.70     | 0.01%             | 2054-10-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Vonovia SE                                                 | Vonovia SE NPV                                                         | CUSIP: 000000000<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |      2256 | NS      | $76495.36     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Wayfair LLC                                                | W 7.25 10/31/29 144A                                                   | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    181000 | PA      | $187053.00    | 0.01%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                         | IRM 7 02/15/29 144A                                                    | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    116000 | PA      | $119053.47    | 0.01%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| American International Group Inc.                          | AIG 4.85 05/07/30                                                      | CUSIP: 026874DW4<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    420000 | PA      | $430926.82    | 0.02%             | 2030-05-07      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Delta Electronics Inc.                                     | Delta Electronics Inc. TWD10                                           | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     23000 | NS      | $1037157.82   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2-30YR-Multi                                                          | CUSIP: 21H032639<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    400000 | PA      | $375370.06    | 0.02%             | 2056-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                            | BBDBCN 7.45 05/01/34 144A                                              | CUSIP: 097751AL5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    114000 | PA      | $128429.44    | 0.01%             | 2034-05-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| QVC, Inc.                                                  | QVCN 6.875 04/15/29 144A                                               | CUSIP: 747262BA0<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |    219000 | PA      | $91980.00     | 0.01%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Autotrader Group PLC                                       | Autotrader Group PLC ORD GBP0.01                                       | CUSIP: 000000000<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |     32288 | NS      | $213874.20    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                     | MSI 2.75 05/24/31                                                      | CUSIP: 620076BU2<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |   1990000 | PA      | $1845287.48   | 0.10%             | 2031-05-24      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Stewart Information Services Corporation                   | STC 3.6 11/15/31                                                       | CUSIP: 86038AAA0<br>LEI: 529900TV1XI0PLKENU10 | Long             | DBT              | CORP              | US        |    618000 | PA      | $556959.69    | 0.03%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                           | MRSH 5.15 03/15/34                                                     | CUSIP: 571748BW1<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1341552.10   | 0.08%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AIA Group Ltd, Hong Kong                                   | AIA Group Ltd, Hong Kong NPV                                           | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    689600 | NS      | $7607345.84   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc.                                              | MediaTek Inc. TWD10                                                    | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     26000 | NS      | $1601589.05   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings Inc.                                  | WBD 5.141 03/15/52 *                                                   | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     86000 | PA      | $56330.00     | 0.00%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                        | Comcast Corporation CL A                                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    104867 | NS      | $3246682.32   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                                   | Engie SA EUR1                                                          | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    100708 | NS      | $3440496.03   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                      | CAH 5.35 11/15/34                                                      | CUSIP: 14149YBS6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    740000 | PA      | $769771.35    | 0.04%             | 2034-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications Inc                                   | IHRT 10.875 05/01/30 144A                                              | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    240000 | PA      | $178036.80    | 0.01%             | 2030-05-01      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                                        | Cheniere Energy Inc COM NEW                                            | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |       185 | NS      | $43610.05     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                                      | LOW 1.7 09/15/28                                                       | CUSIP: 548661ED5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1089749.40   | 0.06%             | 2028-09-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc                              | Intercontinental Exchange Inc COM                                      | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |      7805 | NS      | $1281034.65   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd.                                               | VAL 8.375 04/30/30 144A                                                | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    258000 | PA      | $270567.95    | 0.02%             | 2030-04-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Century Aluminum Company                                   | CENX 6.875 08/01/32 144A                                               | CUSIP: 156431AS7<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |    122000 | PA      | $126191.63    | 0.01%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC                                 | AER 4.95 09/10/34                                                      | CUSIP: 00774MBM6<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   1140000 | PA      | $1142932.97   | 0.06%             | 2034-09-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                           | NRG 6 01/15/36 144A                                                    | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     85000 | PA      | $86509.77     | 0.00%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                  | TD 1.95 01/12/27 FXD                                                   | CUSIP: 89114TZN5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   1310000 | PA      | $1289634.96   | 0.07%             | 2027-01-12      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB9216                                                              | CUSIP: 3140QVG24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5110804 | PA      | $5254810.88   | 0.30%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                              | GOOGL 4.5 05/15/35                                                     | CUSIP: 02079KAL1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1811809.96   | 0.10%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                              | Enbridge Inc. COM NPV                                                  | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |      7344 | NS      | $390176.08    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc.                                    | PATK 6.375 11/01/32 144A                                               | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    183000 | PA      | $187963.33    | 0.01%             | 2032-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| American Express Company                                   | AXP V5.043 05/01/34                                                    | CUSIP: 025816DF3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    450000 | PA      | $462613.33    | 0.03%             | 2034-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| VFH PARENT LLC                                             | VIRT 7.5 06/15/31 144A                                                 | CUSIP: 91824YAA6<br>LEI: 549300FRO9M476YHHY64 | Long             | DBT              | CORP              | US        |    116000 | PA      | $120735.12    | 0.01%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Digital Realty Trust Inc.                                  | Digital Realty Trust Inc. COM                                          | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     26005 | NS      | $4608086.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Nitto Denko Corp.                                          | Nitto Denko Corp. NPV                                                  | CUSIP: 000000000<br>LEI: 3538009GX5P09USH2J25 | Long             | EC               | CORP              | JP        |      1600 | NS      | $37104.73     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Ltd.                                               | Hitachi Ltd. NPV                                                       | CUSIP: 000000000<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |     43200 | NS      | $1414251.87   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                       | SUMIBK 1.902 09/17/28                                                  | CUSIP: 86562MCG3<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1310000 | PA      | $1244714.07   | 0.07%             | 2028-09-17      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                               | Oracle Corp. COM                                                       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      8544 | NS      | $1242297.60   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SD1488                                                              | CUSIP: 3132DNUM3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     96133 | PA      | $93890.58     | 0.01%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                         | SANTAN 5.588 08/08/28                                                  | CUSIP: 05964HAU9<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1800000 | PA      | $1865749.86   | 0.11%             | 2028-08-08      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Getty Images Inc.                                          | ABEGET 10.5 11/15/30 144A                                              | CUSIP: 374276AR4<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |     32000 | PA      | $28325.07     | 0.00%             | 2030-11-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                           | MRSH 5.7 09/15/53                                                      | CUSIP: 571748BV3<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1029496.83   | 0.06%             | 2053-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Tampa Electric Company                                     | TE 5.15 03/01/35                                                       | CUSIP: 875127BN1<br>LEI: WS423EPRKJIIJUITXD73 | Long             | DBT              | CORP              | US        |    670000 | PA      | $688051.58    | 0.04%             | 2035-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Wesfarmers Ltd.                                            | Wesfarmers Ltd. ORD NPV                                                | CUSIP: 000000000<br>LEI: 5493003L32ZX9557ST85 | Long             | EC               | CORP              | AU        |     12738 | NS      | $721647.93    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Insmed Inc                                                 | Insmed Inc COM PAR $.01                                                | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |       132 | NS      | $19711.56     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC                                     | Standard Chartered PLC ORD USD0.50                                     | CUSIP: 000000000<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |     19670 | NS      | $485207.85    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                             | SATS 6.75 11/30/30                                                     | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     72000 | PA      | $72918.29     | 0.00%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Trimble Inc                                                | Trimble Inc COM                                                        | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |       302 | NS      | $20194.74     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                              | Equinix, Inc. COM                                                      | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      1002 | NS      | $976208.52    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                             | C V2.666 01/29/31                                                      | CUSIP: 172967ML2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1462411.28   | 0.08%             | 2031-01-29      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Incyte Corporation.                                        | Incyte Corporation. COM                                                | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |       660 | NS      | $66838.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Domestic Operating Co Inc.                          | HLT 6.125 04/01/32 144A                                                | CUSIP: 432833AQ4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    108000 | PA      | $111655.80    | 0.01%             | 2032-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GENMAB A/S                                                 | GMABDC 7.25 12/15/33 144A                                              | CUSIP: 37230JAB8<br>LEI: 529900MTJPDPE4MHJ122 | Long             | DBT              | CORP              | DK        |    385000 | PA      | $408537.36    | 0.02%             | 2033-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SB8346                                                              | CUSIP: 3132D6HX1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    158347 | PA      | $157101.24    | 0.01%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                             | BNP Paribas SA EUR2                                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     25545 | NS      | $2868236.04   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Chevron Corp.                                              | Chevron Corp. COM                                                      | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55651 | NS      | $10393380.76  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH DBS Corporation                                       | DISH 5.75 12/01/28 144A                                                | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    131000 | PA      | $126782.53    | 0.01%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FR RA7543                                                              | CUSIP: 3133KPLY2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39165 | PA      | $38251.35     | 0.00%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Inc.                                    | Berkshire Hathaway Inc. CL B NEW                                       | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      2310 | NS      | $1166434.50   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.              | CHTR 6.375 09/01/29 144A                                               | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30399.54     | 0.00%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                            | SBGI 5.5 03/01/30 144A                                                 | CUSIP: 829259AY6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     54000 | PA      | $47908.80     | 0.00%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                    | VENLNG 9.875 02/01/32 144A                                             | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     93000 | PA      | $98527.83     | 0.01%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Cameco Corporation                                         | Cameco Corporation COM NPV                                             | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |      1766 | NS      | $208934.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Inc                                               | USFOOD 7.25 01/15/32 144A                                              | CUSIP: 90290MAH4<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    177000 | PA      | $185372.45    | 0.01%             | 2032-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Companhia Brasileira de Aluminio                           | Companhia Brasileira de Aluminio COM NPV                               | CUSIP: 000000000<br>LEI: 5493001QYTIDILBVYO18 | Long             | EC               | CORP              | BR        |     91231 | NS      | $181162.89    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                             | MS V1.794 02/13/32 MTN                                                 | CUSIP: 6174468U6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   3020000 | PA      | $2673869.28   | 0.15%             | 2032-02-13      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| HD Hyundai Heavy Industries Co Ltd.                        | HD Hyundai Heavy Industries Co Ltd. KRW5000                            | CUSIP: 000000000<br>LEI: 988400CAR8W9URQLGF30 | Long             | EC               | CORP              | KR        |       328 | NS      | $137358.12    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| IG Group Holdings PLC                                      | IG Group Holdings PLC ORD GBP0.00005                                   | CUSIP: 000000000<br>LEI: 2138003A5Q1M7ANOUD76 | Long             | EC               | CORP              | GB        |      2965 | NS      | $52007.33     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Relx Capital Inc.                                          | RELLN 5.25 03/27/35                                                    | CUSIP: 74949LAG7<br>LEI: 2R15C3RTKJN1RCBOV146 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113266.43    | 0.01%             | 2035-03-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chile (Republic Of)                                        | CHILE 3.25 09/21/71                                                    | CUSIP: 168863DU9<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   1110000 | PA      | $716283.00    | 0.04%             | 2071-09-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Iberdrola, S.A.                                            | Iberdrola, S.A. EUR0.75                                                | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |     27197 | NS      | $641937.92    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Poland (Republic of)                                       | POLAND 5.5 03/18/54 30Y                                                | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    220000 | PA      | $215300.80    | 0.01%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                              | FREMOR 9.25 02/01/29 144A                                              | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    125000 | PA      | $130560.00    | 0.01%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SK Invictus Intermediate II S.a.r.l.                       | PRM 5 10/30/29 144A                                                    | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    212000 | PA      | $208622.92    | 0.01%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| The Manitowoc Company, Inc.                                | MTW 9.25 10/01/31 144A                                                 | CUSIP: 563571AN8<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |    123000 | PA      | $133703.34    | 0.01%             | 2031-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Bausch Health Companies Inc.                               | BHCCN 11 09/30/28 144A                                                 | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    287000 | PA      | $300090.07    | 0.02%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA9172                                                              | CUSIP: 36179YFM1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    123858 | PA      | $126936.01    | 0.01%             | 2053-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United Integration Services Co Ltd                         | United Integration Services Co Ltd TWD10                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     19000 | NS      | $675333.27    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                             | SATS 10.75 11/30/29 .                                                  | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    282000 | PA      | $307928.21    | 0.02%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Kratos Defense & Security Solutions, Inc.                  | Kratos Defense & Security Solutions, Inc. COM NEW                      | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |      5125 | NS      | $441672.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                                         | HCA Healthcare Inc COM                                                 | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      3681 | NS      | $1949825.70   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Smiths Group PLC                                           | Smiths Group PLC ORD GBP0.375                                          | CUSIP: 000000000<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |     50248 | NS      | $1857687.13   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SD3565                                                              | CUSIP: 3132DQ6A9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5231 | PA      | $5200.90      | 0.00%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                             | Commonwealth Bank of Australia ORD NPV                                 | CUSIP: 000000000<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | EC               | CORP              | AU        |      5338 | NS      | $662293.70    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MEDICAL PROPERTIES TRUST INC                               | MPW 4.625 08/01/29                                                     | CUSIP: 55342UAJ3<br>LEI: 254900U6E39J1MQCCY14 | Long             | DBT              | CORP              | US        |    159000 | PA      | $137374.58    | 0.01%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                              | OMF 6.75 09/15/33                                                      | CUSIP: 682691AN0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     85000 | PA      | $84363.59     | 0.00%             | 2033-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc.                                       | Gilead Sciences Inc. COM                                               | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     14138 | NS      | $2105855.10   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                                        | KMI 5.95 08/01/54                                                      | CUSIP: 49456BBA8<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    736000 | PA      | $751923.62    | 0.04%             | 2054-08-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Ecolab Inc.                                                | ECL 2.7 12/15/51                                                       | CUSIP: 278865BN9<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |    760000 | PA      | $479224.01    | 0.03%             | 2051-12-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                               | HON 5.35 03/01/64                                                      | CUSIP: 438516CU8<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    300000 | PA      | $289973.90    | 0.02%             | 2064-03-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc                                       | Cleveland-Cliffs Inc COM                                               | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |     35700 | NS      | $380562.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP                   | WAB 5.5 05/29/35                                                       | CUSIP: 960386AT7<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |    452000 | PA      | $475673.31    | 0.03%             | 2035-05-29      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc.                                                | ZTS 2 05/15/30                                                         | CUSIP: 98978VAS2<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |   2820000 | PA      | $2604986.76   | 0.15%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                            | GPOR 6.75 09/01/29 144A                                                | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    168000 | PA      | $173974.58    | 0.01%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                               | NOVNVX 2.2 08/14/30                                                    | CUSIP: 66989HAR9<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |   3030000 | PA      | $2824884.48   | 0.16%             | 2030-08-14      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| ViaSat, Inc.                                               | VSAT 6.5 07/15/28 144A                                                 | CUSIP: 92552VAN0<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |     71000 | PA      | $70092.71     | 0.00%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Flash Compute LLC                                          | FLASHC 7.25 12/31/30 144A                                              | CUSIP: 33853QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76771.41     | 0.00%             | 2030-12-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Insulet Corporation                                        | PODD 6.5 04/01/33 144A                                                 | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |    185000 | PA      | $192413.69    | 0.01%             | 2033-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                                   | Bank Central Asia Tbk PT IDR12.50                                      | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |   3000600 | NS      | $1281225.44   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung C&T Corporation                                    | Samsung C&T Corporation KRW100                                         | CUSIP: 000000000<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |       858 | NS      | $209089.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DISH DBS Corporation                                       | DISH 7.375 07/01/28                                                    | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136000 | PA      | $131218.74    | 0.01%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings Inc.                                  | WBD 4.279 03/15/32 *                                                   | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    141000 | PA      | $129543.75    | 0.01%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN BU7102                                                              | CUSIP: 3140M83L1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    776167 | PA      | $675802.72    | 0.04%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.                  | STX 5.875 07/15/30 144A                                                | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     60000 | PA      | $61749.24     | 0.00%             | 2030-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Mckesson Corp.                                             | Mckesson Corp. COM                                                     | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      2133 | NS      | $2106060.21   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                     | Ultra U.S. Treasury Bond Futures, Jun-2026,ETH                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -843 | NC      | $-1055112.87  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA7768                                                              | CUSIP: 36179WTZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    873710 | PA      | $801871.77    | 0.05%             | 2051-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Baoshan Iron & Steel Co Ltd.                               | Baoshan Iron & Steel Co Ltd. 'A' CNY1                                  | CUSIP: 000000000<br>LEI: 300300PYAP4PEHORZT21 | Long             | EC               | CORP              | CN        |    148300 | NS      | $155616.66    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcadyan Technology Corp.                                  | Arcadyan Technology Corp. TWD10                                        | CUSIP: 000000000<br>LEI: 254900R5W61G3GO1Q067 | Long             | EC               | CORP              | TW        |     43000 | NS      | $269192.97    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital LLC                            | VEL 9.375 02/15/31 144A                                                | CUSIP: 92259RAE5<br>LEI: 549300TA4MQM8WN2XG31 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75998.49     | 0.00%             | 2031-02-15      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson (publ)                     | Telefonaktiebolaget LM Ericsson (publ) SER'B'NPV                       | CUSIP: 000000000<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |     22535 | NS      | $260504.30    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GENMAB A/S                                                 | GMABDC 6.25 12/15/32 144A                                              | CUSIP: 37230JAA0<br>LEI: 529900MTJPDPE4MHJ122 | Long             | DBT              | CORP              | DK        |    200000 | PA      | $207564.60    | 0.01%             | 2032-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                | COF V7.624 10/30/31 .                                                  | CUSIP: 14040HDC6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3663234.71   | 0.21%             | 2031-10-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| NVR Inc                                                    | NVR 3 05/15/30                                                         | CUSIP: 62944TAF2<br>LEI: 529900RWXR4JI3JYTV70 | Long             | DBT              | CORP              | US        |   1930000 | PA      | $1846876.37   | 0.10%             | 2030-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SD4350                                                              | CUSIP: 3132E0ZP0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21584 | PA      | $22444.60     | 0.00%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                          | CCI 3.65 09/01/27                                                      | CUSIP: 22822VAH4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    900000 | PA      | $895542.58    | 0.05%             | 2027-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FS8674                                                              | CUSIP: 3140XQT80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    202376 | PA      | $210893.06    | 0.01%             | 2054-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Enpro Inc                                                  | NPO 6.125 06/01/33 144A                                                | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36121.68     | 0.00%             | 2033-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA9243                                                              | CUSIP: 36179YHU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     64597 | PA      | $67301.28     | 0.00%             | 2053-10-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNMA-30YR                                                              | CUSIP: 01F052631<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  11300000 | PA      | $11481170.53  | 0.65%             | 2056-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pandora A/S                                                | Pandora A/S DKK1                                                       | CUSIP: 000000000<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |      1814 | NS      | $143397.41    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CSL Ltd.                                                   | CSL Ltd. ORD NPV                                                       | CUSIP: 000000000<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |       945 | NS      | $98928.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cencora Inc                                                | COR 2.7 03/15/31                                                       | CUSIP: 03073EAT2<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $1910350.37   | 0.11%             | 2031-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                         | KO 5.2 01/14/55                                                        | CUSIP: 191216DZ0<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    303000 | PA      | $297854.17    | 0.02%             | 2055-01-14      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                               | ORCL 5.5 08/03/35                                                      | CUSIP: 68389XDA0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2060000 | PA      | $2036379.22   | 0.12%             | 2035-08-03      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RENEWABLE CORP                                  | Brookfield Renewable Corporation CL A EX SUB VTG                       | CUSIP: 11285B108<br>LEI: 894500N9AWD5I1YNP231 | Long             | EC               | CORP              | CA        |      1003 | NS      | $42802.41     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SB8154                                                              | CUSIP: 3132D6BX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    271969 | PA      | $259316.96    | 0.01%             | 2037-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Ithaca Energy (North Sea) plc                              | IAECN 8.125 10/15/29 144A                                              | CUSIP: 46567TAC8<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |    124000 | PA      | $130533.44    | 0.01%             | 2029-10-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| AMC Networks Inc                                           | AMCX 10.5 07/15/32 144A                                                | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    180000 | PA      | $184390.20    | 0.01%             | 2032-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                            | SBGI 4.375 12/31/32 144A                                               | CUSIP: 829259BF6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    120000 | PA      | $96193.20     | 0.01%             | 2032-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REA Group Ltd.                                             | REA Group Ltd. ORD NPV                                                 | CUSIP: 000000000<br>LEI: 894500KA4UBDATOFPN36 | Long             | EC               | CORP              | AU        |      1350 | NS      | $159715.18    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                    | UNH 5.05 04/15/53                                                      | CUSIP: 91324PEW8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $999977.30    | 0.06%             | 2053-04-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| AECOM                                                      | AECOM COM                                                              | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |     46375 | NS      | $4543822.50   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ENN ENERGY HOLDINGS LTD                                    | ENN Energy Holdings Ltd. HKD0.10                                       | CUSIP: 000000000<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | KY        |     31600 | NS      | $277241.72    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicony Electronics Co Ltd.                                | Chicony Electronics Co Ltd. TWD10                                      | CUSIP: 000000000<br>LEI: 254900JBP5GB5B1IHS51 | Long             | EC               | CORP              | TW        |     67000 | NS      | $267652.08    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Ipsen SA                                                   | Ipsen SA EUR1                                                          | CUSIP: 000000000<br>LEI: 549300M6SGDPB4Z94P11 | Long             | EC               | CORP              | FR        |       752 | NS      | $146792.31    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BALDWIN INSURANCE GROUP HOLDINGS LLC (THE)                 | BWIN 7.125 05/15/31 144A                                               | CUSIP: 05825XAA7<br>LEI: 5493004GCDREAQPPYG20 | Long             | DBT              | CORP              | US        |    124000 | PA      | $124406.72    | 0.01%             | 2031-05-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Gerdau SA                                                  | Gerdau SA PRF NPV                                                      | CUSIP: 000000000<br>LEI: 254900YDV6SEQQPZVG24 | Long             | EP               | CORP              | BR        |     84879 | NS      | $344880.44    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aker BP ASA                                                | Aker BP ASA NOK1                                                       | CUSIP: 000000000<br>LEI: 549300NFTY73920OYK69 | Long             | EC               | CORP              | NO        |     20747 | NS      | $630348.42    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2-30YR-Multi                                                          | CUSIP: 21H060630<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    125000 | PA      | $127507.45    | 0.01%             | 2055-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                      | TRGP 6.5 02/15/53                                                      | CUSIP: 87612GAD3<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    750000 | PA      | $795699.81    | 0.05%             | 2053-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Klepierre SA                                               | Klepierre SA EUR1.40                                                   | CUSIP: 000000000<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               | CORP              | FR        |      2407 | NS      | $101295.13    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Inc                                               | RS 2.15 08/15/30                                                       | CUSIP: 759509AG7<br>LEI: 549300E287ZOFT3C5Z56 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45765.35     | 0.00%             | 2030-08-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNMA-30YR                                                              | CUSIP: 01F040636<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1100000 | PA      | $1068994.67   | 0.06%             | 2056-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                           | PCG 6 05/01/56                                                         | CUSIP: 694308LB1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    265000 | PA      | $261734.64    | 0.01%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                      | BAC V4.571 04/27/33                                                    | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1305289.26   | 0.07%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB7649                                                              | CUSIP: 3140QTQB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     80452 | PA      | $85642.45     | 0.00%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Airbnb Inc                                                 | Airbnb Inc COM CL A                                                    | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     24875 | NS      | $3360861.25   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.                                      | TRGP 6.15 03/01/29                                                     | CUSIP: 87612GAE1<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |   2790000 | PA      | $2951958.64   | 0.17%             | 2029-03-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| LG Innotek Co Ltd.                                         | LG Innotek Co Ltd. KRW5000                                             | CUSIP: 000000000<br>LEI: 988400KTHH2LMUX7EB48 | Long             | EC               | CORP              | KR        |       597 | NS      | $132269.02    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNMA-15YR                                                              | CUSIP: 01F030439<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    725000 | PA      | $701877.14    | 0.04%             | 2041-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cooper-Standard Automotive Inc.                            | CPS 9.25 03/01/31 144A                                                 | CUSIP: 216762AK0<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |    328000 | PA      | $328924.96    | 0.02%             | 2031-03-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB6921                                                              | CUSIP: 3140QSVP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55418 | PA      | $58112.70     | 0.00%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                     | Waste Management, Inc. COM                                             | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      4484 | NS      | $1079926.56   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HLF FINANCING SARL LLC                                     | HLF 12.25 04/15/29 144A                                                | CUSIP: 40390DAD7<br>LEI: 549300VKVJUV5OGV2R51 | Long             | DBT              | CORP              | US        |    145000 | PA      | $154887.12    | 0.01%             | 2029-04-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                      | WOOF 8.25 02/01/31 144A                                                | CUSIP: 71601VAA3<br>LEI: 2549007TYGV6RVSE9M61 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39065.37     | 0.00%             | 2031-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| TINGYI (CAYMAN ISLANDS) HOLDING CORP                       | Tingyi (Cayman Islands) Holding Corp. ORD USD0.005                     | CUSIP: 000000000<br>LEI: 5299009MPI9B60VN4P25 | Long             | EC               | CORP              | KY        |     66000 | NS      | $110216.68    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Co Ltd.                                     | Mitsui Fudosan Co Ltd. NPV                                             | CUSIP: 000000000<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |    216800 | NS      | $2922426.32   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB7650                                                              | CUSIP: 3140QTQC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    784881 | PA      | $833462.15    | 0.05%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                           | Amazon.com, Inc. COM                                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    112935 | NS      | $23716350.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                                    | UnitedHealth Group Inc. COM                                            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      8639 | NS      | $2533559.53   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftBank Corp                                              | SoftBank Corp NPV                                                      | CUSIP: 000000000<br>LEI: 353800M1YCTS9JRBJ535 | Long             | EC               | CORP              | JP        |    551800 | NS      | $754753.79    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA9852                                                              | CUSIP: 36179Y5M2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     45127 | PA      | $46127.56     | 0.00%             | 2054-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Kansas City Ltd.                          | Canadian Pacific Kansas City Ltd. COM                                  | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      2944 | NS      | $257784.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial, Inc.                                 | Prudential Financial, Inc. COM                                         | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |      3806 | NS      | $374434.28    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BAWAG Group AG                                             | BAWAG Group AG NPV                                                     | CUSIP: 000000000<br>LEI: 529900S9YO2JHTIIDG38 | Long             | EC               | CORP              | AT        |      3039 | NS      | $470689.36    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA4785                                                              | CUSIP: 31418EJ76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1192088 | PA      | $1204064.24   | 0.07%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| The Progressive Corporation                                | PGR 4.95 06/15/33                                                      | CUSIP: 743315BB8<br>LEI: 529900TACNVLY9DCR586 | Long             | DBT              | CORP              | US        |   2060000 | PA      | $2125825.90   | 0.12%             | 2033-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ViaSat, Inc.                                               | VSAT 7.5 05/30/31 144A                                                 | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    293000 | PA      | $289055.52    | 0.02%             | 2031-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                    | Republic Services, Inc. COM                                            | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |       130 | NS      | $29770.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Company                                                 | 3M Company COM                                                         | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |       273 | NS      | $45132.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinclair Television Group, Inc.                            | SBGI 8.125 02/15/33 144A                                               | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78093.75     | 0.00%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NAVER Corp.                                                | NAVER Corp. KRW100                                                     | CUSIP: 000000000<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |      2483 | NS      | $438632.93    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| California Resources Corporation                           | CRC 7 01/15/34 144A                                                    | CUSIP: 13057QAL1<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |     74000 | PA      | $75354.35     | 0.00%             | 2034-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA4068                                                              | CUSIP: 36179SQV2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    508093 | PA      | $473006.42    | 0.03%             | 2046-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DSM Firmenich AG                                           | DSM Firmenich AG EUR0.01                                               | CUSIP: 000000000<br>LEI: 506700G44V67MPM4BI12 | Long             | EC               | CORP              | CH        |     20717 | NS      | $1479602.74   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Alnylam Pharmaceuticals Inc.                               | Alnylam Pharmaceuticals Inc. COM                                       | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |       176 | NS      | $58593.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grubhub Holdings Inc                                       | GRUB 13 07/31/30 144A                                                  | CUSIP: 40010PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     97000 | PA      | $64875.44     | 0.00%             | 2030-07-31      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| NN Group N.V.                                              | NN Group N.V. EUR0.12                                                  | CUSIP: 000000000<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |     20309 | NS      | $1665695.58   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA9242                                                              | CUSIP: 36179YHT4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    190901 | PA      | $195085.46    | 0.01%             | 2053-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNITI SERVICES LLC                                         | WIN 8.25 10/01/31 144A                                                 | CUSIP: 97381AAA0<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |    124000 | PA      | $130551.54    | 0.01%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                                           | Mercadolibre Inc COM                                                   | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       807 | NS      | $1418367.06   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                                                | Dropbox Inc CL A                                                       | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |     22767 | NS      | $568947.33    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Florida Power & Light Co.                                  | NEE 5.6 02/15/66                                                       | CUSIP: 341081HB6<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    315000 | PA      | $313183.24    | 0.02%             | 2066-02-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Century Communities Inc                                    | CCS 6.625 09/15/33 144A                                                | CUSIP: 156504AN2<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55886.33     | 0.00%             | 2033-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| King Yuan Electronics Co. Ltd                              | King Yuan Electronics Co. Ltd TWD10                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    109000 | NS      | $1121560.76   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd.                                    | DBS Group Holdings Ltd. NPV                                            | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |     97000 | NS      | $4369384.90   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaiser Aluminium Corporation                               | KALU 5.875 03/01/34 144A                                               | CUSIP: 483007AM2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $85946.73     | 0.00%             | 2034-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Ametek, Inc.                                               | Ametek, Inc. COM                                                       | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     28407 | NS      | $6795522.54   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                   | G2-30YR-Multi                                                          | CUSIP: 21H052637<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2475000 | PA      | $2506584.51   | 0.14%             | 2056-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corporation                                   | H 5.375 12/15/31                                                       | CUSIP: 448579AT9<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41516.04     | 0.00%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TCOM/TRIP.COM GROUP LTD                                    | Trip.com Group Ltd. USD0.00125                                         | CUSIP: 000000000<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |       581 | NS      | $30152.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares Trust                                              | iShares Trust MSCI INDIA ETF                                           | CUSIP: 46429B598<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     80121 | NS      | $4187924.67   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Inc                                               | USFOOD 5.75 04/15/33 144A                                              | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    123000 | PA      | $125463.32    | 0.01%             | 2033-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Owens Corning                                              | OC 3.4 08/15/26                                                        | CUSIP: 690742AF8<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |    350000 | PA      | $348819.61    | 0.02%             | 2026-08-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FS5424                                                              | CUSIP: 3140XMA22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15374 | PA      | $15285.72     | 0.00%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California Resources Corporation                           | CRC 8.25 06/15/29 144A                                                 | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    214000 | PA      | $224659.13    | 0.01%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Kohl's Corp.                                               | KSS 10 06/01/30 144A                                                   | CUSIP: 500255AY0<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |    139000 | PA      | $151318.46    | 0.01%             | 2030-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP (THE)                                   | HHH 6.125 03/01/34 144A                                                | CUSIP: 44267DAH0<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79834.29     | 0.00%             | 2034-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                             | Citigroup Inc. COM NEW                                                 | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     30142 | NS      | $3321346.98   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Obayashi Corp.                                             | Obayashi Corp. NPV                                                     | CUSIP: 000000000<br>LEI: 529900YT4O5S0LCXWD54 | Long             | EC               | CORP              | JP        |     56100 | NS      | $1583756.26   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MB0625                                                              | CUSIP: 3618N5VT3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    220818 | PA      | $229800.49    | 0.01%             | 2055-09-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LS Corp                                                    | LS Corp KRW5000                                                        | CUSIP: 000000000<br>LEI: 988400SQWZ34LADYL505 | Long             | EC               | CORP              | KR        |       612 | NS      | $121249.24    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Omnicom Group Inc                                          | OMC 4.65 10/01/28                                                      | CUSIP: 681919BP0<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505546.97    | 0.03%             | 2028-10-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte S.A.B. de C.V.                    | Grupo Financiero Banorte S.A.B. de C.V. COM NPV SERIES O               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     13006 | NS      | $147890.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                                            | The Cigna Group COM                                                    | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     10953 | NS      | $3174398.46   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus McKinnon Corp.                                    | CMCO 7.125 02/01/33 144A                                               | CUSIP: 199333AK1<br>LEI: 549300W3HQB0HO1F3G69 | Long             | DBT              | CORP              | US        |    264000 | PA      | $271407.84    | 0.02%             | 2033-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST                                          | RLJ Lodging Trust LP COM                                               | CUSIP: 74965L101<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | EC               | CORP              | US        |        17 | NS      | $136.34       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMC Networks Inc                                           | AMCX 4.25 02/15/29                                                     | CUSIP: 00164VAF0<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44094.45     | 0.00%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| 1261229 Bc Ltd.                                            | BHCCN 10 04/15/32 144A                                                 | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    240000 | PA      | $248191.84    | 0.01%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA8491                                                              | CUSIP: 36179XNG7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    225386 | PA      | $230220.42    | 0.01%             | 2052-12-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CBRE Services Inc                                          | CBG 5.5 04/01/29                                                       | CUSIP: 12505BAH3<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1173684.14   | 0.07%             | 2029-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| American Express Company                                   | AXP V5.625 07/28/34                                                    | CUSIP: 025816DK2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    160000 | PA      | $167655.78    | 0.01%             | 2034-07-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                             | NSANY 5.625 09/29/28 144A                                              | CUSIP: 65480CAK1<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45289.86     | 0.00%             | 2028-09-29      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                               | SHW 5.15 08/15/35                                                      | CUSIP: 824348BW5<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1255750.45   | 0.07%             | 2035-08-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                     | MSI 5.6 06/01/32                                                       | CUSIP: 620076BW8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1327534.43   | 0.08%             | 2032-06-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                   | GBP/USD FORWARD                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-4128.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNMA-30YR                                                              | CUSIP: 01F020638<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7650000 | PA      | $6335988.72   | 0.36%             | 2056-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Alpha Generation LLC                                       | ALPGEN 6.25 01/15/34 144A                                              | CUSIP: 02073LAC5<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |     85000 | PA      | $86318.10     | 0.00%             | 2034-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2-30YR-Multi                                                          | CUSIP: 21H030633<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    525000 | PA      | $481466.33    | 0.03%             | 2056-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Unilever Capital Corporation                               | UNANA 1.75 08/12/31                                                    | CUSIP: 904764BQ9<br>LEI: MYF1DAS6G5WY7PRWCU78 | Long             | DBT              | CORP              | US        |   2140000 | PA      | $1906580.21   | 0.11%             | 2031-08-12      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNMA-30YR                                                              | CUSIP: 01F062630<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    475000 | PA      | $493339.05    | 0.03%             | 2056-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KB Financial Group Inc.                                    | KB Financial Group Inc. KRW5000                                        | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      3874 | NS      | $427566.09    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MPLX LP                                                    | MPLX 6.1 04/01/56                                                      | CUSIP: 55336VCF5<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1188934.02   | 0.07%             | 2056-04-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Eldorado Gold Corp                                         | ELDCN 6.25 09/01/29 144A                                               | CUSIP: 284902AF0<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |    123000 | PA      | $123487.70    | 0.01%             | 2029-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ball Corporation                                           | Ball Corporation COM                                                   | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |      6896 | NS      | $462928.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                                    | UNH 5.875 02/15/53                                                     | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203399.99    | 0.01%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MB0624                                                              | CUSIP: 3618N5VS5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1990102 | PA      | $2034278.56   | 0.12%             | 2055-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                       | JPMorgan Chase & Co. COM                                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     23523 | NS      | $7063956.90   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AMC Networks Inc                                           | AMCX 10.25 01/15/29 144A                                               | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    240000 | PA      | $257400.65    | 0.01%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FS1085                                                              | CUSIP: 3140XGF38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2945458 | PA      | $2572839.99   | 0.15%             | 2051-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Post Holdings Inc.                                         | POST 6.5 03/15/36 144A                                                 | CUSIP: 737446AY0<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    194000 | PA      | $197353.48    | 0.01%             | 2036-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Wayfair LLC                                                | W 7.75 09/15/30 144A                                                   | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    295000 | PA      | $310224.99    | 0.02%             | 2030-09-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Nordstrom, Inc.                                            | JWN 4.375 04/01/30                                                     | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     74000 | PA      | $71250.08     | 0.00%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                     | Intesa Sanpaolo S.p.A. NPV                                             | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |    544493 | NS      | $3736065.31   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Servicenow Inc                                             | Servicenow Inc COM                                                     | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     17135 | NS      | $1850751.35   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Nanya Technology Corp.                                     | Nanya Technology Corp. TWD10                                           | CUSIP: 000000000<br>LEI: 254900STKVKJBRRO0835 | Long             | EC               | CORP              | TW        |     81000 | NS      | $719033.67    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                      | BAC V5.744 02/12/36                                                    | CUSIP: 06051GMQ9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    690000 | PA      | $721128.86    | 0.04%             | 2036-02-12      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SD3853                                                              | CUSIP: 3132E0H62<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     69469 | PA      | $70842.86     | 0.00%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS LLC                                 | AMNPHA 6.875 08/01/32 144A                                             | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |    181000 | PA      | $190290.55    | 0.01%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SD4870                                                              | CUSIP: 3132DSMT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     31308 | PA      | $32576.70     | 0.00%             | 2054-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Archrock Services LP / Archrock Partners Finance Corp.     | AROC 6 02/01/34 144A                                                   | CUSIP: 03958CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $35436.94     | 0.00%             | 2034-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Snap Inc                                                   | SNAP 6.875 03/01/33 144A                                               | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    241000 | PA      | $240040.72    | 0.01%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CBRE Services Inc                                          | CBG 5.95 08/15/34                                                      | CUSIP: 12505BAG5<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |   1830000 | PA      | $1957202.86   | 0.11%             | 2034-08-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Post Holdings Inc.                                         | POST 6.25 10/15/34 144A                                                | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     93000 | PA      | $94983.69     | 0.01%             | 2034-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                           | NRG 6.25 11/01/34 144A                                                 | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72391.80     | 0.00%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                             | MS V2.699 01/22/31 GMTN                                                | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    205000 | PA      | $193974.76    | 0.01%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                            | WHR 4.6 05/15/50                                                       | CUSIP: 963320AX4<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     42000 | PA      | $30755.63     | 0.00%             | 2050-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS CORP                                       | JBLU 9.875 09/20/31 144A                                               | CUSIP: 476920AA1<br>LEI: 54930070J9H97ZO93T57 | Long             | DBT              | CORP              | US        |    477000 | PA      | $484749.25    | 0.03%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| INNOVENT BIOLOGICS INC                                     | Innovent Biologics Inc. USD0.00001                                     | CUSIP: 000000000<br>LEI: 25490058ONL9SCIE1R22 | Long             | EC               | CORP              | KY        |     51000 | NS      | $554874.13    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                                              | Rio Tinto PLC ORD GBP0.10                                              | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      1888 | NS      | $187043.54    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Advanced Drainage System Inc                               | WMS 5.375 03/01/34 144A                                                | CUSIP: 00790RAC8<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50381.00     | 0.00%             | 2034-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                     | MSI 5.4 04/15/34                                                       | CUSIP: 620076BZ1<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    720000 | PA      | $752560.00    | 0.04%             | 2034-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA               | International Consolidated Airlines Group S.A. ORD EUR0.10 (CDI)       | CUSIP: 000000000<br>LEI: 959800TZHQRUSH1ESL13 | Long             | EC               | CORP              | ES        |    120735 | NS      | $687683.67    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Cogent Communications Group LLC                            | CCOI 7 06/15/27 144A                                                   | CUSIP: 19240CAE3<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |     97000 | PA      | $95218.77     | 0.01%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FS1110                                                              | CUSIP: 3140XGGU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2904739 | PA      | $2543447.27   | 0.14%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2-30YR-Multi                                                          | CUSIP: 21H042638<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    475000 | PA      | $469396.49    | 0.03%             | 2056-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                          | PNC V5.373 07/21/36                                                    | CUSIP: 693475CE3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    285000 | PA      | $295482.19    | 0.02%             | 2036-07-21      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SD8324                                                              | CUSIP: 3132DWG98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    360875 | PA      | $367985.64    | 0.02%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Stonepeak Nile Parent LLC                                  | ATSG 7.25 03/15/32 144A                                                | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |    124000 | PA      | $131591.65    | 0.01%             | 2032-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Coupang Inc.                                               | Coupang Inc. CL A                                                      | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |     47257 | NS      | $901663.56    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                                        | Deutsche Telekom AG NPV(REGD)                                          | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |    156829 | NS      | $6298277.08   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Var Energi ASA                                             | Var Energi ASA NOK0.16                                                 | CUSIP: 000000000<br>LEI: 549300LIVN3FFOJN2K47 | Long             | EC               | CORP              | NO        |    218776 | NS      | $825953.25    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                  | BlackRock Liquidity Funds T FUND INSTL SHS                             | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        | 211017739 | PA      | $211017739.13 | 11.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SB8148                                                              | CUSIP: 3132D6BR0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    664304 | PA      | $619053.94    | 0.04%             | 2037-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RA8791                                                              | CUSIP: 3133KQXU5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    241866 | PA      | $244408.15    | 0.01%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                      | BAC V2.551 02/04/28 MTN                                                | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1135069.27   | 0.06%             | 2028-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FS2497                                                              | CUSIP: 3140XHX36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    157867 | PA      | $144074.60    | 0.01%             | 2037-08-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Link Real Estate Investment Trust                          | Link Real Estate Investment Trust UNITS                                | CUSIP: 000000000<br>LEI: 529900XUE70U36QX5M62 | Long             | EC               | CORP              | HK        |     16300 | NS      | $80585.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                               | T 2.25 05/15/41                                                        | CUSIP: 912810SY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16000000 | PA      | $12155000.00  | 0.69%             | 2041-05-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                           | BMO 5.203 02/01/28                                                     | CUSIP: 06368LGV2<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   1180000 | PA      | $1209622.22   | 0.07%             | 2028-02-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| South32 Ltd.                                               | South32 Ltd. NPV                                                       | CUSIP: 000000000<br>LEI: 213800LAZNPXSBKVHR17 | Long             | EC               | CORP              | AU        |    796565 | NS      | $2609454.26   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| TE Connectivity PLC                                        | TE Connectivity PLC ORD SHS                                            | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |      8133 | NS      | $1871809.95   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                             | MS V2.475 01/21/28                                                     | CUSIP: 61747YEK7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    950000 | PA      | $937356.91    | 0.05%             | 2028-01-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                        | Stryker Corporation COM                                                | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      2971 | NS      | $1151143.66   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                                | Lockheed Martin Corporation COM                                        | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      5336 | NS      | $3511514.88   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                      | FNMA-30YR                                                              | CUSIP: 01F050635<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5600000 | PA      | $5625118.46   | 0.32%             | 2056-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wartsila Oyj Abp                                           | Wartsila Oyj Abp NPV                                                   | CUSIP: 000000000<br>LEI: 743700G7A9J1PHM3X223 | Long             | EC               | CORP              | FI        |     17028 | NS      | $739434.53    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                              | Koninklijke Ahold Delhaize NV EUR0.01                                  | CUSIP: 000000000<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |     13590 | NS      | $670740.32    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                                    | UNH 4.5 04/15/33                                                       | CUSIP: 91324PEV0<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    640000 | PA      | $639205.13    | 0.04%             | 2033-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2-30YR-Multi                                                          | CUSIP: 21H020634<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1450000 | PA      | $1228183.18   | 0.07%             | 2056-03-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Geely Automobile Holdings Ltd                              | Geely Automobile Holdings Ltd HKD0.02                                  | CUSIP: 000000000<br>LEI: 549300YS3T1KVQ2SNI84 | Long             | EC               | CORP              | KY        |    317000 | NS      | $654389.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                                | COF V5.817 02/01/34                                                    | CUSIP: 14040HCY9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    700000 | PA      | $738641.30    | 0.04%             | 2034-02-01      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                             | MS V2.511 10/20/32 MTN                                                 | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1355000 | PA      | $1228010.54   | 0.07%             | 2032-10-20      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                          | PNC V5.423 01/25/41                                                    | CUSIP: 693475CF0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202192.04    | 0.01%             | 2041-01-25      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Cencora Inc                                                | COR 4.3 12/15/47                                                       | CUSIP: 03073EAQ8<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1101442.89   | 0.06%             | 2047-12-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Nordstrom, Inc.                                            | JWN 5 01/15/44                                                         | CUSIP: 655664AR1<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     72000 | PA      | $54840.78     | 0.00%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cummins Inc.                                               | CMI 4.9 02/20/29                                                       | CUSIP: 231021AV8<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |    570000 | PA      | $587996.11    | 0.03%             | 2029-02-20      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                            | WHR 4.5 06/01/46                                                       | CUSIP: 963320AV8<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     42000 | PA      | $30820.49     | 0.00%             | 2046-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                        | NEE 4.4 03/01/31                                                       | CUSIP: 65339KDY3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    400000 | PA      | $404621.48    | 0.02%             | 2031-03-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Pulte Group Inc                                            | PHM 6.375 05/15/33                                                     | CUSIP: 745867AP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    890000 | PA      | $990888.01    | 0.06%             | 2033-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SD1424                                                              | CUSIP: 3132DNSM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    368102 | PA      | $359418.14    | 0.02%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                             | NSANY 6.125 09/30/30 144A                                              | CUSIP: 65480CAL9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150347.25    | 0.01%             | 2030-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Canadian National Railway Company                          | Canadian National Railway Company COM NPV                              | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |      5464 | NS      | $613155.29    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiwa House Industry Co Ltd.                               | Daiwa House Industry Co Ltd. NPV                                       | CUSIP: 000000000<br>LEI: 353800K9WXR9XRZJZI46 | Long             | EC               | CORP              | JP        |      8800 | NS      | $317560.99    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BorgWarner Inc.                                            | BorgWarner Inc. COM                                                    | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |    108458 | NS      | $6243927.06   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                                      | Cardinal Health, Inc. COM                                              | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      4931 | NS      | $1130333.13   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                                        | Newmont Corporation COM                                                | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      6033 | NS      | $784290.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Davita Inc                                                 | DVA 6.875 09/01/32 144A                                                | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    102000 | PA      | $105986.77    | 0.01%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Acushnet Co                                                | GOLF 5.625 12/01/33 144A                                               | CUSIP: 005095AB0<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61065.96     | 0.00%             | 2033-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Grupo Cibest SA                                            | Grupo Cibest SA COP500                                                 | CUSIP: 000000000<br>LEI: 529900OSSJBGZREZ2C28 | Long             | EC               | CORP              | CO        |      6422 | NS      | $144392.30    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                               | T 2.25 02/15/52                                                        | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30000000 | PA      | $18978515.70  | 1.07%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Cyber Agent                                                | Cyber Agent NPV                                                        | CUSIP: 000000000<br>LEI: 3538006T5KZABPGS8Q08 | Long             | EC               | CORP              | JP        |      4400 | NS      | $38796.23     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Applovin Corp.                                             | APP 5.5 12/01/34                                                       | CUSIP: 03831WAD0<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    890000 | PA      | $907340.03    | 0.05%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MSCI Inc.                                                  | MSCI 5.15 03/15/36                                                     | CUSIP: 55354GAS9<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    645000 | PA      | $639141.36    | 0.04%             | 2036-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                              | FREMOR 9.125 05/15/31 144A                                             | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129390.25    | 0.01%             | 2031-05-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| SPOTIFY TECHNOLOGY SA                                      | Spotify Technology S.A. COM EUR0.000625                                | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |      3589 | NS      | $1848119.66   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                         | META 5.625 11/15/55 .                                                  | CUSIP: 30303MAE2<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    325000 | PA      | $318118.20    | 0.02%             | 2055-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Ralph Lauren Corp.                                         | RL 5 06/15/32                                                          | CUSIP: 751212AD3<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1040763.68   | 0.06%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL                                         | ISATLN 9 09/15/29 144A                                                 | CUSIP: 20752TAB0<br>LEI: 2594001KNYIQ456J2792 | Long             | DBT              | CORP              | LU        |    266000 | PA      | $282272.02    | 0.02%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| JD.COM INC                                                 | JD.com Inc. USD0.00002 A CLASS                                         | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |     22650 | NS      | $300694.44    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| IQVIA Holdings Inc.                                        | IQVIA Holdings Inc. COM                                                | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |      2360 | NS      | $421991.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Nissan Motor Co Ltd.                                       | NSANY 7.5 07/17/30 144A                                                | CUSIP: 654922AB9<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     82000 | PA      | $86491.43     | 0.00%             | 2030-07-17      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ANYWHERE REAL ESTATE GROUP LLC                             | HOUS 9.75 04/15/30 144A                                                | CUSIP: 75606DAV3<br>LEI: LF6PBYTYG3BDVEF4FI12 | Long             | DBT              | CORP              | US        |     68000 | PA      | $73270.75     | 0.00%             | 2030-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                               | MLTPLN 11.5 12/31/30 144A                                              | CUSIP: 553283AF9<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |     88775 | PA      | $79009.75     | 0.00%             | 2030-12-31      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| KPJ Healthcare                                             | KPJ Healthcare NPV                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |     94600 | NS      | $71111.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nabors Industries, Inc.                                    | NBR 9.125 01/31/30 144A                                                | CUSIP: 62957HAP0<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    186000 | PA      | $195584.58    | 0.01%             | 2030-01-31      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Brinker International, Inc.                                | EAT 8.25 07/15/30 144A                                                 | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |     38000 | PA      | $40028.68     | 0.00%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Holcim AG                                                  | Holcim AG CHF2 (REGD)                                                  | CUSIP: 000000000<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |      7433 | NS      | $683325.15    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA9964                                                              | CUSIP: 36180AB93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    228569 | PA      | $229690.36    | 0.01%             | 2054-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sungrow Power Supply Co Ltd.                               | Sungrow Power Supply Co Ltd. 'A'CNY1                                   | CUSIP: 000000000<br>LEI: 30030052IWC7RGVFG505 | Long             | EC               | CORP              | CN        |     17600 | NS      | $369517.25    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Naturgy Energy Group S.A.                                  | Naturgy Energy Group S.A. EUR1                                         | CUSIP: 000000000<br>LEI: TL2N6M87CW970S5SV098 | Long             | EC               | CORP              | ES        |       700 | NS      | $21786.34     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Viridien SA                                                | VIRIFP 10 10/15/30 144a                                                | CUSIP: 12531QAA3<br>LEI: 969500FCVQ5SLAAUJV59 | Long             | DBT              | CORP              | FR        |     97000 | PA      | $104014.75    | 0.01%             | 2030-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd.                                        | Tokyo Electron Ltd. NPV                                                | CUSIP: 000000000<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |     16200 | NS      | $4558271.75   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP                                             | GLPI 5.75 11/01/37                                                     | CUSIP: 361841AW9<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |    246000 | PA      | $244975.29    | 0.01%             | 2037-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Conagra Brands Inc                                         | Conagra Brands Inc COM                                                 | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     35721 | NS      | $687629.25    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SB1093                                                              | CUSIP: 3132CXGA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    378620 | PA      | $366643.81    | 0.02%             | 2038-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                               | EUR/JPY FORWARD                                                        | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1773314.29  | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG New York Branch                                     | UBS 1.25 08/07/26                                                      | CUSIP: 22550L2G5<br>LEI: 549300D0YARF5HYP1809 | Long             | DBT              | CORP              | US        |    430000 | PA      | $425210.84    | 0.02%             | 2026-08-07      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                           | Duke Energy Corp COM NEW                                               | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      1478 | NS      | $193396.30    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Companhia Paranaense de Energia - COPEL                    | Companhia Paranaense de Energia - COPEL COM NPV                        | CUSIP: 000000000<br>LEI: 2549001AS1I9A71VG663 | Long             | EC               | CORP              | BR        |     88588 | NS      | $254367.57    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Apartment Properties Real Estate Investment Trust | Canadian Apartment Properties Real Estate Investment Trust TRUST UNITS | CUSIP: 134921105<br>LEI: 549300B1MYVTQEB2DI90 | Long             | EC               | CORP              | CA        |      2697 | NS      | $74619.54     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                       | JPM V1.764 11/19/31                                                    | CUSIP: 46647PBU9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    505000 | PA      | $452342.97    | 0.03%             | 2031-11-19      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC                                               | ACRISU 6.75 07/01/32 144A                                              | CUSIP: 004961AA6<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44133.67     | 0.00%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                                   | Itau Unibanco Holding SA PRF NPV                                       | CUSIP: 000000000<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |      7012 | NS      | $63534.07     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GoEasy Limited                                             | GSYCN 9.25 12/01/28 144A                                               | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    121000 | PA      | $119715.13    | 0.01%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                               | T 2.375 02/15/42                                                       | CUSIP: 912810TF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16000000 | PA      | $12165000.00  | 0.69%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MAKEMYTRIP LTD                                             | MakeMyTrip Ltd. USD0.0005                                              | CUSIP: 000000000<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | MU        |      8900 | NS      | $502583.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Federal National Mortgage Association                      | FN CB1295                                                              | CUSIP: 3140QLNM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4654100 | PA      | $3876653.08   | 0.22%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Shopify Inc                                                | Shopify Inc COM NPV CL A                                               | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      4724 | NS      | $570287.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hugel Inc                                                  | Hugel Inc KRW500                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1468 | NS      | $275583.20    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ZAI LAB LTD                                                | Zai Lab Ltd. USD0.000006                                               | CUSIP: 000000000<br>LEI: 549300P2UYQ9U5LY1T58 | Long             | EC               | CORP              | KY        |     34100 | NS      | $64728.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| 3M Company                                                 | MMM 2.375 08/26/29                                                     | CUSIP: 88579YBJ9<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1263172.10   | 0.07%             | 2029-08-26      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Hertz Corp.                                                | HTZ 12.625 07/15/29 144A                                               | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |     53000 | PA      | $48871.00     | 0.00%             | 2029-07-15      | Fixed         | 12.62%                | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                      | BAC V2.687 04/22/32                                                    | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1111105.88   | 0.06%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| Kioxia Holdings Corp.                                      | KIOXIA 6.25 07/24/30 144A                                              | CUSIP: 49726JAA6<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |     70000 | PA      | $72681.27     | 0.00%             | 2030-07-24      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Mckesson Corp.                                             | MCK 5.1 07/15/33                                                       | CUSIP: 581557BU8<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2873591.55   | 0.16%             | 2033-07-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                               | T 2.875 05/15/43                                                       | CUSIP: 912810RB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $8019140.60   | 0.45%             | 2043-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Kioxia Holdings Corp.                                      | KIOXIA 6.625 07/24/33 144A                                             | CUSIP: 49726JAB4<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |    138000 | PA      | $145432.70    | 0.01%             | 2033-07-24      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                   | VST 7.75 10/15/31 144A                                                 | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     86000 | PA      | $90881.36     | 0.01%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                         | Altria Group, Inc. COM                                                 | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     90863 | NS      | $6273181.52   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp.                                        | Valero Energy Corp. COM                                                | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |       194 | NS      | $39700.16     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc                                         | Crown Holdings Inc COM                                                 | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |     11666 | NS      | $1336923.60   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Capital Corp.                                         | ARCC 2.875 06/15/28                                                    | CUSIP: 04010LBB8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    680000 | PA      | $648545.21    | 0.04%             | 2028-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Minerva SA                                                 | Minerva SA COM NPV                                                     | CUSIP: 000000000<br>LEI: 391200UHL6YHY0OA1P30 | Long             | EC               | CORP              | BR        |     62990 | NS      | $64138.85     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVA Chemicals Corp.                                       | NCX 9 02/15/30 144A                                                    | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     28000 | PA      | $29746.00     | 0.00%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Murphy Oil Corporation                                     | MUR 6.5 02/15/34                                                       | CUSIP: 626717AQ5<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |    145000 | PA      | $144999.19    | 0.01%             | 2034-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ABB Ltd.                                                   | ABB Ltd. CHF0.12 (REGD)                                                | CUSIP: 000000000<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     88873 | NS      | $8277299.01   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Worley Ltd.                                                | Worley Ltd. NPV                                                        | CUSIP: 000000000<br>LEI: 549300XDR86FY8OLGP97 | Long             | EC               | CORP              | AU        |    164155 | NS      | $1321926.79   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                       | URI 5.375 11/15/33 144A                                                | CUSIP: 911365BS2<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    135000 | PA      | $136100.74    | 0.01%             | 2033-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Marcopolo Sa                                               | Marcopolo Sa PREF SHS NPV                                              | CUSIP: 000000000<br>LEI: 254900XL58LF2D2QUX37 | Long             | EP               | CORP              | BR        |    316822 | NS      | $427661.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                                | COF V5.268 05/10/33                                                    | CUSIP: 14040HCT0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    340000 | PA      | $349127.98    | 0.02%             | 2033-05-10      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                                      | PWR 2.9 10/01/30                                                       | CUSIP: 74762EAF9<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |   4150000 | PA      | $3925417.94   | 0.22%             | 2030-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                               | MAR 5.1 05/01/38                                                       | CUSIP: 571903BZ5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1028631.26   | 0.06%             | 2038-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FS2099                                                              | CUSIP: 3140XHKM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1618034 | PA      | $1284332.00   | 0.07%             | 2052-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                   | EDF V9.125 PERP 144A                                                   | CUSIP: 28504KAA5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     78000 | PA      | $92771.95     | 0.01%             | N/A             | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 786843                                                              | CUSIP: 3622ACP46<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    430571 | PA      | $394620.17    | 0.02%             | 2052-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB4673                                                              | CUSIP: 3140QQFP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    142894 | PA      | $142813.20    | 0.01%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SD8367                                                              | CUSIP: 3132DWJL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    699850 | PA      | $713158.32    | 0.04%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Zimmer Biomet Holdings Inc                                 | ZBH 4.7 02/19/27                                                       | CUSIP: 98956PBA9<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40298.29     | 0.00%             | 2027-02-19      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Novelis Corporation                                        | HNDLIN 6.875 01/30/30 144A                                             | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82582.24     | 0.00%             | 2030-01-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                    | LVLT 6.875 06/30/33 144A                                               | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    400000 | PA      | $414270.00    | 0.02%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Owens Corning                                              | OC 4.3 07/15/47                                                        | CUSIP: 690742AG6<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1182125.54   | 0.07%             | 2047-07-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                             | SCHW V4.914 11/14/36                                                   | CUSIP: 808513CL7<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    480000 | PA      | $480144.02    | 0.03%             | 2036-11-14      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Enerflex Inc.                                              | EFXINC 6.875 01/15/31 144A                                             | CUSIP: 29281WAA6<br>LEI: 549300SQCOV1LC1GBK07 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25909.48     | 0.00%             | 2031-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Murata Manufacturing Co Ltd.                               | Murata Manufacturing Co Ltd. NPV                                       | CUSIP: 000000000<br>LEI: 529900QZG6DL8ZRI7140 | Long             | EC               | CORP              | JP        |    152800 | NS      | $3995709.54   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                      | Bank of America Corp. COM                                              | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    170802 | NS      | $8511063.66   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                                  | GS V2.615 04/22/32                                                     | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    469000 | PA      | $430724.91    | 0.02%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Tronox Incorporated                                        | TROX 9.125 09/30/30 144A                                               | CUSIP: 897051AD0<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |    140000 | PA      | $137467.08    | 0.01%             | 2030-09-30      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP HOLDINGS INC                          | TIBX 6.5 03/31/29 144A                                                 | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    138000 | PA      | $135333.43    | 0.01%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                             | MEX 3.771 05/24/61                                                     | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    870000 | PA      | $544620.00    | 0.03%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                         | ARCC 2.875 06/15/27                                                    | CUSIP: 04010LBD4<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    520000 | PA      | $510394.55    | 0.03%             | 2027-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd.                                   | Recruit Holdings Co Ltd. NPV                                           | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |      2500 | NS      | $108788.22    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills                               | B 0 04/14/26                                                           | CUSIP: 912797TH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $199132.83    | 0.01%             | 2026-04-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GSK plc                                                    | GSK plc ORD GBP0.3125                                                  | CUSIP: 000000000<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     49788 | NS      | $1479364.23   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                             | MS V5.424 07/21/34 MTN                                                 | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2585000 | PA      | $2699848.01   | 0.15%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Enel S.p.A.                                                | Enel S.p.A. EUR1                                                       | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |      7260 | NS      | $87301.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                       | JPM V2.956 05/13/31                                                    | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2595000 | PA      | $2469321.66   | 0.14%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Flutter Treasury Designated Activity Co.                   | FLTR 5.875 06/04/31 144A                                               | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    117000 | PA      | $116664.69    | 0.01%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NATERA INC                                                 | Natera Inc. COM                                                        | CUSIP: 632307104<br>LEI: 529900CQ3OZ0A0VYVU59 | Long             | EC               | CORP              | US        |      2979 | NS      | $619751.16    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp.                                       | Curtiss-Wright Corp. COM                                               | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |      3895 | NS      | $2727785.35   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions, Inc.                                   | Skyworks Solutions, Inc. COM                                           | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     39746 | NS      | $2368066.68   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Holdings Co                                         | GHC 5.625 12/01/33 144A                                                | CUSIP: 384637AC8<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199997.80    | 0.01%             | 2033-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Fox Corporation                                            | Fox Corporation CL B COM                                               | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      3780 | NS      | $195539.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale S.A.                                                  | Vale S.A. COM NPV                                                      | CUSIP: 000000000<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     20706 | NS      | $357210.31    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co.                             | Hewlett Packard Enterprise Co. COM                                     | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |      1850 | NS      | $39719.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Phinia Inc.                                                | PHIN 6.625 10/15/32 144A                                               | CUSIP: 71880KAB7<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |     61000 | PA      | $63328.07     | 0.00%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Applied Materials Inc.                                     | Applied Materials Inc. COM                                             | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      8336 | NS      | $3103492.80   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                                      | ACM 6 08/01/33 144A                                                    | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |     54000 | PA      | $55175.15     | 0.00%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tronox Incorporated                                        | TROX 4.625 03/15/29 144A                                               | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |    161000 | PA      | $124482.43    | 0.01%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ivanhoe Mines Ltd.                                         | IVN 7.875 01/23/30 144A                                                | CUSIP: 46579RAE4<br>LEI: 5299006XZISURYIA4G32 | Long             | DBT              | CORP              | CA        |    179000 | PA      | $186355.84    | 0.01%             | 2030-01-23      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Electronic Arts Inc.                                       | EA 1.85 02/15/31                                                       | CUSIP: 285512AE9<br>LEI: 549300O7A67PUEYKDL45 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $944680.81    | 0.05%             | 2031-02-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) plc                                | RIOLN 5.25 03/14/35                                                    | CUSIP: 76720AAU0<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    715000 | PA      | $746093.84    | 0.04%             | 2035-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GARRETT MOTION HOLDINGS INC                                | GTX 7.75 05/31/32 144A                                                 | CUSIP: 366504AA6<br>LEI: 5493001N1N6Z0SR83G07 | Long             | DBT              | CORP              | US        |    200000 | PA      | $211364.00    | 0.01%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Capstone Copper Corp                                       | Capstone Copper Corp COM                                               | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |      7588 | NS      | $78491.76     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                                       | Edison International COM                                               | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     12871 | NS      | $961978.54    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Korea Electric Power Corp.                                 | Korea Electric Power Corp. KRW5000                                     | CUSIP: 000000000<br>LEI: 988400QG33WS7JEIV602 | Long             | EC               | CORP              | KR        |      1003 | NS      | $40314.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JB Hi-Fi Ltd.                                              | JB Hi-Fi Ltd. NPV                                                      | CUSIP: 000000000<br>LEI: 529900TPC8H040Y3ZQ65 | Long             | EC               | CORP              | AU        |      9236 | NS      | $539885.56    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| VICI Properties LP                                         | VICI 5.125 05/15/32                                                    | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    552000 | PA      | $559911.46    | 0.03%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                        | FITB V6.339 07/27/29                                                   | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     90000 | PA      | $94639.26     | 0.01%             | 2029-07-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| ANYWHERE REAL ESTATE GROUP LLC                             | HOUS 5.25 04/15/30 144A                                                | CUSIP: 75606DAQ4<br>LEI: LF6PBYTYG3BDVEF4FI12 | Long             | DBT              | CORP              | US        |     76000 | PA      | $71887.55     | 0.00%             | 2030-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MB0204                                                              | CUSIP: 3618N5GN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    931396 | PA      | $935598.45    | 0.05%             | 2055-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CVR Energy Inc.                                            | CVI 7.875 02/15/34 144A                                                | CUSIP: 12662PAJ7<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    140000 | PA      | $137201.27    | 0.01%             | 2034-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SUNCOR ENERGY INC                                          | Suncor Energy Inc. COM NPV 'NEW'                                       | CUSIP: 867224107<br>LEI: 894500XO86FKXQGPYV71 | Long             | EC               | CORP              | CA        |      6525 | NS      | $368572.45    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Davita Inc                                                 | DVA 6.75 07/15/33 144A                                                 | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77871.23     | 0.00%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RJ1238                                                              | CUSIP: 3142GRLU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    218051 | PA      | $230228.79    | 0.01%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                               | T 3 08/15/48                                                           | CUSIP: 912810SD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8600000 | PA      | $6605875.00   | 0.37%             | 2048-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bristow Group Inc                                          | VTOL 6.75 02/01/33 144A                                                | CUSIP: 11040GAB9<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |    191000 | PA      | $193803.12    | 0.01%             | 2033-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Light & Wonder International Inc.                          | LNW 6.25 10/01/33 144A                                                 | CUSIP: 531968AB1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60259.20     | 0.00%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Firstcash Inc                                              | FCFS 6.875 03/01/32 144A                                               | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    231000 | PA      | $238392.34    | 0.01%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Vertex Pharmaceuticals Incorporated                        | Vertex Pharmaceuticals Incorporated COM                                | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      1337 | NS      | $664261.71    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                      | FN MA5880                                                              | CUSIP: 31418FRA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     97562 | PA      | $100112.31    | 0.01%             | 2055-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                         | KO 2.5 03/15/51                                                        | CUSIP: 191216DC1<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    770000 | PA      | $473597.66    | 0.03%             | 2051-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ORIX Corp.                                                 | ORIX Corp. NPV                                                         | CUSIP: 000000000<br>LEI: 35380016EMHNBOVYE123 | Long             | EC               | CORP              | JP        |     39400 | NS      | $1382904.55   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| EOG Resources Inc.                                         | EOG Resources Inc. COM                                                 | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     20450 | NS      | $2537436.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                       | JPM V5.35 06/01/34                                                     | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    872000 | PA      | $912570.04    | 0.05%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Amer Sports Co.                                            | AS 6.75 02/16/31 144A                                                  | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |    227000 | PA      | $236993.68    | 0.01%             | 2031-02-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                              | Centene Corp. COM                                                      | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |       987 | NS      | $44296.56     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA4535                                                              | CUSIP: 31418EBD1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     95174 | PA      | $86859.05     | 0.00%             | 2037-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                             | MS V5.25 04/21/34 MTN                                                  | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1245000 | PA      | $1289922.26   | 0.07%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BEONE MEDICINES LTD                                        | BeOne Medicines Ltd. USD0.0001 (SWITZERLAND)                           | CUSIP: 000000000<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | CH        |      6600 | NS      | $162930.21    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH America Finance, Inc.                                  | CRHID 5.5 01/09/35                                                     | CUSIP: 12636YAF9<br>LEI: 549300WEVUODRJ4CWK56 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1105933.13   | 0.06%             | 2035-01-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VERSANT MEDIA GROUP INC                                    | VSNT 7.25 01/30/31 144A                                                | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |    288000 | PA      | $294734.59    | 0.02%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Shenzhen Goodix Technology Co Ltd.                         | Shenzhen Goodix Technology Co Ltd. A CNY1                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     14200 | NS      | $161676.92    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Light & Wonder International Inc.                          | LNW 7.5 09/01/31 144A                                                  | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    176000 | PA      | $183480.00    | 0.01%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Primax Electronics Ltd.                                    | Primax Electronics Ltd. TWD10                                          | CUSIP: 000000000<br>LEI: 254900JO4CQFFG7AIQ15 | Long             | EC               | CORP              | TW        |    147000 | NS      | $382246.93    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Carvana Co                                                 | CVNA 9 06/01/31 144A                                                   | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |     33468 | PA      | $36705.92     | 0.00%             | 2031-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                               | Bristol-Myers Squibb Company COM                                       | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     63945 | NS      | $3988249.65   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                                               | JPY/USD FORWARD                                                        | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |         1 | NC      | $9742.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA8148                                                              | CUSIP: 36179XBR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1439078 | PA      | $1322333.98   | 0.07%             | 2052-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                               | EXC 5.45 03/15/34                                                      | CUSIP: 30161NBN0<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    270000 | PA      | $283576.28    | 0.02%             | 2034-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP                                             | GLPI 6.25 09/15/54                                                     | CUSIP: 361841AU3<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |    162000 | PA      | $162016.36    | 0.01%             | 2054-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA4774                                                              | CUSIP: 31418EJU5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    265185 | PA      | $256794.53    | 0.01%             | 2037-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| General Mills, Inc.                                        | General Mills, Inc. COM                                                | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |       531 | NS      | $24017.13     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Guangdong Investment Ltd.                                  | Guangdong Investment Ltd. NPV                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |     32000 | NS      | $31170.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                         | META 4.6 11/15/32                                                      | CUSIP: 30303MAC6<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    155000 | PA      | $157599.79    | 0.01%             | 2032-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MB0619                                                              | CUSIP: 3618N5VM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    476243 | PA      | $447163.05    | 0.03%             | 2055-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| The Kroger Co.                                             | KR 5 09/15/34                                                          | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    365000 | PA      | $371124.14    | 0.02%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carvana Co                                                 | CVNA 9 06/01/30 144A                                                   | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    104780 | PA      | $109082.27    | 0.01%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Avangrid Inc                                               | AGR 3.8 06/01/29                                                       | CUSIP: 05351WAB9<br>LEI: 549300OX0Q38NLSKPB49 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496373.73    | 0.03%             | 2029-06-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA4048                                                              | CUSIP: 31418DQA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36273 | PA      | $33176.74     | 0.00%             | 2050-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GoEasy Limited                                             | GSYCN 7.375 10/01/30 144A                                              | CUSIP: 380355AN7<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |     95000 | PA      | $84220.06     | 0.00%             | 2030-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Five Point Operating Company LP Five Point Capital Corp    | FPH 8 10/01/30 144A                                                    | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    126000 | PA      | $130480.56    | 0.01%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA7881                                                              | CUSIP: 36179WXJ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1473658 | PA      | $1301276.54   | 0.07%             | 2052-02-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Cheniere Corpus Christi Holdings, LLC                      | CHCOCH 3.7 11/15/29                                                    | CUSIP: 16412XAJ4<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |    670000 | PA      | $660794.47    | 0.04%             | 2029-11-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Kingpin Intermediate Holdings Llc                          | LUCK 7.25 10/15/32 144A                                                | CUSIP: 49579RAB4<br>LEI: 549300HRZOJTMNZCST05 | Long             | DBT              | CORP              | US        |    155000 | PA      | $143868.97    | 0.01%             | 2032-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                             | WES 6.35 01/15/29                                                      | CUSIP: 958667AF4<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36985.28     | 0.00%             | 2029-01-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Fidelity National Information Services Inc                 | Fidelity National Information Services Inc COM                         | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     18960 | NS      | $966201.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                      | BAC V2.496 02/13/31 MTN                                                | CUSIP: 06051GHZ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $140884.59    | 0.01%             | 2031-02-13      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Informa PLC                                                | Informa PLC ORD GBP0.001                                               | CUSIP: 000000000<br>LEI: 5493006VM2LKUPSEDU20 | Long             | EC               | CORP              | GB        |    137280 | NS      | $1550477.83   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                       | JPM V2.522 04/22/31                                                    | CUSIP: 46647PBL9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1876675.32   | 0.11%             | 2031-04-22      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Entergy Louisiana LLC                                      | ETR 5.65 04/15/56                                                      | CUSIP: 29364WBS6<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    685000 | PA      | $679671.05    | 0.04%             | 2056-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FS1334                                                              | CUSIP: 3140XGPU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9379384 | PA      | $7808882.12   | 0.44%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.              | CHTR 7.375 02/01/36 144A                                               | CUSIP: 1248EPCV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $152256.15    | 0.01%             | 2036-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 1.875 02/15/32                                                       | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17000000 | PA      | $15404921.96  | 0.87%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                 | AMGN 5.65 02/19/56                                                     | CUSIP: 031162DY3<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109788.53    | 0.01%             | 2056-02-19      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                         | CHRD 6 10/01/30 144A                                                   | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71505.03     | 0.00%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Life Time Fitness                                          | LTH 6 11/15/31 144A                                                    | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |    122000 | PA      | $125661.10    | 0.01%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                   | AT&T Inc COM                                                           | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     83603 | NS      | $2341720.03   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                               | ORCL 5.95 09/26/55                                                     | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    390000 | PA      | $343197.53    | 0.02%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                   | HCA 5.45 09/15/34                                                      | CUSIP: 404121AK1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    165000 | PA      | $171321.49    | 0.01%             | 2034-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| The Hartford Insurance Group Inc.                          | The Hartford Insurance Group Inc. COM                                  | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     11923 | NS      | $1679116.09   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreWeave Inc.                                             | CRWV 9.25 06/01/30 144A                                                | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    453000 | PA      | $443690.76    | 0.03%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Jiangsu Hengrui Pharmaceuticals Co Ltd.                    | Jiangsu Hengrui Pharmaceuticals Co Ltd. 'A'CNY1                        | CUSIP: 000000000<br>LEI: 2549003BT1XS3SE3E448 | Long             | EC               | CORP              | CN        |    184000 | NS      | $1512656.23   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA7648                                                              | CUSIP: 36179WP93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    836599 | PA      | $708876.87    | 0.04%             | 2051-10-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Lam Research Corporation                                   | LRCX 1.9 06/15/30                                                      | CUSIP: 512807AV0<br>LEI: 549300I4GMO6D34U1T02 | Long             | DBT              | CORP              | US        |   3810000 | PA      | $3502156.42   | 0.20%             | 2030-06-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                            | CVS 5.45 09/15/35                                                      | CUSIP: 126650EK2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    600000 | PA      | $619708.55    | 0.04%             | 2035-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ANYWHERE REAL ESTATE GROUP LLC                             | HOUS 5.75 01/15/29 144A                                                | CUSIP: 75606DAL5<br>LEI: LF6PBYTYG3BDVEF4FI12 | Long             | DBT              | CORP              | US        |    118000 | PA      | $116319.81    | 0.01%             | 2029-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                      | IBM 2.2 02/09/27                                                       | CUSIP: 459200KM2<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    750000 | PA      | $739126.94    | 0.04%             | 2027-02-09      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                               | UBS V3.091 05/14/32 144A                                               | CUSIP: 225401AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $187153.49    | 0.01%             | 2032-05-14      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                            | FR SD5616                                                              | CUSIP: 3132DTGZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    755953 | PA      | $786776.64    | 0.04%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING LTD                                  | Alibaba Group Holding Ltd. USD0.000003125                              | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    127600 | NS      | $2309144.19   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                | COF V7.964 11/02/34                                                    | CUSIP: 254709AT5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $2001105.90   | 0.11%             | 2034-11-02      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Intuit Inc                                                 | INTU 5.5 09/15/53                                                      | CUSIP: 46124HAH9<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |     95000 | PA      | $89910.99     | 0.01%             | 2053-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KCC Corporation                                            | KCC Corporation KRW5000                                                | CUSIP: 000000000<br>LEI: 988400BF3M5UFPF3PH17 | Long             | EC               | CORP              | KR        |       855 | NS      | $387057.74    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MP Materials Corp                                          | MP Materials Corp COM CL A                                             | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |      2476 | NS      | $145762.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| PARADE TECHNOLOGIES LTD                                    | Parade Technologies Ltd. TWD10                                         | CUSIP: 000000000<br>LEI: 529900D9FDQHQKAQLY02 | Long             | EC               | CORP              | KY        |     20000 | NS      | $345157.02    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SD8205                                                              | CUSIP: 3132DWDJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    506680 | PA      | $441760.93    | 0.02%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                   | T 6 04/30/56                                                           | CUSIP: 00206RNK4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1311219.05   | 0.07%             | 2056-04-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Safran SA                                                  | Safran SA EUR0.20                                                      | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     16153 | NS      | $6505439.16   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR QN9700                                                              | CUSIP: 3133GGX57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    131747 | PA      | $120152.83    | 0.01%             | 2037-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Ambev S.A.                                                 | Ambev S.A. COM NPV                                                     | CUSIP: 000000000<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |    317966 | NS      | $1009130.37   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corporation                                  | CNX 7.375 01/15/31 144A                                                | CUSIP: 12653CAK4<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     99000 | PA      | $102676.88    | 0.01%             | 2031-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Rain Carbon Inc                                            | RCOLIN 12.25 09/01/29 144A                                             | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |     93000 | PA      | $99034.40     | 0.01%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Baltimore Gas & Electric Company                           | EXC 5.4 06/01/53                                                       | CUSIP: 059165EQ9<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |    177000 | PA      | $172657.80    | 0.01%             | 2053-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                   | Visa Inc COM CL A                                                      | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     10216 | NS      | $3270550.24   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica Brasil S.A                                      | Telefonica Brasil S.A COM NPV                                          | CUSIP: 000000000<br>LEI: 529900MTGG2HSDBIWG79 | Long             | EC               | CORP              | BR        |     74923 | NS      | $632238.17    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                                | Pepsico Inc COM                                                        | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     16265 | NS      | $2760821.10   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Commonwealth Edison Company                                | EXC 4.9 02/01/33                                                       | CUSIP: 202795JX9<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |   1590000 | PA      | $1636166.89   | 0.09%             | 2033-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ASR Nederland N.V.                                         | ASR Nederland N.V. EUR0.16                                             | CUSIP: 000000000<br>LEI: 7245000G0HS48PZWUD53 | Long             | EC               | CORP              | NL        |      1986 | NS      | $144308.39    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Walmart Inc                                                | WMT 4.9 04/28/35                                                       | CUSIP: 931142FP3<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |   1490000 | PA      | $1546079.26   | 0.09%             | 2035-04-28      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                              | Jefferies Financial Group Inc COM                                      | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |       845 | NS      | $37518.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.              | CHTR 7.375 03/01/31 144A                                               | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    353000 | PA      | $364215.87    | 0.02%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                          | HSBC V5.79 05/13/36                                                    | CUSIP: 404280EX3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   4400000 | PA      | $4677254.74   | 0.26%             | 2036-05-13      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Kimco Realty Corporation                                   | Kimco Realty Corporation COM                                           | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |     43085 | NS      | $1014651.75   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanwha Corp.                                               | Hanwha Corp. KRW5000                                                   | CUSIP: 000000000<br>LEI: 988400JE9FIHQS7TX614 | Long             | EC               | CORP              | KR        |       675 | NS      | $64097.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CNX Resources Corporation                                  | CNX 7.25 03/01/32 144A                                                 | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |    124000 | PA      | $130025.78    | 0.01%             | 2032-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Pitney Bowes Inc.                                          | PBI 6.875 03/15/27 144A                                                | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7001.36      | 0.00%             | 2027-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Exelixis, Inc.                                             | Exelixis, Inc. COM                                                     | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |     10082 | NS      | $444212.92    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                      | FN MA5761                                                              | CUSIP: 31418FMK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1223765 | PA      | $1255388.42   | 0.07%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                     | Motorola Solutions Inc COM NEW                                         | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      6964 | NS      | $3358458.64   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corp.                                            | WHR 6.125 06/15/30                                                     | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60269.28     | 0.00%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Gray Media Inc.                                            | GTN 9.625 07/15/32 144A                                                | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20779.72     | 0.00%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| TDK Corp.                                                  | TDK Corp. NPV                                                          | CUSIP: 000000000<br>LEI: 3538005O8WNU39U8NX03 | Long             | EC               | CORP              | JP        |      1800 | NS      | $27807.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SL2985                                                              | CUSIP: 31427QJ78<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1759891 | PA      | $1813471.54   | 0.10%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.              | CHTR 7 02/01/33 144A                                                   | CUSIP: 1248EPCU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $122693.52    | 0.01%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 786798                                                              | CUSIP: 3622ACNP1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    140172 | PA      | $143174.96    | 0.01%             | 2053-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                         | Meta Platforms Inc CL A                                                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     13777 | NS      | $8929975.86   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust, Inc.                              | STWD 6.5 10/15/30 144A                                                 | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78161.85     | 0.00%             | 2030-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United Therapeutics Corporation                            | United Therapeutics Corporation COM                                    | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |       453 | NS      | $228266.70    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Thomson Reuters Corp                                       | Thomson Reuters Corp COM                                               | CUSIP: 884903808<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |     13930 | NS      | $1341172.90   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.                                     | WM 5.35 10/15/54                                                       | CUSIP: 94106LCF4<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    544000 | PA      | $538577.84    | 0.03%             | 2054-10-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Zions Bancorporation Natl Assn Global Bank                 | ZION V4.483 02/09/29                                                   | CUSIP: 98971DAE0<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |    680000 | PA      | $680234.88    | 0.04%             | 2029-02-09      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Zimmer Biomet Holdings Inc                                 | ZBH 5.35 12/01/28                                                      | CUSIP: 98956PAX0<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |    140000 | PA      | $145071.23    | 0.01%             | 2028-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                 | American Tower Corporation COM                                         | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     18289 | NS      | $3508927.54   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SD5138                                                              | CUSIP: 3132DSV74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     64437 | PA      | $67264.09     | 0.00%             | 2054-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pitney Bowes Inc.                                          | PBI 7.25 03/15/29 144A                                                 | CUSIP: 724479AQ3<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |     69000 | PA      | $68812.02     | 0.00%             | 2029-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                            | HD 3.35 04/15/50                                                       | CUSIP: 437076CD2<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    940000 | PA      | $672139.72    | 0.04%             | 2050-04-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                             | The Charles Schwab Corporation COM                                     | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     69196 | NS      | $6587459.20   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corporation                                  | CNX 5.875 03/01/34 144A                                                | CUSIP: 12653CAM0<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45082.28     | 0.00%             | 2034-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ELLINGTON FINANCIAL OPERATING PARTNERSHIP LLC              | EFC 7.375 09/30/30 144A                                                | CUSIP: 31574BAA4<br>LEI: 5493001B24G0P4YVJ571 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75745.88     | 0.00%             | 2030-09-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                       | IHOVER 8 11/15/32 144A                                                 | CUSIP: 44963BAG3<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |     25000 | PA      | $26667.93     | 0.00%             | 2032-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                             | INTNED V4.017 03/28/28                                                 | CUSIP: 456837BB8<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   2300000 | PA      | $2301676.06   | 0.13%             | 2028-03-28      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                       | RY 5.2 08/01/28 GMTN                                                   | CUSIP: 78016HZS2<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   1460000 | PA      | $1503972.59   | 0.09%             | 2028-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                        | D 5.7 03/15/56                                                         | CUSIP: 927804GY4<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    370000 | PA      | $367439.94    | 0.02%             | 2056-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                            | CVS 5 09/15/32                                                         | CUSIP: 126650EJ5<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    300000 | PA      | $307794.94    | 0.02%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Markel Group Inc                                           | MKL 6 05/16/54                                                         | CUSIP: 570535AY0<br>LEI: 549300SCNO12JLWIK605 | Long             | DBT              | CORP              | US        |    368000 | PA      | $374694.85    | 0.02%             | 2054-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                               | B 0 04/02/26                                                           | CUSIP: 912797SD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3600000 | PA      | $3588762.49   | 0.20%             | 2026-04-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA8147                                                              | CUSIP: 36179XBQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    212435 | PA      | $187749.71    | 0.01%             | 2052-07-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                      | BAC V3.194 07/23/30 MTN                                                | CUSIP: 06051GHV4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    370000 | PA      | $359858.46    | 0.02%             | 2030-07-23      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc                                       | CLF 7.625 01/15/34 144A                                                | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    180000 | PA      | $184728.81    | 0.01%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Carlisle Companies Inc.                                    | CSL 5.55 09/15/40                                                      | CUSIP: 142339AM2<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | DBT              | CORP              | US        |    270000 | PA      | $279516.33    | 0.02%             | 2040-09-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                             | WES 5.5 12/15/35                                                       | CUSIP: 958667AJ6<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    435000 | PA      | $438750.15    | 0.02%             | 2035-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wix.com Limited                                            | Wix.com Limited COM ILS0.01                                            | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |      3180 | NS      | $224062.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                                      | CL 3.25 08/15/32                                                       | CUSIP: 194162AP8<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47894.06     | 0.00%             | 2032-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Rocket Companies Inc                                       | RKT 7.125 02/01/32 144A                                                | CUSIP: 77311WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     69000 | PA      | $72164.62     | 0.00%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                         | ARCC 5.1 01/15/31                                                      | CUSIP: 04010LBL6<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97592.20     | 0.01%             | 2031-01-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Honda Motor Co Ltd.                                        | HNDA 2.534 03/10/27                                                    | CUSIP: 438127AB8<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $987088.46    | 0.06%             | 2027-03-10      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                  | GS V2.383 07/21/32                                                     | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   4045000 | PA      | $3648402.64   | 0.21%             | 2032-07-21      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                            | CDS CDX.NA.HY.45.V1                                                    | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-813795.30   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| The Cigna Group                                            | CI 5.25 02/15/34                                                       | CUSIP: 125523CV0<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    590000 | PA      | $612061.53    | 0.03%             | 2034-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                                    | MA 3.85 03/26/50                                                       | CUSIP: 57636QAQ7<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1026132.85   | 0.06%             | 2050-03-26      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                         | CM V6.95 01/28/85                                                      | CUSIP: 13607PNF7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    136000 | PA      | $140634.61    | 0.01%             | 2085-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Winbond Electronics Corp.                                  | Winbond Electronics Corp. TWD10                                        | CUSIP: 000000000<br>LEI: 254900STBMBTLA91J410 | Long             | EC               | CORP              | TW        |      7000 | NS      | $26631.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                 | OKE 6.05 09/01/33                                                      | CUSIP: 682680BL6<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    590000 | PA      | $633500.05    | 0.04%             | 2033-09-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA8267                                                              | CUSIP: 36179XFG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3020420 | PA      | $2934231.69   | 0.17%             | 2052-09-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tapestry Inc                                               | Tapestry Inc COM                                                       | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     23431 | NS      | $3642817.57   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| WULF Compute LLC                                           | WULF 7.75 10/15/30 144A                                                | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    183000 | PA      | $193799.56    | 0.01%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                            | CVS V6.75 12/10/54                                                     | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    104000 | PA      | $108194.32    | 0.01%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ACS Actividades De Construccion Y Servicios S.A.           | ACS Actividades De Construccion Y Servicios S.A. EUR0.5                | CUSIP: 000000000<br>LEI: 95980020140005558665 | Long             | EC               | CORP              | ES        |      3231 | NS      | $416911.49    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BOSIDENG INTERNATIONAL HOLDINGS LTD                        | Bosideng International Holdings Ltd. USD0.00001                        | CUSIP: 000000000<br>LEI: 254900G7F1RDM4B3S169 | Long             | EC               | CORP              | KY        |    114000 | NS      | $70669.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Rakuten Group Inc.                                         | RAKUTN 9.75 04/15/29 144A                                              | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    300000 | PA      | $332748.49    | 0.02%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Co.                                      | Colgate-Palmolive Co. COM                                              | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |       885 | NS      | $87738.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IHO Verwaltungs GmbH                                       | IHOVER 7.75 11/15/30 144A                                              | CUSIP: 44963BAF5<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |     33000 | PA      | $34683.79     | 0.00%             | 2030-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SINO BIOPHARMACEUTICAL LTD                                 | Sino Biopharmaceutical Ltd. HKD0.025                                   | CUSIP: 000000000<br>LEI: 529900LPR4ADFEJAR786 | Long             | EC               | CORP              | KY        |    145000 | NS      | $111814.31    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Commercial Metals Company                                  | CMC 5.75 11/15/33 144A                                                 | CUSIP: 201723AS2<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56115.68     | 0.00%             | 2033-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Rocket Companies Inc                                       | RKT 6.5 08/01/29 144A                                                  | CUSIP: 77311WAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $123284.28    | 0.01%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| QXO INC                                                    | BECN 6.75 04/30/32 144A                                                | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    240000 | PA      | $248571.84    | 0.01%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                           | DB V6.819 11/20/29                                                     | CUSIP: 251526CU1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | US        |    190000 | PA      | $202350.85    | 0.01%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                            | AstraZeneca PLC ORD USD0.25                                            | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     14232 | NS      | $2994877.13   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Eneos Holdings Inc                                         | Eneos Holdings Inc NPV                                                 | CUSIP: 000000000<br>LEI: 3538001KQ5SAOZSQTT44 | Long             | EC               | CORP              | JP        |    555500 | NS      | $5299832.29   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp                                            | CVS V7 03/10/55                                                        | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    106000 | PA      | $111493.87    | 0.01%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA7987                                                              | CUSIP: 36179W2U1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2069733 | PA      | $1827623.89   | 0.10%             | 2052-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA8200                                                              | CUSIP: 36179XDD5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    592327 | PA      | $574800.16    | 0.03%             | 2052-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SK Hynix Inc.                                              | SK Hynix Inc. KRW5000                                                  | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      4130 | NS      | $3053691.01   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance (Group) Company of China Ltd.            | Ping An Insurance (Group) Company of China Ltd. 'H' CNY1               | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |     81500 | NS      | $705027.57    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA8946                                                              | CUSIP: 36179X5F9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    894854 | PA      | $888625.22    | 0.05%             | 2053-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Siemens Energy AG                                          | Siemens Energy AG NPV                                                  | CUSIP: 000000000<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |     27554 | NS      | $5336597.39   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Arrow Electronics, Inc.                                    | ARW 5.875 04/10/34                                                     | CUSIP: 04273WAE1<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |    717000 | PA      | $755440.97    | 0.04%             | 2034-04-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HYUNDAI ROTEM COMPANY                                      | Hyundai Rotem Co Ltd KRW5000                                           | CUSIP: 000000000<br>LEI: 988400HB939UNHXTFY36 | Long             | EC               | CORP              | KR        |       899 | NS      | $143734.66    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortescue Ltd.                                             | Fortescue Ltd. NPV                                                     | CUSIP: 000000000<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |     76644 | NS      | $1151286.33   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Nissan Motor Co Ltd.                                       | NSANY 8.125 07/17/35 144A                                              | CUSIP: 654922AD5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     70000 | PA      | $76439.75     | 0.00%             | 2035-07-17      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| SLM Corp.                                                  | SLM 6.5 01/31/30                                                       | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101557.30    | 0.01%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bank Mandiri (Persero) Tbk PT                              | Bank Mandiri (Persero) Tbk PT IDR125                                   | CUSIP: 000000000<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |    423300 | NS      | $132862.01    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA5818                                                              | CUSIP: 36179UPB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    142388 | PA      | $143197.03    | 0.01%             | 2049-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANKS                                    | FR SD8074                                                              | CUSIP: 3132DV6K6<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGSE             | US        |     29972 | PA      | $27208.66     | 0.00%             | 2050-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA7883                                                              | CUSIP: 36179WXL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    873063 | PA      | $827111.61    | 0.05%             | 2052-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HTA Group Limited (Mauritius)                              | HLSTWR 7.5 06/04/29 144A                                               | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |    200000 | PA      | $206678.34    | 0.01%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NXP BV                                                     | NXPI 5.55 12/01/28                                                     | CUSIP: 62947QBC1<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | NL        |    850000 | PA      | $878993.50    | 0.05%             | 2028-12-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Assurant Inc.                                              | AIZ 5.55 02/15/36                                                      | CUSIP: 04621XAQ1<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |    265000 | PA      | $269241.71    | 0.02%             | 2036-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                              | STWD 7.25 04/01/29 144A                                                | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    169000 | PA      | $177087.66    | 0.01%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| American Express Company                                   | AXP V5.442 01/30/36                                                    | CUSIP: 025816DZ9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    290000 | PA      | $302236.48    | 0.02%             | 2036-01-30      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| New Flyer Holdings Inc.                                    | NFICN 9.25 07/01/30 144A                                               | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    238000 | PA      | $256902.20    | 0.01%             | 2030-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RQ0028                                                              | CUSIP: 3142J6A60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    747553 | PA      | $766870.45    | 0.04%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                  | GS 2.6 02/07/30                                                        | CUSIP: 38141GXG4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1153775.07   | 0.07%             | 2030-02-07      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                                 | Ameriprise Financial, Inc. COM                                         | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      2802 | NS      | $1317276.24   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SD8506                                                              | CUSIP: 3132DWNX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    460134 | PA      | $467759.81    | 0.03%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB9738                                                              | CUSIP: 3140QVZC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    413655 | PA      | $417939.46    | 0.02%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CGI Inc                                                    | GIBACN 2.3 09/14/31                                                    | CUSIP: 12532HAF1<br>LEI: 549300WSRCZY73ZG3090 | Long             | DBT              | CORP              | CA        |   2370000 | PA      | $2111199.39   | 0.12%             | 2031-09-14      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                         | KO 3 03/05/51                                                          | CUSIP: 191216DL1<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |   5180000 | PA      | $3524659.72   | 0.20%             | 2051-03-05      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEC Corp.                                                  | NEC Corp. NPV                                                          | CUSIP: 000000000<br>LEI: 5493000QYMPFRTEY4K28 | Long             | EC               | CORP              | JP        |      4400 | NS      | $121982.45    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                        | ALLY V6.646 01/17/40                                                   | CUSIP: 02005NBY5<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22946.10     | 0.00%             | 2040-01-17      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                          | CSCHLD 5.5 04/15/27 144A                                               | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    110000 | PA      | $93262.09     | 0.01%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                 | OKE 5.65 11/01/28                                                      | CUSIP: 682680BJ1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1630000 | PA      | $1695936.68   | 0.10%             | 2028-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BioNTech SE                                                | BioNTech SE SPONSORED ADS                                              | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |      4028 | NS      | $444006.44    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Belron U.K Finance PLC                                     | BELRON 5.75 10/15/29 144a                                              | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204431.40    | 0.01%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA8265                                                              | CUSIP: 36179XFE1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    832990 | PA      | $767042.40    | 0.04%             | 2052-09-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FS7713                                                              | CUSIP: 3140XPSB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    227052 | PA      | $237099.54    | 0.01%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Service Electric & Gas Co.                          | PEG 5.2 08/01/33                                                       | CUSIP: 74456QCN4<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |   2410000 | PA      | $2519709.13   | 0.14%             | 2033-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 MA8197                                                              | CUSIP: 36179XDA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    829136 | PA      | $735304.56    | 0.04%             | 2052-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Millicom International Cellular SA                         | TIGO 6.25 03/25/29 144A                                                | CUSIP: 600814AQ0<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |     63000 | PA      | $63419.58     | 0.00%             | 2029-03-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                         | CHRD 6.75 03/15/33 144A                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    110000 | PA      | $114245.45    | 0.01%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Gentera SAB de CV                                          | Gentera SAB de CV COM NPV                                              | CUSIP: 000000000<br>LEI: 4469000001ECOWXFNE33 | Long             | EC               | CORP              | MX        |      9291 | NS      | $26968.82     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Companhia Energetica De Minas Gerais SA                    | Companhia Energetica De Minas Gerais SA PRF BRL5.00                    | CUSIP: 000000000<br>LEI: 254900W703PXLDSEM056 | Long             | EP               | CORP              | BR        |     55598 | NS      | $131769.37    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                                | VZ 5.875 11/30/55                                                      | CUSIP: 92343VHJ6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    195000 | PA      | $196305.52    | 0.01%             | 2055-11-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                  | GS V4.017 10/31/38                                                     | CUSIP: 38148YAA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    442000 | PA      | $399362.12    | 0.02%             | 2038-10-31      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| British Land Company PLC                                   | British Land Company PLC ORD GBP0.25                                   | CUSIP: 000000000<br>LEI: RV5B68J2GV3QGMRPW209 | Long             | EC               | CORP              | GB        |     11827 | NS      | $65021.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Firstrand Ltd                                              | Firstrand Ltd ZAR0.01                                                  | CUSIP: 000000000<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |     18756 | NS      | $116879.78    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd.                             | ASE Technology Holding Co Ltd. TWD10                                   | CUSIP: 000000000<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |     85000 | NS      | $1024213.89   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB6082                                                              | CUSIP: 3140QRXL2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    319336 | PA      | $325859.08    | 0.02%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Intuit Inc                                                 | Intuit Inc COM                                                         | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      4750 | NS      | $1942892.50   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc.                                     | Texas Instruments Inc. COM                                             | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      3897 | NS      | $826592.67    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                                     | BP PLC ORD USD0.25                                                     | CUSIP: 000000000<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     87161 | NS      | $564926.13    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ams OSRAM AG                                               | AMSSW 12.25 03/30/29 144A                                              | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |    174000 | PA      | $185365.68    | 0.01%             | 2029-03-30      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| HCA Inc.                                                   | HCA 5.25 06/15/26                                                      | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    850000 | PA      | $850561.60    | 0.05%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc.                                         | NXST 4.75 11/01/28 144A                                                | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    157000 | PA      | $156230.84    | 0.01%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Illinois Tool Works Inc.                                   | Illinois Tool Works Inc. COM                                           | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |       406 | NS      | $117995.78    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Company                                   | American Express Company COM                                           | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     19418 | NS      | $5998220.20   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SD8438                                                              | CUSIP: 3132DWLT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    614619 | PA      | $625149.05    | 0.04%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Welltower OP LLC                                           | WELL 4.5 07/01/30                                                      | CUSIP: 95041AAF5<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1273012.36   | 0.07%             | 2030-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc.                                | Advanced Micro Devices Inc. COM                                        | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     20851 | NS      | $4174578.71   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                                    | MasterCard Incorporated CL A                                           | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      8516 | NS      | $4404560.36   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                                                | WDAY 3.8 04/01/32                                                      | CUSIP: 98138HAJ0<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |   1820000 | PA      | $1726397.25   | 0.10%             | 2032-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Rocket Companies Inc                                       | RKT 6.125 08/01/30 144A                                                | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $97465.63     | 0.01%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Co Ltd.                                       | NSANY 7.75 07/17/32 144A                                               | CUSIP: 654922AC7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    175000 | PA      | $187138.77    | 0.01%             | 2032-07-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| StoneX Group Inc                                           | SNEX 7.875 03/01/31 144A                                               | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    203000 | PA      | $215257.34    | 0.01%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Commercial Metals Company                                  | CMC 6 12/15/35 144A                                                    | CUSIP: 201723AV5<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112667.28    | 0.01%             | 2035-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA5071                                                              | CUSIP: 31418ET59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    258937 | PA      | $261299.28    | 0.01%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hyundai Steel Co Ltd.                                      | Hyundai Steel Co Ltd. KRW5000                                          | CUSIP: 000000000<br>LEI: 9884006EYA94IB2C3132 | Long             | EC               | CORP              | KR        |     15977 | NS      | $515262.15    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| DELEK LOGISTICS PARTNERS LP                                | DKL 8.625 03/15/29 144A                                                | CUSIP: 24665FAD4<br>LEI: 549300UVYITDIU51P724 | Long             | DBT              | CORP              | US        |    266000 | PA      | $277745.50    | 0.02%             | 2029-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                               | EXC 3.35 03/15/32                                                      | CUSIP: 30161NBE0<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    350000 | PA      | $330756.31    | 0.02%             | 2032-03-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                        | CSCO 5.3 02/26/54                                                      | CUSIP: 17275RBU5<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    325000 | PA      | $316180.95    | 0.02%             | 2054-02-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                   | HCA 3.625 03/15/32                                                     | CUSIP: 404119CK3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1129000 | PA      | $1075791.58   | 0.06%             | 2032-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                            | Eli Lilly & Co. COM                                                    | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      4693 | NS      | $4936989.07   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA MENGNIU DAIRY COMPANY LTD                            | China Mengniu Dairy Co Ltd. HKD0.1                                     | CUSIP: 000000000<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | KY        |    217000 | NS      | $447158.85    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Valterra Platinum Ltd.                                     | Valterra Platinum Ltd. ZAR0.10                                         | CUSIP: 000000000<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |         1 | NS      | $117.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RTX Corp.                                                  | RTX Corp. COM                                                          | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     14144 | NS      | $2865857.28   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA4305                                                              | CUSIP: 31418DYB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4612117 | PA      | $3850360.19   | 0.22%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Genmab As                                                  | Genmab As DKK1                                                         | CUSIP: 000000000<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |      1908 | NS      | $561765.88    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo Capital PLC                                         | DGELN 5.5 01/24/33                                                     | CUSIP: 25243YBH1<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |   3930000 | PA      | $4169980.77   | 0.24%             | 2033-01-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Makalot Industrial Co Ltd.                                 | Makalot Industrial Co Ltd. TWD10                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     27640 | NS      | $281839.83    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN CB8756                                                              | CUSIP: 3140QUWS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    347306 | PA      | $358426.80    | 0.02%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Neurocrine Biosciences Inc                                 | Neurocrine Biosciences Inc COM                                         | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      4181 | NS      | $552937.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreWeave Inc.                                             | CoreWeave Inc. COM CL A                                                | CUSIP: 21873S108<br>LEI: 984500511DP2B6186053 | Long             | EC               | CORP              | US        |      1606 | NS      | $127773.36    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                               | T 1.875 02/28/29                                                       | CUSIP: 91282CEB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16000000 | PA      | $15310624.96  | 0.87%             | 2029-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RQ0051                                                              | CUSIP: 3142J6BV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     46342 | PA      | $48126.88     | 0.00%             | 2055-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES LP                                       | IEP 10 11/15/29 144A                                                   | CUSIP: 451102CK1<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    221000 | PA      | $218224.17    | 0.01%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Veeva Systems Inc                                          | Veeva Systems Inc CL A COM                                             | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      4802 | NS      | $874012.02    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                           | DB V5.403 09/11/35                                                     | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | US        |    621000 | PA      | $636732.81    | 0.04%             | 2035-09-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Sony Group Corp.                                           | Sony Group Corp. NPV                                                   | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    332400 | NS      | $7641298.27   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** BlackRock Balanced Fund, Inc

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer