# EDGAR Filing Document

**Accession Number:** 0001524513
**File Stem:** 0001410368-25-010238
**Filing Date:** 2025-9
**Character Count:** 734848
**Document Hash:** f6f5aad152a5d31f9260a5d4b6902fd5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010238.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001410368-25-010238

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iShares U.S. ETF Trust
- **CENTRAL INDEX KEY:** 0001524513

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22649
- **FILM NUMBER:** 251338720

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** (415) 670-2000

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

## Series and Classes Contracts Data

### iShares Short Duration Bond Active ETF (Series ID: S000037042)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000113876 | iShares Short Duration Bond Active ETF | NEAR            |

## Nport-Ex

Schedule of Investments (unaudited)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| &nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust, 5.08%, <br> 04/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,886 | $2887305 |
| &nbsp;&nbsp;&nbsp; AIMCO CLO 23 Ltd., 5.39%, 04/20/38, (3-mo. <br> CME Term SOFR + 1.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,020 | 1019007 |
| &nbsp;&nbsp;&nbsp; AMMC CLO 21 Ltd., 6.21%, 11/02/30, (3-mo. <br> CME Term SOFR + 1.942%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD335 | 334340 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 7 Ltd., 5.87%, <br> 04/28/37, (3-mo. CME Term SOFR + <br> 1.560%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD8,625 | 8662277 |
| &nbsp;&nbsp;&nbsp; Ares LVI CLO Ltd., 5.57%, 01/25/38, (3-mo. <br> CME Term SOFR + 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD400 | 400796 |
| ARI Fleet Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.54%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD658 | 661512 |
| &nbsp;&nbsp;&nbsp; 4.59%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD9,355 | 9365696 |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD331 | 332472 |
| Asimi Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22%, 09/16/31, (1-day SONIA + <br> 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP114 | 150995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57%, 09/16/31, (1-day SONIA + <br> 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17%, 09/16/31, (1-day SONIA + <br> 1.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 05/16/32, (1-day SONIA + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP604 | 800286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 05/16/32, (1-day SONIA + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP134 | 177427 |
| &nbsp;&nbsp;&nbsp; Asset-Backed European Securitisation <br> Transaction Twenty-Five SRL, 3.14%, <br> 11/15/39, (1-mo. EURIBOR + 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 114761 |
| &nbsp;&nbsp;&nbsp; Asset-Backed European Securitisation <br> Transaction Twenty-Three SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/21/34, (1-mo. EURIBOR + <br> 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 115195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/21/34, (1-mo. EURIBOR + <br> 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 115151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/21/34, (1-mo. EURIBOR + <br> 2.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 115144 |
| Auto ABS Italian Stella Loans SRL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/29/36, (1-mo. EURIBOR + <br> 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR82 | 94084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/29/36, (1-mo. EURIBOR + <br> 2.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR82 | 94356 |
| &nbsp;&nbsp;&nbsp; Auto ABS Spanish Loans FT, 2.76%, <br> 09/28/38, (1-mo. EURIBOR + 0.850%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,948 | 2228972 |
| AutoFlorence 2 SRL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/24/44, (1-mo. EURIBOR + <br> 0.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,263 | 2583368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/24/44, (1-mo. EURIBOR + <br> 0.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR197 | 224425 |
| &nbsp;&nbsp;&nbsp; AutoFlorence 3 SRL, 4.26%, 12/25/46, (1-mo. <br> EURIBOR + 2.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR215 | 248335 |
| AutoNation Finance Trust, 4.62%, 11/13/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD488 | 489800 |
| &nbsp;&nbsp;&nbsp; Autonoria Spain FT, 3.91%, 01/26/40, (1-mo. <br> EURIBOR + 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR223 | 258520 |
| BA Credit Card Trust, 4.98%, 11/15/28 | &nbsp;&nbsp;&nbsp; USD4,705 | 4743873 |
| &nbsp;&nbsp;&nbsp; Bain Capital CLO Ltd. Series 2024-1A, <br> Class A1, 5.87%, 04/16/37, (3-mo. CME <br> Term SOFR + 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,235 | 2244126 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., 5.53%, <br> 10/20/34, (3-mo. CME Term SOFR + <br> 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,510 | $1512884 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO VIII Ltd. Series <br> 2015-8A, Class A1AR, 5.69%, <br> 01/20/31, (3-mo. CME Term SOFR + <br> 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD70 | 70325 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXI Ltd. Series <br> 2020 21A, Class A1R, 5.75%, <br> 10/15/34, (3-mo. CME Term SOFR + <br> 1.432%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,750 | 1753365 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO 3 Ltd., 5.59%, <br> 01/19/38, (3-mo. CME Term SOFR + <br> 1.260%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,615 | 4620244 |
| &nbsp;&nbsp;&nbsp; Blueberry Park CLO Ltd., 5.68%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 2005854 |
| BofA Auto Trust, 4.35%, 11/20/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,245 | 2247967 |
| &nbsp;&nbsp;&nbsp; Brex Commercial Charge Card Master Trust, <br> 6.05%, 07/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD277 | 278701 |
| &nbsp;&nbsp;&nbsp; Brignole Co., 3.90%, 02/24/42, (1-mo. <br> EURIBOR + 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR64 | 73169 |
| &nbsp;&nbsp;&nbsp; Bryant Park Funding Ltd., 5.94%, <br> 04/15/37, (3-mo. CME Term SOFR + <br> 1.620%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,440 | 1445412 |
| Cardiff Auto Receivables Securitisation PLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.12%, 08/20/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP266 | 351532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.82%, 08/20/31, (1-day SONIA + <br> 2.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP202 | 267803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 08/20/31, (1-day SONIA + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP611 | 807927 |
| &nbsp;&nbsp;&nbsp; Carlyle C17 CLO Ltd. Series C17A, <br> Class A1AR, 5.60%, 04/30/31, (3-mo. CME <br> Term SOFR + 1.292%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD123 | 123173 |
| &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd. <br> Series 2014-1A, Class A1R2, 5.51%, <br> 04/17/31, (3-mo. CME Term SOFR + <br> 1.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD885 | 885218 |
| CarMax Auto Owner Trust, 4.92%, 10/16/28 | &nbsp;&nbsp;&nbsp; USD693 | 696359 |
| &nbsp;&nbsp;&nbsp; CarVal CLO IX-C Ltd., 6.01%, 04/20/37, (3-mo. <br> CME Term SOFR + 1.680%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1005300 |
| &nbsp;&nbsp;&nbsp; Carval CLO X-C Ltd., 5.79%, 07/20/37, (3-mo. <br> CME Term SOFR + 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 2007769 |
| &nbsp;&nbsp;&nbsp; Cbam Ltd. Series 2018-7A, Class A, 5.69%, <br> 07/20/31, (3-mo. CME Term SOFR + <br> 1.362%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD317 | 317153 |
| &nbsp;&nbsp;&nbsp; Chesapeake Funding II LLC, 5.52%, <br> 05/15/36<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,942 | 2969942 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/21/37, (3-mo. CME Term SOFR + <br> 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,500 | 2510598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 07/17/37, (3-mo. CME Term SOFR + <br> 1.410%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,500 | 3511270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.97%, 07/23/37, (3-mo. CME Term SOFR + <br> 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 501389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/20/37, (3-mo. CME Term SOFR + <br> 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,250 | 1254205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 04/27/31, (3-mo. CME Term SOFR + <br> 0.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,401 | 2399725 |
| &nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust, 5.23%, <br> 05/14/29, (1-mo. CME Term SOFR + <br> 0.884%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD298 | 300890 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| CNH Equipment Trust, 4.77%, 06/15/29 | &nbsp;&nbsp;&nbsp; USD3,034 | $3044782 |
| &nbsp;&nbsp;&nbsp; College Ave Student Loans LLC Series 2021-A, <br> Class A1, 5.57%, 07/25/51, (1-mo. CME <br> Term SOFR + 1.214%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD131 | 130069 |
| Compartment BL Consumer Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 09/25/41, (1-mo. EURIBOR + <br> 0.900%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR817 | 934364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 09/25/41, (1-mo. EURIBOR + <br> 0.630%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR899 | 1025999 |
| &nbsp;&nbsp;&nbsp; Delamare Cards MTN Issuer PLC, 5.02%, <br> 04/19/31, (1-day SONIA + 0.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP3,610 | 4774025 |
| Dell Equipment Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.68%, 07/22/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,618 | 2623127 |
| &nbsp;&nbsp;&nbsp; 4.61%, 02/24/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,997 | 3011570 |
| &nbsp;&nbsp;&nbsp; Dilosk Rmbs No. 9 Dac, 2.62%, <br> 01/25/63, (3-mo. EURIBOR + 0.680%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR702 | 802049 |
| Dowson PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 08/20/31, (1-day SONIA + <br> 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP117 | 153686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.57%, 08/20/31, (1-day SONIA + <br> 2.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 131345 |
| &nbsp;&nbsp;&nbsp; Dryden 77 CLO Ltd. Series 2020-77A, <br> Class XR, 5.58%, 05/20/34, (3-mo. CME <br> Term SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD63 | 62498 |
| &nbsp;&nbsp;&nbsp; Dryden XXVI Senior Loan Fund, 6.03%, <br> 04/15/29, (3-mo. CME Term SOFR + <br> 1.712%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD600 | 601783 |
| Dutch Property Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/28/59, (3-mo. EURIBOR + <br> 0.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR5,580 | 6375573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A, 2.65%, <br> 04/28/59, (3-mo. EURIBOR + <br> 0.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,259 | 3720487 |
| Edenbrook Mortgage Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.19%, 03/22/57, (1-day SONIA + <br> 1.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP253 | 335734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.79%, 03/22/57, (1-day SONIA + <br> 2.550%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP146 | 194245 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 26 Ltd., 5.77%, 04/18/37, (3-mo. <br> CME Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,740 | 3753079 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO II Ltd., 6.03%, 10/20/37, (3-mo. <br> CME Term SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,200 | 4212384 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO III Ltd., 5.93%, 07/18/37, (3-mo. <br> CME Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 500914 |
| &nbsp;&nbsp;&nbsp; Empower CLO Ltd., 5.72%, 10/20/37, (3-mo. <br> CME Term SOFR + 1.390%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,895 | 1901873 |
| Enterprise Fleet Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.42%, 10/22/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD7,150 | 7219479 |
| &nbsp;&nbsp;&nbsp; 5.23%, 03/20/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,291 | 2304207 |
| &nbsp;&nbsp;&nbsp; 5.16%, 09/20/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD223 | 226325 |
| &nbsp;&nbsp;&nbsp; 4.98%, 08/21/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,518 | 1531498 |
| &nbsp;&nbsp;&nbsp; 5.06%, 03/20/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD492 | 499548 |
| &nbsp;&nbsp;&nbsp; 4.56%, 11/20/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,370 | 1374912 |
| &nbsp;&nbsp;&nbsp; 4.70%, 06/20/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD177 | 178181 |
| &nbsp;&nbsp;&nbsp; 4.82%, 02/20/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,424 | 1437851 |
| &nbsp;&nbsp;&nbsp; 4.41%, 06/20/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,981 | 2981804 |
| Finance Ireland Auto Receivables No. 2 DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 11/14/34, (1-mo. EURIBOR + <br> 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR180 | 205475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 11/14/34, (1-mo. EURIBOR + <br> 0.680%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,505 | 2862938 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Flatiron CLO 23 LLC, 5.55%, 04/17/36, (3-mo. <br> CME Term SOFR + 1.240%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,455 | $1456966 |
| Ford Credit Auto Owner Trust, 5.53%, 09/15/28 | &nbsp;&nbsp;&nbsp; USD9,198 | 9279978 |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust/Ford Credit, <br> 4.86%, 08/15/37<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,736 | 5823240 |
| Ford Credit Floorplan Master Owner Trust A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 05/15/28, (30-day Avg SOFR + <br> 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD11,535 | 11597160 |
| &nbsp;&nbsp;&nbsp; 5.24%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,850 | 3951030 |
| Fortuna Consumer Loan ABS DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 02/18/34, (1-mo. EURIBOR + <br> 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR145 | 165904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 02/18/34, (1-mo. EURIBOR + <br> 2.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR72 | 83428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 10/18/34, (1-mo. EURIBOR + <br> 1.300%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR400 | 458368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 10/18/34, (1-mo. EURIBOR + <br> 1.650%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 114953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/18/35, (1-mo. EURIBOR + <br> 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR500 | 571949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 04/18/35, (1-mo. EURIBOR + <br> 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 114605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 04/18/35, (1-mo. EURIBOR + <br> 0.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,500 | 2858956 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,051 | 2084770 |
| &nbsp;&nbsp;&nbsp; 4.95%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,928 | 2941348 |
| FTA Consumo Santander |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/20/38, (3-mo. EURIBOR + <br> 1.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR157 | 179729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 07/20/38, (3-mo. EURIBOR + <br> 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR157 | 179732 |
| &nbsp;&nbsp;&nbsp; GAMMA Sociedade de Titularizacao de <br> Creditos, 2.95%, 02/25/34, (3-mo. EURIBOR <br> + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR994 | 1137402 |
| GM Financial Revolving Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.77%, 08/11/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,289 | 5518380 |
| &nbsp;&nbsp;&nbsp; 4.98%, 12/11/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,233 | 2276433 |
| &nbsp;&nbsp;&nbsp; 4.52%, 03/11/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,443 | 2451368 |
| &nbsp;&nbsp;&nbsp; GMF Floorplan Owner Revolving Trust, 4.73%, <br> 11/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,831 | 2853559 |
| &nbsp;&nbsp;&nbsp; Golden Bar Securitisation SRL, 3.54%, <br> 09/22/43, (3-mo. EURIBOR + 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR225 | 259592 |
| Golden Ray SA - Compartment 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/27/57, (1-mo. EURIBOR + <br> 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/27/57, (1-mo. EURIBOR + <br> 0.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR622 | 710577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 12/27/57, (1-mo. EURIBOR + <br> 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113912 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 8<br> Ltd., 5.48%, 10/20/34, (3-mo. CME Term <br> SOFR + 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,430 | 1431379 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 66B Ltd., 5.77%, <br> 07/25/38, (3-mo. CME Term SOFR + <br> 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,890 | 1899561 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 77 B Ltd., 5.57%, <br> 01/25/38, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,165 | 3169537 |
| &nbsp;&nbsp;&nbsp; GreatAmerica Leasing Receivables <br> Funding LLC Series, 5.28%, 03/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,474 | 1478826 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, <br> 4.89%, 06/25/60<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,670 | $1673258 |
| &nbsp;&nbsp;&nbsp; Halseypoint CLO 6 Ltd., 5.68%, <br> 01/20/38, (3-mo. CME Term SOFR + <br> 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1505508 |
| &nbsp;&nbsp;&nbsp; Halseypoint CLO 7 Ltd., 5.78%, <br> 07/20/38, (3-mo. CME Term SOFR + <br> 1.450%)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 2009850 |
| Hermitage PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.57%, 04/21/33, (1-day SONIA + <br> 2.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP63 | 83727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 04/21/33, (1-day SONIA + <br> 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP72 | 94928 |
| Hill FL BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 02/18/32, (1-mo. EURIBOR + <br> 2.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR83 | 95605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 02/18/32, (1-mo. EURIBOR + <br> 3.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR83 | 95481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/18/32, (1-mo. EURIBOR + <br> 0.720%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,443 | 1648459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 10/18/32, (1-mo. EURIBOR + <br> 1.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 112596 |
| Hops Hill No. 4 PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92%, 04/21/56, (1-day SONIA + <br> 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP161 | 214377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.52%, 04/21/56, (1-day SONIA + <br> 2.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP165 | 221112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 04/21/56, (1-day SONIA + <br> 0.880%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,443 | 1916993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 04/21/56, (1-day SONIA + <br> 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP628 | 835682 |
| Hyundai Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.48%, 04/17/28 | &nbsp;&nbsp;&nbsp; USD206 | 207732 |
| &nbsp;&nbsp;&nbsp; 4.99%, 02/15/29 | &nbsp;&nbsp;&nbsp; USD7,120 | 7169902 |
| &nbsp;&nbsp;&nbsp; Incref LLC, 6.08%, 10/19/42, (3-mo. CME Term <br> SOFR + 1.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,040 | 4043768 |
| &nbsp;&nbsp;&nbsp; Italian Stella Loans SRL, 3.31%, <br> 05/27/39, (1-mo. EURIBOR + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR96 | 109693 |
| John Deere Owner Trust, 4.96%, 11/15/28 | &nbsp;&nbsp;&nbsp; USD9,312 | 9375595 |
| &nbsp;&nbsp;&nbsp; KKR CLO 21 Ltd., 5.58%, 04/15/31, (3-mo. <br> CME Term SOFR + 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,758 | 1759742 |
| &nbsp;&nbsp;&nbsp; KKR CLO 35 Ltd., 5.53%, 01/20/38, (3-mo. <br> CME Term SOFR + 0.990%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1500658 |
| &nbsp;&nbsp;&nbsp; KKR CLO 47 Ltd., 5.69%, 01/15/38, (3-mo. <br> CME Term SOFR + 1.370%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD695 | 697568 |
| &nbsp;&nbsp;&nbsp; LCM 29 Ltd. Series 29A, Class AR, 5.65%, <br> 04/15/31, (3-mo. CME Term SOFR + <br> 1.332%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,161 | 1161199 |
| Lendmark Fundinf Trust, 4.78%, 10/20/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,003 | 2998977 |
| London Cards No. 2 PLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.72%, 03/28/34<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP100 | 133439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 03/28/34, (1-day SONIA + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP904 | 1205398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67%, 03/28/34, (1-day SONIA + <br> 3.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 134031 |
| &nbsp;&nbsp;&nbsp; Lyra Music Assets Delaware LP, 5.60%, <br> 09/20/65<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,108 | 1107991 |
| M&T Equipment Notes, 4.70%, 12/16/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD751 | 751887 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding L Ltd., 5.73%, <br> 04/19/34, (3-mo. CME Term SOFR + <br> 1.402%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 500600 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Madison Park Funding LVII Ltd., 5.59%, <br> 07/27/34, (3-mo. CME Term SOFR + <br> 1.280%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,635 | $1637810 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXI Ltd., 5.66%, <br> 10/15/32, (3-mo. CME Term SOFR + <br> 1.342%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,048 | 5055149 |
| &nbsp;&nbsp;&nbsp; Mariner CLO LLC, 5.91%, 01/23/37, (3-mo. <br> CME Term SOFR + 1.590%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD680 | 681828 |
| &nbsp;&nbsp;&nbsp; Marzio Finance SRL, 2.78%, 05/28/49, (1-mo. <br> EURIBOR + 0.880%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR858 | 983316 |
| Metro Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.02%, 09/17/30 | &nbsp;&nbsp;&nbsp; AUD382 | 246453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 10/15/31, (1-month BB Swap + <br> 1.550%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; AUD3,841 | 2473985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 10/15/31, (1-day SONIA + <br> 0.950%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; AUD500 | 322215 |
| &nbsp;&nbsp;&nbsp; MMAF Equipment Finance LLC, 4.95%, <br> 07/14/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,197 | 1209141 |
| &nbsp;&nbsp;&nbsp; Molossus BTL PLC, 5.19%, 04/18/61, (1-day <br> SONIA + 0.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,386 | 1834314 |
| &nbsp;&nbsp;&nbsp; Navient Private Education Loan Trust, 5.18%, <br> 12/15/59, (1-mo. CME Term SOFR + <br> 0.834%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD673 | 673265 |
| Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IA, Class A1B, 5.46%, <br> 04/15/69, (1-mo. CME Term SOFR + <br> 1.114%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,416 | 3398273 |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class A, 0.94%, 07/15/69<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,367 | 3055752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class A, 5.51%, <br> 04/15/60, (PRIME - 1.990%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,898 | 3846061 |
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, 6.00%, <br> 03/15/72, (30-day Avg SOFR + 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,511 | 1523522 |
| &nbsp;&nbsp;&nbsp; Navistar Financial Dealer Note Master Owner <br> Trust, 5.59%, 04/25/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,921 | 2939548 |
| Nelnet Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 04/20/62, (1-mo. CME Term SOFR + <br> 0.854%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,752 | 2737984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16%, 04/20/62, (1-mo. CME Term SOFR + <br> 0.804%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,442 | 1414959 |
| &nbsp;&nbsp;&nbsp; 7.15%, 11/25/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD927 | 949224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44%, 03/15/57, (30-day Avg SOFR + <br> 1.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,413 | 3393637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A1, 5.27%, <br> 04/20/62, (1-mo. CME Term SOFR + <br> 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,246 | 3242230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class AFL, 5.25%, <br> 04/20/62, (1-mo. CME Term SOFR + <br> 0.894%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,999 | 5967927 |
| NewDay Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 03/15/32, (1-day SONIA + <br> 1.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP155 | 206570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.62%, 03/15/32, (1-day SONIA + <br> 2.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP110 | 147404 |
| Newday Funding Master Issuer PLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.72%, 11/15/31, (1-day SONIA + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP1,306 | 1740528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.87%, 07/15/32, (1-day SONIA + <br> 2.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP256 | 342737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 07/15/32, (1-day SONIA + <br> 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP116 | 154621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 07/15/32, (1-day SONIA + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP102 | 135343 |
| &nbsp;&nbsp;&nbsp; 5.82%, 11/15/32, (1-day SONIA + 1.600%)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP146 | 193662 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 04/15/33, (1-day SONIA + <br> 1.150%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP113 | $149974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07%, 04/15/33, (1-day SONIA + <br> 0.850%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,492 | 1975357 |
| &nbsp;&nbsp;&nbsp; Noria DE, 3.56%, 02/25/43, (1-mo. EURIBOR + <br> 1.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR96 | 110639 |
| Oaktree CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/20/37, (3-mo. CME Term SOFR + <br> 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 2008271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51%, 01/15/38, (3-mo. CME Term SOFR + <br> 1.190%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,110 | 4108726 |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd., 5.46%, 04/16/38, (3-mo. CME <br> Term SOFR + 1.140%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,140 | 4135968 |
| &nbsp;&nbsp;&nbsp; Octagon 55 Ltd., 5.73%, 07/20/34, (3-mo. CME <br> Term SOFR + 1.402%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,700 | 2703642 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners XVII Ltd. Series <br> 2013-1A, Class A1R2, 5.58%, <br> 01/25/31, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD28 | 28093 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 3 Ltd., 5.65%, <br> 01/20/38, (3-mo. CME Term SOFR + <br> 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 752250 |
| &nbsp;&nbsp;&nbsp; OHA Loan Funding Ltd., 6.03%, <br> 07/20/37, (3-mo. CME Term SOFR + <br> 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250967 |
| &nbsp;&nbsp;&nbsp; OneMain Direct Auto Receivables Trust, 5.94%, <br> 03/14/29, (30-day Avg SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,616 | 2626338 |
| &nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust, 5.84%, <br> 09/15/36, (30-day Avg SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,201 | 2236623 |
| Palmer Square CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.03%, 10/20/37, (3-mo. CME Term SOFR + <br> 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,000 | 4012594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A1, 5.73%, <br> 01/15/35, (3-mo. CME Term SOFR + <br> 1.412%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 501202 |
| Panorama Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 03/15/33, (3-mo. EURIBOR + <br> 0.810%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; AUD2,283 | 1465845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12%, 03/15/33, (1-month BB Swap + <br> 1.350%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; AUD500 | 320348 |
| &nbsp;&nbsp;&nbsp; Park Blue CLO Ltd., 5.47%, 04/25/38, (3-mo. <br> CME Term SOFR + 1.220%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,000 | 2000329 |
| &nbsp;&nbsp;&nbsp; PARK BLUE CLO Ltd., 5.81%, 04/20/37, (3-mo. <br> CME Term SOFR + 1.480%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD925 | 929162 |
| PCL Funding IX PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12%, 07/16/29, (1-day SONIA + <br> 0.900%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,504 | 1991898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 07/16/29, (1-day SONIA + <br> 1.300%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP106 | 140067 |
| PCL Funding VIII PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/15/28, (1-day SONIA + <br> 1.180%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP3,193 | 4234837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.72%, 05/15/28, (1-day SONIA + <br> 2.500%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP592 | 790910 |
| PFS Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 08/15/27, (30-day Avg SOFR + <br> 1.150%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD11,549 | 11550114 |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD7,281 | 7345984 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD625 | 629264 |
| &nbsp;&nbsp;&nbsp; 4.47%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,954 | 4952310 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Pikes Peak CLO 16 Ltd., 5.78%, <br> 07/25/37, (3-mo. CME Term SOFR + <br> 1.460%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | $1506090 |
| &nbsp;&nbsp;&nbsp; Point Broadband Funding LLC, 5.34%, <br> 07/20/55<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,033 | 1033209 |
| &nbsp;&nbsp;&nbsp; Polus U.S. CLO II Ltd., 5.80%, 07/20/38, (3-mo. <br> CME Term SOFR + 1.520%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,940 | 1949621 |
| &nbsp;&nbsp;&nbsp; Pony SA Compartment German Auto Loans, <br> 3.13%, 01/14/33, (1-mo. EURIBOR + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 114399 |
| &nbsp;&nbsp;&nbsp; Porsche Financial Auto Securitization Trust, <br> 5.79%, 01/22/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,381 | 3404768 |
| &nbsp;&nbsp;&nbsp; Post CLO Ltd., 5.93%, 04/20/37, (3-mo. CME <br> Term SOFR + 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1003748 |
| &nbsp;&nbsp;&nbsp; Prodigy Finance DAC Series 2021-1A, Class A, <br> 5.72%, 07/25/51, (1-mo. CME Term SOFR + <br> 1.364%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD377 | 376606 |
| &nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust, 2.50%, <br> 11/25/51<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,550 | 1363228 |
| &nbsp;&nbsp;&nbsp; Quarzo Srl, 2.79%, 03/15/42, (1-month BB <br> Swap + 1.170%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,572 | 1799173 |
| &nbsp;&nbsp;&nbsp; Quarzo SRL, 4.28%, 06/15/41, (3-mo. <br> EURIBOR + 2.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR82 | 94408 |
| &nbsp;&nbsp;&nbsp; Rad CLO 7 Ltd., 5.63%, 04/17/36, (3-mo. CME <br> Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,570 | 1572355 |
| &nbsp;&nbsp;&nbsp; Red & Black Auto Germany 8 UG, Class B, <br> 2.68%, 09/15/30, (1-mo. EURIBOR + <br> 0.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR89 | 101682 |
| &nbsp;&nbsp;&nbsp; Red & Black Auto Italy SRL, 3.00%, <br> 07/28/36, (1-mo. EURIBOR + 1.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 114336 |
| &nbsp;&nbsp;&nbsp; Regatta 30 Funding Ltd., 5.64%, <br> 01/25/38, (3-mo. CME Term SOFR + <br> 1.320%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,820 | 1824550 |
| &nbsp;&nbsp;&nbsp; Regatta VIII Funding Ltd., 5.83%, <br> 04/17/37, (3-mo. CME Term SOFR + <br> 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,350 | 4368215 |
| &nbsp;&nbsp;&nbsp; Regatta XX Funding Ltd., 5.50%, <br> 01/15/38, (3-mo. CME Term SOFR + <br> 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,140 | 1140293 |
| &nbsp;&nbsp;&nbsp; Regatta XXVII Funding Ltd., 5.84%, <br> 04/26/37, (3-mo. CME Term SOFR + <br> 1.530%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,500 | 1506238 |
| Regional Management Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.83%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD593 | 603419 |
| &nbsp;&nbsp;&nbsp; 5.11%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD685 | 686613 |
| &nbsp;&nbsp;&nbsp; Romark WM-R Ltd. Series 2018-1A, Class A1, <br> 5.62%, 04/20/31, (3-mo. CME Term SOFR + <br> 1.292%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,551 | 1552867 |
| &nbsp;&nbsp;&nbsp; RR 20 Ltd., 5.31%, 07/15/37, (1-day SONIA + <br> 0.880%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,285 | 2286808 |
| &nbsp;&nbsp;&nbsp; RR 21 Ltd., 5.72%, 07/15/39, (3-mo. CME Term <br> SOFR + 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,000 | 1003092 |
| &nbsp;&nbsp;&nbsp; RR 36 Ltd., 5.61%, 01/15/40, (3-mo. CME Term <br> SOFR + 1.290%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,485 | 1488534 |
| Satus PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12%, 01/17/31, (1-day SONIA + <br> 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP492 | 650270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 01/17/31, (1-day SONIA + <br> 2.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP102 | 134979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 01/17/31, (1-day SONIA + <br> 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP337 | 445453 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| SC Germany SA Compartment Consumer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 01/14/38, (1-mo. EURIBOR + <br> 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,200 | $1370595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 01/14/38, (1-mo. EURIBOR + <br> 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR300 | 343404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/14/38, (1-mo. EURIBOR + <br> 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 115042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 05/14/38, (1-mo. EURIBOR + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 115047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/14/38, (1-mo. EURIBOR + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 114986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 12/14/38, (1-mo. EURIBOR + <br> 0.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR600 | 685919 |
| &nbsp;&nbsp;&nbsp; SCF Rahoituspalvelut XIII DAC, 3.31%, <br> 06/25/34, (1-mo. EURIBOR + 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 114754 |
| &nbsp;&nbsp;&nbsp; SFS Auto Receivables Securitization Trust, <br> 4.75%, 07/22/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,839 | 3860534 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 12 Ltd., 5.73%, <br> 07/18/37, (3-mo. CME Term SOFR + <br> 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD460 | 461370 |
| SLM Private Credit Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-A, Class A3, 4.98%, <br> 06/15/33, (3-mo. CME Term SOFR + <br> 0.662%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD856 | 852401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class A4, 4.89%, <br> 12/15/38, (3-mo. CME Term SOFR + <br> 0.572%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,037 | 3984078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-B, Class A4, 4.91%, <br> 06/15/39, (3-mo. CME Term SOFR + <br> 0.592%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,533 | 2471196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A, Class A5, 4.87%, <br> 06/15/39, (3-mo. CME Term SOFR + <br> 0.552%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,444 | 6183702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-B, Class A5, 4.85%, <br> 12/15/39, (3-mo. CME Term SOFR + <br> 0.532%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,538 | 4430603 |
| SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79%, 02/16/55, (30-day Avg SOFR + <br> 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD9,513 | 9597729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.19%, 05/16/50, (30-day Avg SOFR + <br> 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,073 | 3100030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 10/15/58, (30-day Avg SOFR + <br> 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD12,739 | 12961351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 06/15/37, (1-mo. CME Term SOFR + <br> 1.114%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD980 | 980830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 10/16/56, (30-day Avg SOFR + <br> 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,266 | 5370815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89%, 11/15/52, (30-day Avg SOFR + <br> 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,481 | 4524382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, Class A2B, 5.36%, <br> 09/15/34, (1-mo. CME Term SOFR + <br> 1.014%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD254 | 254368 |
| SoFi Consumer Loan Program Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/27/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,161 | 2163333 |
| &nbsp;&nbsp;&nbsp; 4.82%, 06/25/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD9,577 | 9576864 |
| SoFi Personal Loan Trust, 6.06%, 02/12/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,214 | 1218477 |
| SoFi Professional Loan Program LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.34%, 08/25/47<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD139 | 138156 |
| &nbsp;&nbsp;&nbsp; 3.59%, 01/25/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD477 | 472060 |
| &nbsp;&nbsp;&nbsp; TAGUS - Sociedade de Titularizacao de <br> Creditos SA/Ulisses Finance No. 2, 2.59%, <br> 09/23/38, (1-mo. EURIBOR + 0.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR4,724 | 5387046 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; TAGUS - Sociedade de Titularizacao de <br> Creditos SA/Viriato Finance No. 1, 2.86%, <br> 10/28/40, (1-mo. EURIBOR + 0.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR641 | $728419 |
| &nbsp;&nbsp;&nbsp; TAGUS-Sociedade de Titularizacao de <br> Creditos SA/Vasco Finance No. 2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 10/27/42, (1-mo. EURIBOR + <br> 2.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 115755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 10/27/42, (1-mo. EURIBOR + <br> 1.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 115213 |
| TCI-Symphony CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/13/32, (3-mo. CME Term SOFR + <br> 1.282%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,734 | 2736326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51%, 07/15/30, (3-mo. CME Term SOFR + <br> 1.192%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,398 | 1398586 |
| &nbsp;&nbsp;&nbsp; TICP CLO VII Ltd., 6.22%, 04/15/33, (3-mo. <br> CME Term SOFR + 1.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD885 | 886865 |
| &nbsp;&nbsp;&nbsp; TICP CLO XI Ltd., 5.85%, 04/25/37, (3-mo. <br> CME Term SOFR + 1.530%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,130 | 1134692 |
| &nbsp;&nbsp;&nbsp; Together Asset-Backed Securitisation PLC, <br> 4.92%, 07/12/63, (1-day SONIA + <br> 0.700%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP761 | 1005103 |
| Tower Bridge Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.22%, 01/20/66<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP113 | 150522 |
| &nbsp;&nbsp;&nbsp; 8.22%, 01/20/66<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP113 | 150654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44%, 05/20/66, (1-day SONIA + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP168 | 222539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84%, 05/20/66, (1-day SONIA + <br> 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12%, 05/20/66, (1-month BB Swap + <br> 1.080%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP616 | 816464 |
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, 5.54%, <br> 08/15/28<br>| &nbsp;&nbsp;&nbsp; USD7,030 | 7106986 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XXIII Ltd., 6.13%, <br> 10/20/36, (3-mo. CME Term SOFR + <br> 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD970 | 972436 |
| &nbsp;&nbsp;&nbsp; Vantage Data Centers Jersey Borrower Spv <br> Ltd., 6.17%, 05/28/39<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP480 | 650379 |
| Verizon Master Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.83%, 12/22/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,048 | 2078731 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/20/28 | &nbsp;&nbsp;&nbsp; USD11,907 | 11925698 |
| &nbsp;&nbsp;&nbsp; 4.62%, 11/20/30 | &nbsp;&nbsp;&nbsp; USD4,693 | 4730267 |
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, 5.48%, <br> 12/20/28<br>| &nbsp;&nbsp;&nbsp; USD11,746 | 11890744 |
| &nbsp;&nbsp;&nbsp; Voya CLO Series 2017-2A, Class A1R, 5.56%, <br> 06/07/30, (3-mo. CME Term SOFR + <br> 1.242%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD326 | 326294 |
| &nbsp;&nbsp;&nbsp; Voya Ltd. Series 2012-4, 5.58%, <br> 10/15/30, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,178 | 2179356 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp; 6.24%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD10,297 | 10343170 |
| &nbsp;&nbsp;&nbsp; 4.58%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,900 | 1905682 |
| Youni Italy SRL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.79%, 04/25/34, (1-mo. EURIBOR + <br> 0.880%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR999 | 1143379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 04/25/34, (1-mo. EURIBOR + <br> 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR76 | 87097 |
| **Total Asset-Backed Securities — 15.4%** <br>**(Cost: $526,020,204)** | **Total Asset-Backed Securities — 15.4%** <br>**(Cost: $526,020,204)** | 530765640 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** |
| **Asset-Backed Securities — 0.1%** | **Asset-Backed Securities — 0.1%** | **Asset-Backed Securities — 0.1%** |
| &nbsp;&nbsp;&nbsp; Domi BV, 2.74%, 04/16/57, (3-mo. EURIBOR + <br> 0.710%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR1,155 | $1319522 |
| &nbsp;&nbsp;&nbsp; Lanebrook Mortgage Transaction PLC, 5.04%, <br> 03/15/61, (1-day SONIA + 0.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP695 | 921620 |
| Tower Bridge Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/20/66, (1-day SONIA + <br> 1.400%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/20/66, (1-day SONIA + <br> 1.900%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132488 |
|  |  | 2505881 |
| **Financial — 0.0%** | **Financial — 0.0%** | **Financial — 0.0%** |
| Liberty Funding Pty. Ltd., 4.80%, 09/25/56<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; AUD500 | 321785 |
| **Mortgage Securities — 0.0%** | **Mortgage Securities — 0.0%** | **Mortgage Securities — 0.0%** |
| &nbsp;&nbsp;&nbsp; PENN Commercial Mortgage Trust 2025-P11, <br> 5.52%, 08/10/42<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD989 | 991822 |
| **Mortgage-Backed Securities — 16.4%** | **Mortgage-Backed Securities — 16.4%** | **Mortgage-Backed Securities — 16.4%** |
| 1345T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 06/15/30, (1-mo. CME Term SOFR + <br> 1.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,550 | 2553921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 06/15/30, (1-mo. CME Term SOFR + <br> 2.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,283 | 1284576 |
| 2023-MIC Trust (The), 8.44%, 12/05/38<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,102 | 2273993 |
| &nbsp;&nbsp;&nbsp; 280 Park Avenue Mortgage Trust, Series <br> 2017-280P, Class A, 5.52%, 09/15/34, <br> (1-mo. CME Term SOFR + 1.180%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,100 | 7047134 |
| A&D Mortgage Trust, 6.20%, 02/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,254 | 2261730 |
| ACRA Trust, 5.61%, 10/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,872 | 2867023 |
| ALA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 06/15/40, (1-mo. CME Term SOFR + <br> 1.743%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,991 | 3007824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 06/15/40, (1-mo. CME Term SOFR + <br> 1.842%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,862 | 1872474 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.21%, 08/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD5,693 | 5650440 |
| &nbsp;&nbsp;&nbsp; 5.64%, 02/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,810 | 1807933 |
| &nbsp;&nbsp;&nbsp; 5.99%, 01/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD4,319 | 4330462 |
| &nbsp;&nbsp;&nbsp; ARES Trust, 5.84%, 04/15/42, (1-mo. CME <br> Term SOFR + 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,674 | 2677337 |
| Atlas Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.07%, 09/20/61<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP1,093 | 1450814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 09/20/61, (1-day SONIA + <br> 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP198 | 264399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 09/20/61, (1-day SONIA + <br> 1.550%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 133047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.42%, 09/20/61, (1-day SONIA + <br> 2.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 133019 |
| &nbsp;&nbsp;&nbsp; Auburn 15 PLC, 5.32%, 07/20/45, (1-day <br> SONIA + 1.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,678 | 2225868 |
| Bank5 |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 10/15/57 | &nbsp;&nbsp;&nbsp; USD7,730 | 7885355 |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/15/57 | &nbsp;&nbsp;&nbsp; USD1,680 | 1746842 |
| &nbsp;&nbsp;&nbsp; 5.89%, 11/15/57 | &nbsp;&nbsp;&nbsp; USD1,535 | 1600854 |
| &nbsp;&nbsp;&nbsp; 6.72%, 09/15/56<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD5,000 | 5272190 |
| &nbsp;&nbsp;&nbsp; BAY Mortgage Trust, 6.14%, 05/15/35, (1-mo. <br> CME Term SOFR + 1.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,350 | 3352652 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.21%, 09/15/57 | &nbsp;&nbsp;&nbsp; USD9,960 | 10123736 |
| &nbsp;&nbsp;&nbsp; 5.61%, 12/15/57 | &nbsp;&nbsp;&nbsp; USD3,120 | 3222566 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/15/56 | &nbsp;&nbsp;&nbsp; USD2,860 | $2895093 |
| &nbsp;&nbsp;&nbsp; 5.84%, 03/15/58 | &nbsp;&nbsp;&nbsp; USD2,130 | 2221815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 5.26%, <br> 03/15/37, (1-mo. CME Term SOFR + <br> 0.919%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD8,630 | 8199944 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.74%, 12/15/57 | &nbsp;&nbsp;&nbsp; USD5,700 | 5921862 |
| &nbsp;&nbsp;&nbsp; 5.81%, 01/10/57 | &nbsp;&nbsp;&nbsp; USD2,155 | 2228590 |
| BFLD Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 11/15/41, (1-mo. CME Term SOFR + <br> 1.493%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD770 | 772406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.18%, 11/15/41, (1-mo. CME Term SOFR + <br> 1.842%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD570 | 572697 |
| &nbsp;&nbsp;&nbsp; BFLD Mortgage Trust, 5.83%, 08/15/26, (1-mo. <br> CME Term SOFR + 1.492%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,132 | 2132093 |
| BMO Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.32%, 09/15/57 | &nbsp;&nbsp;&nbsp; USD2,500 | 2544106 |
| &nbsp;&nbsp;&nbsp; 5.63%, 12/15/57<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,070 | 3163612 |
| &nbsp;&nbsp;&nbsp; 5.68%, 02/15/58 | &nbsp;&nbsp;&nbsp; USD1,571 | 1647126 |
| &nbsp;&nbsp;&nbsp; 5.69%, 02/15/58 | &nbsp;&nbsp;&nbsp; USD1,836 | 1911349 |
| &nbsp;&nbsp;&nbsp; 5.74%, 02/15/57 | &nbsp;&nbsp;&nbsp; USD4,160 | 4283913 |
| &nbsp;&nbsp;&nbsp; 6.16%, 04/15/58<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,379 | 1435333 |
| &nbsp;&nbsp;&nbsp; 7.05%, 11/15/56<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,000 | 1065732 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.57%, 03/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,090 | 1091614 |
| &nbsp;&nbsp;&nbsp; 5.61%, 02/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,641 | 3645178 |
| &nbsp;&nbsp;&nbsp; 5.68%, 11/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,603 | 2610069 |
| &nbsp;&nbsp;&nbsp; 6.29%, 02/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD5,990 | 6022022 |
| &nbsp;&nbsp;&nbsp; 6.39%, 10/25/63<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,072 | 1077818 |
| &nbsp;&nbsp;&nbsp; BSTN Commercial Mortgage Trust, 5.37%, <br> 06/15/44<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,830 | 1854649 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/15/39, (1-mo. CME Term SOFR + <br> 1.293%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 752281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.78%, 02/15/39, (1-mo. CME Term SOFR + <br> 1.442%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD478 | 478967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.03%, 08/15/39, (1-mo. CME Term SOFR + <br> 1.691%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,071 | 3081024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.48%, 08/15/39, (1-mo. CME Term SOFR + <br> 2.141%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,369 | 2374495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.22%, 10/15/41, (1-mo. CME Term SOFR + <br> 2.880%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,538 | 1549543 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 02/15/36, (1-mo. CME Term SOFR + <br> 0.914%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,351 | 7346289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 03/15/30, (1-mo. CME Term SOFR + <br> 1.144%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,988 | 2982741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74%, 06/15/35, (1-mo. CME Term SOFR + <br> 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,640 | 1643075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 07/15/29, (1-mo. CME Term SOFR + <br> 1.491%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,635 | 2636647 |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/13/47<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,830 | 3856058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.43%, 03/15/41, (1-mo. CME Term SOFR + <br> 2.090%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,970 | 1970637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/15/41, (1-mo. CME Term SOFR + <br> 3.039%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD800 | 799999 |
| &nbsp;&nbsp;&nbsp; CEDR Commercial Mortgage Trust, 5.33%, <br> 02/15/39, (1-mo. CME Term SOFR + <br> 0.988%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,410 | 5332949 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| CFCRE Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.84%, 12/10/54 | &nbsp;&nbsp;&nbsp; USD2,500 | $2455904 |
| &nbsp;&nbsp;&nbsp; Series 2016-C3, Class A3, 3.87%, 01/10/48 | &nbsp;&nbsp;&nbsp; USD4,555 | 4534075 |
| Chase Home Lending Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 06/25/56, (30-day Avg SOFR + <br> 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,624 | 3624247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/25/56, (30-day Avg SOFR + <br> 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,797 | 4796573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 04/25/56, (30-day Avg SOFR + <br> 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,658 | 5682147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-ATR2, Class A11, 5.37%, <br> 07/25/49, (1-mo. CME Term SOFR + <br> 1.014%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD845 | 803424 |
| Citadel PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 04/28/60, (1-day SONIA + <br> 1.020%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,673 | 2216051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 04/28/60, (1-day SONIA + <br> 1.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.97%, 04/28/60, (1-day SONIA + <br> 1.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67%, 04/28/60, (1-day SONIA + <br> 2.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132230 |
| &nbsp;&nbsp;&nbsp; COAST Commercial Mortgage Trust, 6.93%, <br> 08/15/36, (1-mo. CME Term SOFR + <br> 2.591%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,000 | 3998752 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 02/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,525 | 1524824 |
| &nbsp;&nbsp;&nbsp; 5.79%, 04/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD4,392 | 4418178 |
| &nbsp;&nbsp;&nbsp; 5.84%, 02/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD4,551 | 4563726 |
| &nbsp;&nbsp;&nbsp; 6.60%, 07/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,810 | 2823027 |
| &nbsp;&nbsp;&nbsp; CONE Trust, 5.98%, 08/15/41, (1-mo. CME <br> Term SOFR + 1.642%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,440 | 1439101 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.36%, 03/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,951 | 2942697 |
| &nbsp;&nbsp;&nbsp; 5.59%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,620 | 2620271 |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD6,119 | 6160607 |
| &nbsp;&nbsp;&nbsp; 6.09%, 12/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,983 | 2996443 |
| CSMC, 1.10%, 05/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD504 | 433175 |
| &nbsp;&nbsp;&nbsp; Domi BV, 3.26%, 02/15/55, (3-mo. EURIBOR + <br> 1.120%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,282 | 2631052 |
| &nbsp;&nbsp;&nbsp; Dutch Property Finance BV, 2.85%, 04/28/64, <br> (3-mo. EURIBOR + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR273 | 312968 |
| East One PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 12/27/55, (1-day SONIA + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP850 | 1131765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 12/27/55, (1-day SONIA + <br> 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP172 | 228400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.24%, 12/27/55, (1-day SONIA + <br> 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP280 | 372665 |
| EFMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.39%, 05/26/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,523 | 3512979 |
| &nbsp;&nbsp;&nbsp; 5.49%, 08/25/70<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,355 | 5354933 |
| ELM Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD250 | 251739 |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD5,440 | 5477845 |
| &nbsp;&nbsp;&nbsp; Elstree Funding No. 4 PLC, 5.34%, 10/21/55, <br> (1-day SONIA + 1.120%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP840 | 1116292 |
| EQT Trust, 5.33%, 07/05/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,341 | 4405716 |
| Exmoor Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12%, 03/25/94, (1-day SONIA + <br> 0.880%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,033 | 1368277 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 03/25/94, (1-day SONIA + <br> 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | $133441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.04%, 03/25/94, (1-day SONIA + <br> 2.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 134189 |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/01/35 | &nbsp;&nbsp;&nbsp; USD6,999 | 6748359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/25/55, (30-day Avg SOFR + <br> 1.400%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,884 | 7881929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 06/25/55, (30-day Avg SOFR + <br> 1.500%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD9,012 | 9054115 |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 04/15/44 | &nbsp;&nbsp;&nbsp; USD192 | 185813 |
| &nbsp;&nbsp;&nbsp; 2.00%, 12/25/33 | &nbsp;&nbsp;&nbsp; USD13,464 | 12644973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/25/54, (30-day Avg SOFR + <br> 1.450%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,768 | 6775638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 04/25/54, (30-day Avg SOFR + <br> 1.450%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,031 | 7049864 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage <br> Association REMICS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/25/34 | &nbsp;&nbsp;&nbsp; USD6,116 | 5765054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 12/25/48, (30-day Avg SOFR + <br> 0.414%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD6,128 | 6059594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 12/25/54, (30-day Avg SOFR + <br> 1.200%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD8,964 | 9005171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 12/25/54, (30-day Avg SOFR + <br> 1.420%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,093 | 2098896 |
| &nbsp;&nbsp;&nbsp; FirstMac Mortgage Funding Trust No. 4, 4.84%, <br> 02/18/56, (1-day SONIA + 0.470%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; AUD378 | 243447 |
| GCAT Trust, 3.36%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD8,260 | 7845052 |
| GS Mortgage Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD930 | 933962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 10/15/36, (1-mo. CME Term SOFR + <br> 1.064%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,385 | 4382954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/25/41, (1-mo. CME Term SOFR + <br> 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,074 | 2077913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/28, (1-mo. CME Term SOFR + <br> 2.790%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,580 | 2592900 |
| Homes Trust, 5.72%, 10/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,615 | 3621607 |
| HOMES Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.43%, 02/25/70<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,184 | 3182526 |
| &nbsp;&nbsp;&nbsp; 6.18%, 01/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,902 | 2897749 |
| &nbsp;&nbsp;&nbsp; Homeward Opportunities Fund I Trust, 3.20%, <br> 05/25/65<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,190 | 1176007 |
| &nbsp;&nbsp;&nbsp; HONO Mortgage Trust, 5.61%, 10/15/36, <br> (1-mo. CME Term SOFR + 1.264%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,716 | 2707512 |
| &nbsp;&nbsp;&nbsp; Houston Galleria Mall Trust, 5.46%, <br> 02/05/45<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,580 | 1603202 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust, 5.47%, <br> 01/13/40<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,400 | 2460339 |
| &nbsp;&nbsp;&nbsp; INTOWN Mortgage Trust, 5.69%, 03/15/42, <br> (1-mo. CME Term SOFR + 1.350%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,059 | 4059000 |
| &nbsp;&nbsp;&nbsp; INV Mortgage Trust, 6.08%, 11/15/41, (1-mo. <br> CME Term SOFR + 1.742%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,180 | 1179339 |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 09/06/38<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,113 | 2063670 |
| &nbsp;&nbsp;&nbsp; 5.17%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,030 | 2038902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74%, 03/15/39, (30-day Avg SOFR + <br> 1.400%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,540 | 3542212 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BKWD, Class A, 5.96%, <br> 09/15/29, (1-mo. CME Term SOFR + <br> 1.614%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD738 | $717795 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,348 | 2963189 |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,087 | 960463 |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,790 | 1578728 |
| &nbsp;&nbsp;&nbsp; 5.39%, 01/25/63<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,659 | 3650800 |
| Jupiter Mortgage No. 1 PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 07/20/55, (1-day SONIA + <br> 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP989 | 1317498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.49%, 07/20/55, (1-day SONIA + <br> 2.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP313 | 418661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.24%, 07/20/55, (1-day SONIA + <br> 3.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP213 | 284704 |
| Lanark Master Issuer PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 12/22/69, (1-month BB Swap + <br> 0.970%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP758 | 1002074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 12/22/69, (1-day SONIA + <br> 0.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP988 | 1306631 |
| &nbsp;&nbsp;&nbsp; Lanebrook Mortgage Transaction PLC, 5.42%, <br> 08/20/60, (1-day SONIA + 1.180%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP701 | 933305 |
| &nbsp;&nbsp;&nbsp; Last Mile Securities PE DAC, 3.03%, 08/17/31, <br> (3-mo. EURIBOR + 0.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR3,965 | 4525156 |
| &nbsp;&nbsp;&nbsp; LBA Trust, 5.78%, 10/15/41, (1-mo. CME Term <br> SOFR + 1.443%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,370 | 4385586 |
| &nbsp;&nbsp;&nbsp; Manhattan West Mortgage Trust, 2.13%, <br> 09/10/39<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,675 | 1579347 |
| &nbsp;&nbsp;&nbsp; MCR Mortgage Trust, 6.13%, 12/15/41, (1-mo. <br> CME Term SOFR + 1.793%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD496 | 496620 |
| MFA Trust, 5.68%, 05/27/70<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,118 | 3124148 |
| &nbsp;&nbsp;&nbsp; Mill City Mortgage Loan Trust, 3.25%, <br> 11/25/58<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,007 | 991318 |
| &nbsp;&nbsp;&nbsp; Miltonia Mortgage Finance SRL, 3.25%, <br> 04/28/62, (3-mo. EURIBOR + 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR273 | 307449 |
| Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 09/24/57<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,055 | 1036108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BOP, Class A, 5.24%, <br> 08/15/33, (1-mo. CME Term SOFR + <br> 0.897%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,426 | 1165403 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage <br> Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.44%, 07/25/70<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,712 | 5705952 |
| &nbsp;&nbsp;&nbsp; 5.56%, 03/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,416 | 3424074 |
| &nbsp;&nbsp;&nbsp; 5.96%, 03/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,754 | 2772299 |
| Mortimer PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 09/22/67, (1-day SONIA + <br> 0.830%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,127 | 1493891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/22/67, (1-day SONIA + <br> 1.150%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP541 | 717228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.78%, 09/22/67, (1-day SONIA + <br> 1.550%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33%, 09/22/67, (1-day SONIA + <br> 2.100%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132919 |
| &nbsp;&nbsp;&nbsp; MSWF Commercial Mortgage Trust, 6.01%, <br> 12/15/56<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD305 | 324953 |
| NCMF Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,688 | 3663977 |
| &nbsp;&nbsp;&nbsp; 5.51%, 06/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,248 | 2248204 |
| &nbsp;&nbsp;&nbsp; NEW Residential Mortgage Loan Trust, 5.57%, <br> 04/25/65<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,383 | 2391077 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; NY Commercial Mortgage Trust, 5.66%, <br> 02/10/47<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,770 | $1822776 |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, 5.55%, <br> 02/15/42, (1-mo. CME Term SOFR + <br> 1.213%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD995 | 989971 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/25/55<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD3,038 | 3028171 |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,399 | 2401811 |
| &nbsp;&nbsp;&nbsp; 5.65%, 12/01/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,377 | 1380001 |
| &nbsp;&nbsp;&nbsp; 6.52%, 07/25/63<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,915 | 2929611 |
| Polaris PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/26/61, (1-day SONIA + <br> 1.030%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,282 | 1701691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 02/26/68, (1-day SONIA + <br> 1.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP336 | 444390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57%, 02/26/61, (1-day SONIA + <br> 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,006 | 1339091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 02/26/68, (1-day SONIA + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92%, 02/26/61, (1-day SONIA + <br> 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP106 | 140925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 02/26/68, (1-day SONIA + <br> 1.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.92%, 02/26/61, (1-day SONIA + <br> 2.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 134429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.22%, 02/26/61, (1-day SONIA + <br> 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 135475 |
| PRET Trust, 4.00%, 08/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD744 | 714491 |
| PRKCM, 5.55%, 02/25/60<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD6,132 | 6128782 |
| PRKCM Trust, 6.58%, 09/25/58<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,683 | 2701542 |
| PRM5 Trust, 4.47%, 03/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,201 | 3170959 |
| PRPM LLC, 4.00%, 01/25/54<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD664 | 649900 |
| PRPM Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2,278 | 2282305 |
| &nbsp;&nbsp;&nbsp; 6.25%, 08/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD963 | 967704 |
| &nbsp;&nbsp;&nbsp; 6.33%, 06/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD722 | 732073 |
| PSMC Trust, 2.50%, 03/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD6,995 | 5628002 |
| RCKT Mortgage Trust, 2.50%, 06/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD8,216 | 7262576 |
| &nbsp;&nbsp;&nbsp; Residential Mortgage Loan Trust, 3.26%, <br> 09/25/59<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,179 | 3128488 |
| &nbsp;&nbsp;&nbsp; Sapphire XXXII Trust, 4.89%, 06/14/66, <br> (1-month BB Swap + 1.100%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; AUD5,000 | 3216656 |
| &nbsp;&nbsp;&nbsp; SCG Commercial Mortgage Trust, 5.84%, <br> 03/15/35, (1-mo. CME Term SOFR + <br> 1.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD811 | 806447 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,522 | 6059095 |
| &nbsp;&nbsp;&nbsp; 4.45%, 11/25/63<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,820 | 2807640 |
| Stratton Mortgage Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/28/50, (1-day SONIA + <br> 0.900%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP958 | 1266389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 06/25/49, (1-day SONIA + <br> 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP353 | 466357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74%, 06/25/49, (1-day SONIA + <br> 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 131973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74%, 06/28/50, (1-day SONIA + <br> 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP181 | 238655 |
| Taurus U.K. DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74%, 02/18/35, (1-day SONIA + <br> 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP773 | 1024699 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.24%, 02/18/35, (1-day SONIA + <br> 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP247 | $325604 |
| &nbsp;&nbsp;&nbsp; TEXAS Commercial Mortgage Trust, 5.64%, <br> 04/15/42, (1-mo. CME Term SOFR + <br> 1.293%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,799 | 2799000 |
| Thunder Logistics DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 11/17/36, (3-mo. EURIBOR + <br> 1.500%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR803 | 913960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 11/17/36, (3-mo. EURIBOR + <br> 2.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR72 | 81806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 11/17/36, (3-mo. EURIBOR + <br> 2.550%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR72 | 81886 |
| &nbsp;&nbsp;&nbsp; Together Asset Backed Securitisation PLC, <br> 5.42%, 01/15/57, (5-year UK Government <br> Bond + 5.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP2,300 | 3038686 |
| Together Asset-Backed Securitisation PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/12/56, (1-day SONIA + <br> 0.930%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP702 | 930153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 08/15/64, (1-day SONIA + <br> 0.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP1,028 | 1365220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 09/12/56, (1-day SONIA + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP344 | 455264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 09/12/56, (1-day SONIA + <br> 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 01/15/57, (1-day SONIA + <br> 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP104 | 137457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92%, 08/20/55, (1-day SONIA + <br> 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP114 | 152098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17%, 09/12/56, (1-day SONIA + <br> 1.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.72%, 08/20/55, (1-day SONIA + <br> 2.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 133201 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 06/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD440 | 428838 |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,532 | 1506692 |
| Trinity Square PLC, 5.12%, 07/15/59<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP1,386 | 1834111 |
| TYSN Mortgage Trust, 6.58%, 12/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,610 | 1692145 |
| U.K. Logistics DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/17/34, (1-day SONIA + <br> 1.650%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP360 | 476395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.32%, 05/17/35, (1-day SONIA + <br> 4.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP824 | 1091912 |
| &nbsp;&nbsp;&nbsp; UK Logistics DAC, 5.94%, 02/17/35, (1-day <br> SONIA + 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP155 | 207210 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.62%, 05/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD5,579 | 5601593 |
| &nbsp;&nbsp;&nbsp; 6.19%, 03/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,227 | 1226398 |
| &nbsp;&nbsp;&nbsp; 6.79%, 10/25/67<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1,591 | 1588686 |
| &nbsp;&nbsp;&nbsp; Vita Scientia DAC, 3.35%, 02/27/33, (3-mo. <br> EURIBOR + 1.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR9,031 | 10288634 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/15/38<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,579 | 2577816 |
| &nbsp;&nbsp;&nbsp; 5.92%, 11/15/57<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD670 | 699604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS2, Class A5, 3.77%, <br> 07/15/58<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD58 | 57184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C33, Class A4, 3.43%, <br> 03/15/59<br>| &nbsp;&nbsp;&nbsp; USD2,950 | 2924702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-SMP, Class A, 5.26%, <br> 12/15/34, (1-mo. CME Term SOFR + <br> 0.921%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD17,280 | 16079769 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C48, Class A5, 4.30%, <br> 01/15/52<br>| &nbsp;&nbsp;&nbsp; USD5,372 | $5308496 |
| WEST Trust, 5.28%, 04/10/35<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,699 | 2735526 |
| &nbsp;&nbsp;&nbsp; WHARF Commercial Mortgage Trust, 5.54%, <br> 07/15/40<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD405 | 410658 |
| Winchester 1 PLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.11%, 10/21/56<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP759 | 1007160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 10/21/56, (1-day SONIA + <br> 1.200%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP331 | 439395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 10/21/56, (1-day SONIA + <br> 1.550%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 10/21/56, (1-day SONIA + <br> 2.000%)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132608 |
|  |  | 564864951 |
| **Total Collateralized Mortgage Obligations — 16.5%** <br>**(Cost: $564,197,880)** | **Total Collateralized Mortgage Obligations — 16.5%** <br>**(Cost: $564,197,880)** | 568684439 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Clear Channel Outdoor Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99864 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD434 | 433401 |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/01/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,462 | 1505578 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD496 | 519680 |
| Neptune Bidco U.S. Inc., 9.29%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD66 | 63873 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media <br> Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD732 | 696901 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 25631 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD157 | 155420 |
|  |  | 3500348 |
| **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD39 | 40016 |
| Boeing Co. (The), 6.30%, 05/01/29 | &nbsp;&nbsp;&nbsp; USD4,150 | 4381457 |
| Bombardier Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD172 | 173144 |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD23 | 24017 |
| &nbsp;&nbsp;&nbsp; 8.75%, 11/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,021 | 1098723 |
| Efesto Bidco Spa/U.S. LLC, 7.50%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD604 | 616081 |
| Goat Holdco LLC, 6.75%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD173 | 174395 |
| L3Harris Technologies Inc., 4.40%, 06/15/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD152 | 151879 |
| RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/04/27 | &nbsp;&nbsp;&nbsp; USD7,780 | 7608147 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/27 | &nbsp;&nbsp;&nbsp; USD523 | 515833 |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/16/28 | &nbsp;&nbsp;&nbsp; USD947 | 940320 |
| Spirit AeroSystems Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 11/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD85 | 89814 |
| &nbsp;&nbsp;&nbsp; 9.75%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD322 | 354137 |
| TransDigm Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,445 | 1478887 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD604 | 621074 |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD721 | 735681 |
|  |  | 19003605 |
| **Agriculture — 1.2%** | **Agriculture — 1.2%** | **Agriculture — 1.2%** |
| Altria Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 09/16/26 | &nbsp;&nbsp;&nbsp; USD538 | 526672 |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/14/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,471 | 4504863 |
| &nbsp;&nbsp;&nbsp; 6.20%, 11/01/28 | &nbsp;&nbsp;&nbsp; USD2,475 | 2594753 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.56%, 08/15/27 | &nbsp;&nbsp;&nbsp; USD13,226 | $12980493 |
| &nbsp;&nbsp;&nbsp; 4.70%, 04/02/27 | &nbsp;&nbsp;&nbsp; USD934 | 935804 |
| &nbsp;&nbsp;&nbsp; 6.34%, 08/02/30 | &nbsp;&nbsp;&nbsp; USD884 | 947689 |
| BAT International Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp; 1.67%, 03/25/26 | &nbsp;&nbsp;&nbsp; USD1,878 | 1841422 |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/16/28 | &nbsp;&nbsp;&nbsp; USD592 | 590081 |
| &nbsp;&nbsp;&nbsp; 5.93%, 02/02/29 | &nbsp;&nbsp;&nbsp; USD4,314 | 4506805 |
| Japan Tobacco Inc., 4.85%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,248 | 4287258 |
| Philip Morris International Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/30/30 | &nbsp;&nbsp;&nbsp; USD4,285 | 4255195 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,036 | 4085993 |
|  |  | 42057028 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| Air Canada, 3.88%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD141 | 139487 |
| American Airlines Inc., 8.50%, 05/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD64 | 66888 |
| &nbsp;&nbsp;&nbsp; American Airlines Inc./AAdvantage Loyalty IP <br> Ltd., 5.75%, 04/20/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD10 | 9997 |
| AS Mileage Plan IP Ltd., 5.02%, 10/20/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,511 | 4472705 |
| United Airlines Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD43 | 42744 |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD277 | 270495 |
|  |  | 5002316 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| &nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, 5.25%, <br> 07/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; EUR125 | 145142 |
| Crocs Inc., 4.25%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD48 | 45661 |
| Levi Strauss & Co., 4.00%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 116066 |
| Under Armour Inc., 7.25%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD59 | 60196 |
| William Carter Co. (The), 5.63%, 03/15/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD36 | 35699 |
|  |  | 402764 |
| **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/28/27 | &nbsp;&nbsp;&nbsp; USD908 | 900637 |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/05/27 | &nbsp;&nbsp;&nbsp; USD4,489 | 4514248 |
| &nbsp;&nbsp;&nbsp; 6.95%, 06/10/26 | &nbsp;&nbsp;&nbsp; USD4,247 | 4295035 |
| General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/06/26<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,273 | 2254029 |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/07/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD554 | 571171 |
| Stellantis NV, 3.38%, 11/19/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR2,000 | 2305543 |
| Wabash National Corp., 4.50%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD76 | 68025 |
|  |  | 14908688 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Aptiv PLC/Aptiv Global Financing DAC, 4.65%, <br> 09/13/29<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,720 | 3698172 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP / Clarios U.S. Finance Co., <br> 4.75%, 06/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 115387 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD145 | 148252 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD318 | 327868 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The), 6.63%, <br> 07/15/30<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD81 | 82421 |
| Tenneco Inc., 8.00%, 11/17/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD645 | 640192 |
|  |  | 5012292 |
| **Banks — 10.8%** | **Banks — 10.8%** | **Banks — 10.8%** |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 12/20/28, (3-mo. CME Term SOFR + <br> 1.302%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,410 | 3329852 |
| &nbsp;&nbsp;&nbsp; 4.62%, 05/09/29, (1-day SOFR + 1.110%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,800 | 7832833 |
| &nbsp;&nbsp;&nbsp; 4.98%, 01/24/29, (1-day SOFR + 0.830%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,743 | 4801883 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp; 5.16%, 01/24/31, (1-day SOFR + 1.000%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD9,769 | $9994591 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/25/29, (1-day SOFR + 1.630%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD5,787 | 5894889 |
| &nbsp;&nbsp;&nbsp; 5.82%, 09/15/29, (1-day SOFR + 1.570%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,884 | 1957274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.66%, 03/11/27, (1-day SOFR + <br> 0.910%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD16,595 | 16298083 |
| &nbsp;&nbsp;&nbsp; Barclays PLC, 5.67%, 03/12/28, (1-day SOFR <br> +1.490%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 203306 |
| Citibank NA |  |  |
| &nbsp;&nbsp;&nbsp; 4.58%, 05/29/27 | &nbsp;&nbsp;&nbsp; USD527 | 528493 |
| &nbsp;&nbsp;&nbsp; 4.91%, 05/29/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,534 | 3589440 |
| Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.12%, 01/28/27, (1-day SOFR + 0.765%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD94 | 92331 |
| &nbsp;&nbsp;&nbsp; 1.46%, 06/09/27, (1-day SOFR + 0.770%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD9,775 | 9510981 |
| &nbsp;&nbsp;&nbsp; 4.54%, 09/19/30, (1-day SOFR + 1.338%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,755 | 3739762 |
| &nbsp;&nbsp;&nbsp; 4.64%, 05/07/28, (1-day SOFR + 1.143%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD13,650 | 13663868 |
| &nbsp;&nbsp;&nbsp; 4.79%, 03/04/29, (1-day SOFR + 0.870%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,195 | 7232839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/07/31, (1-day SOFR + <br> 1.463%)<sup>(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,900 | 7975024 |
| &nbsp;&nbsp;&nbsp; 5.17%, 02/13/30, (1-day SOFR + 1.364%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,013 | 4086023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 09/29/26, (1-day SOFR + <br> 1.546%)<sup>(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,085 | 7093636 |
| Deutsche Bank AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/04/31, (3-mo. CME Term SOFR + <br> 1.460%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,585 | 1587624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ., 5.37%, 01/10/29, (1-day SOFR + <br> 1.210%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,787 | 2833422 |
| Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 1.43%, 03/09/27, (1-day SOFR + 0.798%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,640 | 4549519 |
| &nbsp;&nbsp;&nbsp; 1.54%, 09/10/27, (1-day SOFR + 0.818%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,395 | 4247287 |
| &nbsp;&nbsp;&nbsp; 1.95%, 10/21/27, (1-day SOFR + 0.913%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD9,318 | 9023459 |
| &nbsp;&nbsp;&nbsp; 2.64%, 02/24/28, (1-day SOFR + 1.114%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,334 | 7118178 |
| &nbsp;&nbsp;&nbsp; 4.48%, 08/23/28, (1-day SOFR + 1.725%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD5,564 | 5563648 |
| &nbsp;&nbsp;&nbsp; 4.94%, 04/23/28, (1-day SOFR + 1.319%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD8,650 | 8702076 |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/23/30, (1-day SOFR + 1.210%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD5,573 | 5662667 |
| &nbsp;&nbsp;&nbsp; 5.21%, 01/28/31, (1-day SOFR + 1.078%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,441 | 3513899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22%, 04/23/31, (1-day SOFR + <br> 1.580%)<sup>(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD11,070 | 11319441 |
| &nbsp;&nbsp;&nbsp; 5.73%, 04/25/30, (1-day SOFR +1.265%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,670 | 3810600 |
| &nbsp;&nbsp;&nbsp; 6.48%, 10/24/29, (1-day SOFR + 1.770%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD11,510 | 12168392 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 1.05%, 11/19/26, (1-day SOFR + 0.800%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,868 | 4814637 |
| &nbsp;&nbsp;&nbsp; 1.47%, 09/22/27, (1-day SOFR + 0.765%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,385 | 1337687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 10/15/30, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,306 | 3079595 |
| &nbsp;&nbsp;&nbsp; 4.85%, 07/25/28, (1-day SOFR + 1.990%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,868 | 3899137 |
| &nbsp;&nbsp;&nbsp; 4.92%, 01/24/29, (1-day SOFR + 0.800%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD20,667 | 20891796 |
| &nbsp;&nbsp;&nbsp; 4.98%, 07/22/28, (1-day SOFR + 0.930%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD10,255 | 10353723 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/22/30, (1-day SOFR +1.125%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,338 | 2377681 |
| &nbsp;&nbsp;&nbsp; 5.01%, 01/23/30, (1-day SOFR + 1.310%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,500 | 1525290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 04/22/31, (1-day SOFR + <br> 1.435%)<sup>(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD17,461 | 17856929 |
| &nbsp;&nbsp;&nbsp; 5.14%, 01/24/31, (1-day SOFR + 1.010%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD5,318 | 5434842 |
| &nbsp;&nbsp;&nbsp; 5.57%, 04/22/28, (1-day SOFR + 0.930%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,430 | 4508408 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp; 1.59%, 05/04/27, (1-day SOFR + 0.879%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD7,433 | 7265307 |
| &nbsp;&nbsp;&nbsp; 3.62%, 04/01/31, (1-day SOFR + 3.120%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,420 | 2317980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/18/30, (1-day SOFR + <br> 1.100%)<sup>(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,342 | 3348678 |
| &nbsp;&nbsp;&nbsp; 5.04%, 07/19/30, (1-day SOFR + 1.215%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD9,313 | 9473546 |
| &nbsp;&nbsp;&nbsp; 5.17%, 01/16/30, (1-day SOFR + 1.450%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,510 | 1540355 |
| &nbsp;&nbsp;&nbsp; 5.23%, 01/15/31, (1-day SOFR + 1.108%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD5,986 | 6131870 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp; 5.45%, 07/20/29, (1-day SOFR + 1.630%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD6,415 | $6584679 |
| &nbsp;&nbsp;&nbsp; 6.30%, 10/18/28, (1-day SOFR + 2.240%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,527 | 3661210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ., 4.99%, 04/12/29, (1-day SOFR + <br> 1.380%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD8,620 | 8726295 |
| Morgan Stanley Bank NA |  |  |
| &nbsp;&nbsp;&nbsp; 4.97%, 07/14/28, (1-day SOFR + 0.930%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD8,370 | 8453011 |
| &nbsp;&nbsp;&nbsp; 5.02%, 01/12/29, (1-day SOFR + 0.906%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD5,284 | 5349374 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/26/28, (1-day SOFR + 0.865%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD3,717 | 3783586 |
| &nbsp;&nbsp;&nbsp; PNC Bank N.A., 4.54%, 05/13/27, (1-day SOFR <br> + 0.590%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD8,985 | 8973968 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., 5.44%, 01/24/30, (1-day <br> SOFR + 1.620%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,270 | 1305723 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp; 2.22%, 01/27/28, (1-day SOFR + 0.730%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD173 | 167171 |
| &nbsp;&nbsp;&nbsp; 6.79%, 10/26/27, (1-day SOFR + 1.880%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD182 | 186779 |
| &nbsp;&nbsp;&nbsp; UBS Group AG, 1.49%, 08/10/27, (1-year CMT <br> + 0.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD233 | 225643 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 05/22/28, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,273 | 3218384 |
| &nbsp;&nbsp;&nbsp; 4.54%, 08/15/26, (1-day SOFR + 1.560%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD406 | 405908 |
| &nbsp;&nbsp;&nbsp; 4.81%, 07/25/28, (1-day SOFR + 1.980%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD840 | 844607 |
| &nbsp;&nbsp;&nbsp; 4.97%, 04/23/29, (1-day SOFR + 1.370%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,715 | 4770324 |
| &nbsp;&nbsp;&nbsp; 5.15%, 04/23/31, (1-day SOFR + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD8,572 | 8747187 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/23/30, (1-day SOFR + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD2,484 | 2536907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57%, 07/25/29, (1-day SOFR + <br> 1.740%)<sup>(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,738 | 2819280 |
| &nbsp;&nbsp;&nbsp; 5.71%, 04/22/28, (1-day SOFR +1.070%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD4,083 | 4162626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W, 4.90%, 01/24/28, (1-day SOFR + <br> 0.780%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,031 | 4052019 |
|  |  | 373057462 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Amgen Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 08/15/28 | &nbsp;&nbsp;&nbsp; USD1,870 | 1726070 |
| &nbsp;&nbsp;&nbsp; 4.05%, 08/18/29 | &nbsp;&nbsp;&nbsp; USD2,630 | 2592074 |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/02/28 | &nbsp;&nbsp;&nbsp; USD159 | 161915 |
|  |  | 4480059 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| EMRLD Borrower LP/Emerald Co-Issuer Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,455 | 1483531 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD301 | 309991 |
| &nbsp;&nbsp;&nbsp; New Enterprise Stone & Lime Co. Inc., 5.25%, <br> 07/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD43 | 42692 |
| Quikrete Holdings Inc., 6.38%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD741 | 759966 |
| Smyrna Ready Mix Concrete LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD21 | 20931 |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD124 | 130496 |
| Standard Industries Inc./New York |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD436 | 412778 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD631 | 622329 |
|  |  | 3782714 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC, 3.38%, <br> 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD153 | 143425 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC/Axalta Coating <br> Systems Dutch Holding B BV, 4.75%, <br> 06/15/27<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD387 | 383588 |
| &nbsp;&nbsp;&nbsp; Celanese U.S. Holdings LLC, 6.50%, <br> 04/15/30<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD39 | 39439 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Chemours Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/15/27 | &nbsp;&nbsp;&nbsp; USD349 | $341894 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD43 | 39492 |
| Element Solutions Inc., 3.88%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD854 | 822700 |
| Herens Holdco SARL, 4.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 174360 |
| &nbsp;&nbsp;&nbsp; Inversion Escrow Issuer LLC, 6.75%, <br> 08/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD294 | 290520 |
| Olympus Water U.S. Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD272 | 277780 |
| &nbsp;&nbsp;&nbsp; 9.75%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,053 | 1103886 |
| &nbsp;&nbsp;&nbsp; SK Invictus Intermediate II SARL, 5.00%, <br> 10/30/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD99 | 96240 |
| WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD551 | 547894 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD507 | 521854 |
|  |  | 4783072 |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 SARL / Aggreko <br> Holdings Inc., 7.00%, 05/21/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD204 | 209974 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 7.88%, <br> 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,042 | 1092680 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal <br> Finance Corp., 6.88%, 06/15/30<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD323 | 330676 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 SARL, 4.63%, <br> 06/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,001 | 972193 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 403754 |
| Block Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 06/01/26 | &nbsp;&nbsp;&nbsp; USD183 | 179459 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/32 | &nbsp;&nbsp;&nbsp; USD100 | 102619 |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, 7.50%, <br> 01/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD706 | 746462 |
| Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD943 | 901396 |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD130 | 121750 |
| Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD138 | 136773 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD919 | 946416 |
| Global Payments Inc., 4.80%, 04/01/26 | &nbsp;&nbsp;&nbsp; USD935 | 934941 |
| Herc Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD98 | 97605 |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD394 | 403374 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD167 | 172600 |
| Korn Ferry, 4.63%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD76 | 74743 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime <br> Finance Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/31/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD102 | 98333 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD286 | 285979 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD318 | 324923 |
| &nbsp;&nbsp;&nbsp; Service Corp. International/U.S., 4.00%, <br> 05/15/31<br>| &nbsp;&nbsp;&nbsp; USD302 | 280147 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC / Shift4 Payments <br> Finance Sub Inc., 5.50%, 05/15/33<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; EUR115 | 136854 |
| Sotheby's, 7.38%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD461 | 451709 |
| Wand NewCo 3 Inc., 7.63%, 01/30/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD313 | 328641 |
| Williams Scotsman Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD107 | 109655 |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD146 | 150541 |
|  |  | 9994197 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
| CA Magnum Holdings, 5.38%, 10/31/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | $198425 |
| &nbsp;&nbsp;&nbsp; Fortress Intermediate 3 Inc., 7.50%, <br> 06/01/31<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD577 | 605552 |
| Seagate Data Storage Technology Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD107 | 108092 |
| &nbsp;&nbsp;&nbsp; 8.25%, 12/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD83 | 88468 |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD171 | 180597 |
|  |  | 1181134 |
| **Cosmetics & Personal Care — 0.0%** | **Cosmetics & Personal Care — 0.0%** | **Cosmetics & Personal Care — 0.0%** |
| Opal Bidco SAS, 6.50%, 03/31/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 202007 |
| **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** |
| &nbsp;&nbsp;&nbsp; American Builders & Contractors Supply Co. <br> Inc., 3.88%, 11/15/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD38 | 35814 |
| Gates Corp./DE, 6.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD92 | 94675 |
|  |  | 130489 |
| **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Ally Financial Inc., 5.74%, 05/15/29, (1-day <br> SOFR Index + 1.960%)<sup>(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,555 | 1583686 |
| Azorra Finance Ltd., 7.25%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD49 | 50011 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., 1.88%, 11/02/27, <br> (1-day SOFR + 0.855%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,141 | 4001271 |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, 6.75%, <br> 09/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD91 | 92994 |
| Freedom Mortgage Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD112 | 114551 |
| &nbsp;&nbsp;&nbsp; 9.13%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD187 | 194389 |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD17 | 17719 |
| GGAM Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD186 | 186697 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD330 | 339970 |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD23 | 23684 |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 28561 |
| &nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd., 8.75%, <br> 09/01/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD92 | 94760 |
| &nbsp;&nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer Corp., <br> 5.00%, 08/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 192869 |
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, 6.50%, <br> 05/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2,209 | 2189955 |
| Nationstar Mortgage Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/26<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD483 | 481620 |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD178 | 177662 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD75 | 75078 |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD294 | 300706 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD183 | 191097 |
| Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 06/15/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD162 | 168678 |
| &nbsp;&nbsp;&nbsp; 9.38%, 07/25/30 | &nbsp;&nbsp;&nbsp; USD274 | 299430 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/15/27 | &nbsp;&nbsp;&nbsp; USD58 | 56594 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/30 | &nbsp;&nbsp;&nbsp; USD27 | 24743 |
| &nbsp;&nbsp;&nbsp; 6.13%, 05/15/30 | &nbsp;&nbsp;&nbsp; USD144 | 144242 |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 | &nbsp;&nbsp;&nbsp; USD50 | 51199 |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/29 | &nbsp;&nbsp;&nbsp; USD357 | 364600 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/32 | &nbsp;&nbsp;&nbsp; USD158 | 160321 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/15/31 | &nbsp;&nbsp;&nbsp; USD118 | 122976 |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/15/30 | &nbsp;&nbsp;&nbsp; USD262 | 275797 |
| &nbsp;&nbsp;&nbsp; 9.00%, 01/15/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD61 | 64008 |
| Osaic Holdings Inc., 6.75%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD63 | 63760 |
| PennyMac Financial Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD152 | 154864 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD224 | $230899 |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD43 | 45381 |
| &nbsp;&nbsp;&nbsp; Phoenix Aviation Capital Ltd., 9.25%, <br> 07/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD210 | 220039 |
| Rocket Companies Inc., 6.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD417 | 422818 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc., 2.88%, 10/15/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2 | 1950 |
| Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp; 5.02%, 07/29/29, (1-day SOFR + 2.070%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,600 | 1599065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/06/31, (1-day SOFR + <br> 1.680%)<sup>(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD5,737 | 5776908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 08/02/30, (1-day SOFR Index + <br> 2.130%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD782 | 803726 |
| &nbsp;&nbsp;&nbsp; TER Finance Jersey Ltd., Series 22, 0.00%, <br> 10/02/25<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,420 | 4320550 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD190 | 190084 |
|  |  | 25899912 |
| **Electric — 2.5%** | **Electric — 2.5%** | **Electric — 2.5%** |
| Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3 | 2967 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD98 | 97526 |
| &nbsp;&nbsp;&nbsp; Clearway Energy Operating LLC, 4.75%, <br> 03/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD82 | 80624 |
| Consumers Energy Co., 4.50%, 01/15/31 | &nbsp;&nbsp;&nbsp; USD2,250 | 2245773 |
| &nbsp;&nbsp;&nbsp; ContourGlobal Power Holdings SA, 6.75%, <br> 02/28/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 205000 |
| Dominion Energy Inc., 5.00%, 06/15/30 | &nbsp;&nbsp;&nbsp; USD2,420 | 2461102 |
| Duke Energy Carolinas LLC, 4.85%, 03/15/30 | &nbsp;&nbsp;&nbsp; USD3,281 | 3338574 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 09/01/26 | &nbsp;&nbsp;&nbsp; USD4,712 | 4616186 |
| &nbsp;&nbsp;&nbsp; 3.40%, 06/15/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD990 | 950863 |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/15/28 | &nbsp;&nbsp;&nbsp; USD981 | 979300 |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/05/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,890 | 3935267 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/08/25 | &nbsp;&nbsp;&nbsp; USD738 | 738974 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 08/15/25 | &nbsp;&nbsp;&nbsp; USD620 | 619905 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD98 | 97328 |
| Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/26 | &nbsp;&nbsp;&nbsp; USD1,456 | 1456264 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,536 | 2553863 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/01/28 | &nbsp;&nbsp;&nbsp; USD1,898 | 1940352 |
| &nbsp;&nbsp;&nbsp; 5.95%, 02/01/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,068 | 1112689 |
| &nbsp;&nbsp;&nbsp; Series O, 4.25%, 04/01/29 | &nbsp;&nbsp;&nbsp; USD238 | 235014 |
| Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/28 | &nbsp;&nbsp;&nbsp; USD2,608 | 2651589 |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/29 | &nbsp;&nbsp;&nbsp; USD1,666 | 1703878 |
| FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 03/01/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,133 | 3790893 |
| &nbsp;&nbsp;&nbsp; Series B, 3.90%, 07/15/27 | &nbsp;&nbsp;&nbsp; USD3,936 | 3887156 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC, 4.55%, <br> 01/15/30<br>| &nbsp;&nbsp;&nbsp; USD1,307 | 1304559 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/15/28 | &nbsp;&nbsp;&nbsp; USD86 | 86333 |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/01/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD140 | 142817 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance <br> Corp., 4.75%, 02/07/28<br>| &nbsp;&nbsp;&nbsp; USD818 | 824941 |
| NextEra Energy Capital Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 05/01/27 | &nbsp;&nbsp;&nbsp; USD1,095 | 1077928 |
| &nbsp;&nbsp;&nbsp; 4.69%, 09/01/27 | &nbsp;&nbsp;&nbsp; USD4,665 | 4687894 |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/04/28 | &nbsp;&nbsp;&nbsp; USD1,301 | 1314689 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/29 | &nbsp;&nbsp;&nbsp; USD710 | 719905 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| NRG Energy Inc., 2.45%, 12/02/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,993 | $1888448 |
| Ohio Edison Co., 4.95%, 12/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,960 | 1982218 |
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, 4.65%, <br> 11/01/29<br>| &nbsp;&nbsp;&nbsp; USD3,815 | 3849108 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 12/01/27 | &nbsp;&nbsp;&nbsp; USD100 | 96582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/04/25, (1-day SOFR Index + <br> 0.950%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD7,217 | 7218379 |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/15/29 | &nbsp;&nbsp;&nbsp; USD10,209 | 10405748 |
| &nbsp;&nbsp;&nbsp; Pattern Energy Operations LP/Pattern Energy <br> Operations Inc., 4.50%, 08/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD95 | 92101 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group Inc., 4.90%, <br> 03/15/30<br>| &nbsp;&nbsp;&nbsp; USD2,175 | 2203638 |
| Sempra, 3.70%, 04/01/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD52 | 50438 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., 5.30%, <br> 03/01/28<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,022 | 1033054 |
| Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 07/01/26<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD596 | 589471 |
| &nbsp;&nbsp;&nbsp; 4.85%, 06/15/28 | &nbsp;&nbsp;&nbsp; USD458 | 463814 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/29 | &nbsp;&nbsp;&nbsp; USD4,035 | 4180554 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 12/30/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,150 | 1151992 |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD78 | 77910 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP, <br> 8.38%, 01/15/31<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD320 | 335648 |
|  |  | 85479256 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| WESCO Distribution Inc., 6.38%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD32 | 32822 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| Honeywell International Inc., 4.70%, 02/01/30 | &nbsp;&nbsp;&nbsp; USD2,669 | 2700055 |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD101 | 97993 |
| Sensata Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD214 | 195252 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD871 | 833463 |
| Tyco Electronics Group SA, 4.50%, 02/09/31 | &nbsp;&nbsp;&nbsp; USD1,960 | 1955626 |
|  |  | 5782389 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Arcosa Inc., 4.38%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD95 | 91641 |
| &nbsp;&nbsp;&nbsp; Brand Industrial Services Inc., 10.38%, <br> 08/01/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,186 | 1076476 |
| Dycom Industries Inc., 4.50%, 04/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 26171 |
|  |  | 1194288 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Boyne USA Inc., 4.75%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD153 | 148266 |
| Caesars Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD294 | 299826 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD891 | 919095 |
| Churchill Downs Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD171 | 168654 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD110 | 109854 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD814 | 811990 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD274 | 279761 |
| Flutter Treasury DAC, 5.88%, 06/04/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 201319 |
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp./Raptor LLC, <br> 8.75%, 11/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD123 | 120430 |
| Live Nation Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD118 | 114688 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD72 | 70887 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD114 | 115301 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| &nbsp;&nbsp;&nbsp; Merlin Entertainments Group U.S. Holdings <br> Inc., 7.38%, 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | $174602 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 8.25%, <br> 04/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD59 | 61167 |
| &nbsp;&nbsp;&nbsp; Scientific Games Holdings LP/Scientific Games <br> U.S. FinCo Inc., 6.63%, 03/01/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD27 | 26010 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./DE, 5.50%, <br> 04/15/27<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD98 | 97742 |
| Vail Resorts Inc., 5.63%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD88 | 88484 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD149 | 157619 |
| Warnermedia Holdings Inc., 3.76%, 03/15/27 | &nbsp;&nbsp;&nbsp; USD1,077 | 1056009 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD150 | 148843 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD373 | 396726 |
|  |  | 5567273 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| Clean Harbors Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD45 | 44631 |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 26554 |
| GFL Environmental Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD178 | 172517 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD441 | 457025 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD141 | 145676 |
|  |  | 846403 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| &nbsp;&nbsp;&nbsp; Chobani LLC/Chobani Finance Corp. Inc., <br> 4.63%, 11/15/28<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD603 | 591319 |
| Darling Global Finance BV, 4.50%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 115859 |
| Fiesta Purchaser Inc., 7.88%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD10 | 10566 |
| Lamb Weston Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/31/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD663 | 630724 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD61 | 60353 |
| Performance Food Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 25959 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD90 | 89862 |
| Post Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD503 | 464930 |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD61 | 58267 |
| &nbsp;&nbsp;&nbsp; Simmons Foods Inc./Simmons Prepared <br> Foods Inc./Simmons Pet Food Inc./Simmons <br> Feed, 4.63%, 03/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD38 | 35960 |
| U.S. Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 26442 |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD30 | 30896 |
|  |  | 2141137 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Aramark Services Inc., 5.00%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD272 | 269318 |
| **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance <br> Corp., 9.50%, 06/01/30<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD60 | 62993 |
| NiSource Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/01/29 | &nbsp;&nbsp;&nbsp; USD88 | 90047 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/30/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD89 | 90800 |
|  |  | 243840 |
| **Health Care - Products — 0.1%** | **Health Care - Products — 0.1%** | **Health Care - Products — 0.1%** |
| Avantor Funding Inc., 4.63%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD680 | 664763 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD940 | 980044 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD265 | $252724 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD909 | 891240 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP/Medline Co-Issuer Inc., <br> 6.25%, 04/01/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD320 | 326286 |
| Teleflex Inc., 4.25%, 06/01/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD108 | 104591 |
|  |  | 3219648 |
| **Health Care - Services — 1.3%** | **Health Care - Services — 1.3%** | **Health Care - Services — 1.3%** |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International Inc., <br> 4.25%, 05/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD40 | 38774 |
| CHS/Community Health Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD93 | 77817 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD189 | 165332 |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,167 | 1168837 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD67 | 63685 |
| Elevance Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 12/01/27 | &nbsp;&nbsp;&nbsp; USD23 | 22632 |
| &nbsp;&nbsp;&nbsp; 4.10%, 03/01/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD206 | 204403 |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/15/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,326 | 2373691 |
| Encompass Health Corp., 4.50%, 02/01/28 | &nbsp;&nbsp;&nbsp; USD156 | 153384 |
| Fortrea Holdings Inc., 7.50%, 07/01/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD19 | 17372 |
| HCA Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 03/15/27 | &nbsp;&nbsp;&nbsp; USD352 | 344120 |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 | &nbsp;&nbsp;&nbsp; USD8,584 | 8413964 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/27 | &nbsp;&nbsp;&nbsp; USD1,700 | 1696219 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD9,320 | 9422006 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/26 | &nbsp;&nbsp;&nbsp; USD1,121 | 1122490 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/30 | &nbsp;&nbsp;&nbsp; USD2,664 | 2721307 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/01/28 | &nbsp;&nbsp;&nbsp; USD3,981 | 4084761 |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/26 | &nbsp;&nbsp;&nbsp; USD10,095 | 10102563 |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 | &nbsp;&nbsp;&nbsp; USD217 | 224461 |
| HealthEquity Inc., 4.50%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD321 | 309011 |
| Humana Inc., 3.95%, 03/15/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD133 | 132003 |
| IQVIA Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 198850 |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD385 | 394800 |
| LifePoint Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD313 | 332999 |
| &nbsp;&nbsp;&nbsp; 9.88%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD438 | 472070 |
| &nbsp;&nbsp;&nbsp; 11.00%, 10/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD525 | 577025 |
| Star Parent Inc., 9.00%, 10/01/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD649 | 682488 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 | &nbsp;&nbsp;&nbsp; USD142 | 139585 |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD110 | 110993 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/31<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD536 | 551517 |
| &nbsp;&nbsp;&nbsp; U.S. Acute Care Solutions LLC, 9.75%, <br> 05/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD91 | 92977 |
|  |  | 46412136 |
| **Holding Companies - Diversified — 0.0%** | **Holding Companies - Diversified — 0.0%** | **Holding Companies - Diversified — 0.0%** |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 06/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD13 | 12752 |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/15/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD7 | 7250 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP/Icahn Enterprises <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/01/29 | &nbsp;&nbsp;&nbsp; USD21 | 18008 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD921 | 897287 |
| &nbsp;&nbsp;&nbsp; 9.75%, 01/15/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD51 | 51510 |
| &nbsp;&nbsp;&nbsp; 10.00%, 11/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD119 | 120479 |
|  |  | 1107286 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties Inc./Brookfield <br> Residential U.S. LLC, 5.00%, 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD173 | $161100 |
| Empire Communities Corp., 9.75%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD15 | 15297 |
| &nbsp;&nbsp;&nbsp; K Hovnanian Enterprises Inc., 11.75%, <br> 09/30/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD415 | 449358 |
| LGI Homes Inc., 8.75%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 28318 |
| Mattamy Group Corp., 4.63%, 03/01/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 25903 |
| New Home Co. Inc. (The), 9.25%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD38 | 39393 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD18 | 18688 |
| Tri Pointe Homes Inc., 5.25%, 06/01/27 | &nbsp;&nbsp;&nbsp; USD61 | 60471 |
|  |  | 798528 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| &nbsp;&nbsp;&nbsp; Somnigroup International Inc., 4.00%, <br> 04/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD113 | 107317 |
| Whirlpool Corp., 6.13%, 06/15/30 | &nbsp;&nbsp;&nbsp; USD86 | 85795 |
|  |  | 193112 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| Newell Brands Inc., 8.50%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD98 | 102692 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance Inc., 6.75%, <br> 07/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD58 | 58725 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD827 | 809644 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD191 | 193583 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD992 | 1020046 |
| AmWINS Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD219 | 212712 |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD38 | 38696 |
| Ardonagh Finco Ltd., 7.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,232 | 1284560 |
| &nbsp;&nbsp;&nbsp; Howden U.K. Refinance PLC/Howden U.K. <br> Refinance 2 PLC/Howden U.S. Refinance <br> LLC, 7.25%, 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,268 | 1312993 |
| HUB International Ltd., 7.25%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,186 | 2278765 |
| &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management Inc., <br> 8.50%, 03/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD129 | 136101 |
| &nbsp;&nbsp;&nbsp; Nassau Companies of New York (The), 7.88%, <br> 07/15/30<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD41 | 41391 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,491 | 1541839 |
| Ryan Specialty LLC, 4.38%, 02/01/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 25907 |
|  |  | 8954962 |
| **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** |
| &nbsp;&nbsp;&nbsp; Acuris Finance U.S. Inc./Acuris Finance SARL, <br> 5.00%, 05/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 191919 |
| ANGI Group LLC, 3.88%, 08/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 25154 |
| Gen Digital Inc., 6.75%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD62 | 63019 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD119 | 110982 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD290 | 283334 |
| Netflix Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,277 | 2319687 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/15/28 | &nbsp;&nbsp;&nbsp; USD1,925 | 2018674 |
| Rakuten Group Inc., 9.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,542 | 3878197 |
| Uber Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 01/15/30 | &nbsp;&nbsp;&nbsp; USD2,749 | 2725160 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD9,919 | 9812843 |
|  |  | 21428969 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Iron & Steel — 0.0%** | **Iron & Steel — 0.0%** | **Iron & Steel — 0.0%** |
| ATI Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/31 | &nbsp;&nbsp;&nbsp; USD98 | $95132 |
| &nbsp;&nbsp;&nbsp; 5.88%, 12/01/27 | &nbsp;&nbsp;&nbsp; USD268 | 267445 |
| &nbsp;&nbsp;&nbsp; 7.25%, 08/15/30 | &nbsp;&nbsp;&nbsp; USD458 | 480112 |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., <br> 6.63%, 01/31/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD386 | 385950 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp., 6.38%, <br> 07/15/28<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD12 | 12046 |
| Cleveland-Cliffs Inc., 6.88%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD74 | 74035 |
|  |  | 1314720 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Acushnet Co., 7.38%, 10/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 28128 |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD118 | 119177 |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD468 | 471168 |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD187 | 189805 |
| Carnival PLC, 4.13%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR170 | 197162 |
| &nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings Inc., 9.00%, <br> 05/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD2 | 2084 |
| Lindblad Expeditions LLC, 6.75%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD9 | 9006 |
| NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/01/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD109 | 110310 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD501 | 514587 |
| &nbsp;&nbsp;&nbsp; 8.13%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 28365 |
| Sabre GLBL Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD21 | 21334 |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD121 | 124626 |
| &nbsp;&nbsp;&nbsp; 11.13%, 07/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD191 | 201362 |
| Viking Cruises Ltd., 9.13%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD273 | 293725 |
| &nbsp;&nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., 5.63%, <br> 02/15/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD27 | 26821 |
|  |  | 2337660 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Hilton Domestic Operating Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD81 | 82312 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD477 | 486469 |
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., 5.38%, <br> 12/04/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD800 | 762000 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD423 | 413520 |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD67 | 62700 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD46 | 46907 |
| &nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas Capital <br> Corp., 5.25%, 05/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD85 | 84844 |
| Wynn Macau Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD927 | 926073 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/26/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 197820 |
|  |  | 3062645 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| BWX Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/30/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD183 | 177104 |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD46 | 44152 |
| Chart Industries Inc., 7.50%, 01/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD587 | 614901 |
| Esab Corp., 6.25%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD172 | 175742 |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC, 9.00%, 02/15/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD498 | 513904 |
| &nbsp;&nbsp;&nbsp; Mueller Water Products Inc., 4.00%, <br> 06/15/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD36 | 34386 |
| Terex Corp., 5.00%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD36 | 35139 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| &nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco Inc., 5.25%, <br> 07/15/27<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,101 | $1096075 |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD291 | 282996 |
|  |  | 2974399 |
| **Manufacturing — 0.0%** | **Manufacturing — 0.0%** | **Manufacturing — 0.0%** |
| Axon Enterprise Inc., 6.13%, 03/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD21 | 21447 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings <br> Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD39 | 35623 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 25262 |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,205 | 1144983 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD481 | 444618 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD116 | 115050 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD220 | 216080 |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD329 | 332024 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD301 | 309443 |
| &nbsp;&nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 01/15/29 | &nbsp;&nbsp;&nbsp; USD9,120 | 8381460 |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 | &nbsp;&nbsp;&nbsp; USD5,303 | 5243497 |
| &nbsp;&nbsp;&nbsp; 6.10%, 06/01/29 | &nbsp;&nbsp;&nbsp; USD3,815 | 3979647 |
| &nbsp;&nbsp;&nbsp; 6.15%, 11/10/26 | &nbsp;&nbsp;&nbsp; USD10,626 | 10779519 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD365 | 362994 |
| &nbsp;&nbsp;&nbsp; 10.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD399 | 384786 |
| Gray Television Inc., 10.50%, 07/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD209 | 226180 |
| &nbsp;&nbsp;&nbsp; LCPR Senior Secured Financing DAC, 6.75%, <br> 10/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 153500 |
| Sirius XM Radio Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 25698 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD363 | 359051 |
| Univision Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/15/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD690 | 708849 |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/31/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD186 | 188896 |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD161 | 167054 |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance PLC, 5.50%, <br> 05/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD475 | 464336 |
| &nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes IV DAC, <br> 5.00%, 07/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 193958 |
|  |  | 34242508 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Advanced Drainage Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD187 | 185055 |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD201 | 204037 |
|  |  | 389092 |
| **Mining — 0.8%** | **Mining — 0.8%** | **Mining — 0.8%** |
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC, 3.75%, <br> 06/15/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR2,790 | 3286310 |
| Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD124 | 131441 |
| &nbsp;&nbsp;&nbsp; 11.50%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD793 | 881913 |
| Constellium SE |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD655 | 614719 |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD250 | 247069 |
| ERO Copper Corp., 6.50%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD97 | 95181 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., 9.38%, <br> 03/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | $211250 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 09/01/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD441 | 439825 |
| &nbsp;&nbsp;&nbsp; 1.63%, 04/27/26<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD3,448 | 3370606 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/27/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,805 | 1787262 |
| &nbsp;&nbsp;&nbsp; 4.91%, 04/01/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,031 | 4067941 |
| &nbsp;&nbsp;&nbsp; 5.34%, 04/04/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,478 | 1494693 |
| &nbsp;&nbsp;&nbsp; 5.37%, 04/04/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,220 | 3297330 |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/08/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,355 | 1381790 |
| &nbsp;&nbsp;&nbsp; 6.13%, 10/06/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,759 | 2877345 |
| Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD742 | 691978 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD348 | 340168 |
| New Gold Inc., 6.88%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD77 | 79020 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD158 | 151270 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/30/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD594 | 612085 |
|  |  | 26059196 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| Xerox Corp., 10.25%, 10/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD35 | 35986 |
| **Oil & Gas — 1.8%** | **Oil & Gas — 1.8%** | **Oil & Gas — 1.8%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR LP/Aethon United Finance <br> Corp., 7.50%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD89 | 93249 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU <br> Finance Corp., 5.88%, 06/30/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD198 | 197292 |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., 5.00%, <br> 12/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,676 | 1687080 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD182 | 188735 |
| Civitas Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD14 | 14397 |
| &nbsp;&nbsp;&nbsp; 8.75%, 07/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD135 | 136666 |
| Comstock Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD32 | 30208 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD103 | 101836 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,522 | 1495020 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, 7.63%, <br> 04/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD107 | 104561 |
| &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co./Diamond <br> Finance LLC, 8.50%, 10/01/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD5 | 5211 |
| Diamondback Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 | &nbsp;&nbsp;&nbsp; USD4,943 | 4716019 |
| &nbsp;&nbsp;&nbsp; 5.15%, 01/30/30 | &nbsp;&nbsp;&nbsp; USD4,099 | 4173541 |
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC, <br> 8.75%, 05/01/31<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD22 | 24278 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD960 | 946261 |
| &nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 | &nbsp;&nbsp;&nbsp; USD3,090 | 3047070 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,340 | 2311890 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3,350 | 3300191 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/29 | &nbsp;&nbsp;&nbsp; USD2,177 | 2190306 |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,135 | 5286804 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/01/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD4,732 | 5118121 |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD7,930 | 8689931 |
| Expand Energy Corp., 5.38%, 03/15/30 | &nbsp;&nbsp;&nbsp; USD5,052 | 5057334 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD233 | 228872 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD337 | 331386 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD47 | 47181 |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD19 | 18240 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp; Kimmeridge Texas Gas LLC, 8.50%, <br> 02/15/30<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD259 | $266113 |
| Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD121 | 121357 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD47 | 47770 |
| Nabors Industries Inc., 7.38%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD91 | 91842 |
| Northern Oil & Gas Inc., 8.13%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD293 | 295852 |
| Occidental Petroleum Corp., 5.00%, 08/01/27 | &nbsp;&nbsp;&nbsp; USD560 | 564027 |
| &nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance Corp., <br> 7.88%, 09/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD18 | 16417 |
| Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD303 | 303185 |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD64 | 65441 |
| &nbsp;&nbsp;&nbsp; 9.88%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD110 | 119744 |
| Petroleos Mexicanos, 7.50%, 03/20/26 | &nbsp;&nbsp;&nbsp; USD3,200 | 3188000 |
| &nbsp;&nbsp;&nbsp; Sitio Royalties Operating Partnership LP/Sitio <br> Finance Corp., 7.88%, 11/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD62 | 64686 |
| &nbsp;&nbsp;&nbsp; TGNR Intermediate Holdings LLC, 5.50%, <br> 10/15/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD27 | 26301 |
| Transocean Inc., 8.75%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD57 | 58888 |
| &nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd., 8.38%, <br> 02/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD14 | 14836 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD105 | 108453 |
| Viper Energy Partners LLC, 4.90%, 08/01/30 | &nbsp;&nbsp;&nbsp; USD7,415 | 7383709 |
| Vital Energy Inc., 9.75%, 10/15/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 93807 |
| &nbsp;&nbsp;&nbsp; Wildfire Intermediate Holdings LLC, 7.50%, <br> 10/15/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD92 | 91544 |
|  |  | 62463652 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP/Archrock Partners <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD194 | 193989 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD143 | 143078 |
| Enerflex Ltd., 9.00%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD39 | 40161 |
| Kodiak Gas Services LLC, 7.25%, 02/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD239 | 244770 |
| Tidewater Inc., 9.13%, 07/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD88 | 92294 |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA <br> Compression Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/01/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD43 | 42990 |
| &nbsp;&nbsp;&nbsp; 7.13%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD322 | 329165 |
| &nbsp;&nbsp;&nbsp; Weatherford International Ltd., 8.63%, <br> 04/30/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD90 | 92458 |
|  |  | 1178905 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br> Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 364339 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD437 | 437385 |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh <br> Holdings USA Inc., 4.13%, 08/15/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 197500 |
| Clydesdale Acquisition Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,031 | 1043223 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD399 | 408700 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD277 | 283269 |
| LABL Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD171 | 151698 |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/01/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD96 | 79738 |
| &nbsp;&nbsp;&nbsp; 9.50%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD80 | 74651 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., <br> 7.88%, 04/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD4,132 | $4168056 |
| Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD62 | 60195 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 26632 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, <br> 02/01/28<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD29 | 29277 |
|  |  | 7324663 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| 1261229 BC Ltd., 10.00%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,020 | 1038451 |
| AbbVie Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 11/21/29 | &nbsp;&nbsp;&nbsp; USD2,006 | 1912353 |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/15/29 | &nbsp;&nbsp;&nbsp; USD1,276 | 1296233 |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, 6.88%, <br> 08/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD87 | 88303 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings Inc., 8.50%, <br> 04/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD116 | 123404 |
| &nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt <br> Co-Issuer BV, 4.13%, 04/30/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD229 | 216751 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, 3.15%, 10/01/26<br>| &nbsp;&nbsp;&nbsp; USD75 | 73219 |
|  |  | 4748714 |
| **Pipelines — 1.4%** | **Pipelines — 1.4%** | **Pipelines — 1.4%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero <br> Midstream Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD96 | 96040 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 26958 |
| Buckeye Partners LP, 4.50%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD53 | 51736 |
| &nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, 3.70%, <br> 11/15/29<br>| &nbsp;&nbsp;&nbsp; USD4,648 | 4467914 |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 | &nbsp;&nbsp;&nbsp; USD516 | 463851 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 | &nbsp;&nbsp;&nbsp; USD14,001 | 13849076 |
| &nbsp;&nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook Holdco LLC, <br> 5.50%, 06/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 488459 |
| Enbridge Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/05/27 | &nbsp;&nbsp;&nbsp; USD280 | 283225 |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/05/29 | &nbsp;&nbsp;&nbsp; USD465 | 475430 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/15/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,684 | 1673793 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/29 | &nbsp;&nbsp;&nbsp; USD3,457 | 3535180 |
| &nbsp;&nbsp;&nbsp; 6.10%, 12/01/28 | &nbsp;&nbsp;&nbsp; USD5,606 | 5864935 |
| Excelerate Energy LP, 8.00%, 05/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD63 | 65952 |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP/Genesis Energy Finance <br> Corp., 7.75%, 02/01/28<br>| &nbsp;&nbsp;&nbsp; USD9 | 9090 |
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC, <br> 8.88%, 07/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD37 | 38580 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD218 | 207647 |
| Kinetik Holdings LP, 6.63%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 27613 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL Energy <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD371 | 367133 |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD195 | 190749 |
| Prairie Acquiror LP, 9.00%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD31 | 32110 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, 4.95%, <br> 07/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD35 | 34316 |
| Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 | &nbsp;&nbsp;&nbsp; USD2,485 | 2465015 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 | &nbsp;&nbsp;&nbsp; USD10,055 | 10092148 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD65 | $64416 |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD213 | 218543 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., 5.50%, 03/01/30<br>| &nbsp;&nbsp;&nbsp; USD190 | 192799 |
| Venture Global LNG Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD419 | 433396 |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,453 | 1584611 |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD783 | 844813 |
|  |  | 48145528 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC / Realogy <br> Co-Issuer Corp., 9.75%, 04/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD58 | 60401 |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Anywhere <br> Co-Issuer Corp., 7.00%, 04/15/30<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD84 | 80445 |
| CoreLogic Inc., 4.50%, 05/01/28<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD697 | 656923 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, <br> 8.88%, 09/01/31<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD211 | 226141 |
| &nbsp;&nbsp;&nbsp; Howard Hughes Corp. (The), 5.38%, <br> 08/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD55 | 54663 |
|  |  | 1078573 |
| **Real Estate Investment Trusts — 2.3%** | **Real Estate Investment Trusts — 2.3%** | **Real Estate Investment Trusts — 2.3%** |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 01/15/30 | &nbsp;&nbsp;&nbsp; USD3,013 | 2798088 |
| &nbsp;&nbsp;&nbsp; 3.55%, 07/15/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD609 | 598653 |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/15/27 | &nbsp;&nbsp;&nbsp; USD3,679 | 3625117 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/30 | &nbsp;&nbsp;&nbsp; USD7,890 | 7960960 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/31/30 | &nbsp;&nbsp;&nbsp; USD726 | 737158 |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/15/29 | &nbsp;&nbsp;&nbsp; USD1,273 | 1298642 |
| Arbor Realty SR Inc., 7.88%, 07/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD62 | 63314 |
| &nbsp;&nbsp;&nbsp; Brookfield Property REIT Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC, 4.50%, 04/01/27<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD29 | 28169 |
| Crown Castle Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.05%, 07/15/26 | &nbsp;&nbsp;&nbsp; USD1,420 | 1372947 |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/01/27 | &nbsp;&nbsp;&nbsp; USD1,183 | 1161198 |
| Equinix Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 09/15/25 | &nbsp;&nbsp;&nbsp; USD2,518 | 2505581 |
| &nbsp;&nbsp;&nbsp; 1.55%, 03/15/28 | &nbsp;&nbsp;&nbsp; USD892 | 828553 |
| &nbsp;&nbsp;&nbsp; 1.80%, 07/15/27 | &nbsp;&nbsp;&nbsp; USD2,345 | 2228319 |
| &nbsp;&nbsp;&nbsp; 2.15%, 07/15/30 | &nbsp;&nbsp;&nbsp; USD2,095 | 1863511 |
| &nbsp;&nbsp;&nbsp; 3.20%, 11/18/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD7,781 | 7345433 |
| &nbsp;&nbsp;&nbsp; Global Net Lease Inc./Global Net Lease <br> Operating Partnership LP, 3.75%, <br> 12/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD59 | 56233 |
| GLP Capital LP/GLP Financing II Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/30 | &nbsp;&nbsp;&nbsp; USD598 | 571972 |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/15/29 | &nbsp;&nbsp;&nbsp; USD1,191 | 1201948 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/15/26<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD7,653 | 7655227 |
| Iron Mountain Inc., 5.25%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD216 | 212270 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance <br> Corp., 8.50%, 02/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD323 | 335728 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD323 | 314130 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 | &nbsp;&nbsp;&nbsp; USD90 | 89031 |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD222 | 228934 |
| Rithm Capital Corp., 8.00%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD65 | 66172 |
| RLJ Lodging Trust LP, 3.75%, 07/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD65 | 64031 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 02/01/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD132 | $123029 |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/27 | &nbsp;&nbsp;&nbsp; USD48 | 47171 |
| Service Properties Trust, 8.63%, 11/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD967 | 1029795 |
| Starwood Property Trust Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 26539 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD46 | 47315 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD270 | 277915 |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD26 | 27192 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019 <br> Inc./CSL Capital LLC, 10.50%, 02/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,032 | 1090699 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 | &nbsp;&nbsp;&nbsp; USD2,742 | 2752933 |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/01/28 | &nbsp;&nbsp;&nbsp; USD3,481 | 3500688 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/15/30 | &nbsp;&nbsp;&nbsp; USD3,208 | 3221565 |
| VICI Properties LP/VICI Note Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD603 | 583313 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD6,173 | 5897957 |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,465 | 2444646 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,747 | 4722609 |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5,383 | 5275285 |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4,515 | 4563064 |
|  |  | 80843034 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| 1011778 BC ULC/New Red Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD187 | 173258 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD575 | 561883 |
| Advance Auto Parts Inc., 7.00%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD74 | 74377 |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group Inc., 4.75%, <br> 03/01/30<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD36 | 34575 |
| Boots Group Finco LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/31/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR180 | 210295 |
| &nbsp;&nbsp;&nbsp; Series 144\*, 7.38%, 08/31/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; GBP100 | 134541 |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co. Inc., 4.63%, <br> 01/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD435 | 413554 |
| GYP Holdings III Corp., 4.63%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD31 | 31296 |
| LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD244 | 237124 |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD179 | 189260 |
| &nbsp;&nbsp;&nbsp; QXO Building Products Inc., 6.75%, <br> 04/30/32<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD424 | 436624 |
| &nbsp;&nbsp;&nbsp; Raising Cane's Restaurants LLC, 9.38%, <br> 05/01/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD27 | 28488 |
|  |  | 2525275 |
| **Semiconductors — 0.7%** | **Semiconductors — 0.7%** | **Semiconductors — 0.7%** |
| Broadcom Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 02/15/28 | &nbsp;&nbsp;&nbsp; USD1,309 | 1302173 |
| &nbsp;&nbsp;&nbsp; 4.15%, 11/15/30 | &nbsp;&nbsp;&nbsp; USD3,990 | 3907514 |
| &nbsp;&nbsp;&nbsp; 4.60%, 07/15/30 | &nbsp;&nbsp;&nbsp; USD4,990 | 4991912 |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/29 | &nbsp;&nbsp;&nbsp; USD1,387 | 1399399 |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/12/29 | &nbsp;&nbsp;&nbsp; USD7,119 | 7266002 |
| Foundry JV Holdco LLC, 5.90%, 01/25/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,747 | 1822142 |
| Intel Corp., 5.13%, 02/10/30 | &nbsp;&nbsp;&nbsp; USD2,252 | 2285358 |
| &nbsp;&nbsp;&nbsp; NXP BV/NXP Funding LLC/NXP USA Inc., <br> 3.40%, 05/01/30<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD287 | 271424 |
|  |  | 23245924 |
| **Software — 1.4%** | **Software — 1.4%** | **Software — 1.4%** |
| AppLovin Corp., 5.13%, 12/01/29 | &nbsp;&nbsp;&nbsp; USD16,474 | 16673082 |
| Camelot Finance SA, 4.50%, 11/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD46 | 45399 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Capstone Borrower Inc., 8.00%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD521 | $541434 |
| &nbsp;&nbsp;&nbsp; Central Parent Inc./CDK Global Inc., 7.25%, <br> 06/15/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD163 | 133933 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global II LLC/CDK <br> Financing Co. Inc., 8.00%, 06/15/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD25 | 21208 |
| Cloud Software Group Inc., 6.50%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2,947 | 2976131 |
| CoreWeave Inc., 9.25%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD141 | 141712 |
| &nbsp;&nbsp;&nbsp; Dun & Bradstreet Corp. (The), 5.00%, <br> 12/15/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD101 | 103312 |
| Ellucian Holdings Inc., 6.50%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD341 | 345438 |
| Fair Isaac Corp., 4.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD62 | 59880 |
| Fidelity National Information Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.15%, 03/01/26 | &nbsp;&nbsp;&nbsp; USD4,988 | 4891623 |
| &nbsp;&nbsp;&nbsp; 1.65%, 03/01/28 | &nbsp;&nbsp;&nbsp; USD599 | 558420 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 03/25/26 | &nbsp;&nbsp;&nbsp; USD2,242 | 2198042 |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/25/28 | &nbsp;&nbsp;&nbsp; USD2,334 | 2210071 |
| &nbsp;&nbsp;&nbsp; 2.80%, 04/01/27 | &nbsp;&nbsp;&nbsp; USD1,725 | 1677832 |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/01/30 | &nbsp;&nbsp;&nbsp; USD600 | 558258 |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/27 | &nbsp;&nbsp;&nbsp; USD479 | 466048 |
| &nbsp;&nbsp;&nbsp; 4.20%, 09/27/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD2,721 | 2688705 |
| Paychex Inc., 5.10%, 04/15/30 | &nbsp;&nbsp;&nbsp; USD3,962 | 4047894 |
| SS&C Technologies Inc., 5.50%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD677 | 677147 |
| Synopsys Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 04/01/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,536 | 1547815 |
| &nbsp;&nbsp;&nbsp; 4.85%, 04/01/30 | &nbsp;&nbsp;&nbsp; USD2,057 | 2080216 |
| Twilio Inc., 3.63%, 03/15/29 | &nbsp;&nbsp;&nbsp; USD136 | 128804 |
| UKG Inc., 6.88%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,792 | 1839784 |
| VMware LLC, 3.90%, 08/21/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD54 | 53377 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies LLC/ZoomInfo Finance <br> Corp., 3.88%, 02/01/29<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD102 | 95890 |
|  |  | 46761455 |
| **Telecommunications — 1.4%** | **Telecommunications — 1.4%** | **Telecommunications — 1.4%** |
| AT&T Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 02/01/28 | &nbsp;&nbsp;&nbsp; USD3,194 | 2990080 |
| &nbsp;&nbsp;&nbsp; 4.35%, 03/01/29 | &nbsp;&nbsp;&nbsp; USD730 | 727899 |
| &nbsp;&nbsp;&nbsp; 4.70%, 08/15/30 | &nbsp;&nbsp;&nbsp; USD3,457 | 3483289 |
| CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/01/29<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD183 | 177702 |
| &nbsp;&nbsp;&nbsp; 9.50%, 12/15/31<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD72 | 75821 |
| &nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. / Difl US LLC, <br> 8.63%, 08/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD371 | 374733 |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD164 | 163794 |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/15/27<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD105 | 105019 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD533 | 564659 |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD52 | 54422 |
| Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 202999 |
| &nbsp;&nbsp;&nbsp; 8.50%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD802 | 860290 |
| Level 3 Financing Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 12/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD247 | 278184 |
| &nbsp;&nbsp;&nbsp; 11.00%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD255 | 288954 |
| Motorola Solutions Inc., 4.60%, 05/23/29 | &nbsp;&nbsp;&nbsp; USD119 | 119319 |
| NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.16%, 04/03/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 195395 |
| &nbsp;&nbsp;&nbsp; 1.59%, 04/03/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 185649 |
| &nbsp;&nbsp;&nbsp; 4.37%, 07/27/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,931 | 1924314 |
| &nbsp;&nbsp;&nbsp; 4.62%, 07/16/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,935 | 1939085 |
| Rogers Communications Inc., 3.20%, 03/15/27 | &nbsp;&nbsp;&nbsp; USD5,170 | 5062210 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| T-Mobile USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/26<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD1,921 | $1889740 |
| &nbsp;&nbsp;&nbsp; 2.63%, 02/15/29 | &nbsp;&nbsp;&nbsp; USD1,393 | 1308651 |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 | &nbsp;&nbsp;&nbsp; USD4,998 | 4798492 |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/27 | &nbsp;&nbsp;&nbsp; USD2,830 | 2796482 |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 | &nbsp;&nbsp;&nbsp; USD2,131 | 2065435 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD7,122 | 7128374 |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/15/29 | &nbsp;&nbsp;&nbsp; USD3,045 | 3082226 |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/28 | &nbsp;&nbsp;&nbsp; USD3,078 | 3115994 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/15/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD428 | 427500 |
| Viavi Solutions Inc., 3.75%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | 11098 |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC/Windstream Escrow <br> Finance Corp., 8.25%, 10/01/31<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD769 | 805058 |
|  |  | 47202867 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| Genesee & Wyoming Inc., 6.25%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD169 | 170948 |
| Ryder System Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 12/01/29 | &nbsp;&nbsp;&nbsp; USD49 | 49573 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD92 | 94034 |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/15/27 | &nbsp;&nbsp;&nbsp; USD3,312 | 3349086 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/29 | &nbsp;&nbsp;&nbsp; USD159 | 164265 |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/01/28 | &nbsp;&nbsp;&nbsp; USD137 | 141111 |
| &nbsp;&nbsp;&nbsp; 6.30%, 12/01/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD125 | 131938 |
|  |  | 4100955 |
| **Trucking & Leasing — 0.3%** | **Trucking & Leasing — 0.3%** | **Trucking & Leasing — 0.3%** |
| FTAI Aviation Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD82 | 81802 |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD9,758 | 10124374 |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD118 | 125112 |
|  |  | 10331288 |
| **Total Corporate Bonds & Notes — 32.1%** <br>**(Cost: $1,094,213,025)** | **Total Corporate Bonds & Notes — 32.1%** <br>**(Cost: $1,094,213,025)** | 1107560632 |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** |
| OMERS Finance Trust, 4.38%, 03/20/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; $4795 | 4824708 |
| **Total Foreign Government Obligations — 0.1%** <br>**(Cost: $4,782,437)** | **Total Foreign Government Obligations — 0.1%** <br>**(Cost: $4,782,437)** | 4824708 |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development <br> Authority RB, 7.38%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1010 | 1042130 |
| **Massachusetts — 0.0%** | **Massachusetts — 0.0%** | **Massachusetts — 0.0%** |
| &nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority <br> RB, 6.35%, 07/01/49<br>| &nbsp;&nbsp;&nbsp; 1410 | 1446370 |
| **Total Municipal Debt Obligations — 0.0%** <br>**(Cost: $2,420,000)** | **Total Municipal Debt Obligations — 0.0%** <br>**(Cost: $2,420,000)** | 2488500 |
| **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
| **Mortgage-Backed Securities — 0.9%** | **Mortgage-Backed Securities — 0.9%** | **Mortgage-Backed Securities — 0.9%** |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association, 5.81%, <br> 06/01/31<br>| &nbsp;&nbsp;&nbsp; 10290 | 10613741 |
| Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/01/42 | &nbsp;&nbsp;&nbsp; 6522 | 5571028 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/33 | &nbsp;&nbsp;&nbsp; $6213 | $5930517 |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/01/31 | &nbsp;&nbsp;&nbsp; 3899 | 3804762 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/01/32 | &nbsp;&nbsp;&nbsp; 5269 | 5140616 |
|  |  | 31060664 |
| **U.S. Government Obligations — 27.6%** | **U.S. Government Obligations — 27.6%** | **U.S. Government Obligations — 27.6%** |
| U.S. Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 07/31/27 | &nbsp;&nbsp;&nbsp; 17000 | 15846524 |
| &nbsp;&nbsp;&nbsp; 0.63%, 07/31/26 | &nbsp;&nbsp;&nbsp; 40000 | 38615000 |
| &nbsp;&nbsp;&nbsp; 0.75%, 05/31/26 | &nbsp;&nbsp;&nbsp; 400 | 388697 |
| &nbsp;&nbsp;&nbsp; 0.75%, 08/31/26 | &nbsp;&nbsp;&nbsp; 75000 | 72316406 |
| &nbsp;&nbsp;&nbsp; 0.88%, 06/30/26 | &nbsp;&nbsp;&nbsp; 148100 | 143721794 |
| &nbsp;&nbsp;&nbsp; 1.00%, 07/31/28 | &nbsp;&nbsp;&nbsp; 43610 | 40082019 |
| &nbsp;&nbsp;&nbsp; 1.25%, 06/30/28 | &nbsp;&nbsp;&nbsp; 221600 | 205663843 |
| &nbsp;&nbsp;&nbsp; 1.25%, 09/30/28 | &nbsp;&nbsp;&nbsp; 63000 | 58087969 |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/31/26 | &nbsp;&nbsp;&nbsp; 70000 | 67894532 |
| &nbsp;&nbsp;&nbsp; 1.88%, 06/30/26 | &nbsp;&nbsp;&nbsp; 20200 | 19781797 |
| &nbsp;&nbsp;&nbsp; 2.13%, 05/31/26 | &nbsp;&nbsp;&nbsp; 57800 | 56804756 |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/28 | &nbsp;&nbsp;&nbsp; 15000 | 14996484 |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/26 | &nbsp;&nbsp;&nbsp; 75300 | 75464131 |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/31/28 | &nbsp;&nbsp;&nbsp; 91000 | 92261914 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/26 | &nbsp;&nbsp;&nbsp; 51100 | 51246513 |
|  |  | 953172379 |
| **Total U.S. Government & Agency Obligations — 28.5%** <br>**(Cost: $987,166,841)** | **Total U.S. Government & Agency Obligations — 28.5%** <br>**(Cost: $987,166,841)** | 984233043 |
| **Total Long-Term Investments — 92.6%** <br>**(Cost: $3,178,800,387)** | **Total Long-Term Investments — 92.6%** <br>**(Cost: $3,178,800,387)** | 3198556962 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 7.7%** | **Money Market Funds — 7.7%** | **Money Market Funds — 7.7%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL <br> Agency Shares, 4.44%<sup>(h)(i)(j)</sup><br>| &nbsp;&nbsp;&nbsp; 81794479 | 81827197 |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp; 183060000 | 183060000 |
| **Total Short-Term Securities — 7.7%** <br>**(Cost: $264,884,718)** | **Total Short-Term Securities — 7.7%** <br>**(Cost: $264,884,718)** | 264887197 |
| **Total Investments — 100.3%** <br>**(Cost: $3,443,685,105)** | **Total Investments — 100.3%** <br>**(Cost: $3,443,685,105)** | 3463444159 |
| **Liabilities in Excess of Other Assets — (0.3)%** | **Liabilities in Excess of Other Assets — (0.3)%** | (11412379)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3452031780 |

---

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

<sup>(a)</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>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

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

<sup>(d)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

<sup>(e)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(f)</sup> All or a portion of this security is on loan.

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

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

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

<sup>(i)</sup> Annualized 7-day yield as of period end. <br> <sup>(j)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| $145737725 | $— | &nbsp;&nbsp; $(63838546 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(54330)<br>| $(17652)<br>| $81827197 | 81794479 | $160023 <br><sup>(b)</sup><br>| $— |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 103390000 | 79670000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 183060000 | 183060000 | &nbsp;&nbsp; 1306527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  | $(54330) | $(17652) | $264887197 |  | $1466550 | $— |

---

&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. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Euro-Schatz | 321 | 09/08/25 | &nbsp;&nbsp; $39215 | $(74225) |
| &nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | 7423 | 09/30/25 | &nbsp;&nbsp; 1536677 | &nbsp;&nbsp;&nbsp; (1596440) |
|  |  |  |  | &nbsp;&nbsp;&nbsp; (1670665) |
| Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | (232) | 09/19/25 | &nbsp;&nbsp; 25770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23420 |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Treasury Note | (201) | 09/19/25 | &nbsp;&nbsp; 22732 | &nbsp;&nbsp;&nbsp;&nbsp; (348283) |
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | (106) | 09/19/25 | &nbsp;&nbsp; 12101 | &nbsp;&nbsp;&nbsp;&nbsp; (372525) |
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | (24) | 09/19/25 | &nbsp;&nbsp; 2812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79026) |
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | (3571) | 09/30/25 | &nbsp;&nbsp; 386365 | &nbsp;&nbsp;&nbsp; (1432466) |
|  |  |  |  | &nbsp;&nbsp;&nbsp; (2208880) |
|  |  |  |  | $(3879545) |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 8957375 | AUD | 13807000 | State Street Bank & Trust Company | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $77187 |
| USD | 174358 | EUR | 152000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 |
| USD | 146778 | EUR | 125000 | Deutsche Bank Securities Inc. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3712 |
| USD | 74932848 | EUR | 64207000 | State Street Bank & Trust Company | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1446155 |
| USD | 71286853 | GBP | 52611000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1776350 |
| USD | 2501919 | GBP | 1830000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84094 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3387888 |
| AUD | 597000 | USD | 389265 | State Street Bank & Trust Company | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5295)<br>|

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| EUR | 1969000 | USD | 2297706 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(44131)<br>|
| GBP | 309000 | USD | 424497 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16242)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65668)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3322220 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (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.44.V1 | 5.00<br> %<br>| Quarterly | 06/20/30 | USD | 310 | $(22415) | $(23726) | $1311 |

---

**Fair Value Hierarchy as of Period End** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $528755790 | &nbsp;&nbsp; $2009850 | &nbsp;&nbsp; $530765640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 568684439 | &nbsp;&nbsp; — | &nbsp;&nbsp; 568684439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1107560632 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1107560632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 4824708 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4824708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2488500 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2488500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 984233043 | &nbsp;&nbsp; — | &nbsp;&nbsp; 984233043 |
| &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; 264887197 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 264887197 |
|  | &nbsp;&nbsp; $264887197 | &nbsp;&nbsp; $3196547112 | &nbsp;&nbsp; $2009850 | &nbsp;&nbsp; $3463444159 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1311 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 3387888 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3387888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 23420 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23420 |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (65668)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (65668)<br>|

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares® Short Duration Bond Active ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; Liabilities (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; $(3902965)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3902965)<br>|
|  | &nbsp;&nbsp; $(3879545)<br>| &nbsp;&nbsp; $3323531 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(556014)<br>|

---

&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 |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| EURIBOR | Euro Interbank Offered Rate |
| RB | Revenue Bonds |

---

---

| | |
|:---|:---|
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** iShares U.S. ETF Trust

- **b. Investment Company Act file number:** 811-22649

- **c. CIK number of Registrant:** 0001524513

- **d. LEI of Registrant:** 5493002YECWEEITPWL97

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

  - **Street Address 1:** 400 HOWARD STREET

  - **City:** SAN FRANCISCO

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94105

  - **Telephone number:** 800-474-2737

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

- **a. Name of Series:** iShares Short Duration Bond Active ETF

- **b. EDGAR series identifier (if any):** S000037042

- **c. LEI of Series:** 549300BV2WH8444C2Y33

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $3585648667.99

**Total Liabilities:** $179448704.01

**Net Assets:** $3406199963.98

**Delayed Delivery Securities:** $4532335.78

**Cash Not Reported:** $12079299.92

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 123629.64000000 | **1-Year:** 91656.05000000 | **5-Year:** 304171.80000000 | **10-Year:** 11639.06000000 | **30-Year:** 22843.17000000

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

- **3-Month:** 298.85000000 | **1-Year:** 5834.93000000 | **5-Year:** 31987.05000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000113876 | 0.13%                | 0.76%                | 0.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5613402.51              | $-12204057.50                              |
| Month 2  | $150547.22               | $16174648.85                               |
| Month 3  | $1761166.10              | $-14810058.05                              |

**Designated Index Information**

- **Index Name:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

- **Index Identifier:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UNITED AIRLINES INC                               | United Airlines Inc                                                              | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     43000 | PA      | $42744.50     | 0.00%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                          | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     67000 | PA      | $63684.84     | 0.00%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                              | Matador Resources Co                                                             | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    121000 | PA      | $121356.95    | 0.00%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced Trust               | Volkswagen Auto Loan Enhanced Trust 2023-2                                       | CUSIP: 92867YAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11746000 | PA      | $11890743.61  | 0.35%             | 2028-12-20      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                          | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27000 | PA      | $25630.94     | 0.00%             | 2030-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| HERENS HOLDCO SARL                                | Herens Holdco Sarl                                                               | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $174360.10    | 0.01%             | 2028-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                            | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $75077.70     | 0.00%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                       | Oracle Corp                                                                      | CUSIP: 68389XBU8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1725000 | PA      | $1677831.88   | 0.05%             | 2027-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Winchester PLC                                    | Winchester 1 PLC                                                                 | CUSIP: 000000000<br>LEI: 213800AWJGG72JJNBW66 | Long             | ABS-MBS          | CORP              | GB        |    331000 | PA      | $439395.08    | 0.01%             | 2056-10-21      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Bay View Federal Savings And Loan Assoc.          | BAY 2025-LIVN Mortgage Trust                                                     | CUSIP: 072925AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3350000 | PA      | $3352652.20   | 0.10%             | 2035-05-15      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                       | Equinix Inc                                                                      | CUSIP: 29444UBH8<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |   2095000 | PA      | $1863511.24   | 0.05%             | 2030-07-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                             | CUSIP: 06051GML0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   9769000 | PA      | $9994591.22   | 0.29%             | 2031-01-24      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                   | Bravo Residential Funding Trust 2025-Nqm3                                        | CUSIP: 105927AC1<br>LEI: 254900KREJHICFBDC014 | Long             | ABS-MBS          | CORP              | US        |   1090283 | PA      | $1091613.79   | 0.03%             | 2065-03-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                          | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AS3<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |     47000 | PA      | $47181.47     | 0.00%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                   | CUSIP: 6174468P7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2420000 | PA      | $2317980.23   | 0.07%             | 2031-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Autoflorence                                      | AutoFlorence 2 Srl                                                               | CUSIP: 000000000<br>LEI: 815600C91B7AF7C88210 | Long             | ABS-O            | CORP              | IT        |   2262606 | PA      | $2583368.46   | 0.08%             | 2044-12-24      | Floating      | 2.60%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                           | Starwood Property Trust Inc                                                      | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     26000 | PA      | $27191.83     | 0.00%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                | BMO 2024-5C3 Mortgage Trust                                                      | CUSIP: 09660QAT1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4160000 | PA      | $4283912.67   | 0.13%             | 2057-02-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Private Education Refi Loan Trust 2020-H                                 | CUSIP: 63942AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3416298 | PA      | $3398272.74   | 0.10%             | 2069-04-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| VIKING OCEAN CRUISES SHI                          | Viking Ocean Cruises Ship VII Ltd                                                | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     27000 | PA      | $26820.82     | 0.00%             | 2029-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| ENBRIDGE INC                                      | Enbridge Inc                                                                     | CUSIP: 29250NCB9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    465000 | PA      | $475429.71    | 0.01%             | 2029-04-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                               | Station Casinos LLC                                                              | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    423000 | PA      | $413520.08    | 0.01%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                           | Allied Universal Holdco LLC                                                      | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |   1042000 | PA      | $1092679.75   | 0.03%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                       | Equinix Inc                                                                      | CUSIP: 29444UBL9<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |    892000 | PA      | $828552.99    | 0.02%             | 2028-03-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                              | Neptune Bidco US Inc                                                             | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     66000 | PA      | $63873.48     | 0.00%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                          | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10626000 | PA      | $10779518.92  | 0.32%             | 2026-11-10      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                           | Bryant Park Funding 2024-22 Ltd                                                  | CUSIP: 11766CAA2<br>LEI: 5493000N8L82QL1KEO96 | Long             | ABS-CBDO         | CORP              | KY        |   1440000 | PA      | $1445411.81   | 0.04%             | 2037-04-15      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                          | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    200000 | PA      | $197500.00    | 0.01%             | 2026-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ACURIS FIN US/ACURIS FIN                          | Acuris Finance US Inc / Acuris Finance SARL                                      | CUSIP: 00511BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $191918.76    | 0.01%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                  | SoFi Consumer Loan Program 2025-2 Trust                                          | CUSIP: 83407HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9577000 | PA      | $9576864.01   | 0.28%             | 2034-06-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC            | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $84093.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TYSN 2023-CRNR Mortgage Trust                     | TYSN 2023-CRNR Mortgage Trust                                                    | CUSIP: 87332PAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1610000 | PA      | $1692144.62   | 0.05%             | 2033-12-10      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                      | Synopsys Inc                                                                     | CUSIP: 871607AC1<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |   2057000 | PA      | $2080215.63   | 0.06%             | 2030-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                               | Elevance Health Inc                                                              | CUSIP: 036752AB9<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22632.47     | 0.00%             | 2027-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA Inc                                  | T-Mobile USA Inc                                                                 | CUSIP: 87264AAT2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    428000 | PA      | $427499.97    | 0.01%             | 2027-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                          | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    732000 | PA      | $696901.33    | 0.02%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| FIRSTENERGY TRANSMISSION                          | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |   1307000 | PA      | $1304558.56   | 0.04%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                                | Advance Auto Parts Inc                                                           | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     74000 | PA      | $74376.59     | 0.00%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NASSAU COMPANIES OF NY                            | Nassau Cos of New York/The                                                       | CUSIP: 63155AAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     41000 | PA      | $41391.04     | 0.00%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| Verizon Master Trust                              | Verizon Master Trust                                                             | CUSIP: 92348KDM2<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   4693000 | PA      | $4730266.64   | 0.14%             | 2030-11-20      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                              | CUSIP: 46647PEB8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1525289.94   | 0.04%             | 2030-01-23      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                              | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  17461000 | PA      | $17856929.40  | 0.52%             | 2031-04-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: —       |
| PRM5 Trust                                        | PRM5 Trust 2025-PRM5                                                             | CUSIP: 693980AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3201000 | PA      | $3170958.62   | 0.09%             | 2033-03-10      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                           | Fidelity National Information Services Inc                                       | CUSIP: 31620MBR6<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |   4988000 | PA      | $4891623.46   | 0.14%             | 2026-03-01      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| BOOTS GROUP FINCO LP                              | Boots Group Finco LP                                                             | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $134541.20    | 0.00%             | 2032-08-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| STELLANTIS NV                                     | Stellantis NV                                                                    | CUSIP: 000000000<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | DBT              | CORP              | NL        |   2000000 | PA      | $2305543.03   | 0.07%             | 2028-11-19      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CEDR TRUST                                        | CEDR Commercial Mortgage Trust 2022-SNAI                                         | CUSIP: 12524AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5410000 | PA      | $5332949.16   | 0.16%             | 2039-02-15      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                              | Glencore Funding LLC                                                             | CUSIP: 378272BD9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   3448000 | PA      | $3370606.30   | 0.10%             | 2026-04-27      | Fixed         | 1.63%                 | No            |                  2 | On Loan: —       |
| CROWN CASTLE INC                                  | Crown Castle Inc                                                                 | CUSIP: 22822VAV3<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |   1420000 | PA      | $1372946.57   | 0.04%             | 2026-07-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                              | Fiesta Purchaser Inc                                                             | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10566.12     | 0.00%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| METRO Finance Trust                               | Metro Finance 2025-1 Trust                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |    500000 | PA      | $322215.06    | 0.01%             | 2031-10-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                       | RCKT Mortgage Trust 2021-2                                                       | CUSIP: 74936RAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8216081 | PA      | $7262576.36   | 0.21%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Blueberry Park CLO                                | Blueberry Park CLO Ltd                                                           | CUSIP: 09609QAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   2000000 | PA      | $2005854.40   | 0.06%             | 2037-10-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                          | Standard Industries Inc/NY                                                       | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    436000 | PA      | $412778.25    | 0.01%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TER FINANCE LTD JERSEY                            | TER Finance Jersey Ltd                                                           | CUSIP: 880942AA5<br>LEI: 213800GREUULZ8RPOM16 | Long             | SN               | CORP              | JE        |   4420000 | PA      | $4320550.00   | 0.13%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                          | Madison Park Funding LVII Ltd                                                    | CUSIP: 55822GAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1635000 | PA      | $1637809.75   | 0.05%             | 2034-07-27      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO                          | Wildfire Intermediate Holdings LLC                                               | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |     92000 | PA      | $91543.76     | 0.00%             | 2029-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| CANADIAN NATL RESOURCES                           | Canadian Natural Resources Ltd                                                   | CUSIP: 136385BB6<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |   1676000 | PA      | $1687079.72   | 0.05%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIAVI SOLUTIONS INC                               | Viavi Solutions Inc                                                              | CUSIP: 925550AF2<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11097.53     | 0.00%             | 2029-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                          | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    434000 | PA      | $433400.86    | 0.01%             | 2031-02-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                            | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    783000 | PA      | $844813.03    | 0.02%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: —       |
| SS&C Technologies Inc                             | SS&C Technologies Inc                                                            | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    677000 | PA      | $677147.38    | 0.02%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                        | AbbVie Inc                                                                       | CUSIP: 00287YDS5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   1276000 | PA      | $1296233.09   | 0.04%             | 2029-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co                                                                 | CUSIP: 95000U2A0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3273000 | PA      | $3218383.91   | 0.09%             | 2028-05-22      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| RAISING CANE'S RESTAURAN                          | Raising Cane's Restaurants LLC                                                   | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |     27000 | PA      | $28488.13     | 0.00%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: —       |
| AMWINS GROUP INC                                  | AmWINS Group Inc                                                                 | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38696.35     | 0.00%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                     | Citigroup Inc                                                                    | CUSIP: 17327CAW3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   7195000 | PA      | $7232839.51   | 0.21%             | 2029-03-04      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                                | PBF Holding Co LLC / PBF Finance Corp                                            | CUSIP: 69318FAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $16416.65     | 0.00%             | 2030-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                  | Deutsche Bank AG/New York NY                                                     | CUSIP: 251526DB2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1585000 | PA      | $1587624.43   | 0.05%             | 2031-08-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB29<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   5573000 | PA      | $5662667.12   | 0.17%             | 2030-07-23      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                     | CommScope LLC                                                                    | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    183000 | PA      | $177702.15    | 0.01%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| PACIFIC GAS & ELECTRIC                            | Pacific Gas and Electric Co                                                      | CUSIP: 694308KQ9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |  10209000 | PA      | $10405748.36  | 0.31%             | 2029-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GZU1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   5564000 | PA      | $5563647.69   | 0.16%             | 2028-08-23      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                 | Herc Holdings Inc                                                                | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    394000 | PA      | $403374.05    | 0.01%             | 2029-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| LGI HOMES INC                                     | LGI Homes Inc                                                                    | CUSIP: 50187TAH9<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |     27000 | PA      | $28318.22     | 0.00%             | 2028-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              |  | US        |   5383000 | PA      | $5275285.15   | 0.15%             | 2029-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Tagus STC/Ulisses Finance                         | TAGUS - Sociedade de Titularizacao de Creditos SA/Ulisses Finance No. 2          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | PT        |   4724249 | PA      | $5387045.98   | 0.16%             | 2038-09-23      | Floating      | 2.59%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                            | Pacific Gas and Electric Co                                                      | CUSIP: 694308HW0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96582.44     | 0.00%             | 2027-12-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                          | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     93000 | PA      | $77816.61     | 0.00%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                              | CUSIP: 91282CCP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  40000000 | PA      | $38615000.00  | 1.13%             | 2026-07-31      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| Lanark Master Issuer plc                          | Lanark Master Issuer PLC                                                         | CUSIP: 000000000<br>LEI: 213800KIOPB5OYXIVY33 | Long             | ABS-MBS          | CORP              | GB        |    758000 | PA      | $1002073.63   | 0.03%             | 2069-12-22      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                          | Foundation Finance Trust 2024-1                                                  | CUSIP: 349941AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2050704 | PA      | $2084769.80   | 0.06%             | 2049-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                           | HCA Inc                                                                          | CUSIP: 404119BS7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |  10095000 | PA      | $10102562.57  | 0.30%             | 2026-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                          | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAG5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    173000 | PA      | $161099.66    | 0.00%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                  | Ryder System Inc                                                                 | CUSIP: 78355HKX6<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    125000 | PA      | $131938.23    | 0.00%             | 2028-12-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: —       |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYG3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   4395000 | PA      | $4247286.86   | 0.12%             | 2027-09-10      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| TENNECO INC                                       | Tenneco Inc                                                                      | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |    645000 | PA      | $640192.05    | 0.02%             | 2028-11-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Westways Funding Ltd                              | WEST Trust 2025-ROSE                                                             | CUSIP: 955909AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2699000 | PA      | $2735525.84   | 0.08%             | 2035-04-10      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HLD                                   | Lamb Weston Holdings Inc                                                         | CUSIP: 513272AD6<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |    663000 | PA      | $630724.10    | 0.02%             | 2030-01-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                              | Matador Resources Co                                                             | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |     47000 | PA      | $47769.60     | 0.00%             | 2028-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                            | Comstock Resources Inc                                                           | CUSIP: 205768AU8<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |   1522000 | PA      | $1495019.81   | 0.04%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Asset-Backed European Securitisation Transaction  | Asset-Backed European Securitisation Transaction Twenty-Three Sarl               | CUSIP: 000000000<br>LEI: 213800WQKYRCMTF4FR47 | Long             | ABS-O            | CORP              | LU        |    100000 | PA      | $115195.19    | 0.00%             | 2034-03-21      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                               | American Tower Corp                                                              | CUSIP: 03027XCL2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    726000 | PA      | $737157.79    | 0.02%             | 2030-01-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                 | L3Harris Technologies Inc                                                        | CUSIP: 502431AM1<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    152000 | PA      | $151879.56    | 0.00%             | 2028-06-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trust                   | Residential Mortgage Loan Trust 2019-3                                           | CUSIP: 76119NAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3179291 | PA      | $3128487.61   | 0.09%             | 2059-09-25      | Variable      | 3.26%                 | No            |                  2 | On Loan: No      |
| Bank of America Auto Trust                        | BofA Auto Trust 2025-1                                                           | CUSIP: 05594BAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2245000 | PA      | $2247966.54   | 0.07%             | 2029-11-20      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                                     | Tidewater Inc                                                                    | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |     88000 | PA      | $92293.94     | 0.00%             | 2030-07-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                         | Fortuna Consumer Loan Abs 2024-2 DAC                                             | CUSIP: 000000000<br>LEI: 635400WJJIABFKEPEL72 | Long             | ABS-O            | CORP              | IE        |    100000 | PA      | $114952.57    | 0.00%             | 2034-10-18      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| CITADEL PLC                                       | Citadel 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800XKX6NBEB5W9Z43 | Long             | ABS-MBS          | CORP              | GB        |   1672505 | PA      | $2216051.36   | 0.07%             | 2060-04-28      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                          | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    145000 | PA      | $148252.35    | 0.00%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Brex Inc                                          | Brex Commercial Charge Card Master Trust                                         | CUSIP: 05601DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    277000 | PA      | $278700.70    | 0.01%             | 2027-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Youni Italy                                       | Youni Italy 2024-1 Srl                                                           | CUSIP: 000000000<br>LEI: 8156008D82FF6A71F833 | Long             | ABS-O            | CORP              | IT        |    999414 | PA      | $1143378.62   | 0.03%             | 2034-04-25      | Floating      | 2.79%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                        | BFLD 2024-WRHS Mortgage Trust                                                    | CUSIP: 05555HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2132093 | PA      | $2132093.21   | 0.06%             | 2026-08-15      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| CONSTELLIUM SE                                    | Constellium SE                                                                   | CUSIP: 21039CAA2<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $247069.13    | 0.01%             | 2028-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                 | Post Holdings Inc                                                                | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    503000 | PA      | $464930.24    | 0.01%             | 2031-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                            | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   4665000 | PA      | $4687893.86   | 0.14%             | 2027-09-01      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                           | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $136854.37    | 0.00%             | 2033-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AXALTA COAT/DUTCH HLD BV                          | Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV           | CUSIP: 05454NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    387000 | PA      | $383587.94    | 0.01%             | 2027-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| CITIGROUP INC                                     | Citigroup Inc                                                                    | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   7085000 | PA      | $7093635.98   | 0.21%             | 2026-09-29      | Fixed         | 5.61%                 | No            |                  2 | On Loan: —       |
| Sequoia Mortgage Trust                            | Sequoia Mortgage Trust 2024-HYB1                                                 | CUSIP: 81749EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2819853 | PA      | $2807640.49   | 0.08%             | 2063-11-25      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                   | BRAVO Residential Funding Trust 2025-NQM2                                        | CUSIP: 10569NAC5<br>LEI: 254900TZWRKTBX2YNW23 | Long             | ABS-MBS          | CORP              | US        |   2603160 | PA      | $2610068.73   | 0.08%             | 2064-11-25      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD            | Goldentree Loan Management US Clo 8 Ltd                                          | CUSIP: 38136NAY2<br>LEI: 549300LOEERRNVSKVY31 | Long             | ABS-CBDO         | CORP              | KY        |   1430000 | PA      | $1431378.95   | 0.04%             | 2034-10-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO Ltd.                              | Halseypoint Clo 6 Ltd                                                            | CUSIP: 40639GAN9<br>LEI: 5493001PG85K1980W896 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1505507.70   | 0.04%             | 2038-01-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    116000 | PA      | $115050.35    | 0.00%             | 2027-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                             | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     51000 | PA      | $51510.00     | 0.00%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: —       |
| PFS Financing Corp.                               | PFS Financing Corp                                                               | CUSIP: 69335PFU4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7281000 | PA      | $7345984.38   | 0.22%             | 2030-02-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GA46<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  11510000 | PA      | $12168392.03  | 0.36%             | 2029-10-24      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                          | Angel Oak Mortgage Trust 2024-1                                                  | CUSIP: 03465XAA7<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |   5693323 | PA      | $5650439.62   | 0.17%             | 2068-08-25      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                               | Elevance Health Inc                                                              | CUSIP: 036752AY9<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   2326000 | PA      | $2373691.00   | 0.07%             | 2029-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: —       |
| VOYAGER PARENT LLC                                | Voyager Parent LLC                                                               | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |    149000 | PA      | $157618.76    | 0.00%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: —       |
| ZI TECH LLC/ZI FIN CORP                           | ZoomInfo Technologies LLC/ZoomInfo Finance Corp                                  | CUSIP: 98981BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102000 | PA      | $95889.63     | 0.00%             | 2029-02-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| GREAT AMERICA LEASING RECEIVABLES                 | GreatAmerica Leasing Receivables Funding LLC Series 2024-2                       | CUSIP: 39154GAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1473951 | PA      | $1478825.82   | 0.04%             | 2027-03-15      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| LEVI STRAUSS & CO                                 | Levi Strauss & Co                                                                | CUSIP: 000000000<br>LEI: MB0UERO0RDFKU8258G77 | Long             | DBT              | CORP              | US        |    100000 | PA      | $116066.30    | 0.00%             | 2030-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DYCOM INDUSTRIES INC                              | Dycom Industries Inc                                                             | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26170.79     | 0.00%             | 2029-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| NATIONSTAR MTG HLD INC                            | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    183000 | PA      | $191097.26    | 0.01%             | 2032-02-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: —       |
| TWILIO INC                                        | Twilio Inc                                                                       | CUSIP: 90138FAC6<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |    136000 | PA      | $128803.83    | 0.00%             | 2029-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                                               | CUSIP: 3137HHKD2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6767717 | PA      | $6775638.38   | 0.20%             | 2054-03-25      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                   | BRAVO Residential Funding Trust 2023-NQM8                                        | CUSIP: 10567MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1071648 | PA      | $1077818.01   | 0.03%             | 2063-10-25      | Variable      | 6.39%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                               | Avantor Funding Inc                                                              | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    680000 | PA      | $664763.38    | 0.02%             | 2028-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Quarzo Srl                                        | Quarzo Srl                                                                       | CUSIP: 000000000<br>LEI: 815600702F68B2ED0B22 | Long             | ABS-O            | CORP              | IT        |     81863 | PA      | $94408.25     | 0.00%             | 2041-06-15      | Floating      | 4.28%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                             | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    187000 | PA      | $194389.31    | 0.01%             | 2031-05-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                     | CommScope LLC                                                                    | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     72000 | PA      | $75820.71     | 0.00%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: —       |
| AXALTA COATING SYSTEMS                            | Axalta Coating Systems LLC                                                       | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |    153000 | PA      | $143424.95    | 0.00%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                  | T-Mobile USA Inc                                                                 | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   2830000 | PA      | $2796481.93   | 0.08%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                            | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |    211000 | PA      | $226140.73    | 0.01%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: —       |
| STARWOOD PROPERTY TRUST                           | Starwood Property Trust Inc                                                      | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |    270000 | PA      | $277914.51    | 0.01%             | 2030-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BL Consumer Issuance Platform II                  | Compartment BL Consumer Credit 2024                                              | CUSIP: 000000000<br>LEI: 549300BCEKCIKD7MN312 | Long             | ABS-O            | CORP              | LU        |    899000 | PA      | $1025998.85   | 0.03%             | 2041-09-25      | Floating      | 2.54%                 | No            |                  2 | On Loan: No      |
| SFS Auto Receivables Securitization Trust         | SFS Auto Receivables Securitization Trust 2025-1                                 | CUSIP: 81885BAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3839000 | PA      | $3860533.72   | 0.11%             | 2030-07-22      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                            | Arsenal AIC Parent LLC                                                           | CUSIP: 04288BAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    793000 | PA      | $881912.75    | 0.03%             | 2031-10-01      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| AIR CANADA                                        | Air Canada                                                                       | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |    141000 | PA      | $139487.00    | 0.00%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co                                                                 | CUSIP: 95000U3R2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   4031000 | PA      | $4052019.33   | 0.12%             | 2028-01-24      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Asimi Funding Holdings Limited                    | Asimi Funding 2025-1 PLC                                                         | CUSIP: 000000000<br>LEI: 6354002PZBGQEXUI2V51 | Long             | ABS-O            | CORP              | GB        |    603884 | PA      | $800285.62    | 0.02%             | 2032-05-16      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                 | Clean Harbors Inc                                                                | CUSIP: 184496AN7<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44630.45     | 0.00%             | 2027-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Golden Bar Securitisation                         | Golden Bar Securitisation Srl                                                    | CUSIP: 000000000<br>LEI: 549300GESLGUWWGJRM09 | Long             | ABS-O            | CORP              | IT        |    225449 | PA      | $259591.90    | 0.01%             | 2043-09-22      | Floating      | 3.54%                 | No            |                  2 | On Loan: No      |
| Golden Ray S.A.                                   | Golden Ray SA - Compartment 1                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    622347 | PA      | $710576.55    | 0.02%             | 2057-12-27      | Floating      | 2.70%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                            | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     58000 | PA      | $58724.93     | 0.00%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                          | First Quantum Minerals Ltd                                                       | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $211250.00    | 0.01%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| KORN/FERRY INTERNATIONAL                          | Korn Ferry                                                                       | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |     76000 | PA      | $74743.02     | 0.00%             | 2027-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                | MCR 2024-HF1 Mortgage Trust                                                      | CUSIP: 55287FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    496000 | PA      | $496620.00    | 0.01%             | 2041-12-15      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                | Chase Home Lending Mortgage Trust 2025-5                                         | CUSIP: 161935BA8<br>LEI: 529900V91KVGSU3Z1A61 | Long             | ABS-MBS          | CORP              | US        |   5658327 | PA      | $5682147.22   | 0.17%             | 2056-04-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                    | Gray Media Inc                                                                   | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    209000 | PA      | $226179.68    | 0.01%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: —       |
| SYNOPSYS INC                                      | Synopsys Inc                                                                     | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |   1536000 | PA      | $1547815.39   | 0.05%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: —       |
| Hops Hill                                         | Hops Hill NO 4 PLC                                                               | CUSIP: 000000000<br>LEI: 6354008RKIF9MECMNJ80 | Long             | ABS-MBS          | CORP              | GB        |    161000 | PA      | $214377.07    | 0.01%             | 2056-04-21      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                             | Caesars Entertainment Inc                                                        | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    294000 | PA      | $299826.00    | 0.01%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SC GERMANY CONSUMER                               | SC Germany SA Compartment Consumer 2025-1                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | DE        |    600000 | PA      | $685918.63    | 0.02%             | 2038-12-14      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                | Regional Management Issuance Trust 2024-2                                        | CUSIP: 75907AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    685000 | PA      | $686613.24    | 0.02%             | 2033-12-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                                   | Goat Holdco LLC                                                                  | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    173000 | PA      | $174395.55    | 0.01%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMING INC                             | Genesee & Wyoming Inc                                                            | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |    169000 | PA      | $170948.23    | 0.01%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                | VICI Properties LP                                                               | CUSIP: 925650AJ2<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |   3481000 | PA      | $3500687.63   | 0.10%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                   | CUSIP: 61747YFS9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   9313000 | PA      | $9473546.43   | 0.28%             | 2030-07-19      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2021-NQM4                                                                   | CUSIP: 12659PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    504146 | PA      | $433175.02    | 0.01%             | 2066-05-25      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                      | NiSource Inc                                                                     | CUSIP: 65473PAS4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     88000 | PA      | $90047.45     | 0.00%             | 2029-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                    | Enterprise Fleet Financing 2023-1 LLC                                            | CUSIP: 29375CAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7150000 | PA      | $7219478.70   | 0.21%             | 2029-10-22      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                             | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   5787000 | PA      | $5894889.30   | 0.17%             | 2029-04-25      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                    | Rocket Cos Inc                                                                   | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    417000 | PA      | $422818.19    | 0.01%             | 2030-08-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                           | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    213000 | PA      | $218542.69    | 0.01%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                  | Duke Energy Corp                                                                 | CUSIP: 26441CBV6<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    738000 | PA      | $738974.44    | 0.02%             | 2025-12-08      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL / MS DIG                           | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC          | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     59000 | PA      | $61167.48     | 0.00%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| EQT Corp                                          | EQT Corp                                                                         | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   3090000 | PA      | $3047070.14   | 0.09%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                   | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   8620000 | PA      | $8726294.60   | 0.26%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                  | CIFC Funding 2021-IV Ltd                                                         | CUSIP: 12547DAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501389.20    | 0.01%             | 2037-07-23      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                             | Palmer Square CLO 2023-4 Ltd                                                     | CUSIP: 696924AN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4012594.00   | 0.12%             | 2037-10-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Auto ABS                                          | Auto ABS Spanish Loans 2024-1 FT                                                 | CUSIP: 000000000<br>LEI: 9598007LTXPL84RD7W58 | Long             | ABS-O            | CORP              | ES        |   1947763 | PA      | $2228971.56   | 0.07%             | 2038-09-28      | Floating      | 2.76%                 | No            |                  2 | On Loan: No      |
| OHIO EDISON CO                                    | Ohio Edison Co                                                                   | CUSIP: 677347CJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1960000 | PA      | $1982217.93   | 0.06%             | 2029-12-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                          | OBX 2025-NQM3 Trust                                                              | CUSIP: 67448YAC8<br>LEI: 254900MBGY6CR10DAX67 | Long             | ABS-MBS          | CORP              | US        |   1377020 | PA      | $1380000.94   | 0.04%             | 2064-12-01      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN                          | CQP Holdco LP / BIP-V Chinook Holdco LLC                                         | CUSIP: 12657NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $488458.60    | 0.01%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                 | Eversource Energy                                                                | CUSIP: 30040WAF5<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    238000 | PA      | $235013.89    | 0.01%             | 2029-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                  | T-Mobile USA Inc                                                                 | CUSIP: 87264ABZ7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1921000 | PA      | $1889740.43   | 0.06%             | 2026-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: —       |
| VITAL ENERGY INC                                  | Vital Energy Inc                                                                 | CUSIP: 516806AJ5<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93806.86     | 0.00%             | 2030-10-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: —       |
| Quarzo Srl                                        | Quarzo Srl                                                                       | CUSIP: 000000000<br>LEI: 815600702F68B2ED0B22 | Long             | ABS-O            | CORP              | IT        |   1572000 | PA      | $1799173.45   | 0.05%             | 2042-03-15      | Floating      | 2.79%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                           | HCA Inc                                                                          | CUSIP: 404119BW8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    217000 | PA      | $224460.84    | 0.01%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                | BMO 2023-5C2 Mortgage Trust                                                      | CUSIP: 05610QAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1065732.10   | 0.03%             | 2056-11-15      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-BRBK                                           | CUSIP: 05613NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1538485 | PA      | $1549542.86   | 0.05%             | 2041-10-15      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                             | Panther Escrow Issuer LLC                                                        | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1491000 | PA      | $1541839.22   | 0.05%             | 2031-06-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                   | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   7433000 | PA      | $7265306.76   | 0.21%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                          | RTX Corp                                                                         | CUSIP: 75513ECH2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    523000 | PA      | $515832.95    | 0.02%             | 2027-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Altria Group Inc                                  | Altria Group Inc                                                                 | CUSIP: 02209SAU7<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    538000 | PA      | $526672.48    | 0.02%             | 2026-09-16      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                          | EQT Corp                                                                         | CUSIP: 26884LBA6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   7930000 | PA      | $8689931.19   | 0.26%             | 2030-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                           | HCA Inc                                                                          | CUSIP: 404119CY3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   9320000 | PA      | $9422006.47   | 0.28%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| NORTHERN OIL & GAS INC                            | Northern Oil & Gas Inc                                                           | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    293000 | PA      | $295852.36    | 0.01%             | 2028-03-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| LBA Trust                                         | LBA Trust 2024-7IND                                                              | CUSIP: 52109XAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4370000 | PA      | $4385585.61   | 0.13%             | 2041-10-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                       | Oracle Corp                                                                      | CUSIP: 68389XBN4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    479000 | PA      | $466047.71    | 0.01%             | 2027-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                      | Broadcom Inc                                                                     | CUSIP: 11135FBA8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1387000 | PA      | $1399399.60   | 0.04%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| GLENCORE FUNDING LLC                              | Glencore Funding LLC                                                             | CUSIP: 378272AX6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    441000 | PA      | $439824.77    | 0.01%             | 2025-09-01      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC              | Sofi Professional Loan Program 2018-B Trust                                      | CUSIP: 83404RAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    138727 | PA      | $138156.07    | 0.00%             | 2047-08-25      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                             | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21000 | PA      | $18007.59     | 0.00%             | 2029-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STORAGE TECHNOLOG                    | SEAGATE DATA STOR                                                                | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     83000 | PA      | $88468.23     | 0.00%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| OUTFRONT MEDIA CAP LLC/C                          | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    157000 | PA      | $155419.94    | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                | VICI Properties LP                                                               | CUSIP: 925650AB9<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |   2742000 | PA      | $2752933.12   | 0.08%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                | Viking Cruises Ltd                                                               | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    273000 | PA      | $293725.07    | 0.01%             | 2031-07-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                             | Nabors Industries Inc                                                            | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     91000 | PA      | $91842.08     | 0.00%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                     | UK Logistics 2024-1 DAC                                                          | CUSIP: 000000000<br>LEI: 635400H22JMICKOJRJ36 | Long             | ABS-MBS          | CORP              | IE        |    360000 | PA      | $476394.78    | 0.01%             | 2034-05-17      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                             | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    741000 | PA      | $759965.90    | 0.02%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $77187.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                             | KKR CLO 35 Ltd                                                                   | CUSIP: 48254LAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500658.20   | 0.04%             | 2038-01-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                      | Broadcom Inc                                                                     | CUSIP: 11135FAQ4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   3990000 | PA      | $3907513.61   | 0.11%             | 2030-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                    | CarVal CLO IX-C Ltd                                                              | CUSIP: 14688HAA0<br>LEI: 2549009HBUYMF23IOB57 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1005300.00   | 0.03%             | 2037-04-20      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| LABL INC                                          | LABL Inc                                                                         | CUSIP: 50168QAC9<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    171000 | PA      | $151697.69    | 0.00%             | 2028-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| Golden Ray S.A.                                   | Golden Ray SA - Compartment 1                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    100000 | PA      | $113080.54    | 0.00%             | 2057-12-27      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| TAGUS - Sociedade de Titularizacao de Creditos SA | TAGUS - Sociedade de Titularizacao de Creditos SA/Viriato Finance No 1           | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | PT        |    641339 | PA      | $728419.22    | 0.02%             | 2040-10-28      | Floating      | 2.86%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 26 Ltd                                | Elmwood CLO 26 Ltd                                                               | CUSIP: 29004CAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3740000 | PA      | $3753078.78   | 0.11%             | 2037-04-18      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Lanebrook Mortgage Transaction                    | Lanebrook Mortgage Transaction 2023-1 PLC                                        | CUSIP: 000000000<br>LEI: 2138005714CA9TQPDX90 | Long             | ABS-MBS          | CORP              | GB        |    701402 | PA      | $933304.70    | 0.03%             | 2060-08-20      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Polaris                                           | Polaris 2025-1 PLC                                                               | CUSIP: 000000000<br>LEI: 635400MKPQQD5URNMC45 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $132169.97    | 0.00%             | 2068-02-26      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                        | US Bancorp                                                                       | CUSIP: 91159HJC5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    173000 | PA      | $167171.27    | 0.00%             | 2028-01-27      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| GLOBAL NET LEASE/GLOBAL                           | Global Net Lease Inc / Global Net Lease Operating Partnership LP                 | CUSIP: 37892AAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |     59000 | PA      | $56233.05     | 0.00%             | 2027-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                       | Oracle Corp                                                                      | CUSIP: 68389XCS2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2721000 | PA      | $2688705.02   | 0.08%             | 2029-09-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: —       |
| Regatta XXVII Funding Ltd.                        | Regatta XXVII Funding Ltd                                                        | CUSIP: 758970AA5<br>LEI: 213800A3LAH3GG226R43 | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1506237.90   | 0.04%             | 2037-04-26      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| THE 2023-MIC Trust                                | 2023-MIC Trust/THE                                                               | CUSIP: 87256GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2102000 | PA      | $2273992.58   | 0.07%             | 2038-12-05      | Variable      | 8.44%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                  | NTT Finance Corp                                                                 | CUSIP: 62954WAD7<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $185648.62    | 0.01%             | 2028-04-03      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                         | Amgen Inc                                                                        | CUSIP: 031162DH0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   2630000 | PA      | $2592074.37   | 0.08%             | 2029-08-18      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                   | Sealed Air Corp                                                                  | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26632.27     | 0.00%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2017-4                                                 | CUSIP: 89173UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    440306 | PA      | $428838.26    | 0.01%             | 2057-06-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                          | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3815000 | PA      | $3979647.39   | 0.12%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Golden Ray S.A.                                   | Golden Ray SA - Compartment 1                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    100000 | PA      | $113912.25    | 0.00%             | 2057-12-27      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                    | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1020000 | PA      | $1038450.66   | 0.03%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                    | Newday Funding Master Issuer PLC - Series 2024-2                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |    102000 | PA      | $135343.44    | 0.00%             | 2032-07-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                                 | Xerox Corp                                                                       | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35985.88     | 0.00%             | 2030-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                          | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    191000 | PA      | $193583.28    | 0.01%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                              | CUSIP: 9128286X3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  57800000 | PA      | $56804756.25  | 1.67%             | 2026-05-31      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                | BMO 2025-C11 Mortgage Trust                                                      | CUSIP: 05613XAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1836000 | PA      | $1911349.26   | 0.06%             | 2058-02-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                          | Capital One Financial Corp                                                       | CUSIP: 14040HCH6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   4141000 | PA      | $4001271.48   | 0.12%             | 2027-11-02      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                  | Carlyle Global Market Strategies CLO 2014-1 Ltd                                  | CUSIP: 14310MAW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    884775 | PA      | $885217.94    | 0.03%             | 2031-04-17      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                        | US Bancorp                                                                       | CUSIP: 91159HJP6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    182000 | PA      | $186778.71    | 0.01%             | 2027-10-26      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                    | Sabre GLBL Inc                                                                   | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    121000 | PA      | $124626.37    | 0.00%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: —       |
| Tower Bridge Funding                              | Tower Bridge Funding 2024-2 PLC                                                  | CUSIP: 000000000<br>LEI: 635400KGPH6QBBQEL802 | Long             | ABS-MBS          | CORP              | GB        |    168000 | PA      | $222539.44    | 0.01%             | 2066-05-20      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                               | American Tower Corp                                                              | CUSIP: 03027XCN8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |   7890000 | PA      | $7960960.37   | 0.23%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Polaris                                           | Polaris 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 635400SJNGQKQ4OKRU39 | Long             | ABS-MBS          | CORP              | GB        |   1006000 | PA      | $1339090.71   | 0.04%             | 2061-02-26      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                  | GGAM Finance Ltd                                                                 | CUSIP: 36170JAD8<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    330000 | PA      | $339969.96    | 0.01%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| CITIGROUP INC                                     | Citigroup Inc                                                                    | CUSIP: 172967QA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   7900000 | PA      | $7975023.54   | 0.23%             | 2031-05-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: —       |
| HAT HOLDINGS I LLC/HAT                            | HAT Holdings I LLC / HAT Holdings II LLC                                         | CUSIP: 418751AL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      7000 | PA      | $7249.99      | 0.00%             | 2027-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| Thunder Logistics                                 | Thunder Logistics 2024-1 DAC                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |    803143 | PA      | $913959.88    | 0.03%             | 2036-11-17      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Dutch Property Finance                            | Dutch Property Finance 2022-1 BV                                                 | CUSIP: 000000000<br>LEI: 724500CYSYRT8MQXXN91 | Long             | ABS-MBS          | CORP              | NL        |   5579894 | PA      | $6375572.89   | 0.19%             | 2059-10-28      | Floating      | 2.70%                 | No            |                  2 | On Loan: No      |
| DARLING GLOBAL FINANCE                            | Darling Global Finance BV                                                        | CUSIP: 000000000<br>LEI: 724500R2BQXOR6YG2Y67 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $115858.85    | 0.00%             | 2032-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                  | T-Mobile USA Inc                                                                 | CUSIP: 87264ADE2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   3045000 | PA      | $3082225.86   | 0.09%             | 2029-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                   | Gen Digital Inc                                                                  | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     62000 | PA      | $63018.65     | 0.00%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                      | Calpine Corp                                                                     | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     98000 | PA      | $97525.87     | 0.00%             | 2028-03-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| LABL INC                                          | LABL Inc                                                                         | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     96000 | PA      | $79738.13     | 0.00%             | 2031-10-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| IRON MOUNTAIN INC                                 | Iron Mountain Inc                                                                | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    216000 | PA      | $212270.07    | 0.01%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                          | Permian Resources Operating LLC                                                  | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     64000 | PA      | $65441.05     | 0.00%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SC GERMANY CONSUMER                               | SC Germany SA Compartment Consumer 2024-1                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    300000 | PA      | $343403.70    | 0.01%             | 2038-01-14      | Floating      | 3.23%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                            | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    294000 | PA      | $300705.95    | 0.01%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bank5                                             | BANK5 2023-5YR3                                                                  | CUSIP: 06211EAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5272190.50   | 0.15%             | 2056-09-15      | Variable      | 6.72%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                | Regional Management Issuance Trust 2024-1                                        | CUSIP: 758983AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    593000 | PA      | $603418.95    | 0.02%             | 2036-07-15      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                            | Sempra                                                                           | CUSIP: 816851BP3<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     52000 | PA      | $50437.81     | 0.00%             | 2029-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: —       |
| US FOODS INC                                      | US Foods Inc                                                                     | CUSIP: 90290MAG6<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30896.28     | 0.00%             | 2028-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2024-PAT                                                                | CUSIP: 05612FAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $799998.96    | 0.02%             | 2041-03-15      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| BOOTS GROUP FINCO LP                              | Boots Group Finco LP                                                             | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |    180000 | PA      | $210294.53    | 0.01%             | 2032-08-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                                                | CUSIP: 3136AJSC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6115994 | PA      | $5765053.72   | 0.17%             | 2034-04-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51198.53     | 0.00%             | 2028-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Student Loan Trust                                                       | CUSIP: 63942TAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1510846 | PA      | $1523522.43   | 0.04%             | 2072-03-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| ATI INC                                           | ATI Inc                                                                          | CUSIP: 01741RAN2<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    458000 | PA      | $480112.70    | 0.01%             | 2030-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                          | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    233000 | PA      | $228872.52    | 0.01%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                              | Glencore Funding LLC                                                             | CUSIP: 378272BN7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   2759000 | PA      | $2877344.52   | 0.08%             | 2028-10-06      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| ELEVANCE HEALTH INC                               | Elevance Health Inc                                                              | CUSIP: 036752AG8<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    206000 | PA      | $204403.32    | 0.01%             | 2028-03-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: —       |
| Chase Mortgage Finance Corporation                | Chase Home Lending Mortgage Trust 2025-3                                         | CUSIP: 16160MAX1<br>LEI: 529900HBZNCZRSLIS225 | Long             | ABS-MBS          | CORP              | US        |   4797351 | PA      | $4796572.66   | 0.14%             | 2056-02-25      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                    | Enterprise Fleet Financing 2025-1 LLC                                            | CUSIP: 29390HAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1424000 | PA      | $1437851.11   | 0.04%             | 2029-02-20      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                          | OBX 2025-NQM6 Trust                                                              | CUSIP: 67448UAA0<br>LEI: 254900W46UQEWQMYYZ02 | Long             | ABS-MBS          | CORP              | US        |   2398849 | PA      | $2401810.67   | 0.07%             | 2065-03-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                          | Permian Resources Operating LLC                                                  | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    110000 | PA      | $119744.24    | 0.00%             | 2031-07-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                  | Duke Energy Corp                                                                 | CUSIP: 26441CBE4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    990000 | PA      | $950862.64    | 0.03%             | 2029-06-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: —       |
| BX Trust                                          | BX Trust 2024-PAT                                                                | CUSIP: 05612FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1970000 | PA      | $1970636.70   | 0.06%             | 2041-03-15      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                            | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KAT7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1095000 | PA      | $1077927.83   | 0.03%             | 2027-05-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                                  | Flatiron CLO 23 LLC                                                              | CUSIP: 33883DAQ7<br>LEI: 254900WPX2H2R5L2RO76 | Long             | ABS-CBDO         | CORP              | US        |   1455000 | PA      | $1456965.71   | 0.04%             | 2036-04-17      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                               | Synchrony Financial                                                              | CUSIP: 87165BAV5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    782000 | PA      | $803726.46    | 0.02%             | 2030-08-02      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM                          | Advanced Drainage Systems Inc                                                    | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    201000 | PA      | $204037.41    | 0.01%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| EVERSOURCE ENERGY                                 | Eversource Energy                                                                | CUSIP: 30040WAT5<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   1898000 | PA      | $1940351.76   | 0.06%             | 2028-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                | Energy Transfer LP                                                               | CUSIP: 29273RBK4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1684000 | PA      | $1673793.23   | 0.05%             | 2027-04-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BIG RIVER STEEL/BRS FIN                           | Big River Steel LLC / BRS Finance Corp                                           | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    386000 | PA      | $385949.78    | 0.01%             | 2029-01-31      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| NEXTERA ENERGY CAPITAL                            | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KDG2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1301000 | PA      | $1314688.95   | 0.04%             | 2028-02-04      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                            | NXP BV / NXP Funding LLC / NXP USA Inc                                           | CUSIP: 62954HAY4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    287000 | PA      | $271423.65    | 0.01%             | 2030-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                    | Newday Funding Master Issuer PLC - Series 2025-1                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |   1492000 | PA      | $1975357.22   | 0.06%             | 2033-04-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                          | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VAU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    198000 | PA      | $197291.71    | 0.01%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                     | NYC Commercial Mortgage Trust 2025-3BP                                           | CUSIP: 67120UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    995000 | PA      | $989970.57    | 0.03%             | 2042-02-15      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers Jersey Borrower SPV Limited  | Vantage Data Centers Jersey Borrower Spv Ltd                                     | CUSIP: 000000000<br>LEI: 213800S5S638C9IBQ379 | Long             | ABS-O            | CORP              | JE        |    480000 | PA      | $650379.04    | 0.02%             | 2039-05-28      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                      | TICP CLO VII Ltd                                                                 | CUSIP: 87248TAW5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    885000 | PA      | $886864.78    | 0.03%             | 2033-04-15      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                            | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    536000 | PA      | $551517.20    | 0.02%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Chicago Board of Trade                            | US LONG BOND(CBT) SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -106 | NC      | $-372525.39   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ATI INC                                           | ATI Inc                                                                          | CUSIP: 01741RAM4<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     98000 | PA      | $95131.70     | 0.00%             | 2031-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                               | Medline Borrower LP                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    265000 | PA      | $252723.90    | 0.01%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP                              | Wabash National Corp                                                             | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |     76000 | PA      | $68024.80     | 0.00%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                               | CNH Equipment Trust 2024-A                                                       | CUSIP: 18978FAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3033639 | PA      | $3044781.56   | 0.09%             | 2029-06-15      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                             | Belron UK Finance PLC                                                            | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $403754.00    | 0.01%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                    | NRG Energy Inc                                                                   | CUSIP: 629377CP5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1993000 | PA      | $1888448.20   | 0.06%             | 2027-12-02      | Fixed         | 2.45%                 | No            |                  2 | On Loan: —       |
| CHURCHILL DOWNS INC                               | Churchill Downs Inc                                                              | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    814000 | PA      | $811989.66    | 0.02%             | 2030-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                               | American Tower Corp                                                              | CUSIP: 03027XBA7<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |   3013000 | PA      | $2798087.71   | 0.08%             | 2030-01-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| CITADEL PLC                                       | Citadel 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800XKX6NBEB5W9Z43 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $132229.93    | 0.00%             | 2060-04-28      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2024-RCF1 LLC                                                               | CUSIP: 693581AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    664024 | PA      | $649900.46    | 0.02%             | 2054-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Bank5                                             | BANK5 2024-5YR8                                                                  | CUSIP: 065923AY0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1680000 | PA      | $1746841.66   | 0.05%             | 2057-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                              | Garda World Security Corp                                                        | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    919000 | PA      | $946415.61    | 0.03%             | 2028-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                              | Edison International                                                             | CUSIP: 281020AY3<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     98000 | PA      | $97328.12     | 0.00%             | 2028-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITADEL PLC                                       | Citadel 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800XKX6NBEB5W9Z43 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $132336.64    | 0.00%             | 2060-04-28      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC36<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3441000 | PA      | $3513898.62   | 0.10%             | 2031-01-28      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                             | NGL Energy Operating LLC / NGL Energy Finance Corp                               | CUSIP: 62922LAD0<br>LEI: 5299005YSRP46BE8Z459 | Long             | DBT              | CORP              | US        |    195000 | PA      | $190749.31    | 0.01%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| INV 2024-IND Mortgage Trust                       | INV 2024-IND Mortgage Trust                                                      | CUSIP: 45000DAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1180000 | PA      | $1179339.08   | 0.03%             | 2041-11-15      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Hops Hill                                         | Hops Hill NO 4 PLC                                                               | CUSIP: 000000000<br>LEI: 6354008RKIF9MECMNJ80 | Long             | ABS-MBS          | CORP              | GB        |    165000 | PA      | $221111.76    | 0.01%             | 2056-04-21      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                    | Enterprise Fleet Financing 2024-1 LLC                                            | CUSIP: 29375PAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    223000 | PA      | $226324.51    | 0.01%             | 2030-09-20      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                          | Olympus Water US Holding Corp                                                    | CUSIP: 681639AD2<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    272000 | PA      | $277780.00    | 0.01%             | 2031-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                            | SLM Private Credit Student Loan Trust 2005-B                                     | CUSIP: 78443CCB8<br>LEI: 549300FE2YWO5PJ3Q820 | Long             | ABS-O            | CORP              | US        |   2532619 | PA      | $2471196.42   | 0.07%             | 2039-06-15      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                            | HAT Holdings I LLC / HAT Holdings II LLC                                         | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13000 | PA      | $12752.09     | 0.00%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                         | Fortuna Consumer Loan Abs 2025-1 DAC                                             | CUSIP: 000000000<br>LEI: 635400DRZLOPFVGZUR29 | Long             | ABS-O            | CORP              | IE        |   2500000 | PA      | $2858955.73   | 0.08%             | 2035-04-18      | Floating      | 2.58%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                           | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AL3<br>LEI: N/A                  | Long             | DBT              |  | US        |   1191000 | PA      | $1201947.67   | 0.04%             | 2029-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                          | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAA4<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99864.24     | 0.00%             | 2027-08-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| IQVIA Inc                                         | IQVIA Inc                                                                        | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198850.46    | 0.01%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOLOSSUS BTL                                      | Molossus Btl 2024-1 PLC                                                          | CUSIP: 000000000<br>LEI: 635400TPGD2VZXFZMM69 | Long             | ABS-MBS          | CORP              | GB        |   1386096 | PA      | $1834313.52   | 0.05%             | 2061-04-18      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| DUN & BRADSTREET CORP                             | Dun & Bradstreet Corp/The                                                        | CUSIP: 26483EAL4<br>LEI: RI37BMPWE56BCJ747E14 | Long             | DBT              | CORP              | US        |    101000 | PA      | $103311.65    | 0.00%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Motorola Solutions Inc                            | Motorola Solutions Inc                                                           | CUSIP: 620076BN8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    119000 | PA      | $119319.02    | 0.00%             | 2029-05-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                   | Fair Isaac Corp                                                                  | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     62000 | PA      | $59879.83     | 0.00%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                           | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AP4<br>LEI: N/A                  | Long             | DBT              |  | US        |    598000 | PA      | $571971.57    | 0.02%             | 2030-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                          | Foundation Finance Trust 2025-1                                                  | CUSIP: 35040WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2928436 | PA      | $2941348.24   | 0.09%             | 2050-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                          | Focus Financial Partners LLC                                                     | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |     91000 | PA      | $92994.16     | 0.00%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Thunder Logistics                                 | Thunder Logistics 2024-1 DAC                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |     71578 | PA      | $81805.73     | 0.00%             | 2036-11-17      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                             | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    399000 | PA      | $384786.01    | 0.01%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                           | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AH2<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              |  | US        |   7653000 | PA      | $7655227.02   | 0.22%             | 2026-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: —       |
| Dell Equipment Finance Trust                      | Dell Equipment Finance Trust 2025-1                                              | CUSIP: 24703UAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2618000 | PA      | $2623127.09   | 0.08%             | 2027-07-22      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                            | SLM Private Credit Student Loan Trust 2004-A                                     | CUSIP: 78443CBH6<br>LEI: 54930054KUX5HFXZUQ43 | Long             | ABS-O            | CORP              | US        |    855533 | PA      | $852400.75    | 0.03%             | 2033-06-15      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                      | GS Mortgage Securities Corp Trust 2025-800D                                      | CUSIP: 36273XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2074000 | PA      | $2077912.60   | 0.06%             | 2041-11-25      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| BL Consumer Issuance Platform II                  | Compartment BL Consumer Credit 2024                                              | CUSIP: 000000000<br>LEI: 549300BCEKCIKD7MN312 | Long             | ABS-O            | CORP              | LU        |    817000 | PA      | $934363.60    | 0.03%             | 2041-09-25      | Floating      | 2.81%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                              | WR Grace Holdings LLC                                                            | CUSIP: 92943GAE1<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    507000 | PA      | $521853.58    | 0.02%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| KAISER ALUMINUM CORP                              | Kaiser Aluminum Corp                                                             | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    742000 | PA      | $691977.52    | 0.02%             | 2031-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| METRO Finance Trust                               | Metro Finance 2024-1 Trust                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |    382203 | PA      | $246453.01    | 0.01%             | 2030-09-17      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                                  | ITT Holdings LLC                                                                 | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |    218000 | PA      | $207646.92    | 0.01%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NY Commercial Mortgage Trust                      | NY Commercial Mortgage Trust 2025-299P                                           | CUSIP: 62957FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1770000 | PA      | $1822776.09   | 0.05%             | 2047-02-10      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                             | QXO Building Products Inc                                                        | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    424000 | PA      | $436624.18    | 0.01%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| United States Treasury                            | U.S. Treasury Notes                                                              | CUSIP: 91282CCR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  43610000 | PA      | $40082019.03  | 1.18%             | 2028-07-31      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                             | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    365000 | PA      | $362993.77    | 0.01%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                       | Netflix Inc                                                                      | CUSIP: 64110LAV8<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |   2277000 | PA      | $2319686.83   | 0.07%             | 2030-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                 | Rakuten Group Inc                                                                | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |   3542000 | PA      | $3878196.90   | 0.11%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| OHA Loan Funding Ltd                              | OHA Loan Funding 2016-1 Ltd                                                      | CUSIP: 67110UBA6<br>LEI: 54930016024GMIAF7A82 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250967.13    | 0.01%             | 2037-07-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                       | Citibank NA                                                                      | CUSIP: 17325FBN7<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    527000 | PA      | $528492.79    | 0.02%             | 2027-05-29      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co                                                                 | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   8572000 | PA      | $8747187.16   | 0.26%             | 2031-04-23      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                     | Citigroup Inc                                                                    | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     94000 | PA      | $92331.19     | 0.00%             | 2027-01-28      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                                                | CUSIP: 3136B3SN1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6128349 | PA      | $6059594.10   | 0.18%             | 2048-12-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                           | Dryden 77 CLO Ltd                                                                | CUSIP: 26252VAQ4<br>LEI: 254900XGNUOV0Y3IBA68 | Long             | ABS-CBDO         | CORP              | KY        |     62500 | PA      | $62498.12     | 0.00%             | 2034-05-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                               | Station Casinos LLC                                                              | CUSIP: 857691AJ8<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |     46000 | PA      | $46907.07     | 0.00%             | 2032-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                       | Rad CLO 7 Ltd                                                                    | CUSIP: 74936GAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1570000 | PA      | $1572355.00   | 0.05%             | 2036-04-17      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                     | TransDigm Inc                                                                    | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    604000 | PA      | $621074.48    | 0.02%             | 2032-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                 | Newell Brands Inc                                                                | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     98000 | PA      | $102691.60    | 0.00%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| EMPIRE COMMUNITIES CORP                           | Empire Communities Corp                                                          | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |     15000 | PA      | $15297.42     | 0.00%             | 2029-05-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Winchester PLC                                    | Winchester 1 PLC                                                                 | CUSIP: 000000000<br>LEI: 213800AWJGG72JJNBW66 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $132608.30    | 0.00%             | 2056-10-21      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                             | Uber Technologies Inc                                                            | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   9919000 | PA      | $9812842.89   | 0.29%             | 2029-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                  | Ryder System Inc                                                                 | CUSIP: 78355HLB3<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    159000 | PA      | $164264.52    | 0.00%             | 2029-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Polus Capital Management                          | Polus US CLO II Ltd                                                              | CUSIP: 73163VAC5<br>LEI: 254900AGAA5TXFLBCL85 | Long             | ABS-CBDO         | CORP              | KY        |   1940000 | PA      | $1949621.04   | 0.06%             | 2038-07-20      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                  | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $3711.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                           | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    107000 | PA      | $104561.25    | 0.00%             | 2032-04-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC       | BBCMS 2018-TALL Mortgage Trust                                                   | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8630000 | PA      | $8199943.80   | 0.24%             | 2037-03-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                    | Carval Clo X-C Ltd                                                               | CUSIP: 146918AA5<br>LEI: 254900DAR7W0XP2CHD65 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2007769.00   | 0.06%             | 2037-07-20      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| TCI-Symphony CLO                                  | TCI-Symphony CLO 2017-1 Ltd                                                      | CUSIP: 87232BAF9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1398236 | PA      | $1398585.98   | 0.04%             | 2030-07-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                              | CUSIP: 46647PEJ1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2338000 | PA      | $2377680.58   | 0.07%             | 2030-07-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co                                                                 | CUSIP: 95000U3A9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    840000 | PA      | $844607.14    | 0.02%             | 2028-07-25      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust                            | John Deere Owner Trust 2024                                                      | CUSIP: 47800RAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9312000 | PA      | $9375595.37   | 0.28%             | 2028-11-15      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                 | Iliad Holding SASU                                                               | CUSIP: 449691AF1<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    802000 | PA      | $860290.13    | 0.03%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                             | Williams Scotsman Inc                                                            | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    146000 | PA      | $150540.67    | 0.00%             | 2030-04-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                    | Morgan Stanley Capital I Trust 2018-BOP                                          | CUSIP: 61768FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1426459 | PA      | $1165402.69   | 0.03%             | 2033-08-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                | A&D Mortgage Trust 2024-NQM1                                                     | CUSIP: 00039GAA7<br>LEI: 984500E3BD374F778L95 | Long             | ABS-MBS          | CORP              | US        |   2254205 | PA      | $2261730.03   | 0.07%             | 2069-02-25      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   8650000 | PA      | $8702075.77   | 0.26%             | 2028-04-23      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Atlas Funding                                     | Atlas Funding 2024-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400BMBKLDPBSN2U43 | Long             | ABS-MBS          | CORP              | GB        |     99899 | PA      | $133046.54    | 0.00%             | 2061-09-20      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| PSMC Trust                                        | PSMC 2021-1 Trust                                                                | CUSIP: 693650AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6994578 | PA      | $5628001.56   | 0.17%             | 2051-03-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                          | OBX 2023-NQM6 Trust                                                              | CUSIP: 67117VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2914981 | PA      | $2929610.98   | 0.09%             | 2063-07-25      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| CONTOURGLOBAL POWER HLDG                          | ContourGlobal Power Holdings SA                                                  | CUSIP: 21220LAB9<br>LEI: 549300O5AGIFK0PQ1516 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $205000.00    | 0.01%             | 2030-02-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                          | Ford Motor Credit Co LLC                                                         | CUSIP: 345397C27<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    908000 | PA      | $900636.98    | 0.03%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                                | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    940000 | PA      | $980044.00    | 0.03%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: —       |
| FORTRESS TRANS & INFRAST                          | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   9758000 | PA      | $10124373.87  | 0.30%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GREAT CAN GAMING/RAPTOR                           | Great Canadian Gaming Corp/Raptor LLC                                            | CUSIP: 389925AA6<br>LEI: 549300FU60SSFLTE0M84 | Long             | DBT              | CORP              | XX        |    123000 | PA      | $120429.72    | 0.00%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                     | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    141000 | PA      | $141712.18    | 0.00%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-AIRC                                           | CUSIP: 12433CAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2368574 | PA      | $2374495.33   | 0.07%             | 2039-08-15      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securitisation              | Together Asset Backed Securitisation 2024-2nd1 PLC                               | CUSIP: 000000000<br>LEI: 635400IODF9CE3RX8L03 | Long             | ABS-MBS          | CORP              | GB        |    114000 | PA      | $152098.46    | 0.00%             | 2055-08-20      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                     | Carnival Corp                                                                    | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    468000 | PA      | $471168.36    | 0.01%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                         | College Ave Student Loans 2021-A LLC                                             | CUSIP: 19424KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130913 | PA      | $130068.57    | 0.00%             | 2051-07-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                           | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              |  | US        |   1032000 | PA      | $1090699.13   | 0.03%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                             | Palmer Square CLO 2021-3 Ltd                                                     | CUSIP: 69688FAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501202.50    | 0.01%             | 2035-01-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                         | Nelnet Student Loan Trust 2025-A                                                 | CUSIP: 64033XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3413220 | PA      | $3393637.27   | 0.10%             | 2057-03-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                              | CUSIP: 91282CAD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17000000 | PA      | $15846523.48  | 0.47%             | 2027-07-31      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                                               | CUSIP: 3137HLLG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9012452 | PA      | $9054114.83   | 0.27%             | 2055-06-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                  | COLT 2023-2 Mortgage Loan Trust                                                  | CUSIP: 12598UAA4<br>LEI: 213800IHRVKO9R6JZ883 | Long             | ABS-MBS          | CORP              | US        |   2809673 | PA      | $2823027.11   | 0.08%             | 2068-07-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                         | IQVIA Inc                                                                        | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    385000 | PA      | $394800.18    | 0.01%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                            | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KCT5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    710000 | PA      | $719905.30    | 0.02%             | 2029-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                              | CUSIP: 91282CCH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 221600000 | PA      | $205663844.30 | 6.04%             | 2028-06-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Asset-Backed European Securitisation Transaction  | Asset-Backed European Securitisation Transaction Twenty-Five Srl                 | CUSIP: 000000000<br>LEI: 8156006F7517955B5E95 | Long             | ABS-O            | CORP              | IT        |    100000 | PA      | $114760.73    | 0.00%             | 2039-11-15      | Floating      | 3.18%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO III Ltd                               | Elmwood CLO III Ltd                                                              | CUSIP: 29002HAY5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500914.45    | 0.01%             | 2037-07-18      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                           | Oncor Electric Delivery Co LLC                                                   | CUSIP: 68233JCW2<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |   3815000 | PA      | $3849107.89   | 0.11%             | 2029-11-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                            | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    322000 | PA      | $354136.61    | 0.01%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ARES Commercial Mortgage Trust                    | ARES Trust 2025-IND3                                                             | CUSIP: 039955AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2674000 | PA      | $2677337.42   | 0.08%             | 2042-04-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                                                | CUSIP: 3136BTK44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2093236 | PA      | $2098895.85   | 0.06%             | 2054-12-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                           | CarMax Auto Owner Trust 2024-1                                                   | CUSIP: 14318WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    693000 | PA      | $696358.83    | 0.02%             | 2028-10-16      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                      | Calpine Corp                                                                     | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2967.38      | 0.00%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Churchill Downs Inc                               | Churchill Downs Inc                                                              | CUSIP: 171484AE8<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    171000 | PA      | $168653.86    | 0.00%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Satus PLC                                         | Satus 2024-1 PLC                                                                 | CUSIP: 000000000<br>LEI: 213800P7IESQH1HBW693 | Long             | ABS-O            | CORP              | GB        |    491894 | PA      | $650270.23    | 0.02%             | 2031-01-17      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Aimco                                             | AIMCO CLO 23 Ltd                                                                 | CUSIP: 00901JAA6<br>LEI: 254900JY4GSBXW978G85 | Long             | ABS-CBDO         | CORP              | KY        |   1020000 | PA      | $1019006.83   | 0.03%             | 2038-04-20      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                  | CUSIP: 31418ARX8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6212834 | PA      | $5930517.32   | 0.17%             | 2033-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA VEND FIN IV                          | Virgin Media Vendor Financing Notes IV DAC                                       | CUSIP: 92770QAA5<br>LEI: 635400ZZNJSEA4CAJR23 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $193958.62    | 0.01%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                              | CUSIP: 91282CHU8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  75300000 | PA      | $75464130.66  | 2.22%             | 2026-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Coast Investment Grade                            | COAST Commercial Mortgage Trust 2023-2HTL                                        | CUSIP: 19033EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3998752.40   | 0.12%             | 2036-08-15      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                          | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AU0<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |   2485000 | PA      | $2465014.56   | 0.07%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BSTN Commercial Mortgage Trust                    | BSTN Commercial Mortgage Trust 2025-1C                                           | CUSIP: 05615EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1830000 | PA      | $1854649.37   | 0.05%             | 2044-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust    | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2                         | CUSIP: 61778XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5712205 | PA      | $5705951.68   | 0.17%             | 2070-07-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2022-D                                          | CUSIP: 78454XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12739326 | PA      | $12961351.28  | 0.38%             | 2058-10-15      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                          | Antero Midstream Partners LP / Antero Midstream Finance Corp                     | CUSIP: 03690AAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     96000 | PA      | $96040.45     | 0.00%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                          | EQT Corp                                                                         | CUSIP: 26884LAM1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    960000 | PA      | $946260.60    | 0.03%             | 2026-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                             | Truist Financial Corp                                                            | CUSIP: 89788MAR3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1305722.86   | 0.04%             | 2030-01-24      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                                               | CUSIP: 3137H0A40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    191775 | PA      | $185813.43    | 0.01%             | 2044-04-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                              | CUSIP: 46647PEU6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  20667000 | PA      | $20891795.99  | 0.61%             | 2029-01-24      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                              | Verizon Master Trust                                                             | CUSIP: 92348KCH4<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   2048000 | PA      | $2078730.85   | 0.06%             | 2031-12-22      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trust                   | CFCRE Commercial Mortgage Trust 2016-C7                                          | CUSIP: 12532BAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2455904.00   | 0.07%             | 2054-12-10      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                  | CUSIP: 3140NVJY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10290000 | PA      | $10613740.38  | 0.31%             | 2031-06-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                          | Olympus Water US Holding Corp                                                    | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |   1053000 | PA      | $1103886.23   | 0.03%             | 2028-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                           | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     52000 | PA      | $54421.80     | 0.00%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PPTY REIT INC                          | Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | CUSIP: 11284DAC9<br>LEI: N/A                  | Long             | DBT              |  | US        |     29000 | PA      | $28169.16     | 0.00%             | 2027-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| ESAB CORP                                         | Esab Corp                                                                        | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |    172000 | PA      | $175742.38    | 0.01%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                          | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2000 | PA      | $1950.14      | 0.00%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                      | Navient Corp                                                                     | CUSIP: 63938CAQ1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    162000 | PA      | $168677.73    | 0.00%             | 2032-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| RHP HOTEL PPTY/RHP FINAN                          | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              |  | US        |    222000 | PA      | $228934.39    | 0.01%             | 2028-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                  | T-Mobile USA Inc                                                                 | CUSIP: 87264ABS3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1393000 | PA      | $1308650.79   | 0.04%             | 2029-02-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust 2016-C33                                   | CUSIP: 95000LAZ6<br>LEI: 549300JPCJUA5JJLRW54 | Long             | ABS-MBS          | CORP              | US        |   2950000 | PA      | $2924702.28   | 0.09%             | 2059-03-15      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                          | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAR8<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34316.23     | 0.00%             | 2029-07-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                             | KKR CLO 47 Ltd                                                                   | CUSIP: 48190DAA8<br>LEI: 254900X4Y2IUWMENHX76 | Long             | ABS-CBDO         | CORP              | KY        |    695000 | PA      | $697567.61    | 0.02%             | 2038-01-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| PCL Funding                                       | PCL Funding IX PLC                                                               | CUSIP: 000000000<br>LEI: 213800OC928ETRJNHM43 | Long             | ABS-O            | CORP              | GB        |   1504000 | PA      | $1991898.29   | 0.06%             | 2029-07-16      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| BlackRock Funds III                               | BlackRock Cash Funds: Institutional, SL Agency Shares                            | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |  84396141 | NS      | $84429899.82  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| STARWOOD PROPERTY TRUST                           | Starwood Property Trust Inc                                                      | CUSIP: 85571BAY1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     27000 | PA      | $26538.62     | 0.00%             | 2027-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| CLYDESDALE ACQUISITION                            | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAC9<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    277000 | PA      | $283268.51    | 0.01%             | 2030-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| FORD MOTOR CREDIT CO LLC                          | Ford Motor Credit Co LLC                                                         | CUSIP: 345397D83<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   4489000 | PA      | $4514247.71   | 0.13%             | 2027-03-05      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1205000 | PA      | $1144983.42   | 0.03%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                       | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |         1 | NC      | $-16241.70    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    262000 | PA      | $275797.44    | 0.01%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                          | Smyrna Ready Mix Concrete LLC                                                    | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    124000 | PA      | $130495.99    | 0.00%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: —       |
| Fortuna Consumer Loan ABS                         | Fortuna Consumer Loan Abs 2025-1 DAC                                             | CUSIP: 000000000<br>LEI: 635400DRZLOPFVGZUR29 | Long             | ABS-O            | CORP              | IE        |    500000 | PA      | $571949.20    | 0.02%             | 2035-04-18      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                         | Fortuna Consumer Loan Abs 2025-1 DAC                                             | CUSIP: 000000000<br>LEI: 635400DRZLOPFVGZUR29 | Long             | ABS-O            | CORP              | IE        |    100000 | PA      | $114605.41    | 0.00%             | 2035-04-18      | Floating      | 3.23%                 | No            |                  2 | On Loan: No      |
| SENSATA TECH INC                                  | Sensata Technologies Inc                                                         | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    871000 | PA      | $833462.77    | 0.02%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                           | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    533000 | PA      | $564658.96    | 0.02%             | 2031-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| SC GERMANY CONSUMER                               | SC Germany SA Compartment Consumer 2024-2                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    100000 | PA      | $115042.26    | 0.00%             | 2038-05-14      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| CROCS INC                                         | Crocs Inc                                                                        | CUSIP: 227046AA7<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |     48000 | PA      | $45660.52     | 0.00%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Dutch Property Finance                            | Dutch Property Finance 2021-2 BV                                                 | CUSIP: 000000000<br>LEI: 724500HXDVQPC2FOAA29 | Long             | ABS-MBS          | CORP              | NL        |   3258816 | PA      | $3720487.12   | 0.11%             | 2059-04-28      | Floating      | 2.65%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                      | US Foods Inc                                                                     | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26442.13     | 0.00%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                            | Morgan Stanley Bank NA                                                           | CUSIP: 61690U8B9<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   3717000 | PA      | $3783586.45   | 0.11%             | 2028-05-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                | Expand Energy Corp                                                               | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |   5052000 | PA      | $5057334.00   | 0.15%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| US ACUTE CARE SOLUTIONS                           | US Acute Care Solutions LLC                                                      | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     91000 | PA      | $92976.61     | 0.00%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust                  | Provident Funding Mortgage Trust 2021-INV2                                       | CUSIP: 74388MAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1550459 | PA      | $1363228.02   | 0.04%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2023-C                                          | CUSIP: 83207DAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4481403 | PA      | $4524382.32   | 0.13%             | 2052-11-15      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED AUD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | AU        |         1 | NC      | $-3373.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NCMF Trust                                        | NCMF Trust 2025-MFS                                                              | CUSIP: 62887TAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2248000 | PA      | $2248204.34   | 0.07%             | 2033-06-10      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| HILL FL                                           | Hill FL 2024-1BV                                                                 | CUSIP: 000000000<br>LEI: 7245006MK9ZZTYTYIQ03 | Long             | ABS-O            | CORP              | NL        |     83364 | PA      | $95481.15     | 0.00%             | 2032-02-18      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                    | ELM Trust 2024-ELM                                                               | CUSIP: 26860XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $251739.20    | 0.01%             | 2039-06-10      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                              | BAT International Finance PLC                                                    | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |   1878000 | PA      | $1841421.59   | 0.05%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Hops Hill                                         | Hops Hill NO 4 PLC                                                               | CUSIP: 000000000<br>LEI: 6354008RKIF9MECMNJ80 | Long             | ABS-MBS          | CORP              | GB        |    628000 | PA      | $835682.06    | 0.02%             | 2056-04-21      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                          | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    322000 | PA      | $329165.56    | 0.01%             | 2029-03-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Mortimer BTL Plc                                  | Mortimer 2024-Mix PLC                                                            | CUSIP: 000000000<br>LEI: 213800F12CZ391USLI51 | Long             | ABS-MBS          | CORP              | GB        |   1127468 | PA      | $1493891.23   | 0.04%             | 2067-09-22      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                  | CIFC Funding 2017-V Ltd                                                          | CUSIP: 12551MAL3<br>LEI: 635400BTAKRBKGRV3X14 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3511270.00   | 0.10%             | 2037-07-17      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 2YR NOTE (CBT) SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      7423 | NC      | $-1596440.73  | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                             | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1884000 | PA      | $1957273.77   | 0.06%             | 2029-09-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                    | ELM Trust 2024-ELM                                                               | CUSIP: 26860XAU5<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |   5440000 | PA      | $5477844.99   | 0.16%             | 2039-06-10      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                          | Medline Borrower LP/Medline Co-Issuer Inc                                        | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $326285.76    | 0.01%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| CITGO PETROLEUM CORP                              | CITGO Petroleum Corp                                                             | CUSIP: 17302XAN6<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    182000 | PA      | $188735.27    | 0.01%             | 2029-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                          | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |  10055000 | PA      | $10092147.69  | 0.30%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                    | NewDay Funding                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |    110000 | PA      | $147404.06    | 0.00%             | 2032-03-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA Inc                                  | T-Mobile USA Inc                                                                 | CUSIP: 87264AAV7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   7122000 | PA      | $7128374.19   | 0.21%             | 2028-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| CAESARS ENTERTAIN INC                             | Caesars Entertainment Inc                                                        | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    891000 | PA      | $919095.01    | 0.03%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CONSTELLIUM SE                                    | Constellium SE                                                                   | CUSIP: 21039CAB0<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |    655000 | PA      | $614718.55    | 0.02%             | 2029-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| CA MAGNUM HOLDINGS                                | CA Magnum Holdings                                                               | CUSIP: 12674CAA1<br>LEI: 549300ZRDHFR078MFZ78 | Long             | DBT              | CORP              | MU        |    200000 | PA      | $198425.00    | 0.01%             | 2026-10-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Credit Card Trust                 | BA Credit Card Trust                                                             | CUSIP: 05522RDH8<br>LEI: 5493006DQ60M1CRKHH19 | Long             | ABS-O            | CORP              | US        |   4705000 | PA      | $4743873.18   | 0.14%             | 2028-11-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust                    | MSWF Commercial Mortgage Trust 2023-2                                            | CUSIP: 55361AAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    305000 | PA      | $324952.86    | 0.01%             | 2056-12-15      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                              | CUSIP: 91282CCY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  63000000 | PA      | $58087968.75  | 1.71%             | 2028-09-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                          | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              |  | US        |     90000 | PA      | $89030.85     | 0.00%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                      | Navient Corp                                                                     | CUSIP: 63938CAN8<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    274000 | PA      | $299430.49    | 0.01%             | 2030-07-25      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securitisation              | Together Asset Backed Securitisation 2025-2nd1 PLC                               | CUSIP: 000000000<br>LEI: 635400YLGUIWG9EKBV27 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $132418.52    | 0.00%             | 2056-09-12      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| HCA INC                                           | HCA Inc                                                                          | CUSIP: 404119BX6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   8584000 | PA      | $8413964.35   | 0.25%             | 2029-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Elstree Funding                                   | Elstree Funding No 4 PLC                                                         | CUSIP: 000000000<br>LEI: 635400JAGLODYUGMIF69 | Long             | ABS-MBS          | CORP              | GB        |    839917 | PA      | $1116291.73   | 0.03%             | 2055-10-21      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                          | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $148843.47    | 0.00%             | 2029-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| Nelnet Student Loan Trust                         | Nelnet Student Loan Trust 2023-PL1                                               | CUSIP: 64034UAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    926723 | PA      | $949223.64    | 0.03%             | 2053-11-25      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| VALARIS LTD                                       | Valaris Ltd                                                                      | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    105000 | PA      | $108453.48    | 0.00%             | 2030-04-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| 1345 Trust                                        | 1345T 2025-AOA                                                                   | CUSIP: 68271CAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1283000 | PA      | $1284575.65   | 0.04%             | 2030-06-15      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                    | Enterprise Fleet Financing 2024-3 LLC                                            | CUSIP: 29375QAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    492000 | PA      | $499548.17    | 0.01%             | 2031-03-20      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                          | Madison Park Funding L Ltd                                                       | CUSIP: 55821FAA5<br>LEI: 549300XQII222AK58E79 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500600.00    | 0.01%             | 2034-04-19      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                          | J.P. Morgan Mortgage Trust 2021-15                                               | CUSIP: 46654TAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1086970 | PA      | $960462.81    | 0.03%             | 2052-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                          | Permian Resources Operating LLC                                                  | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    303000 | PA      | $303185.13    | 0.01%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp                                  | BAT Capital Corp                                                                 | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |  13226000 | PA      | $12980493.04  | 0.38%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                            | Diamondback Energy Inc                                                           | CUSIP: 25278XAN9<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |   4943000 | PA      | $4716019.07   | 0.14%             | 2029-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DIAMOND FRGN/DIAMOND FIN                          | Diamond Foreign Asset Co / Diamond Finance LLC                                   | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      5000 | PA      | $5211.22      | 0.00%             | 2030-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SITIO ROYAL OP / SIT FIN                          | Sitio Royalties Operating Partnership LP / Sitio Finance Corp                    | CUSIP: 82983MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     62000 | PA      | $64685.72     | 0.00%             | 2028-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                         | Block Inc                                                                        | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    183000 | PA      | $179458.60    | 0.01%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                           | Kodiak Gas Services LLC                                                          | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    239000 | PA      | $244769.70    | 0.01%             | 2029-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| Greensky Home Improvement Issuer Trust            | GreenSky Home Improvement Issuer Trust 2025-2                                    | CUSIP: 39571VAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1670000 | PA      | $1673258.17   | 0.05%             | 2060-06-25      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                              | Wrangler Holdco Corp                                                             | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    141000 | PA      | $145675.98    | 0.00%             | 2032-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                          | Mill City Mortgage Loan Trust 2017-1                                             | CUSIP: 59981HAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1006888 | PA      | $991318.39    | 0.03%             | 2058-11-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| STAR PARENT INC                                   | Star Parent Inc                                                                  | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |    649000 | PA      | $682487.65    | 0.02%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| GAMMA Sociedade de Titularizacao de Creditos      | GAMMA Sociedade de Titularizacao de Creditos                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | PT        |    993745 | PA      | $1137402.32   | 0.03%             | 2034-02-25      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                          | RTX Corp                                                                         | CUSIP: 913017CY3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    947000 | PA      | $940319.60    | 0.03%             | 2028-11-16      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                             | Williams Scotsman Inc                                                            | CUSIP: 96949VAM5<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    107000 | PA      | $109654.99    | 0.00%             | 2029-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                  | FirstEnergy Corp                                                                 | CUSIP: 337932AL1<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |   4133000 | PA      | $3790892.78   | 0.11%             | 2030-03-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: —       |
| GENERAL MOTORS FINL CO                            | General Motors Financial Co Inc                                                  | CUSIP: 37045XEN2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    554000 | PA      | $571171.40    | 0.02%             | 2029-01-07      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                          | Vistra Operations Co LLC                                                         | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1151991.80   | 0.03%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| PCL Funding                                       | PCL Funding VIII PLC                                                             | CUSIP: 000000000<br>LEI: 21380059YXNYYIS74Q45 | Long             | ABS-O            | CORP              | GB        |    592000 | PA      | $790910.27    | 0.02%             | 2028-05-15      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                              | Verizon Master Trust                                                             | CUSIP: 92348KCL5<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |  11907000 | PA      | $11925697.56  | 0.35%             | 2028-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                           | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              |  | US        |    323000 | PA      | $335727.82    | 0.01%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    144000 | PA      | $144241.92    | 0.00%             | 2030-05-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Dowson                                            | Dowson 2024-1 PLC                                                                | CUSIP: 000000000<br>LEI: 635400IRBWDPWKGK1C24 | Long             | ABS-O            | CORP              | GB        |    117000 | PA      | $153685.66    | 0.00%             | 2031-08-20      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                       | Chemours Co/The                                                                  | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     43000 | PA      | $39492.53     | 0.00%             | 2028-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| CHENIERE ENERGY PARTNERS                          | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    516000 | PA      | $463851.33    | 0.01%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ANGI GROUP LLC                                    | ANGI Group LLC                                                                   | CUSIP: 001846AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27000 | PA      | $25153.74     | 0.00%             | 2028-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| Vita Scientia                                     | Vita Scientia 2022-1 DAC                                                         | CUSIP: 000000000<br>LEI: 635400JHBEHLCY2DZM20 | Long             | ABS-MBS          | CORP              | IE        |   9030939 | PA      | $10288633.60  | 0.30%             | 2033-02-27      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| Jupiter Mortgages No.1                            | Jupiter Mortgage NO 1 PLC                                                        | CUSIP: 000000000<br>LEI: 6354009QIELPOGEAFS09 | Long             | ABS-MBS          | CORP              | GB        |    989000 | PA      | $1317497.69   | 0.04%             | 2055-07-20      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Hops Hill                                         | Hops Hill NO 4 PLC                                                               | CUSIP: 000000000<br>LEI: 6354008RKIF9MECMNJ80 | Long             | ABS-MBS          | CORP              | GB        |   1443465 | PA      | $1916992.91   | 0.06%             | 2056-04-21      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                      | Dell Equipment Finance Trust 2025-1                                              | CUSIP: 24703UAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2997000 | PA      | $3011570.51   | 0.09%             | 2031-02-24      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                       | Equinix Inc                                                                      | CUSIP: 29444UBG0<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |   2345000 | PA      | $2228319.13   | 0.07%             | 2027-07-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                                                | CUSIP: 3136BTYT4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8963849 | PA      | $9005170.57   | 0.26%             | 2054-12-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                   | CUSIP: 61748UAE2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   5986000 | PA      | $6131870.32   | 0.18%             | 2031-01-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Altria Group Inc                                  | Altria Group Inc                                                                 | CUSIP: 02209SBD4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   4471000 | PA      | $4504862.95   | 0.13%             | 2029-02-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: —       |
| Ellington Financial Mortgage Trust                | EFMT 2025-INV2                                                                   | CUSIP: 281914AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3522860 | PA      | $3512979.39   | 0.10%             | 2070-05-26      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                     | Carnival Corp                                                                    | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    118000 | PA      | $119177.02    | 0.00%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HOUSTON GALLERIA MALL TRUST                       | Houston Galleria Mall Trust 2025-HGLR                                            | CUSIP: 44216XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1580000 | PA      | $1603201.98   | 0.05%             | 2045-02-05      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| NEW GOLD INC                                      | New Gold Inc                                                                     | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |     77000 | PA      | $79020.04     | 0.00%             | 2032-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Panorama Auto Trust                               | Panorama Auto Trust 2025-1                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |    500000 | PA      | $320348.16    | 0.01%             | 2033-03-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Italian Stella Loans Srl                          | Auto ABS Italian Stella Loans 2024-1 SRL                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |     81793 | PA      | $94083.77     | 0.00%             | 2036-12-29      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                          | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9120000 | PA      | $8381460.30   | 0.25%             | 2029-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM                          | Advanced Drainage Systems Inc                                                    | CUSIP: 00790RAA2<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    187000 | PA      | $185054.51    | 0.01%             | 2027-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                               | United Airlines Inc                                                              | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    277000 | PA      | $270494.66    | 0.01%             | 2029-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                      | GS Mortgage Securities Corp Trust 2024-RVR                                       | CUSIP: 36272JAA1<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |    930000 | PA      | $933962.27    | 0.03%             | 2041-08-10      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US                          | Sealed Air Corp/Sealed Air Corp US                                               | CUSIP: 812127AA6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29277.20     | 0.00%             | 2028-02-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| Autoflorence                                      | AutoFlorence 3 Srl                                                               | CUSIP: 000000000<br>LEI: 815600F88BB8BFD30863 | Long             | ABS-O            | CORP              | IT        |    214511 | PA      | $248335.15    | 0.01%             | 2046-12-25      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| ERO COPPER CORP                                   | ERO Copper Corp                                                                  | CUSIP: 296006AA7<br>LEI: 549300KL8A21SEIO8I47 | Long             | DBT              | CORP              | CA        |     97000 | PA      | $95181.25     | 0.00%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                     | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $-18793.93    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                           | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $105019.01    | 0.00%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| CAMELOT FINANCE SA                                | Camelot Finance SA                                                               | CUSIP: 13323AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     46000 | PA      | $45399.42     | 0.00%             | 2026-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                          | Smyrna Ready Mix Concrete LLC                                                    | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     21000 | PA      | $20930.66     | 0.00%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| Bank5                                             | BANK5 2024-5YR11                                                                 | CUSIP: 06644WBD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1535000 | PA      | $1600853.96   | 0.05%             | 2057-11-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                            | Arsenal AIC Parent LLC                                                           | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    124000 | PA      | $131440.99    | 0.00%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | SWAP/CDSWAP/ICE: (CDX.NA.HY.44.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    310000 | OU      | $-24223.68    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                             | CUSIP: 06051GJQ3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  16595000 | PA      | $16298082.92  | 0.48%             | 2027-03-11      | Fixed         | 1.66%                 | No            |                  2 | On Loan: No      |
| Atlas Funding                                     | Atlas Funding 2024-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400BMBKLDPBSN2U43 | Long             | ABS-MBS          | CORP              | GB        |     99899 | PA      | $133019.49    | 0.00%             | 2061-09-20      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                               | Axon Enterprise Inc                                                              | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21447.33     | 0.00%             | 2030-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust 2025-VTT                                   | CUSIP: 94990GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2579000 | PA      | $2577815.72   | 0.08%             | 2038-03-15      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| Italian Stella Loans Srl                          | Italian Stella Loans Srl                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |     95784 | PA      | $109693.28    | 0.00%             | 2039-05-27      | Floating      | 3.31%                 | No            |                  2 | On Loan: No      |
| CITADEL PLC                                       | Citadel 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800XKX6NBEB5W9Z43 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $132364.77    | 0.00%             | 2060-04-28      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                    | Newday Funding Master Issuer PLC - Series 2023-1                                 | CUSIP: 000000000<br>LEI: 213800GBPRAJHSB5YK19 | Long             | ABS-O            | CORP              | GB        |   1306000 | PA      | $1740527.86   | 0.05%             | 2031-11-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Porsche Financial Auto Securitization Trust       | Porsche Financial Auto Securitization Trust 2023-2                               | CUSIP: 732916AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3380681 | PA      | $3404767.73   | 0.10%             | 2029-01-22      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                             | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    800000 | PA      | $762000.00    | 0.02%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: —       |
| HCA Inc                                           | HCA Inc                                                                          | CUSIP: 404121AJ4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   3981000 | PA      | $4084760.66   | 0.12%             | 2028-09-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                                       | PNC Bank NA                                                                      | CUSIP: 69353RFY9<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   8985000 | PA      | $8973967.59   | 0.26%             | 2027-05-13      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                      | NiSource Inc                                                                     | CUSIP: 65473PAN5<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     89000 | PA      | $90800.15     | 0.00%             | 2028-03-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| NEW HOME CO INC/THE                               | New Home Co Inc/The                                                              | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |     38000 | PA      | $39392.81     | 0.00%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Stratton Mortgage Funding PLC                     | Stratton Mortgage Funding 2024-2 PLC                                             | CUSIP: 000000000<br>LEI: 635400BEV82LZKPTAB28 | Long             | ABS-MBS          | CORP              | GB        |    181000 | PA      | $238654.68    | 0.01%             | 2050-06-28      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                           | Fidelity National Information Services Inc                                       | CUSIP: 31620MBS4<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |    599000 | PA      | $558420.33    | 0.02%             | 2028-03-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                             | Encompass Health Corp                                                            | CUSIP: 29261AAA8<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    156000 | PA      | $153383.72    | 0.00%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust          | Ford Credit Floorplan Master Owner Trust A                                       | CUSIP: 34528QJF2<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |   3850000 | PA      | $3951030.16   | 0.12%             | 2031-04-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                               | Sirius XM Radio LLC                                                              | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     27000 | PA      | $25698.26     | 0.00%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| London Cards Plc                                  | London Cards No 2 PLC                                                            | CUSIP: 000000000<br>LEI: 635400SWIULSFYESTP47 | Long             | ABS-O            | CORP              | GB        |    100000 | PA      | $133438.99    | 0.00%             | 2034-03-28      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| London Cards Plc                                  | London Cards No 2 PLC                                                            | CUSIP: 000000000<br>LEI: 635400SWIULSFYESTP47 | Long             | ABS-O            | CORP              | GB        |    904000 | PA      | $1205397.80   | 0.04%             | 2034-03-28      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| LCPR SR SECURED FIN DAC                           | LCPR Senior Secured Financing DAC                                                | CUSIP: 50201DAA1<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $153500.00    | 0.00%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                          | EQT Corp                                                                         | CUSIP: 26884LAW9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   2340000 | PA      | $2311889.63   | 0.07%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                             | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    152000 | PA      | $154864.29    | 0.00%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                              | CUSIP: 91282CCW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  75000000 | PA      | $72316406.25  | 2.12%             | 2026-08-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                          | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAE6<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    496000 | PA      | $519679.54    | 0.02%             | 2028-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| Polaris                                           | Polaris 2025-1 PLC                                                               | CUSIP: 000000000<br>LEI: 635400MKPQQD5URNMC45 | Long             | ABS-MBS          | CORP              | GB        |    336000 | PA      | $444390.18    | 0.01%             | 2068-02-26      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                             | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    112000 | PA      | $114550.80    | 0.00%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY GROUP                              | Ryan Specialty LLC                                                               | CUSIP: 78351MAA0<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |     27000 | PA      | $25906.65     | 0.00%             | 2030-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| UNIVISION COMMUNICATIONS                          | Univision Communications Inc                                                     | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    690000 | PA      | $708848.73    | 0.02%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| GGAM FINANCE LTD                                  | GGAM Finance Ltd                                                                 | CUSIP: 36170JAA4<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     27000 | PA      | $28560.52     | 0.00%             | 2028-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                          | Rogers Communications Inc                                                        | CUSIP: 775109CG4<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   5170000 | PA      | $5062209.84   | 0.15%             | 2027-03-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| SC GERMANY CONSUMER                               | SC Germany SA Compartment Consumer 2024-2                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    100000 | PA      | $115046.94    | 0.00%             | 2038-05-14      | Floating      | 3.33%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                                  | Wand NewCo 3 Inc                                                                 | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |    313000 | PA      | $328640.92    | 0.01%             | 2032-01-30      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                      | GS Mortgage Securities Corp Trust 2023-FUN                                       | CUSIP: 36267CAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2580000 | PA      | $2592900.00   | 0.08%             | 2028-03-15      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Private Education Refi Loan Trust 2021-D                                 | CUSIP: 63942CAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3897602 | PA      | $3846061.33   | 0.11%             | 2060-04-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| PENN Commercial Mortgage Trust                    | PENN Commercial Mortgage Trust 2025-P11                                          | CUSIP: 69382VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    989000 | PA      | $991822.31    | 0.03%             | 2042-08-12      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIFL US LLC                          | Digicel International Finance Ltd / Difl US LLC                                  | CUSIP: 25381MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    371000 | PA      | $374733.37    | 0.01%             | 2032-08-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                     | AppLovin Corp                                                                    | CUSIP: 03831WAB4<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |  16474000 | PA      | $16673081.87  | 0.49%             | 2029-12-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                              | Cross 2024-H7 Mortgage Trust                                                     | CUSIP: 22757CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2620120 | PA      | $2620271.05   | 0.08%             | 2069-11-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                              | SCG Commercial Mortgage Trust 2025-DLFN                                          | CUSIP: 78398EAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    811000 | PA      | $806447.37    | 0.02%             | 2035-03-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Vasco Finance                                     | TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 2              | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | PT        |    100000 | PA      | $115212.76    | 0.00%             | 2042-10-27      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| CORELOGIC INC                                     | CoreLogic Inc                                                                    | CUSIP: 21871DAD5<br>LEI: 54930086CD8K2UIL0516 | Long             | DBT              | CORP              | US        |    697000 | PA      | $656923.34    | 0.02%             | 2028-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| Ford Credit Auto Owner Trust                      | Ford Credit Auto Owner Trust 2023-C                                              | CUSIP: 344940AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9198000 | PA      | $9279978.09   | 0.27%             | 2028-09-15      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                              | Cross 2025-H2 Mortgage Trust                                                     | CUSIP: 22758PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2950926 | PA      | $2942696.77   | 0.09%             | 2070-03-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                               | PFS Financing Corp                                                               | CUSIP: 69335PFE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    625000 | PA      | $629263.75    | 0.02%             | 2029-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| HILL FL                                           | Hill FL 2024-2 BV                                                                | CUSIP: 000000000<br>LEI: 724500H2AN902EY7W191 | Long             | ABS-O            | CORP              | NL        |   1443390 | PA      | $1648459.30   | 0.05%             | 2032-10-18      | Floating      | 2.60%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co                                                                 | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2738000 | PA      | $2819280.30   | 0.08%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: —       |
| Verus Securitization Trust                        | Verus Securitization Trust 2023-2                                                | CUSIP: 92539DAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1226767 | PA      | $1226398.00   | 0.04%             | 2068-03-25      | Variable      | 6.19%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                              | Bank of America Corp                                                             | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3410000 | PA      | $3329852.49   | 0.10%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                             | ARI Fleet Lease Trust 2024-B                                                     | CUSIP: 04033HAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    657718 | PA      | $661512.06    | 0.02%             | 2033-04-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                   | Sealed Air Corp                                                                  | CUSIP: 81211KAY6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     62000 | PA      | $60195.21     | 0.00%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                            | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $62992.56     | 0.00%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Finance Ireland Auto Receivables DAC              | Finance Ireland Auto Receivables No 2 DAC                                        | CUSIP: 000000000<br>LEI: 635400CQQYNH7KEIXW17 | Long             | ABS-O            | CORP              | IE        |    180205 | PA      | $205475.42    | 0.01%             | 2034-11-14      | Floating      | 2.83%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                          | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     43000 | PA      | $42989.65     | 0.00%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| BROADCOM INC                                      | Broadcom Inc                                                                     | CUSIP: 11135FCA7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1309000 | PA      | $1302172.75   | 0.04%             | 2028-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                              | Mariner CLO 2016-3 LLC                                                           | CUSIP: 82672NAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    680000 | PA      | $681827.84    | 0.02%             | 2037-01-23      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                             | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9000 | PA      | $9089.87      | 0.00%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                              | LifePoint Health Inc                                                             | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    525000 | PA      | $577024.88    | 0.02%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: —       |
| CLEVELAND-CLIFFS INC                              | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     74000 | PA      | $74035.30     | 0.00%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| General Motors                                    | GMF Floorplan Owner Revolving Trust                                              | CUSIP: 361886DQ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2831000 | PA      | $2853558.54   | 0.08%             | 2029-11-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                          | Antero Midstream Partners LP / Antero Midstream Finance Corp                     | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27000 | PA      | $26958.39     | 0.00%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                  | Bain Capital Credit CLO 2021-4 Ltd                                               | CUSIP: 05685AAQ1<br>LEI: 254900YJBP8866ZPO033 | Long             | ABS-CBDO         | CORP              | KY        |   1510000 | PA      | $1512884.10   | 0.04%             | 2034-10-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST                         | Nelnet Student Loan Trust 2021-C                                                 | CUSIP: 64035GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2752310 | PA      | $2737984.04   | 0.08%             | 2062-04-20      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                       | Homes 2024-Nqm2 Trust                                                            | CUSIP: 43761CAA0<br>LEI: 254900MQRASV1D1NGZ28 | Long             | ABS-MBS          | CORP              | US        |   3615083 | PA      | $3621606.94   | 0.11%             | 2069-10-25      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| WHARF Commercial Mortgage Trust                   | WHARF Commercial Mortgage Trust 2025-DC                                          | CUSIP: 92987LAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    405000 | PA      | $410658.30    | 0.01%             | 2040-07-15      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                    | OPAL BIDCO                                                                       | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $202007.16    | 0.01%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                          | OBX 2025-NQM4 Trust                                                              | CUSIP: 67120QAA4<br>LEI: 254900IAVXYLOCPK6W54 | Long             | ABS-MBS          | CORP              | US        |   3038216 | PA      | $3028171.26   | 0.09%             | 2055-02-25      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| Polaris                                           | Polaris 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 635400SJNGQKQ4OKRU39 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $134428.55    | 0.00%             | 2061-02-26      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                          | AT&T Inc                                                                         | CUSIP: 00206RMX7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   3457000 | PA      | $3483289.34   | 0.10%             | 2030-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                                               | CUSIP: 3137HHSE2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7030654 | PA      | $7049864.08   | 0.21%             | 2054-04-25      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Mortimer BTL Plc                                  | Mortimer 2024-Mix PLC                                                            | CUSIP: 000000000<br>LEI: 213800F12CZ391USLI51 | Long             | ABS-MBS          | CORP              | GB        |    541000 | PA      | $717227.98    | 0.02%             | 2067-09-22      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp                                  | BAT Capital Corp                                                                 | CUSIP: 05526DBP9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    934000 | PA      | $935803.59    | 0.03%             | 2027-04-02      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Domivest B.V.                                     | Domi 2025-1 BV                                                                   | CUSIP: 000000000<br>LEI: 72450072GIRER22FKI26 | Long             | ABS-O            | CORP              | NL        |   1154694 | PA      | $1319522.25   | 0.04%             | 2057-04-16      | Floating      | 2.74%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                          | Midcap Financial Issuer Trust                                                    | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2209000 | PA      | $2189955.46   | 0.06%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                       | OCP CLO 2025-40 Ltd                                                              | CUSIP: 67570FAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   4140000 | PA      | $4135968.47   | 0.12%             | 2038-04-16      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                | Howard Hughes Corp/The                                                           | CUSIP: 44267DAD9<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54662.57     | 0.00%             | 2028-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Jupiter Mortgages No.1                            | Jupiter Mortgage NO 1 PLC                                                        | CUSIP: 000000000<br>LEI: 6354009QIELPOGEAFS09 | Long             | ABS-MBS          | CORP              | GB        |    313000 | PA      | $418661.06    | 0.01%             | 2055-07-20      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                              | Garda World Security Corp                                                        | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    138000 | PA      | $136773.10    | 0.00%             | 2027-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                 | Eversource Energy                                                                | CUSIP: 30040WAW8<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   1068000 | PA      | $1112688.66   | 0.03%             | 2029-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC              | Sofi Professional Loan Program 2018-C Trust                                      | CUSIP: 78490DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    477462 | PA      | $472060.24    | 0.01%             | 2048-01-25      | Fixed         | 3.59%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                            | SLM Private Credit Student Loan Trust 2006-A                                     | CUSIP: 78443CCL6<br>LEI: 549300I2YWZ9E1B0EY33 | Long             | ABS-O            | CORP              | US        |   6444373 | PA      | $6183702.16   | 0.18%             | 2039-06-15      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-LIFE                                                               | CUSIP: 05616HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3830000 | PA      | $3856057.79   | 0.11%             | 2047-06-13      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HLD                                   | Lamb Weston Holdings Inc                                                         | CUSIP: 513272AC8<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |     61000 | PA      | $60352.45     | 0.00%             | 2028-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                               | PFS Financing Corp                                                               | CUSIP: 69335PFA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11549000 | PA      | $11550114.48  | 0.34%             | 2027-08-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Cardiff Automobile Receivables Securitisation     | Cardiff Auto Receivables Securitisation 2024-1 PLC                               | CUSIP: 000000000<br>LEI: 6354006GQBBANLIO8R45 | Long             | ABS-O            | CORP              | GB        |    611000 | PA      | $807927.29    | 0.02%             | 2031-08-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Polaris                                           | Polaris 2025-1 PLC                                                               | CUSIP: 000000000<br>LEI: 635400MKPQQD5URNMC45 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $132170.90    | 0.00%             | 2068-02-26      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| INTOWN Mortgage Trust                             | INTOWN 2025-STAY Mortgage Trust                                                  | CUSIP: 46117WAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4059000 | PA      | $4059000.00   | 0.12%             | 2042-03-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO II Ltd.                               | Elmwood CLO II Ltd                                                               | CUSIP: 29001LBA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4200000 | PA      | $4212384.12   | 0.12%             | 2037-10-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Churchill Downs Inc                               | Churchill Downs Inc                                                              | CUSIP: 171484AG3<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109853.71    | 0.00%             | 2027-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                            | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   4132000 | PA      | $4168055.83   | 0.12%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STORAGE TECHNOLOG                    | SEAGATE DATA STOR                                                                | CUSIP: 81180LAQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    171000 | PA      | $180596.92    | 0.01%             | 2031-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                 | Post Holdings Inc                                                                | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     61000 | PA      | $58267.40     | 0.00%             | 2030-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| BAT INTL FINANCE PLC                              | BAT International Finance PLC                                                    | CUSIP: 05530QAP5<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |    592000 | PA      | $590080.87    | 0.02%             | 2028-03-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                  | Bain Capital CLO 2024-1 Ltd                                                      | CUSIP: 056920AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   2235000 | PA      | $2244125.73   | 0.07%             | 2037-04-16      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                               | Buckeye Partners LP                                                              | CUSIP: 118230AU5<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     53000 | PA      | $51735.69     | 0.00%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                              | Glencore Funding LLC                                                             | CUSIP: 378272BY3<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   4031000 | PA      | $4067941.05   | 0.12%             | 2028-04-01      | Fixed         | 4.91%                 | No            |                  2 | On Loan: —       |
| PACIFIC GAS & ELECTRIC                            | Pacific Gas and Electric Co                                                      | CUSIP: 694308KS5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   7217000 | PA      | $7218378.59   | 0.21%             | 2025-09-04      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| CBAM CLO Management                               | Cbam 2018-7 Ltd                                                                  | CUSIP: 12482JAA8<br>LEI: 2549002XHTMWO4GGPF51 | Long             | ABS-CBDO         | CORP              | KY        |    316815 | PA      | $317152.74    | 0.01%             | 2031-07-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Italian Stella Loans Srl                          | Auto ABS Italian Stella Loans 2024-1 SRL                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |     81793 | PA      | $94356.06     | 0.00%             | 2036-12-29      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| HONO Mortgage Trust                               | HONO 2021-LULU Mortgage Trust                                                    | CUSIP: 40390MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2716000 | PA      | $2707512.50   | 0.08%             | 2036-10-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners XVII LTD              | Octagon Investment Partners XVII Ltd                                             | CUSIP: 67590GBG3<br>LEI: 54930007Y57X4ONHQV20 | Long             | ABS-CBDO         | CORP              | KY        |     28081 | PA      | $28093.20     | 0.00%             | 2031-01-25      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Regatta VIII Funding Ltd                          | Regatta VIII Funding Ltd                                                         | CUSIP: 75888KAL8<br>LEI: 2549002R0TTC87W9EH67 | Long             | ABS-CBDO         | CORP              | KY        |   4350000 | PA      | $4368215.19   | 0.13%             | 2037-04-17      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                         | Nelnet Student Loan Trust 2021-D                                                 | CUSIP: 64034YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1442186 | PA      | $1414958.91   | 0.04%             | 2062-04-20      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Red & Black Auto Italy                            | Red & Black Auto Italy Srl                                                       | CUSIP: 000000000<br>LEI: 8156003B1C9DCDE30892 | Long             | ABS-O            | CORP              | IT        |    100000 | PA      | $114335.75    | 0.00%             | 2036-07-28      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                      | Ares LVI CLO Ltd                                                                 | CUSIP: 04018NAW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $400795.60    | 0.01%             | 2038-01-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| MUELLER WATER PRODUCTS                            | Mueller Water Products Inc                                                       | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |     36000 | PA      | $34385.51     | 0.00%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2023-B                                          | CUSIP: 78449HAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5265519 | PA      | $5370815.37   | 0.16%             | 2056-10-16      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                            | SLM Private Credit Student Loan Trust 2005-A                                     | CUSIP: 78443CBV5<br>LEI: 549300ZTEFT8CS12SF95 | Long             | ABS-O            | CORP              | US        |   4036547 | PA      | $3984078.42   | 0.12%             | 2038-12-15      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| TCI-Symphony CLO                                  | TCI-Symphony CLO 2016-1 Ltd                                                      | CUSIP: 87229WAQ4<br>LEI: 5493005WLG3H3B8NI222 | Long             | ABS-CBDO         | CORP              | KY        |   2734056 | PA      | $2736326.14   | 0.08%             | 2032-10-13      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                             | CUSIP: 06051GMT3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   7800000 | PA      | $7832832.77   | 0.23%             | 2029-05-09      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JAPAN TOBACCO INC                                 | Japan Tobacco Inc                                                                | CUSIP: 471105AC0<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | DBT              | CORP              | JP        |   4248000 | PA      | $4287258.15   | 0.13%             | 2028-05-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| HCA INC                                           | HCA Inc                                                                          | CUSIP: 404119CH0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    352000 | PA      | $344119.55    | 0.01%             | 2027-03-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2019-B                                          | CUSIP: 83192CAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    980365 | PA      | $980829.86    | 0.03%             | 2037-06-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Atlas Funding                                     | Atlas Funding 2024-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400BMBKLDPBSN2U43 | Long             | ABS-MBS          | CORP              | GB        |    197800 | PA      | $264398.68    | 0.01%             | 2061-09-20      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                          | EQT Corp                                                                         | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   4732000 | PA      | $5118120.93   | 0.15%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| Polaris                                           | Polaris 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 635400SJNGQKQ4OKRU39 | Long             | ABS-MBS          | CORP              | GB        |    106000 | PA      | $140924.56    | 0.00%             | 2061-02-26      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                          | Standard Industries Inc/NY                                                       | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    631000 | PA      | $622329.62    | 0.02%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  11070000 | PA      | $11319440.64  | 0.33%             | 2031-04-23      | Fixed         | 5.22%                 | No            |                  2 | On Loan: —       |
| LIVE NATION ENTERTAINMEN                          | Live Nation Entertainment Inc                                                    | CUSIP: 538034AX7<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    118000 | PA      | $114687.75    | 0.00%             | 2028-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                           | Honeywell International Inc                                                      | CUSIP: 438516CY0<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |   2669000 | PA      | $2700054.88   | 0.08%             | 2030-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR INC                               | Arbor Realty SR Inc                                                              | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              |  | US        |     62000 | PA      | $63314.09     | 0.00%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                              | CUSIP: 46647PEV4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   5318000 | PA      | $5434841.67   | 0.16%             | 2031-01-24      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                            | Venture Global LNG Inc                                                           | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1453000 | PA      | $1584611.29   | 0.05%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Exmoor Funding PLC                                | Exmoor Funding 2024-1 PLC                                                        | CUSIP: 000000000<br>LEI: 635400TJWGCUUIZAGH30 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $133441.36    | 0.00%             | 2094-03-25      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| UKG INC                                           | UKG Inc                                                                          | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |   1792000 | PA      | $1839783.68   | 0.05%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Sapphire Trust                                    | SAPPHIRE XXXII SERIES 2025-1 TRUST                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | AU        |   5000000 | PA      | $3216655.95   | 0.09%             | 2066-06-14      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| VOYA CLO LTD                                      | Voya 2012-4 Ltd                                                                  | CUSIP: 92916GBE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2177978 | PA      | $2179355.52   | 0.06%             | 2030-10-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                             | GFL Environmental Inc                                                            | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    441000 | PA      | $457024.92    | 0.01%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OMERS FINANCE TRUST                               | OMERS Finance Trust                                                              | CUSIP: 68218TAA9<br>LEI: 529900M039WCPES03P17 | Long             | DBT              | NUSS              | CA        |   4795000 | PA      | $4824708.38   | 0.14%             | 2030-03-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| LINDBLAD EXPEDITIONS LLC                          | Lindblad Expeditions LLC                                                         | CUSIP: 53523LAA8<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9005.43      | 0.00%             | 2027-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SOMNIGROUP INTL INC                               | Somnigroup International Inc                                                     | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |    113000 | PA      | $107317.48    | 0.00%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                           | SBA Communications Corp                                                          | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              |  | US        |     48000 | PA      | $47170.78     | 0.00%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Exmoor Funding PLC                                | Exmoor Funding 2024-1 PLC                                                        | CUSIP: 000000000<br>LEI: 635400TJWGCUUIZAGH30 | Long             | ABS-MBS          | CORP              | GB        |   1032796 | PA      | $1368276.83   | 0.04%             | 2094-03-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Finance Ireland Auto Receivables DAC              | Finance Ireland Auto Receivables No 2 DAC                                        | CUSIP: 000000000<br>LEI: 635400CQQYNH7KEIXW17 | Long             | ABS-O            | CORP              | IE        |   2504529 | PA      | $2862937.85   | 0.08%             | 2034-11-14      | Floating      | 2.61%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                  | CIFC Funding 2013-IV Ltd                                                         | CUSIP: 12549FBS7<br>LEI: 549300QSQ98IRWUWDV20 | Long             | ABS-CBDO         | CORP              | KY        |   2401085 | PA      | $2399724.68   | 0.07%             | 2031-04-27      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                 | Herc Holdings Inc                                                                | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     98000 | PA      | $97605.51     | 0.00%             | 2027-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| BRAVO Residential Funding Trust                   | BRAVO Residential Funding Trust 2024-NQM2                                        | CUSIP: 10569KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5989690 | PA      | $6022021.65   | 0.18%             | 2064-02-25      | Variable      | 6.29%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                      | Barclays PLC                                                                     | CUSIP: 06738ECP8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $203305.59    | 0.01%             | 2028-03-12      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Pony                                              | Pony SA                                                                          | CUSIP: 000000000<br>LEI: 2221001FWHVHKUW4NQ77 | Long             | ABS-O            | CORP              | LU        |    100000 | PA      | $114399.08    | 0.00%             | 2033-01-14      | Floating      | 3.13%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                            | RR Donnelley & Sons Co                                                           | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |    318000 | PA      | $324922.86    | 0.01%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| 280 Park Avenue Mortgage Trust                    | 280 Park Avenue 2017-280P Mortgage Trust                                         | CUSIP: 90205FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7100000 | PA      | $7047134.11   | 0.21%             | 2034-09-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Exmoor Funding PLC                                | Exmoor Funding 2024-1 PLC                                                        | CUSIP: 000000000<br>LEI: 635400TJWGCUUIZAGH30 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $134188.59    | 0.00%             | 2094-03-25      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION                          | Vertiv Group Corp                                                                | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |    291000 | PA      | $282995.96    | 0.01%             | 2028-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| ENERGY TRANSFER LP                                | Energy Transfer LP                                                               | CUSIP: 29273VAZ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   3457000 | PA      | $3535180.30   | 0.10%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-ROIC                                                               | CUSIP: 05593VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2988345 | PA      | $2982740.96   | 0.09%             | 2030-03-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                 | Park Blue CLO 2025-VII Ltd                                                       | CUSIP: 70019HAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2000329.00   | 0.06%             | 2038-04-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 5YR NOTE (CBT) SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |     -4171 | NC      | $-1653720.19  | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                          | AT&T Inc                                                                         | CUSIP: 00206RHJ4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    730000 | PA      | $727898.64    | 0.02%             | 2029-03-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                              | BWX Technologies Inc                                                             | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     64000 | PA      | $61429.51     | 0.00%             | 2029-04-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                  | CIFC Funding 2018-II Ltd                                                         | CUSIP: 17180WAJ4<br>LEI: 635400A7PBKNR7KBOY58 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1254205.13   | 0.04%             | 2037-10-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| GM Financial Revolving Receivables Trust          | GM Financial Revolving Receivables Trust 2024-1                                  | CUSIP: 36269KAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2233000 | PA      | $2276433.41   | 0.07%             | 2036-12-11      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                             | CUSIP: 06051GMK2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4743000 | PA      | $4801882.97   | 0.14%             | 2029-01-24      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC       | BBCMS Mortgage Trust 2025-5C33                                                   | CUSIP: 072924AD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2130000 | PA      | $2221815.35   | 0.07%             | 2058-03-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Private Education Refi Loan Trust 2021-B                                 | CUSIP: 63942LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3367395 | PA      | $3055752.13   | 0.09%             | 2069-07-15      | Fixed         | 0.94%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                          | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    143000 | PA      | $143077.94    | 0.00%             | 2027-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                          | Florida Power & Light Co                                                         | CUSIP: 341081GK7<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    140000 | PA      | $142817.20    | 0.00%             | 2028-04-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                          | Univision Communications Inc                                                     | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    186000 | PA      | $188896.02    | 0.01%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                           | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     75000 | PA      | $73218.75     | 0.00%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                       | Southern Co/The                                                                  | CUSIP: 842587CV7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    596000 | PA      | $589471.06    | 0.02%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: —       |
| COMSTOCK RESOURCES INC                            | Comstock Resources Inc                                                           | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     32000 | PA      | $30207.52     | 0.00%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    357000 | PA      | $364599.64    | 0.01%             | 2029-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Stratton Mortgage Funding PLC                     | Stratton Mortgage Funding 2024-3 PLC                                             | CUSIP: 000000000<br>LEI: 635400HN3D5CAXKQB937 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $131973.33    | 0.00%             | 2049-06-25      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                      | VOYA CLO 2017-2                                                                  | CUSIP: 92915UAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    326190 | PA      | $326293.58    | 0.01%             | 2030-06-07      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                          | EQT Corp                                                                         | CUSIP: 26884LBC2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   3350000 | PA      | $3300191.23   | 0.10%             | 2031-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| East One                                          | East One 2024-1 PLC                                                              | CUSIP: 000000000<br>LEI: 213800PCKNACOVV1MZ66 | Long             | ABS-MBS          | CORP              | GB        |    172000 | PA      | $228399.97    | 0.01%             | 2055-12-27      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| PRAIRIE ACQUIROR LP                               | Prairie Acquiror LP                                                              | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |     31000 | PA      | $32109.46     | 0.00%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                            | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    399000 | PA      | $408699.69    | 0.01%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AutoNation Finance Trust 2025-1                   | AutoNation Finance Trust 2025-1                                                  | CUSIP: 05330QAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    488000 | PA      | $489800.43    | 0.01%             | 2029-11-13      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Atlas Funding                                     | Atlas Funding 2024-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400BMBKLDPBSN2U43 | Long             | ABS-MBS          | CORP              | GB        |   1093020 | PA      | $1450814.31   | 0.04%             | 2061-09-20      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2024-NQM2 Trust                                                             | CUSIP: 74448PAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    722074 | PA      | $732073.30    | 0.02%             | 2069-06-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                    | Newday Funding Master Issuer PLC - Series 2024-3                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |    146000 | PA      | $193661.91    | 0.01%             | 2032-11-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| SC GERMANY CONSUMER                               | SC Germany SA Compartment Consumer 2024-1                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |   1200000 | PA      | $1370595.17   | 0.04%             | 2038-01-14      | Floating      | 2.93%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                          | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    194000 | PA      | $193988.95    | 0.01%             | 2028-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                   | Benefit Street Partners CLO XXI Ltd                                              | CUSIP: 08186RAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1753365.25   | 0.05%             | 2034-10-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2025-NQM1 Trust                                                             | CUSIP: 74391EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2277502 | PA      | $2282304.55   | 0.07%             | 2069-11-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co                                                                 | CUSIP: 95000U3T8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   4715000 | PA      | $4770324.07   | 0.14%             | 2029-04-23      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                            | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110993.19    | 0.00%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| Westlake Automobile Receivables Trust             | Westlake Automobile Receivables Trust 2023-4                                     | CUSIP: 96041AAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10297000 | PA      | $10343169.69  | 0.30%             | 2027-07-15      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                          | Viper Energy Partners LLC                                                        | CUSIP: 92764MAA2<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |   7415000 | PA      | $7383708.70   | 0.22%             | 2030-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                            | WESCO Distribution Inc                                                           | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32822.18     | 0.00%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                    | Enterprise Fleet Financing 2024-3 LLC                                            | CUSIP: 29375QAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1518000 | PA      | $1531497.60   | 0.04%             | 2028-08-21      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                          | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    318000 | PA      | $327867.54    | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                              | LifePoint Health Inc                                                             | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    438000 | PA      | $472070.46    | 0.01%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                          | Virgin Media Secured Finance PLC                                                 | CUSIP: 92769XAP0<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    475000 | PA      | $464335.80    | 0.01%             | 2029-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                  | CUSIP: 31418ACN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5268983 | PA      | $5140616.33   | 0.15%             | 2032-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                                | Osaic Holdings Inc                                                               | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |     63000 | PA      | $63759.86     | 0.00%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                           | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    164000 | PA      | $163793.64    | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co                                                                 | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   4083000 | PA      | $4162626.30   | 0.12%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust     | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-ACB                  | CUSIP: 46593EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3540000 | PA      | $3542212.50   | 0.10%             | 2039-03-15      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp                                  | FirstEnergy Corp                                                                 | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |   3936000 | PA      | $3887156.52   | 0.11%             | 2027-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                  | Ryder System Inc                                                                 | CUSIP: 78355HLA5<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |   3312000 | PA      | $3349086.09   | 0.10%             | 2027-03-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| EQT Trust 2024-EXTR                               | EQT Trust 2024-EXTR                                                              | CUSIP: 29439DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4341000 | PA      | $4405716.50   | 0.13%             | 2041-07-05      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| Pikes Peak CLO                                    | Pikes Peak Clo 16 Ltd                                                            | CUSIP: 72132EAA7<br>LEI: 2138001LNFG5678B4I86 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1506089.70   | 0.04%             | 2037-07-25      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                                | Ardonagh Finco Ltd                                                               | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |   1232000 | PA      | $1284559.58   | 0.04%             | 2031-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                            | Anglo American Capital PLC                                                       | CUSIP: 000000000<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |   2790000 | PA      | $3286310.40   | 0.10%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                             | Uber Technologies Inc                                                            | CUSIP: 90353TAN0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   2749000 | PA      | $2725160.64   | 0.08%             | 2030-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co                                                                 | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2484000 | PA      | $2536907.19   | 0.07%             | 2030-01-23      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                            | Philip Morris International Inc                                                  | CUSIP: 718172CZ0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   4036000 | PA      | $4085993.08   | 0.12%             | 2028-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL                          | Phoenix Aviation Capital Ltd                                                     | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    210000 | PA      | $220039.37    | 0.01%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                                    | Azorra Finance Ltd                                                               | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |     49000 | PA      | $50010.89     | 0.00%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                        | Verus Securitization Trust 2022-INV2                                             | CUSIP: 924923AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1591475 | PA      | $1588685.68   | 0.05%             | 2067-10-25      | Variable      | 6.79%                 | No            |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust               | Homeward Opportunities Fund I Trust 2020-2                                       | CUSIP: 43789XAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1189514 | PA      | $1176007.06   | 0.03%             | 2065-05-25      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Auburn Securities PLC                             | Auburn 15 PLC                                                                    | CUSIP: 000000000<br>LEI: 635400AVCSC2I7SWKL40 | Long             | ABS-MBS          | CORP              | GB        |   1678368 | PA      | $2225867.86   | 0.07%             | 2045-07-20      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                          | American Airlines Inc/AAdvantage Loyalty IP Ltd                                  | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     10000 | PA      | $9996.50      | 0.00%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                        | Verus Securitization Trust 2025-3                                                | CUSIP: 924928AA2<br>LEI: 213800DYYV3EM7TSTN14 | Long             | ABS-MBS          | CORP              | US        |   5578652 | PA      | $5601593.23   | 0.16%             | 2070-05-25      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| INVERSION ESCROW ISSUER                           | Inversion Escrow Issuer LLC                                                      | CUSIP: 46150DAA0<br>LEI: 254900P6GHORGRVLKI95 | Long             | DBT              | CORP              | US        |    294000 | PA      | $290519.71    | 0.01%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                 | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $1776349.55   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                           | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl     | CUSIP: 049362AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    400000 | PA      | $389155.72    | 0.01%             | 2028-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Consumo Santander                                 | FTA Consumo Santander                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | ES        |    157072 | PA      | $179732.07    | 0.01%             | 2038-07-20      | Floating      | 3.32%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                          | Albion Financing 1 SARL / Aggreko Holdings Inc                                   | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    204000 | PA      | $209974.34    | 0.01%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                          | Performance Food Group Inc                                                       | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |     27000 | PA      | $25958.74     | 0.00%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                            | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 43734LAA4<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |    483000 | PA      | $481619.73    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| NCL CORPORATION LTD                               | NCL Corp Ltd                                                                     | CUSIP: 62886HBP5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    109000 | PA      | $110309.53    | 0.00%             | 2030-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| ICAHN ENTERPRISES/FIN                             | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    119000 | PA      | $120478.69    | 0.00%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: —       |
| CARPENTER TECHNOLOGY                              | Carpenter Technology Corp                                                        | CUSIP: 144285AL7<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12045.92     | 0.00%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| Asimi Funding Holdings Limited                    | Asimi Funding 2024-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400ED9TX8KJO28Q39 | Long             | ABS-O            | CORP              | GB        |    114270 | PA      | $150994.82    | 0.00%             | 2031-09-16      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                          | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1462000 | PA      | $1505577.83   | 0.04%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| WYNN LAS VEGAS LLC/CORP                           | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp                                 | CUSIP: 983130AX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $84843.90     | 0.00%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                      | Enbridge Inc                                                                     | CUSIP: 29250NCA1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    280000 | PA      | $283224.57    | 0.01%             | 2027-04-05      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP                               | Clarivate Science Holdings Corp                                                  | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $121750.54    | 0.00%             | 2029-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| RITHM CAPITAL CORP                                | Rithm Capital Corp                                                               | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |     65000 | PA      | $66171.95     | 0.00%             | 2030-07-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Stratton Mortgage Funding PLC                     | Stratton Mortgage Funding 2024-3 PLC                                             | CUSIP: 000000000<br>LEI: 635400HN3D5CAXKQB937 | Long             | ABS-MBS          | CORP              | GB        |    353000 | PA      | $466357.21    | 0.01%             | 2049-06-25      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                              | Glencore Funding LLC                                                             | CUSIP: 378272AN8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1805000 | PA      | $1787262.36   | 0.05%             | 2027-03-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                               | Global Payments Inc                                                              | CUSIP: 891906AC3<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    935000 | PA      | $934940.95    | 0.03%             | 2026-04-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                     | Citigroup Inc                                                                    | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4013000 | PA      | $4086022.96   | 0.12%             | 2030-02-13      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-AIRC                                           | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3070720 | PA      | $3081023.80   | 0.09%             | 2039-08-15      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    301000 | PA      | $309443.05    | 0.01%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| Tower Bridge Funding                              | Tower Bridge Funding 2024-3 PLC                                                  | CUSIP: 000000000<br>LEI: 635400XMA28GDAPK1E69 | Long             | ABS-MBS          | CORP              | GB        |     99974 | PA      | $132488.26    | 0.00%             | 2066-12-20      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| SoFi Personal Loan Trust                          | SoFi Personal Loan Trust 2024-1                                                  | CUSIP: 83407RAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1214453 | PA      | $1218477.45   | 0.04%             | 2031-02-12      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                       | Citibank NA                                                                      | CUSIP: 17325FBP2<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   3534000 | PA      | $3589440.40   | 0.11%             | 2030-05-29      | Fixed         | 4.91%                 | No            |                  2 | On Loan: —       |
| RHP HOTEL PPTY/RHP FINAN                          | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              |  | US        |    323000 | PA      | $314130.45    | 0.01%             | 2029-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ELLUCIAN HOLDINGS INC                             | Ellucian Holdings Inc                                                            | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |    341000 | PA      | $345438.46    | 0.01%             | 2029-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                          | Occidental Petroleum Corp                                                        | CUSIP: 674599EH4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    560000 | PA      | $564027.52    | 0.02%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                          | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 26873CAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    301000 | PA      | $309990.87    | 0.01%             | 2031-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                          | JP Morgan Mortgage Trust 2022-2                                                  | CUSIP: 46655DAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1789847 | PA      | $1578727.62   | 0.05%             | 2052-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                  | Ryder System Inc                                                                 | CUSIP: 78355HKW8<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |     92000 | PA      | $94034.24     | 0.00%             | 2028-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                       | Southern Co/The                                                                  | CUSIP: 842587DS3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   4035000 | PA      | $4180554.56   | 0.12%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                      | Broadcom Inc                                                                     | CUSIP: 11135FCK5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   4990000 | PA      | $4991912.37   | 0.15%             | 2030-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                    | Newday Funding Master Issuer PLC - Series 2024-2                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |    116000 | PA      | $154620.86    | 0.00%             | 2032-07-15      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                            | Clearway Energy Operating LLC                                                    | CUSIP: 18539UAC9<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |     82000 | PA      | $80623.78     | 0.00%             | 2028-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                              | Signal Peak CLO 12 Ltd                                                           | CUSIP: 82671XAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    460000 | PA      | $461369.56    | 0.01%             | 2037-07-18      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| HUSKY INJECTION / TITAN                           | Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC                      | CUSIP: 44805RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    498000 | PA      | $513904.13    | 0.02%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| SOTHEBY'S                                         | Sotheby's                                                                        | CUSIP: 835898AH0<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |    461000 | PA      | $451708.77    | 0.01%             | 2027-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust 2015-NXS2                                  | CUSIP: 94989MAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     57568 | PA      | $57183.53     | 0.00%             | 2058-07-15      | Variable      | 3.77%                 | No            |                  2 | On Loan: No      |
| Cardiff Automobile Receivables Securitisation     | Cardiff Auto Receivables Securitisation 2024-1 PLC                               | CUSIP: 000000000<br>LEI: 6354006GQBBANLIO8R45 | Long             | ABS-O            | CORP              | GB        |    266000 | PA      | $351531.73    | 0.01%             | 2031-08-20      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                                        | Arcosa Inc                                                                       | CUSIP: 039653AA8<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |     95000 | PA      | $91641.29     | 0.00%             | 2029-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| American Money Management Corporation             | AMMC CLO 21 LTD                                                                  | CUSIP: 00178LAC3<br>LEI: 549300DYK366J47FIO80 | Long             | ABS-CBDO         | CORP              | KY        |    334548 | PA      | $334339.59    | 0.01%             | 2030-11-02      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| HILL FL                                           | Hill FL 2024-2 BV                                                                | CUSIP: 000000000<br>LEI: 724500H2AN902EY7W191 | Long             | ABS-O            | CORP              | NL        |    100000 | PA      | $112595.99    | 0.00%             | 2032-10-18      | Floating      | 3.83%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                              | CUSIP: 46647PDG8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3868000 | PA      | $3899136.74   | 0.11%             | 2028-07-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                               | Station Casinos LLC                                                              | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |     67000 | PA      | $62700.44     | 0.00%             | 2031-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| GATES CORPORATION/DE                              | Gates Corp/DE                                                                    | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |     92000 | PA      | $94675.36     | 0.00%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                        | AbbVie Inc                                                                       | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   2006000 | PA      | $1912353.06   | 0.06%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAE5<br>LEI: N/A                  | Long             | DBT              |  | US        |   6173000 | PA      | $5897957.36   | 0.17%             | 2030-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27000 | PA      | $25261.75     | 0.00%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| EQT CORP                                          | EQT Corp                                                                         | CUSIP: 26884LAY5<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   5135000 | PA      | $5286804.52   | 0.16%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                             | KKR CLO 21 Ltd                                                                   | CUSIP: 48252KAA7<br>LEI: 5493008X0MRR4A6VYF15 | Long             | ABS-CBDO         | CORP              | KY        |   1757845 | PA      | $1759741.97   | 0.05%             | 2031-04-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Asimi Funding Holdings Limited                    | Asimi Funding 2024-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400ED9TX8KJO28Q39 | Long             | ABS-O            | CORP              | GB        |    100000 | PA      | $132344.69    | 0.00%             | 2031-09-16      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS                          | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed   | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     38000 | PA      | $35960.08     | 0.00%             | 2029-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                            | Match Group Holdings II LLC                                                      | CUSIP: 57665RAN6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    290000 | PA      | $283334.55    | 0.01%             | 2028-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                           | HCA Inc                                                                          | CUSIP: 404119BU2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1696218.96   | 0.05%             | 2027-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                           | Dryden XXVI Senior Loan Fund                                                     | CUSIP: 26250UAS4<br>LEI: 549300ENU7ZZLTPT3E22 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $601782.72    | 0.02%             | 2029-04-15      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                           | HCA Inc                                                                          | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1121000 | PA      | $1122489.79   | 0.03%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                          | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5303000 | PA      | $5243496.73   | 0.15%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Cardiff Automobile Receivables Securitisation     | Cardiff Auto Receivables Securitisation 2024-1 PLC                               | CUSIP: 000000000<br>LEI: 6354006GQBBANLIO8R45 | Long             | ABS-O            | CORP              | GB        |    202000 | PA      | $267803.14    | 0.01%             | 2031-08-20      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                  | Ryder System Inc                                                                 | CUSIP: 78355HLD9<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |     49000 | PA      | $49572.39     | 0.00%             | 2029-12-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                 | Iliad Holding SASU                                                               | CUSIP: 449691AC8<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $202999.00    | 0.01%             | 2028-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                             | Foundry JV Holdco LLC                                                            | CUSIP: 350930AB9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   1747000 | PA      | $1822142.35   | 0.05%             | 2030-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: —       |
| PFS Financing Corp.                               | PFS Financing Corp                                                               | CUSIP: 69335PFY6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4954000 | PA      | $4952309.70   | 0.15%             | 2030-05-15      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                            | General Motors Financial Co Inc                                                  | CUSIP: 37045XBQ8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   2273000 | PA      | $2254029.16   | 0.07%             | 2026-10-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| NGL ENRGY OP/FIN CORP                             | NGL Energy Operating LLC / NGL Energy Finance Corp                               | CUSIP: 62922LAC2<br>LEI: 5299005YSRP46BE8Z459 | Long             | DBT              | CORP              | US        |    371000 | PA      | $367133.40    | 0.01%             | 2029-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                             | GFL Environmental Inc                                                            | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    178000 | PA      | $172517.35    | 0.01%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| PUBLIC SERVICE ENTERPRIS                          | Public Service Enterprise Group Inc                                              | CUSIP: 744573BA3<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |   2175000 | PA      | $2203637.62   | 0.06%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                               | Churchill Downs Inc                                                              | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    274000 | PA      | $279761.40    | 0.01%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                                               | CUSIP: 3137H5ZQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  13463675 | PA      | $12644973.46  | 0.37%             | 2033-12-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                       | Oracle Corp                                                                      | CUSIP: 68389XBV6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    600000 | PA      | $558258.08    | 0.02%             | 2030-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                      | TICP CLO XI Ltd                                                                  | CUSIP: 87249QAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1130000 | PA      | $1134692.10   | 0.03%             | 2037-04-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                  | T-Mobile USA Inc                                                                 | CUSIP: 87264ABV6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   4998000 | PA      | $4798492.34   | 0.14%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                | Energy Transfer LP                                                               | CUSIP: 29273VAS9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   5606000 | PA      | $5864935.14   | 0.17%             | 2028-12-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Regatta 30 Funding Ltd.                           | Regatta 30 Funding Ltd                                                           | CUSIP: 75903UAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1820000 | PA      | $1824550.00   | 0.05%             | 2038-01-25      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                   | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   6415000 | PA      | $6584678.93   | 0.19%             | 2029-07-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC       | BBCMS Mortgage Trust 2024-5C31                                                   | CUSIP: 07336YAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3120000 | PA      | $3222565.63   | 0.09%             | 2057-12-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                     | UK Logistics 2025-1 DAC                                                          | CUSIP: 000000000<br>LEI: 635400LLQ82YFJBFFU27 | Long             | ABS-MBS          | CORP              | GB        |    824000 | PA      | $1091912.12   | 0.03%             | 2035-05-17      | Floating      | 8.46%                 | No            |                  2 | On Loan: No      |
| ATI INC                                           | ATI Inc                                                                          | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    268000 | PA      | $267444.84    | 0.01%             | 2027-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TYCO ELECTRONICS GROUP S                          | Tyco Electronics Group SA                                                        | CUSIP: 902133BC0<br>LEI: C33G1C5SYE2YM95EE712 | Long             | DBT              | CORP              | LU        |   1960000 | PA      | $1955625.71   | 0.06%             | 2031-02-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2022-C                                          | CUSIP: 78449CAB4<br>LEI: 549300XC4C7GRVLU6076 | Long             | ABS-O            | CORP              | US        |   3073426 | PA      | $3100029.71   | 0.09%             | 2050-05-16      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                             | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAE7<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    224000 | PA      | $230898.75    | 0.01%             | 2030-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                | EFMT 2025-NQM3                                                                   | CUSIP: 26846YAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5355000 | PA      | $5354932.53   | 0.16%             | 2070-08-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                      | Hudson Yards 2025-SPRL Mortgage Trust                                            | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2400000 | PA      | $2460339.36   | 0.07%             | 2040-01-13      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                    | Wynn Macau Ltd                                                                   | CUSIP: 98313RAG1<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    927000 | PA      | $926073.00    | 0.03%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INCREF LLC                                        | INCREF LLC                                                                       | CUSIP: 45339NAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4040000 | PA      | $4043768.11   | 0.12%             | 2042-10-19      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| M&T Equipment Notes                               | M&T Equipment 2025-LEAF1 Notes                                                   | CUSIP: 55340QAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    751000 | PA      | $751886.56    | 0.02%             | 2027-12-16      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                 | Service Corp International/US                                                    | CUSIP: 817565CG7<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    302000 | PA      | $280147.52    | 0.01%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                              | CUSIP: 91282CHX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  91000000 | PA      | $92261914.29  | 2.71%             | 2028-08-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAA3<br>LEI: N/A                  | Long             | DBT              |  | US        |   2465000 | PA      | $2444646.42   | 0.07%             | 2026-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Autonoria                                         | Autonoria Spain 2022 FT                                                          | CUSIP: 000000000<br>LEI: 959800TU6P30TL2EN703 | Long             | ABS-O            | CORP              | ES        |    223285 | PA      | $258520.40    | 0.01%             | 2040-01-26      | Floating      | 3.91%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securitisation              | Together Asset Backed Securitisation 2024-1ST1 PLC                               | CUSIP: 000000000<br>LEI: 635400TPBBDP9FM5EY24 | Long             | ABS-MBS          | CORP              | GB        |   1028493 | PA      | $1365220.25   | 0.04%             | 2064-08-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                               | Medline Borrower LP                                                              | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    909000 | PA      | $891239.87    | 0.03%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Vasco Finance                                     | TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 2              | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | PT        |    100000 | PA      | $115755.06    | 0.00%             | 2042-10-27      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| EFESTO BIDCO SPA/US LLC                           | EFESTO BIDCO SPA/US LLC                                                          | CUSIP: 28201XAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |    604000 | PA      | $616080.69    | 0.02%             | 2032-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                    | Hyundai Auto Receivables Trust 2023-B                                            | CUSIP: 44933XAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    206468 | PA      | $207731.84    | 0.01%             | 2028-04-17      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| East One                                          | East One 2024-1 PLC                                                              | CUSIP: 000000000<br>LEI: 213800PCKNACOVV1MZ66 | Long             | ABS-MBS          | CORP              | GB        |    280000 | PA      | $372665.51    | 0.01%             | 2055-12-27      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                     | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $-25336.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank5                                             | BANK5 2024-5YR10                                                                 | CUSIP: 06604AAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7730000 | PA      | $7885355.22   | 0.23%             | 2057-10-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST LP                              | RLJ Lodging Trust LP                                                             | CUSIP: 74965LAA9<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              |  | US        |     65000 | PA      | $64031.16     | 0.00%             | 2026-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Red & Black Auto Germany UG                       | Red & Black Auto Germany 8 UG                                                    | CUSIP: 000000000<br>LEI: 391200E3OPA9K4R22Z70 | Long             | ABS-O            | CORP              | DE        |     89100 | PA      | $101682.00    | 0.00%             | 2030-09-15      | Floating      | 2.68%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                  | OneMain Financial Issuance Trust 2023-2                                          | CUSIP: 68269HAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2201000 | PA      | $2236622.74   | 0.07%             | 2036-09-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| TGNR INTERMEDIATE HOLDIN                          | TGNR Intermediate Holdings LLC                                                   | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26301.17     | 0.00%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| CROWN CASTLE INC                                  | Crown Castle Inc                                                                 | CUSIP: 22822VAH4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |   1183000 | PA      | $1161198.10   | 0.03%             | 2027-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| PCL Funding                                       | PCL Funding VIII PLC                                                             | CUSIP: 000000000<br>LEI: 21380059YXNYYIS74Q45 | Long             | ABS-O            | CORP              | GB        |   3193000 | PA      | $4234836.52   | 0.12%             | 2028-05-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                       | Oracle Corp                                                                      | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2242000 | PA      | $2198042.14   | 0.06%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Manhattan West                                    | Manhattan West 2020-1MW Mortgage Trust                                           | CUSIP: 563136AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1675000 | PA      | $1579347.12   | 0.05%             | 2039-09-10      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                          | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1167000 | PA      | $1168836.86   | 0.03%             | 2027-03-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                       | PRKCM 2023-AFC3 Trust                                                            | CUSIP: 693984AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2682596 | PA      | $2701542.39   | 0.08%             | 2058-09-25      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                  | BAT Capital Corp                                                                 | CUSIP: 054989AA6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    884000 | PA      | $947689.22    | 0.03%             | 2030-08-02      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                           | SBA Communications Corp                                                          | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              |  | US        |    132000 | PA      | $123028.53    | 0.00%             | 2029-02-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: —       |
| VMWARE LLC                                        | VMware LLC                                                                       | CUSIP: 928563AC9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     54000 | PA      | $53376.73     | 0.00%             | 2027-08-21      | Fixed         | 3.90%                 | No            |                  2 | On Loan: —       |
| Noria                                             | Noria DE 2024                                                                    | CUSIP: 000000000<br>LEI: 9695003DRUTU793B4N34 | Long             | ABS-O            | CORP              | FR        |     96489 | PA      | $110638.54    | 0.00%             | 2043-02-25      | Floating      | 3.56%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD                          | Transocean Titan Financing Ltd                                                   | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     14476 | PA      | $14835.88     | 0.00%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                           | Beach Acquisition Bidco LLC                                                      | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |    125000 | PA      | $145142.52    | 0.00%             | 2032-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dutch Property Finance                            | Dutch Property Finance 2023-1 BV                                                 | CUSIP: 000000000<br>LEI: 72450018DWAQNJ1JEW75 | Long             | ABS-MBS          | CORP              | NL        |    272891 | PA      | $312967.87    | 0.01%             | 2064-04-28      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| NCMF Trust                                        | NCMF Trust 2025-MFS                                                              | CUSIP: 62887TAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3688000 | PA      | $3663977.47   | 0.11%             | 2033-06-10      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAL9<br>LEI: N/A                  | Long             | DBT              |  | US        |    603000 | PA      | $583313.49    | 0.02%             | 2029-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TRI POINTE HOMES INC                              | Tri Pointe Homes Inc                                                             | CUSIP: 87265HAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     61000 | PA      | $60471.00     | 0.00%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                          | RTX Corp                                                                         | CUSIP: 913017CR8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   7780000 | PA      | $7608147.19   | 0.22%             | 2027-05-04      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| BRAND INDUSTRIAL SERVICE                          | Brand Industrial Services Inc                                                    | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |   1186000 | PA      | $1076476.32   | 0.03%             | 2030-08-01      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                            | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    142000 | PA      | $139585.32    | 0.00%             | 2028-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                               | LCM 29 Ltd                                                                       | CUSIP: 50201MAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1160619 | PA      | $1161199.05   | 0.03%             | 2031-04-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                   | Oaktree CLO 2024-25 Ltd                                                          | CUSIP: 67402PAA5<br>LEI: 254900NTZ5OVNC5X7789 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2008271.40   | 0.06%             | 2037-04-20      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| FORTREA HOLDINGS INC                              | Fortrea Holdings Inc                                                             | CUSIP: 34965KAA5<br>LEI: 5493000FIVFABOVCDU97 | Long             | DBT              | CORP              | US        |     19000 | PA      | $17371.63     | 0.00%             | 2030-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| Eurex Deutschland                                 | EURO-SCHATZ FUT SEP25                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       321 | NC      | $-74224.78    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| RR Ltd                                            | RR 20 Ltd                                                                        | CUSIP: 74989UAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   2285000 | PA      | $2286807.89   | 0.07%             | 2037-07-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| DELAMARE CARDS                                    | Delamare Cards MTN Issuer PLC                                                    | CUSIP: 000000000<br>LEI: 635400IAJKM25WRCSE95 | Long             | ABS-O            | CORP              | GB        |   3610000 | PA      | $4774024.92   | 0.14%             | 2031-04-19      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                         | Block Inc                                                                        | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102618.80    | 0.00%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                        | BFLD Commercial Mortgage Trust 2024-UNIV                                         | CUSIP: 08861RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    770000 | PA      | $772406.25    | 0.02%             | 2041-11-15      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                              | CUSIP: 91282CCF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $388696.88    | 0.01%             | 2026-05-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                    | Enterprise Fleet Financing 2024-4 LLC                                            | CUSIP: 29374MAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    177000 | PA      | $178180.78    | 0.01%             | 2031-06-20      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| METRO Finance Trust                               | Metro Finance 2025-1 Trust                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |   3840521 | PA      | $2473984.97   | 0.07%             | 2031-10-15      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| ALA Trust                                         | ALA Trust 2025-OANA                                                              | CUSIP: 009920AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1862000 | PA      | $1872473.75   | 0.05%             | 2040-06-15      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| EXCELERATE ENERGY LP                              | Excelerate Energy LP                                                             | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |     63000 | PA      | $65951.68     | 0.00%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| CLARIV SCI HLD CORP                               | Clarivate Science Holdings Corp                                                  | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    943000 | PA      | $901395.75    | 0.03%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                  | COLT 2025-INV2 Mortgage Loan Trust                                               | CUSIP: 12673UAA2<br>LEI: 213800M5KYYIOHI7KW93 | Long             | ABS-MBS          | CORP              | US        |   1524669 | PA      | $1524824.28   | 0.04%             | 2070-02-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                          | Charles River Laboratories International Inc                                     | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38774.21     | 0.00%             | 2028-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Polaris                                           | Polaris 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 635400SJNGQKQ4OKRU39 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $135475.30    | 0.00%             | 2061-02-26      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                    | NewDay Funding                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |    155000 | PA      | $206570.46    | 0.01%             | 2032-03-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                         | Nelnet Student Loan Trust 2021-B                                                 | CUSIP: 64034QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5998791 | PA      | $5967927.11   | 0.18%             | 2062-04-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                          | Benchmark 2024-V12 Mortgage Trust                                                | CUSIP: 081915AB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5700000 | PA      | $5921862.24   | 0.17%             | 2057-12-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                              | Edison International                                                             | CUSIP: 281020AU1<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    620000 | PA      | $619904.63    | 0.02%             | 2025-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| TELEFLEX INC                                      | Teleflex Inc                                                                     | CUSIP: 879369AG1<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |    108000 | PA      | $104590.58    | 0.00%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| BRAVO Residential Funding Trust                   | BRAVO Residential Funding Trust 2025-NQM4                                        | CUSIP: 10570QAE1<br>LEI: 25490082TY9NA9XBGW19 | Long             | ABS-MBS          | CORP              | US        |   3641247 | PA      | $3645178.45   | 0.11%             | 2065-02-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Taurus CMBS                                       | Taurus 2025-2 UK DAC                                                             | CUSIP: 000000000<br>LEI: 635400ZUSGYHROR9ZX12 | Long             | ABS-MBS          | CORP              | IE        |    247051 | PA      | $325603.91    | 0.01%             | 2035-02-18      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                          | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     82000 | PA      | $81802.04     | 0.00%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                                 | Seagate Data Storage Technology Pte Ltd                                          | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    107000 | PA      | $108091.61    | 0.00%             | 2030-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                          | Live Nation Entertainment Inc                                                    | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    114000 | PA      | $115300.74    | 0.00%             | 2027-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                         | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3246309 | PA      | $3242230.10   | 0.10%             | 2062-04-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                  | COLT 2024-1 Mortgage Loan Trust                                                  | CUSIP: 19688TAA3<br>LEI: 2138001HZNOLT1K3WY73 | Long             | ABS-MBS          | CORP              | US        |   4551226 | PA      | $4563725.88   | 0.13%             | 2069-02-25      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                          | Vistra Operations Co LLC                                                         | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     78000 | PA      | $77910.33     | 0.00%             | 2027-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust 2017-SMP                                   | CUSIP: 95001CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17280000 | PA      | $16079769.22  | 0.47%             | 2034-12-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                               | Synchrony Financial                                                              | CUSIP: 87165BAX1<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1599065.14   | 0.05%             | 2029-07-29      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                          | LCM Investments Holdings II LLC                                                  | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |    179000 | PA      | $189260.28    | 0.01%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                             | ARI Fleet Lease Trust 2025-B                                                     | CUSIP: 00193GAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9355000 | PA      | $9365695.57   | 0.27%             | 2034-03-15      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                         | Fortuna Consumer Loan ABS 2024-1 DAC                                             | CUSIP: 000000000<br>LEI: 635400N6ZVLRSMHBQG89 | Long             | ABS-O            | CORP              | IE        |     72279 | PA      | $83428.43     | 0.00%             | 2034-02-18      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                            | Match Group Holdings II LLC                                                      | CUSIP: 57665RAL0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    119000 | PA      | $110981.93    | 0.00%             | 2030-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAJ4<br>LEI: N/A                  | Long             | DBT              |  | US        |   4515000 | PA      | $4563064.16   | 0.13%             | 2027-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Asset-Backed European Securitisation Transaction  | Asset-Backed European Securitisation Transaction Twenty-Three Sarl               | CUSIP: 000000000<br>LEI: 213800WQKYRCMTF4FR47 | Long             | ABS-O            | CORP              | LU        |    100000 | PA      | $115143.95    | 0.00%             | 2034-03-21      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                              | CUSIP: 91282CMS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $14996484.30  | 0.44%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Asimi Funding Holdings Limited                    | Asimi Funding 2025-1 PLC                                                         | CUSIP: 000000000<br>LEI: 6354002PZBGQEXUI2V51 | Long             | ABS-O            | CORP              | GB        |    133800 | PA      | $177427.19    | 0.01%             | 2032-05-16      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                | Chase Home Lending Mortgage Trust 2019-ATR2                                      | CUSIP: 16159GAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    845164 | PA      | $803423.59    | 0.02%             | 2049-07-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Tower Bridge Funding                              | Tower Bridge Funding 2024-2 PLC                                                  | CUSIP: 000000000<br>LEI: 635400KGPH6QBBQEL802 | Long             | ABS-MBS          | CORP              | GB        |    616483 | PA      | $816464.40    | 0.02%             | 2066-05-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| ENCINO ACQUISITION PARTN                          | Encino Acquisition Partners Holdings LLC                                         | CUSIP: 29254BAB3<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |     22000 | PA      | $24277.57     | 0.00%             | 2031-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: —       |
| UBS GROUP AG                                      | UBS Group AG                                                                     | CUSIP: 902613AH1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    233000 | PA      | $225642.54    | 0.01%             | 2027-08-10      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                 | PARK BLUE CLO 2023-III LTD                                                       | CUSIP: 70019AAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    925000 | PA      | $929162.50    | 0.03%             | 2037-04-20      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| PCL Funding                                       | PCL Funding IX PLC                                                               | CUSIP: 000000000<br>LEI: 213800OC928ETRJNHM43 | Long             | ABS-O            | CORP              | GB        |    106000 | PA      | $140067.00    | 0.00%             | 2029-07-16      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                                  | Under Armour Inc                                                                 | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |     59000 | PA      | $60195.96     | 0.00%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust    | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC1                         | CUSIP: 61790VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3415695 | PA      | $3424074.49   | 0.10%             | 2070-03-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                              | CUSIP: 46647PCP9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1385000 | PA      | $1337686.65   | 0.04%             | 2027-09-22      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                               | American Tower Corp                                                              | CUSIP: 03027XCG3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |   1273000 | PA      | $1298641.61   | 0.04%             | 2029-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                    | Wynn Macau Ltd                                                                   | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $197820.00    | 0.01%             | 2028-08-26      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAH8<br>LEI: N/A                  | Long             | DBT              |  | US        |   4747000 | PA      | $4722608.68   | 0.14%             | 2026-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Lyra MUSIC Assets (Delaware) LP                   | Lyra Music Assets Delaware LP                                                    | CUSIP: 552339AD5<br>LEI: 9845007N9EAB0C048A12 | Long             | ABS-O            | CORP              | US        |   1108000 | PA      | $1107990.80   | 0.03%             | 2065-09-20      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| GCAT                                              | GCAT 2022-NQM1 Trust                                                             | CUSIP: 36168VAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8260283 | PA      | $7845052.18   | 0.23%             | 2067-02-25      | Variable      | 3.36%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                         | Chesapeake Funding II LLC                                                        | CUSIP: 165183DE1<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |   2942408 | PA      | $2969942.04   | 0.09%             | 2036-05-15      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC       | BBCMS Mortgage Trust 2023-C19                                                    | CUSIP: 05553RAZ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2860000 | PA      | $2895093.34   | 0.08%             | 2056-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US ULTRA BOND CBT SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -24 | NC      | $-79025.59    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ACUSHNET CO                                       | Acushnet Co                                                                      | CUSIP: 005095AA2<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |     27000 | PA      | $28128.36     | 0.00%             | 2028-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2022-B                                          | CUSIP: 83206NAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9513146 | PA      | $9597729.25   | 0.28%             | 2055-02-16      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2024-VLT4                                                               | CUSIP: 05612TAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2635000 | PA      | $2636646.88   | 0.08%             | 2029-07-15      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                         | Anchorage Capital CLO 7 Ltd                                                      | CUSIP: 03328TBS3<br>LEI: 54930014PVHLSZJQK139 | Long             | ABS-CBDO         | CORP              | KY        |   8625000 | PA      | $8662277.25   | 0.25%             | 2037-04-28      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Consumo Santander                                 | FTA Consumo Santander                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | ES        |    157072 | PA      | $179729.38    | 0.01%             | 2038-07-20      | Floating      | 3.67%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust     | JP Morgan Chase Commercial Mortgage Securities Trust 2019-BKWD                   | CUSIP: 46591JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    738093 | PA      | $717795.12    | 0.02%             | 2029-09-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Octagon 55 Ltd                                    | Octagon 55 Ltd                                                                   | CUSIP: 67577AAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2700000 | PA      | $2703642.30   | 0.08%             | 2034-07-20      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                     | TransDigm Inc                                                                    | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    721000 | PA      | $735681.00    | 0.02%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| NATIONAL RURAL UTIL COOP                          | National Rural Utilities Cooperative Finance Corp                                | CUSIP: 63743HFW7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    818000 | PA      | $824940.72    | 0.02%             | 2028-02-07      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securitisation              | Together Asset Backed Securitisation 2025-2nd1 PLC                               | CUSIP: 000000000<br>LEI: 635400YLGUIWG9EKBV27 | Long             | ABS-MBS          | CORP              | GB        |    344000 | PA      | $455264.39    | 0.01%             | 2056-09-12      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| IMOLA MERGER CORP                                 | Imola Merger Corp                                                                | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    101000 | PA      | $97993.19     | 0.00%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                    | Transocean Inc                                                                   | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     56800 | PA      | $58888.48     | 0.00%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Polaris                                           | Polaris 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 635400SJNGQKQ4OKRU39 | Long             | ABS-MBS          | CORP              | GB        |   1281825 | PA      | $1701690.79   | 0.05%             | 2061-02-26      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                   | Oaktree CLO 2020-1 Ltd                                                           | CUSIP: 67402FAU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4110000 | PA      | $4108725.90   | 0.12%             | 2038-01-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                                      | Enerflex Ltd                                                                     | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |     39000 | PA      | $40160.95     | 0.00%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ANYWHERE REAL EST/CO-ISS                          | Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp                         | CUSIP: 75606DAS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     84000 | PA      | $80444.90     | 0.00%             | 2030-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                               | Synchrony Financial                                                              | CUSIP: 87165BAW3<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |   5737000 | PA      | $5776907.55   | 0.17%             | 2031-03-06      | Fixed         | 5.45%                 | No            |                  2 | On Loan: —       |
| EQT CORP                                          | EQT Corp                                                                         | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   2177000 | PA      | $2190306.09   | 0.06%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Youni Italy                                       | Youni Italy 2024-1 Srl                                                           | CUSIP: 000000000<br>LEI: 8156008D82FF6A71F833 | Long             | ABS-O            | CORP              | IT        |     75759 | PA      | $87097.40     | 0.00%             | 2034-04-25      | Floating      | 3.61%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                          | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    992000 | PA      | $1020045.82   | 0.03%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securitisation              | Together Asset Backed Securitisation 2024-2nd1 PLC                               | CUSIP: 000000000<br>LEI: 635400IODF9CE3RX8L03 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $133200.87    | 0.00%             | 2055-08-20      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| TEXAS Commercial Mortgage Trust                   | TEXAS Commercial Mortgage Trust 2025-TWR                                         | CUSIP: 88231WAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2799000 | PA      | $2798999.72   | 0.08%             | 2042-04-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                    | Enterprise Fleet Financing 2024-1 LLC                                            | CUSIP: 29375PAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2290558 | PA      | $2304207.24   | 0.07%             | 2030-03-20      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                              | Glencore Funding LLC                                                             | CUSIP: 378272BR8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1478000 | PA      | $1494692.58   | 0.04%             | 2027-04-04      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                           | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     37000 | PA      | $38579.53     | 0.00%             | 2028-07-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                              | BAT International Finance PLC                                                    | CUSIP: 05530QAQ3<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |   4314000 | PA      | $4506804.95   | 0.13%             | 2029-02-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Private Education Loan Trust 2018-B                                      | CUSIP: 63940QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    673148 | PA      | $673265.31    | 0.02%             | 2059-12-15      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     39000 | PA      | $35622.71     | 0.00%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $1444409.20   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CNTRL PARENT/CDK GLB INC                          | Central Parent Inc / CDK Global Inc                                              | CUSIP: 15477CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    163000 | PA      | $133933.38    | 0.00%             | 2029-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| EMRLD BOR / EMRLD CO-ISS                          | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 29103CAA6<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |   1455000 | PA      | $1483531.10   | 0.04%             | 2030-12-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES INC                          | Sensata Technologies Inc                                                         | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    214000 | PA      | $195252.62    | 0.01%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| AMERICAN AIRLINES INC                             | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     64000 | PA      | $66888.00     | 0.00%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| ARDAGH METAL PACKAGING                            | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    400000 | PA      | $364339.26    | 0.01%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                                  | AmWINS Group Inc                                                                 | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    219000 | PA      | $212711.66    | 0.01%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES    | BlackRock Cash Funds: Treasury, SL Agency Shares                                 | CUSIP: 066922477<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        | 183060000 | NS      | $183060000.00 | 5.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2017-A                                          | CUSIP: 78448WAC9<br>LEI: 5493000RGRVHYZAIY180 | Long             | ABS-O            | CORP              | US        |    254340 | PA      | $254367.93    | 0.01%             | 2034-09-15      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO                          | Scientific Games Holdings LP/Scientific Games US FinCo Inc                       | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27000 | PA      | $26010.52     | 0.00%             | 2030-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                              | Aramark Services Inc                                                             | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    272000 | PA      | $269317.62    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust 2018-C48                                   | CUSIP: 95001RAX7<br>LEI: 549300REQJRID6TODX95 | Long             | ABS-MBS          | CORP              | US        |   5371507 | PA      | $5308496.00   | 0.16%             | 2052-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                  | CIFC Funding 2017-I Ltd                                                          | CUSIP: 17181PAC3<br>LEI: 549300X1SKS4LNS5LQ62 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2510598.50   | 0.07%             | 2037-04-21      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                            | Philip Morris International Inc                                                  | CUSIP: 718172DT3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   4285000 | PA      | $4255194.83   | 0.12%             | 2030-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| STL HOLDING CO LLC                                | STL Holding Co LLC                                                               | CUSIP: 861036AB7<br>LEI: 984500BC2I63E7F48656 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18688.21     | 0.00%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                  | NTT Finance Corp                                                                 | CUSIP: 62954WAQ8<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   1935000 | PA      | $1939085.35   | 0.06%             | 2028-07-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                              | CUSIP: 9128287B0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20200000 | PA      | $19781796.98  | 0.58%             | 2026-06-30      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                          | Jones Deslauriers Insurance Management Inc                                       | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    129000 | PA      | $136101.29    | 0.00%             | 2030-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN                          | Jefferies Finance LLC / JFIN Co-Issuer Corp                                      | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $192869.14    | 0.01%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOYNE USA INC                                     | Boyne USA Inc                                                                    | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    153000 | PA      | $148265.92    | 0.00%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST                          | J.P. Morgan Mortgage Trust 2021-14                                               | CUSIP: 46653QAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3347997 | PA      | $2963189.36   | 0.09%             | 2052-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| MERLIN ENTERTAINMENTS GR                          | Merlin Entertainments Group US Holdings Inc                                      | CUSIP: 59010UAA5<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |    200000 | PA      | $174602.22    | 0.01%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2016-2                                                 | CUSIP: 89172PAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1532488 | PA      | $1506691.62   | 0.04%             | 2055-08-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| ACRA Trust 2024-NQM1                              | ACRA Trust 2024-NQM1                                                             | CUSIP: 00112EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2871958 | PA      | $2867023.34   | 0.08%             | 2064-10-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Satus PLC                                         | Satus 2024-1 PLC                                                                 | CUSIP: 000000000<br>LEI: 213800P7IESQH1HBW693 | Long             | ABS-O            | CORP              | GB        |    102000 | PA      | $134979.06    | 0.00%             | 2031-01-17      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME                             | Six Flags Entertainment Corp                                                     | CUSIP: 83001AAC6<br>LEI: 549300JYTDUAA4JQ3717 | Long             | DBT              | CORP              | US        |     98000 | PA      | $97742.15     | 0.00%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| CHENIERE CORP CHRISTI HD                          | Cheniere Corpus Christi Holdings LLC                                             | CUSIP: 16412XAJ4<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |   4648000 | PA      | $4467914.45   | 0.13%             | 2029-11-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR US NEWCO INC                          | TK Elevator US Newco Inc                                                         | CUSIP: 92537RAA7<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |   1101000 | PA      | $1096075.34   | 0.03%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| BMO Mortgage Trust                                | BMO 2025-C11 Mortgage Trust                                                      | CUSIP: 05613XAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1571000 | PA      | $1647126.10   | 0.05%             | 2058-02-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                             | Capstone Borrower Inc                                                            | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |    521000 | PA      | $541433.62    | 0.02%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                       | Exelon Corp                                                                      | CUSIP: 30161NBM2<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |   1666000 | PA      | $1703878.19   | 0.05%             | 2029-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                          | Madison Park Funding XXI Ltd                                                     | CUSIP: 55820JBC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5047578 | PA      | $5055149.09   | 0.15%             | 2032-10-15      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                   | Golub Capital Partners CLO 77 B Ltd                                              | CUSIP: 38180QAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3165000 | PA      | $3169537.03   | 0.09%             | 2038-01-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                          | Organon & Co / Organon Foreign Debt Co-Issuer BV                                 | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    229000 | PA      | $216750.63    | 0.01%             | 2028-04-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2023-NQM2 Trust                                                             | CUSIP: 74390KAK4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    962886 | PA      | $967704.31    | 0.03%             | 2068-08-25      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                      | Novelis Corp                                                                     | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    594000 | PA      | $612084.92    | 0.02%             | 2030-01-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-XL4                                            | CUSIP: 05611VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    478220 | PA      | $478966.84    | 0.01%             | 2039-02-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Panorama Auto Trust                               | Panorama Auto Trust 2025-1                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |   2282832 | PA      | $1465844.59   | 0.04%             | 2033-03-15      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                              | Flutter Treasury DAC                                                             | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $201319.00    | 0.01%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                   | CUSIP: 61747YFU4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   3342000 | PA      | $3348678.29   | 0.10%             | 2030-10-18      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Dilosk RMBS                                       | Dilosk Rmbs NO 9 Dac                                                             | CUSIP: 000000000<br>LEI: 635400EER3OFDNYI7P30 | Long             | ABS-MBS          | CORP              | IE        |    702397 | PA      | $802048.64    | 0.02%             | 2063-01-25      | Floating      | 2.62%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                          | Prime Security Services Borrower LLC / Prime Finance Inc                         | CUSIP: 74166MAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102000 | PA      | $98332.57     | 0.00%             | 2027-08-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 10YR NOTE (CBT)SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -232 | NC      | $22634.26     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                            | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     85000 | PA      | $89814.23     | 0.00%             | 2029-11-30      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    329000 | PA      | $332023.84    | 0.01%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| SABRE GLBL INC                                    | Sabre GLBL Inc                                                                   | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    191000 | PA      | $201361.75    | 0.01%             | 2030-07-15      | Fixed         | 11.13%                | No            |                  2 | On Loan: —       |
| Marzio Finance                                    | Marzio Finance Srl                                                               | CUSIP: 000000000<br>LEI: 8156009FC13322D4B035 | Long             | ABS-O            | CORP              | IT        |    857782 | PA      | $983315.77    | 0.03%             | 2049-05-28      | Floating      | 2.78%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                     | TransDigm Inc                                                                    | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1445000 | PA      | $1478886.70   | 0.04%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD                           | Global Aircraft Leasing Co Ltd                                                   | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     92000 | PA      | $94760.00     | 0.00%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                   | OHA Credit Funding 3 LTD                                                         | CUSIP: 67112RBC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $752250.00    | 0.02%             | 2038-01-20      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                              | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4430000 | PA      | $4508407.90   | 0.13%             | 2028-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                            | Morgan Stanley Bank NA                                                           | CUSIP: 61690DK72<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   5284000 | PA      | $5349374.02   | 0.16%             | 2029-01-12      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                   | CUSIP: 61747YFK6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1540355.11   | 0.05%             | 2030-01-16      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Carlyle C17 CLO                                   | Carlyle C17 CLO Ltd                                                              | CUSIP: 14307PAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    123098 | PA      | $123173.45    | 0.00%             | 2031-04-30      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                          | Angel Oak Mortgage Trust 2025-2                                                  | CUSIP: 03466QAA1<br>LEI: 254900DKH168ZWJSMI96 | Long             | ABS-MBS          | CORP              | US        |   1809748 | PA      | $1807933.26   | 0.05%             | 2070-02-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GA87<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3670000 | PA      | $3810600.27   | 0.11%             | 2030-04-25      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| ELEMENT SOLUTIONS INC                             | Element Solutions Inc                                                            | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |    854000 | PA      | $822699.62    | 0.02%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ABC SUPPLY CO INC                                 | American Builders & Contractors Supply Co Inc                                    | CUSIP: 024747AG2<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |     38000 | PA      | $35813.49     | 0.00%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| DUKE ENERGY CORP                                  | Duke Energy Corp                                                                 | CUSIP: 26441CCC7<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   3890000 | PA      | $3935267.11   | 0.12%             | 2029-01-05      | Fixed         | 4.85%                 | No            |                  2 | On Loan: —       |
| CITIGROUP INC                                     | Citigroup Inc                                                                    | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  13650000 | PA      | $13663868.26  | 0.40%             | 2028-05-07      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                | VICI Properties LP                                                               | CUSIP: 925650AC7<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |   3208000 | PA      | $3221565.22   | 0.09%             | 2030-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Miltonia Mortgage Finance                         | Miltonia Mortgage Finance Srl                                                    | CUSIP: 000000000<br>LEI: 815600BC278905BA4594 | Long             | ABS-MBS          | CORP              | IT        |    273000 | PA      | $307449.36    | 0.01%             | 2062-04-28      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                 | Eversource Energy                                                                | CUSIP: 30040WAV0<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   1456000 | PA      | $1456263.81   | 0.04%             | 2026-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                        | BFLD Commercial Mortgage Trust 2024-UNIV                                         | CUSIP: 08861RAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    570000 | PA      | $572696.73    | 0.02%             | 2041-11-15      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust     | J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE                 | CUSIP: 46646GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2113000 | PA      | $2063669.69   | 0.06%             | 2038-09-06      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                             | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     43000 | PA      | $45381.43     | 0.00%             | 2029-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                  | Deutsche Bank AG/New York NY                                                     | CUSIP: 25160PAQ0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   2787000 | PA      | $2833422.17   | 0.08%             | 2029-01-10      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                  | NTT Finance Corp                                                                 | CUSIP: 62954WAK1<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   1931000 | PA      | $1924314.32   | 0.06%             | 2027-07-27      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                          | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    575000 | PA      | $561883.39    | 0.02%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                       | Chemours Co/The                                                                  | CUSIP: 163851AE8<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    349000 | PA      | $341893.98    | 0.01%             | 2027-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                  | COLT 2025-4 Mortgage Loan Trust                                                  | CUSIP: 12674HAA0<br>LEI: 2138002WIT3BHLQD3E93 | Long             | ABS-MBS          | CORP              | US        |   4391906 | PA      | $4418178.21   | 0.13%             | 2070-04-25      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                            | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc               | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    435000 | PA      | $413554.11    | 0.01%             | 2029-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                            | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 98380MAA3<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    320000 | PA      | $335647.68    | 0.01%             | 2031-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: —       |
| Winchester PLC                                    | Winchester 1 PLC                                                                 | CUSIP: 000000000<br>LEI: 213800AWJGG72JJNBW66 | Long             | ABS-MBS          | CORP              | GB        |    759019 | PA      | $1007160.31   | 0.03%             | 2056-10-21      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Domivest B.V.                                     | Domi 2023-1 BV                                                                   | CUSIP: 000000000<br>LEI: 724500Q9WQ341T63UP90 | Long             | ABS-MBS          | CORP              | NL        |   2282030 | PA      | $2631051.68   | 0.08%             | 2055-02-15      | Floating      | 3.26%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                          | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19000 | PA      | $18239.64     | 0.00%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ATLAS LUXCO 4 / ALL UNI                           | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl     | CUSIP: 019579AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    601000 | PA      | $583037.01    | 0.02%             | 2028-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                         | Amgen Inc                                                                        | CUSIP: 031162DP2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    159000 | PA      | $161915.40    | 0.00%             | 2028-03-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                          | Univision Communications Inc                                                     | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    161000 | PA      | $167053.74    | 0.00%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securitisation              | Together Asset Backed Securitisation 2021-1st1 PLC                               | CUSIP: 000000000<br>LEI: 635400SL9S6ASYM6DX74 | Long             | ABS-MBS          | CORP              | GB        |    760788 | PA      | $1005103.22   | 0.03%             | 2063-07-12      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| ALA Trust                                         | ALA Trust 2025-OANA                                                              | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2991000 | PA      | $3007824.38   | 0.09%             | 2040-06-15      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Hermitage Plc                                     | Hermitage 2024 PLC                                                               | CUSIP: 000000000<br>LEI: 635400OUUMGTAI2EJA52 | Long             | ABS-O            | CORP              | GB        |     62874 | PA      | $83726.53     | 0.00%             | 2033-04-21      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                              | CUSIP: 91282CHM6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  51100000 | PA      | $51246513.41  | 1.50%             | 2026-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securitisation              | Together Asset Backed Securitisation 2025-2nd1 PLC                               | CUSIP: 000000000<br>LEI: 635400YLGUIWG9EKBV27 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $132318.02    | 0.00%             | 2056-09-12      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   9318000 | PA      | $9023459.23   | 0.26%             | 2027-10-21      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                    | Newday Funding Master Issuer PLC - Series 2025-1                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |    113000 | PA      | $149973.77    | 0.00%             | 2033-04-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Trinity Square                                    | Trinity Square 2021-1 PLC                                                        | CUSIP: 000000000<br>LEI: 6354001L6FRKQUMWRQ12 | Long             | ABS-MBS          | CORP              | GB        |   1386399 | PA      | $1834110.81   | 0.05%             | 2059-07-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L                          | New Enterprise Stone & Lime Co Inc                                               | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |     43000 | PA      | $42691.87     | 0.00%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                   | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   3527000 | PA      | $3661209.97   | 0.11%             | 2028-10-18      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                       | HOMES 2023-NQM1 Trust                                                            | CUSIP: 43761JAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2901718 | PA      | $2897749.52   | 0.09%             | 2068-01-25      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                          | Amneal Pharmaceuticals LLC                                                       | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     87000 | PA      | $88303.33     | 0.00%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GM Financial Revolving Receivables Trust          | GM Financial Revolving Receivables Trust 2023-2                                  | CUSIP: 36268DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5289000 | PA      | $5518379.70   | 0.16%             | 2036-08-11      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                               | NCL Corp Ltd                                                                     | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     27000 | PA      | $28364.58     | 0.00%             | 2029-01-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                          | AT&T Inc                                                                         | CUSIP: 00206RKG6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   3194000 | PA      | $2990080.06   | 0.09%             | 2028-02-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securitisation              | Together Asset Backed Securitisation 2025-Cre-1 PLC                              | CUSIP: 000000000<br>LEI: 635400IHLPBPFA2IVG30 | Long             | ABS-MBS          | CORP              | GB        |   2299585 | PA      | $3038686.13   | 0.09%             | 2057-01-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                  | Ryder System Inc                                                                 | CUSIP: 78355HKV0<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    137000 | PA      | $141110.77    | 0.00%             | 2028-03-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                          | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    187000 | PA      | $173257.80    | 0.01%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 682691AF7<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    118000 | PA      | $122975.87    | 0.00%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                  | GGAM Finance Ltd                                                                 | CUSIP: 36170JAC0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     23000 | PA      | $23684.12     | 0.00%             | 2027-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES/ESCR                          | Windstream Services LLC / Windstream Escrow Finance Corp                         | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    769000 | PA      | $805058.41    | 0.02%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| BOEING CO/THE                                     | Boeing Co/The                                                                    | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   4150000 | PA      | $4381457.49   | 0.13%             | 2029-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                                            | CUSIP: 3132J4RB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6998651 | PA      | $6748358.57   | 0.20%             | 2035-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                        | MMAF Equipment Finance LLC 2024-A                                                | CUSIP: 55318CAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1197196 | PA      | $1209141.38   | 0.04%             | 2031-07-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| 1345 Trust                                        | 1345T 2025-AOA                                                                   | CUSIP: 68271CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2550000 | PA      | $2553920.63   | 0.07%             | 2030-06-15      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Navistar Financial Dealer Note Master Trust       | Navistar Financial Dealer Note Master Owner Trust                                | CUSIP: 63938PBW8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2921000 | PA      | $2939548.35   | 0.09%             | 2029-04-25      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Winchester PLC                                    | Winchester 1 PLC                                                                 | CUSIP: 000000000<br>LEI: 213800AWJGG72JJNBW66 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $132388.94    | 0.00%             | 2056-10-21      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                          | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AP6<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     81000 | PA      | $82312.28     | 0.00%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                         | Fortuna Consumer Loan ABS 2024-1 DAC                                             | CUSIP: 000000000<br>LEI: 635400N6ZVLRSMHBQG89 | Long             | ABS-O            | CORP              | IE        |    144558 | PA      | $165904.01    | 0.00%             | 2034-02-18      | Floating      | 3.23%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                      | GS Mortgage Securities Corportation Trust 2021-IP                                | CUSIP: 36262MAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4385000 | PA      | $4382953.96   | 0.13%             | 2036-10-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-GPA3                                           | CUSIP: 123910AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750171 | PA      | $752281.07    | 0.02%             | 2039-12-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                          | Angel Oak Mortgage Trust 2024-2                                                  | CUSIP: 034942AA0<br>LEI: 254900NLG610771ZLP05 | Long             | ABS-MBS          | CORP              | US        |   4319158 | PA      | $4330461.59   | 0.13%             | 2069-01-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                    | Enterprise Fleet Financing 2024-4 LLC                                            | CUSIP: 29374MAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1370000 | PA      | $1374911.59   | 0.04%             | 2028-11-20      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Tower Bridge Funding                              | Tower Bridge Funding 2024-1 PLC                                                  | CUSIP: 000000000<br>LEI: 635400DWOSLQW6GG6T02 | Long             | ABS-MBS          | CORP              | GB        |    113000 | PA      | $150521.76    | 0.00%             | 2066-01-20      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                | BMO 2024-5C6 Mortgage Trust                                                      | CUSIP: 05593QAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2544106.25   | 0.07%             | 2057-09-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                    | Bombardier Inc                                                                   | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     23000 | PA      | $24016.74     | 0.00%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| WHIRLPOOL CORP                                    | Whirlpool Corp                                                                   | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     86000 | PA      | $85794.94     | 0.00%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                          | Benchmark 2024-V5 Mortgage Trust                                                 | CUSIP: 08163XAY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2155000 | PA      | $2228589.80   | 0.07%             | 2057-01-10      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| AETHON UN/AETHIN UN FIN                           | Aethon United BR LP / Aethon United Finance Corp                                 | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     89000 | PA      | $93248.95     | 0.00%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securitisation              | Together Asset Backed Securitisation 2025-Cre-1 PLC                              | CUSIP: 000000000<br>LEI: 635400IHLPBPFA2IVG30 | Long             | ABS-MBS          | CORP              | GB        |    104000 | PA      | $137456.64    | 0.00%             | 2057-01-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                                  | Allied Universal Holdco LLC / Allied Universal Finance Corp                      | CUSIP: 019576AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    323000 | PA      | $330676.42    | 0.01%             | 2030-06-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| Hermitage Plc                                     | Hermitage 2024 PLC                                                               | CUSIP: 000000000<br>LEI: 635400OUUMGTAI2EJA52 | Long             | ABS-O            | CORP              | GB        |     71677 | PA      | $94928.08     | 0.00%             | 2033-04-21      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                                               | CUSIP: 3137HLVG4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7884372 | PA      | $7881929.50   | 0.23%             | 2055-06-25      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| SCF Rahoituspalvelut DAC                          | SCF Rahoituspalvelut XIII DAC                                                    | CUSIP: 000000000<br>LEI: 875500BJTX1DZ2QIPK23 | Long             | ABS-O            | CORP              | IE        |    100000 | PA      | $114754.00    | 0.00%             | 2034-06-25      | Floating      | 3.31%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                               | PETROLEOS MEXICANOS                                                              | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   3200000 | PA      | $3188000.00   | 0.09%             | 2026-03-31      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                  | NTT Finance Corp                                                                 | CUSIP: 62954WAC9<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $195394.47    | 0.01%             | 2026-04-03      | Fixed         | 1.16%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                            | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     81000 | PA      | $82420.66     | 0.00%             | 2030-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust 2024-5C2                                   | CUSIP: 95003UAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    670000 | PA      | $699604.22    | 0.02%             | 2057-11-15      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                  | SoFi Consumer Loan Program 2025-1 Trust                                          | CUSIP: 83406YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2161008 | PA      | $2163333.13   | 0.06%             | 2034-02-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| GM Financial Revolving Receivables Trust          | GM Financial Revolving Receivables Trust 2024-2                                  | CUSIP: 379925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2443000 | PA      | $2451368.25   | 0.07%             | 2037-03-11      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                             | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17718.88     | 0.00%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority  | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                                       | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1042130.10   | 0.03%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                          | Prime Security Services Borrower LLC / Prime Finance Inc                         | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    286000 | PA      | $285979.52    | 0.01%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                              | LifePoint Health Inc                                                             | CUSIP: 53219LAY5<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    313000 | PA      | $332998.89    | 0.01%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                          | Service Properties Trust                                                         | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |    967000 | PA      | $1029795.05   | 0.03%             | 2031-11-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| ASBURY AUTOMOTIVE GROUP                           | Asbury Automotive Group Inc                                                      | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     36000 | PA      | $34575.16     | 0.00%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| Morgan Stanley Residential Mortgage Loan Trust    | Morgan Stanley Residential Mortgage Loan Trust 2025-HX1                          | CUSIP: 617942AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2754480 | PA      | $2772299.49   | 0.08%             | 2070-03-25      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| AAR ESCROW ISSUER LLC                             | AAR Escrow Issuer LLC                                                            | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     39000 | PA      | $40016.30     | 0.00%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                               | Southern California Edison Co                                                    | CUSIP: 842400HU0<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |   1022000 | PA      | $1033053.92   | 0.03%             | 2028-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: —       |
| Last Mile Securities                              | Last Mile Securities PE 2021 DAC                                                 | CUSIP: 000000000<br>LEI: 635400UJZKP57EXKMQ33 | Long             | ABS-MBS          | CORP              | IE        |   3965184 | PA      | $4525156.02   | 0.13%             | 2031-08-17      | Floating      | 3.03%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                            | Morgan Stanley Bank NA                                                           | CUSIP: 61690U8E3<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   8370000 | PA      | $8453010.65   | 0.25%             | 2028-07-14      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| ANYWHERE RE GRP/REALOGY                           | Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp                          | CUSIP: 75606DAV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     58000 | PA      | $60401.20     | 0.00%             | 2030-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Citibank Credit Card Issuance Trust               | Citibank Credit Card Issuance Trust                                              | CUSIP: 17305EGE9<br>LEI: R8AG6FXVDQAMDKCSJJ64 | Long             | ABS-O            | CORP              | US        |    298000 | PA      | $300889.94    | 0.01%             | 2029-05-14      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                            | SLM Private Credit Student Loan Trust 2006-B                                     | CUSIP: 78443CCU6<br>LEI: 549300MJYMBTZU2FTV38 | Long             | ABS-O            | CORP              | US        |   4538056 | PA      | $4430603.19   | 0.13%             | 2039-12-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC              | PRET 2025-RPL2 Trust                                                             | CUSIP: 69392LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    744415 | PA      | $714491.46    | 0.02%             | 2064-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Regatta XX Funding Ltd                            | Regatta XX Funding Ltd                                                           | CUSIP: 75884YAK4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1140000 | PA      | $1140292.64   | 0.03%             | 2038-01-15      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securitisation              | Together Asset Backed Securitisation 2025-2nd1 PLC                               | CUSIP: 000000000<br>LEI: 635400YLGUIWG9EKBV27 | Long             | ABS-MBS          | CORP              | GB        |    701970 | PA      | $930152.88    | 0.03%             | 2056-09-12      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Satus PLC                                         | Satus 2024-1 PLC                                                                 | CUSIP: 000000000<br>LEI: 213800P7IESQH1HBW693 | Long             | ABS-O            | CORP              | GB        |    337000 | PA      | $445453.31    | 0.01%             | 2031-01-17      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                             | ARI Fleet Lease Trust 2025-B                                                     | CUSIP: 00193GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    331000 | PA      | $332471.63    | 0.01%             | 2034-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                              | Kaiser Aluminum Corp                                                             | CUSIP: 483007AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    348000 | PA      | $340168.33    | 0.01%             | 2028-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Asset-Backed European Securitisation Transaction  | Asset-Backed European Securitisation Transaction Twenty-Three Sarl               | CUSIP: 000000000<br>LEI: 213800WQKYRCMTF4FR47 | Long             | ABS-O            | CORP              | LU        |    100000 | PA      | $115150.68    | 0.00%             | 2034-03-21      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| WILLIAM CARTER                                    | William Carter Co/The                                                            | CUSIP: 96926JAC1<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |     36000 | PA      | $35698.85     | 0.00%             | 2027-03-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| RR 36 LTD                                         | RR 36 Ltd                                                                        | CUSIP: 74989AAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1485000 | PA      | $1488533.56   | 0.04%             | 2040-01-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                             | HUB International Ltd                                                            | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   2186000 | PA      | $2278765.10   | 0.07%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                               | Sirius XM Radio LLC                                                              | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    363000 | PA      | $359051.41    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                               | Kinetik Holdings LP                                                              | CUSIP: 49461MAB6<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27613.22     | 0.00%             | 2028-12-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                                       | Paychex Inc                                                                      | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |   3962000 | PA      | $4047893.74   | 0.12%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                       | Exelon Corp                                                                      | CUSIP: 30161NBJ9<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |   2608000 | PA      | $2651589.33   | 0.08%             | 2028-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                  | Trinitas CLO XXIII Ltd                                                           | CUSIP: 89642TAA1<br>LEI: 635400HEV45BA22Y6W50 | Long             | ABS-CBDO         | CORP              | BM        |    970000 | PA      | $972436.25    | 0.03%             | 2036-10-20      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2021-LBA                                                                | CUSIP: 05609BCD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7350833 | PA      | $7346288.72   | 0.22%             | 2036-02-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| HCA INC                                           | HCA Inc                                                                          | CUSIP: 404119CZ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   2664000 | PA      | $2721307.22   | 0.08%             | 2030-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CARNIVAL PLC                                      | Carnival PLC                                                                     | CUSIP: 000000000<br>LEI: 4DR1VPDQMHD3N3QW8W95 | Long             | DBT              | CORP              | GB        |    170000 | PA      | $197162.40    | 0.01%             | 2031-07-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CONSUMERS ENERGY CO                               | Consumers Energy Co                                                              | CUSIP: 210518DY9<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2245772.61   | 0.07%             | 2031-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust               | Toyota Auto Receivables 2023-D Owner Trust                                       | CUSIP: 89239FAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7030000 | PA      | $7106986.23   | 0.21%             | 2028-08-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                  | CUSIP: 31418AAV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3899000 | PA      | $3804762.22   | 0.11%             | 2031-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                             | Endo Finance Holdings Inc                                                        | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    116000 | PA      | $123404.51    | 0.00%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORP                                | Mattamy Group Corp                                                               | CUSIP: 57701RAM4<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |     27000 | PA      | $25902.71     | 0.00%             | 2030-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| Morgan Stanley Capital I Trust                    | Morgan Stanley Capital I Trust 2024-NSTB                                         | CUSIP: 61690BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1055315 | PA      | $1036108.11   | 0.03%             | 2057-09-24      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                          | Performance Food Group Inc                                                       | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89861.60     | 0.00%             | 2027-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                          | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAG6<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |  14001000 | PA      | $13849075.71  | 0.41%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| FORTRESS INTERMEDIATE                             | Fortress Intermediate 3 Inc                                                      | CUSIP: 34966MAA0<br>LEI: 254900NLAZ3JQJW5JP75 | Long             | DBT              | CORP              | US        |    577000 | PA      | $605551.69    | 0.02%             | 2031-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| Brignole CO                                       | Brignole Co                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |     63549 | PA      | $73169.49     | 0.00%             | 2042-02-24      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                  | T-Mobile USA Inc                                                                 | CUSIP: 87264ACZ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   3078000 | PA      | $3115993.85   | 0.09%             | 2028-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                 | Clean Harbors Inc                                                                | CUSIP: 184496AP2<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26554.14     | 0.00%             | 2029-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                            | Comstock Resources Inc                                                           | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    103000 | PA      | $101835.99    | 0.00%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                  | UWM Holdings LLC                                                                 | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $190083.53    | 0.01%             | 2030-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                            | Diamondback Energy Inc                                                           | CUSIP: 25278XAY5<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |   4099000 | PA      | $4173540.64   | 0.12%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                       | HOMES 2025-NQM2 Trust                                                            | CUSIP: 403966AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3183947 | PA      | $3182526.00   | 0.09%             | 2070-02-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust          | Ford Credit Floorplan Master Owner Trust A                                       | CUSIP: 34528QHW7<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |  11535000 | PA      | $11597159.81  | 0.34%             | 2028-05-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| CART                                              | CONE Trust 2024-DFW1                                                             | CUSIP: 20682AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1440000 | PA      | $1439101.44   | 0.04%             | 2041-08-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                          | Ford Motor Credit Co LLC                                                         | CUSIP: 345397D26<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   4247000 | PA      | $4295034.67   | 0.13%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                           | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $64416.31     | 0.00%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                            | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    437000 | PA      | $437385.00    | 0.01%             | 2027-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust               | NEW Residential Mortgage Loan Trust 2025-Nqm2                                    | CUSIP: 64831XAC2<br>LEI: 2138006ZAYPD4ZHQYX81 | Long             | ABS-MBS          | CORP              | US        |   2382921 | PA      | $2391076.98   | 0.07%             | 2065-04-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                              | CUSIP: 46647PBE5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3306000 | PA      | $3079594.77   | 0.09%             | 2030-10-15      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED AUD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | AU        |         1 | NC      | $-1921.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                               | American Tower Corp                                                              | CUSIP: 03027XBV1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |   3679000 | PA      | $3625117.51   | 0.11%             | 2027-03-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                          | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    189000 | PA      | $165332.48    | 0.00%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| BOMBARDIER INC                                    | Bombardier Inc                                                                   | CUSIP: 097751BX8<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    172000 | PA      | $173143.63    | 0.01%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     58000 | PA      | $56593.64     | 0.00%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| London Cards Plc                                  | London Cards No 2 PLC                                                            | CUSIP: 000000000<br>LEI: 635400SWIULSFYESTP47 | Long             | ABS-O            | CORP              | GB        |    100000 | PA      | $134031.03    | 0.00%             | 2034-03-28      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                              | BWX Technologies Inc                                                             | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |    183000 | PA      | $177104.14    | 0.01%             | 2028-06-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                       | Southern Co/The                                                                  | CUSIP: 842587DQ7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    458000 | PA      | $463814.18    | 0.01%             | 2028-06-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Stratton Mortgage Funding PLC                     | Stratton Mortgage Funding 2024-2 PLC                                             | CUSIP: 000000000<br>LEI: 635400BEV82LZKPTAB28 | Long             | ABS-MBS          | CORP              | GB        |    958125 | PA      | $1266389.07   | 0.04%             | 2050-06-28      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                              | CUSIP: 912828YQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  70000000 | PA      | $67894531.60  | 1.99%             | 2026-10-31      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS HO                           | Lindblad Expeditions Holdings Inc                                                | CUSIP: 535219AA7<br>LEI: 549300GSPW24GZE6R597 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2084.38      | 0.00%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                             | Civitas Resources Inc                                                            | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14396.56     | 0.00%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust             | Westlake Automobile Receivables Trust 2025-P1                                    | CUSIP: 96043LAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1905681.95   | 0.06%             | 2029-06-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| VAIL RESORTS INC                                  | Vail Resorts Inc                                                                 | CUSIP: 91879QAQ2<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |     88000 | PA      | $88484.00     | 0.00%             | 2030-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                       | Equinix Inc                                                                      | CUSIP: 29444UBE5<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |   7781000 | PA      | $7345433.24   | 0.22%             | 2029-11-18      | Fixed         | 3.20%                 | No            |                  2 | On Loan: —       |
| HalseyPoint CLO Ltd.                              | Halseypoint CLO 7 LTD                                                            | CUSIP: 40638LAL3<br>LEI: 5493000LI3XMVBCJEF82 | Long             | ABS-CBDO         | CORP              | JE        |   2000000 | PA      | $2009850.40   | 0.06%             | 2038-07-20      | Floating      | 5.78%                 | No            |                  3 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   4640000 | PA      | $4549519.26   | 0.13%             | 2027-03-09      | Fixed         | 1.43%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                         | Amgen Inc                                                                        | CUSIP: 031162DB3<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   1870000 | PA      | $1726069.62   | 0.05%             | 2028-08-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                              | Glencore Funding LLC                                                             | CUSIP: 378272BS6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   3220000 | PA      | $3297329.94   | 0.10%             | 2029-04-04      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                              | Glencore Funding LLC                                                             | CUSIP: 378272BK3<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1355000 | PA      | $1381790.38   | 0.04%             | 2028-05-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: —       |
| FirstMac Mortgage Funding Trust                   | FIRSTMAC MORTGAGE FUNDING TRUST NO. 4 SERIES 2024-4                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | AU        |    377883 | PA      | $243446.53    | 0.01%             | 2056-02-18      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    481000 | PA      | $444618.22    | 0.01%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    158000 | PA      | $160321.18    | 0.00%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                              | Cross 2024-H1 Mortgage Trust                                                     | CUSIP: 22757AAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2983497 | PA      | $2996442.79   | 0.09%             | 2068-12-25      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                          | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC    | CUSIP: 44287GAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1268000 | PA      | $1312992.44   | 0.04%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                               | NCL Corp Ltd                                                                     | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    501000 | PA      | $514587.37    | 0.02%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                          | Aptiv Swiss Holdings Ltd                                                         | CUSIP: 03837AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   3720000 | PA      | $3698172.42   | 0.11%             | 2029-09-13      | Fixed         | 4.65%                 | No            |                  2 | On Loan: —       |
| ALLIANT HOLD / CO-ISSUER                          | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    827000 | PA      | $809644.25    | 0.02%             | 2027-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Tower Bridge Funding                              | Tower Bridge Funding 2024-1 PLC                                                  | CUSIP: 000000000<br>LEI: 635400DWOSLQW6GG6T02 | Long             | ABS-MBS          | CORP              | GB        |    113000 | PA      | $150654.28    | 0.00%             | 2066-01-20      | Floating      | 8.24%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $1746.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                          | LCM Investments Holdings II LLC                                                  | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |    244000 | PA      | $237124.37    | 0.01%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HEALTHEQUITY INC                                  | HealthEquity Inc                                                                 | CUSIP: 42226AAA5<br>LEI: 529900LRJU1RAFQHM467 | Long             | DBT              | CORP              | US        |    321000 | PA      | $309010.81    | 0.01%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LABL INC                                          | LABL Inc                                                                         | CUSIP: 50168QAE5<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     80000 | PA      | $74651.08     | 0.00%             | 2028-11-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                          | Celanese US Holdings LLC                                                         | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     39000 | PA      | $39438.79     | 0.00%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| DUKE ENERGY CAROLINAS                             | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBP8<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |   3281000 | PA      | $3338573.94   | 0.10%             | 2030-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                   | Benefit Street Partners CLO VIII Ltd                                             | CUSIP: 08180XAN2<br>LEI: 549300D98ZLKNSI8CN63 | Long             | ABS-CBDO         | CORP              | KY        |     70275 | PA      | $70324.86     | 0.00%             | 2031-01-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| SK INVICTUS INTERMEDIATE                          | SK Invictus Intermediate II Sarl                                                 | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     99000 | PA      | $96240.52     | 0.00%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Liberty Funding Pty Limited                       | Liberty Series 2025-1                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | AU        |    500000 | PA      | $321784.48    | 0.01%             | 2056-09-25      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Tower Bridge Funding                              | Tower Bridge Funding 2024-3 PLC                                                  | CUSIP: 000000000<br>LEI: 635400XMA28GDAPK1E69 | Long             | ABS-MBS          | CORP              | GB        |     99974 | PA      | $132250.48    | 0.00%             | 2066-12-20      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                          | Boost Newco Borrower LLC                                                         | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |    706000 | PA      | $746461.57    | 0.02%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                       | PRKCM 2025-HOME1                                                                 | CUSIP: 69382FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6131631 | PA      | $6128781.56   | 0.18%             | 2060-02-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Edenbrook Mortgage Funding Plc                    | Edenbrook Mortgage Funding PLC                                                   | CUSIP: 000000000<br>LEI: 635400URO7UOS6PWLH17 | Long             | ABS-MBS          | CORP              | GB        |    145870 | PA      | $194244.83    | 0.01%             | 2057-03-22      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                        | Affirm Asset Securitization Trust 2025-X1                                        | CUSIP: 00834MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2885820 | PA      | $2887305.22   | 0.08%             | 2030-04-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Post CLO LTD                                      | Post CLO 2024-1 Ltd                                                              | CUSIP: 73743EAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003748.20   | 0.03%             | 2037-04-20      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                          | Live Nation Entertainment Inc                                                    | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     72000 | PA      | $70887.00     | 0.00%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| INTEL CORP                                        | Intel Corp                                                                       | CUSIP: 458140CF5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   2252000 | PA      | $2285358.11   | 0.07%             | 2030-02-10      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                  | Altria Group Inc                                                                 | CUSIP: 02209SBQ5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   2475000 | PA      | $2594753.00   | 0.08%             | 2028-11-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                  | GGAM Finance Ltd                                                                 | CUSIP: 36170JAE6<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    186000 | PA      | $186697.50    | 0.01%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                  | Duke Energy Corp                                                                 | CUSIP: 26441CBS3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    981000 | PA      | $979300.08    | 0.03%             | 2028-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                          | Weatherford International Ltd                                                    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     90000 | PA      | $92458.08     | 0.00%             | 2030-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                 | Eversource Energy                                                                | CUSIP: 30040WAY4<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   2536000 | PA      | $2553863.53   | 0.07%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| HILTON DOMESTIC OPERATIN                          | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AQ4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    477000 | PA      | $486468.45    | 0.01%             | 2032-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| United States Treasury                            | U.S. Treasury Notes                                                              | CUSIP: 91282CCJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 148100000 | PA      | $143721793.75 | 4.22%             | 2026-06-30      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                          | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    118000 | PA      | $125111.62    | 0.00%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES                           | K Hovnanian Enterprises Inc                                                      | CUSIP: 48251UAM0<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |    415000 | PA      | $449357.85    | 0.01%             | 2029-09-30      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                | BMO 2025-5C9 Mortgage Trust                                                      | CUSIP: 096933AG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1379480 | PA      | $1435332.52   | 0.04%             | 2058-04-15      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| Taurus CMBS                                       | Taurus 2025-2 UK DAC                                                             | CUSIP: 000000000<br>LEI: 635400ZUSGYHROR9ZX12 | Long             | ABS-MBS          | CORP              | IE        |    772708 | PA      | $1024698.89   | 0.03%             | 2035-02-18      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Netflix Inc                                       | Netflix Inc                                                                      | CUSIP: 64110LAT3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |   1925000 | PA      | $2018674.02   | 0.06%             | 2028-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC       | BBCMS Mortgage Trust 2024-5C29                                                   | CUSIP: 05555PAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9960000 | PA      | $10123736.42  | 0.30%             | 2057-09-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                          | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   1077000 | PA      | $1056009.27   | 0.03%             | 2027-03-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Mortimer BTL Plc                                  | Mortimer 2024-Mix PLC                                                            | CUSIP: 000000000<br>LEI: 213800F12CZ391USLI51 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $132955.63    | 0.00%             | 2067-09-22      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                            | Sequoia Mortgage Trust 2021-1                                                    | CUSIP: 81747KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7521585 | PA      | $6059095.17   | 0.18%             | 2051-03-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| American Tower Corp                               | American Tower Corp                                                              | CUSIP: 03027XAP5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    609000 | PA      | $598653.29    | 0.02%             | 2027-07-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: —       |
| CITIGROUP INC                                     | Citigroup Inc                                                                    | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3755000 | PA      | $3739762.44   | 0.11%             | 2030-09-19      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                       | Equinix Inc                                                                      | CUSIP: 29444UBK1<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |   2518000 | PA      | $2505580.54   | 0.07%             | 2025-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                            | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    178000 | PA      | $177661.79    | 0.01%             | 2030-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 682695AA9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     61000 | PA      | $64007.79     | 0.00%             | 2029-01-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| Social Professional Loan Program LLC              | SoFi Professional Loan Program 2017-D LLC                                        | CUSIP: 78471CAB5<br>LEI: 549300RC6OGKQI1MHM67 | Long             | ABS-O            | CORP              | US        |         0 | PA      | $0.02         | 0.00%             | 2040-09-25      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Point Broadband Funding LLC                       | Point Broadband Funding LLC                                                      | CUSIP: 73052AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1033000 | PA      | $1033208.77   | 0.03%             | 2055-07-20      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Romark CLO Ltd                                    | Romark WM-R Ltd                                                                  | CUSIP: 77587AAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1550559 | PA      | $1552867.16   | 0.05%             | 2031-04-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                            | Venture Global LNG Inc                                                           | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    419000 | PA      | $433396.00    | 0.01%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                  | CUSIP: 3140XLDH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6522132 | PA      | $5571027.89   | 0.16%             | 2042-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GYP HOLDINGS III CORP                             | GYP Holdings III Corp                                                            | CUSIP: 36261NAA5<br>LEI: 549300055I1KJWZH9690 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31295.46     | 0.00%             | 2029-05-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                      | Novelis Corp                                                                     | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    158000 | PA      | $151269.99    | 0.00%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                    | Newday Funding Master Issuer PLC - Series 2024-2                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |    256000 | PA      | $342737.40    | 0.01%             | 2032-07-15      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| Empower CLO Ltd.                                  | Empower CLO 2022-1 Ltd                                                           | CUSIP: 29246AAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1895000 | PA      | $1901872.98   | 0.06%             | 2037-10-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Asimi Funding Holdings Limited                    | Asimi Funding 2024-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400ED9TX8KJO28Q39 | Long             | ABS-O            | CORP              | GB        |    100000 | PA      | $132442.82    | 0.00%             | 2031-09-16      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                              | Birch Grove CLO 3 Ltd                                                            | CUSIP: 09076VAQ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4615000 | PA      | $4620244.02   | 0.14%             | 2038-01-19      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                  | T-Mobile USA Inc                                                                 | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   2131000 | PA      | $2065435.44   | 0.06%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                              | CUSIP: 46647PBT2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4868000 | PA      | $4814636.59   | 0.14%             | 2026-11-19      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust     | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2030000 | PA      | $2038902.36   | 0.06%             | 2039-11-09      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co                                                                 | CUSIP: 95000U3C5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    406000 | PA      | $405907.87    | 0.01%             | 2026-08-15      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                         | Fortuna Consumer Loan Abs 2024-2 DAC                                             | CUSIP: 000000000<br>LEI: 635400WJJIABFKEPEL72 | Long             | ABS-O            | CORP              | IE        |    400000 | PA      | $458367.79    | 0.01%             | 2034-10-18      | Floating      | 3.18%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-TAIL                                                               | CUSIP: 123912AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1640000 | PA      | $1643075.00   | 0.05%             | 2035-06-15      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                      | Broadcom Inc                                                                     | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   7119000 | PA      | $7266001.73   | 0.21%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Tower Bridge Funding                              | Tower Bridge Funding 2024-2 PLC                                                  | CUSIP: 000000000<br>LEI: 635400KGPH6QBBQEL802 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $132619.26    | 0.00%             | 2066-05-20      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Dowson                                            | Dowson 2024-1 PLC                                                                | CUSIP: 000000000<br>LEI: 635400IRBWDPWKGK1C24 | Long             | ABS-O            | CORP              | GB        |    100000 | PA      | $131345.23    | 0.00%             | 2031-08-20      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                          | JP Morgan Mortgage Trust 2025-VIS2                                               | CUSIP: 46659RAC1<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |   3658639 | PA      | $3650799.90   | 0.11%             | 2063-01-25      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                       | Oracle Corp                                                                      | CUSIP: 68389XCD5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2334000 | PA      | $2210071.09   | 0.06%             | 2028-03-25      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Jupiter Mortgages No.1                            | Jupiter Mortgage NO 1 PLC                                                        | CUSIP: 000000000<br>LEI: 6354009QIELPOGEAFS09 | Long             | ABS-MBS          | CORP              | GB        |    213000 | PA      | $284703.53    | 0.01%             | 2055-07-20      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                             | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    921000 | PA      | $897287.57    | 0.03%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                          | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    337000 | PA      | $331386.25    | 0.01%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $216079.71    | 0.01%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                             | Level 3 Financing Inc                                                            | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    254860 | PA      | $288953.89    | 0.01%             | 2029-11-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                            | Cloud Software Group Inc                                                         | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   2947000 | PA      | $2976131.10   | 0.09%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                             | Level 3 Financing Inc                                                            | CUSIP: 527298BZ5<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    247000 | PA      | $278183.75    | 0.01%             | 2030-12-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: —       |
| Chase Mortgage Finance Corporation                | Chase Home Lending Mortgage Trust 2025-8                                         | CUSIP: 16162UBA0<br>LEI: 529900CHSDEA1SX67419 | Long             | ABS-MBS          | CORP              | US        |   3624259 | PA      | $3624246.64   | 0.11%             | 2056-06-25      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                | Ally Financial Inc                                                               | CUSIP: 02005NBZ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1555000 | PA      | $1583685.82   | 0.05%             | 2029-05-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: —       |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GZK3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   7334000 | PA      | $7118178.35   | 0.21%             | 2028-02-24      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 10YR ULTRA FUT SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -201 | NC      | $-348283.15   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| STARWOOD PROPERTY TRUST                           | Starwood Property Trust Inc                                                      | CUSIP: 85571BBD6<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     46000 | PA      | $47314.63     | 0.00%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Thunder Logistics                                 | Thunder Logistics 2024-1 DAC                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |     71578 | PA      | $81885.62     | 0.00%             | 2036-11-17      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                              | CUSIP: 46647PEL6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  10255000 | PA      | $10353722.63  | 0.30%             | 2028-07-22      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                     | Citigroup Inc                                                                    | CUSIP: 172967NA5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   9775000 | PA      | $9510980.67   | 0.28%             | 2027-06-09      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                     | Carnival Corp                                                                    | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    187000 | PA      | $189805.00    | 0.01%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                          | Florida Power & Light Co                                                         | CUSIP: 341081GN1<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     86000 | PA      | $86333.02     | 0.00%             | 2028-05-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                            | LENDMARK FUNDING TRUST                                                           | CUSIP: 52603GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3003000 | PA      | $2998977.18   | 0.09%             | 2034-10-20      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                               | Dominion Energy Inc                                                              | CUSIP: 25746UDW6<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   2420000 | PA      | $2461102.01   | 0.07%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Duke Energy Corp                                  | Duke Energy Corp                                                                 | CUSIP: 26441CAS4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   4712000 | PA      | $4616186.10   | 0.14%             | 2026-09-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                            | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAA3<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   1031000 | PA      | $1043222.71   | 0.03%             | 2029-04-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                             | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     27000 | PA      | $24742.81     | 0.00%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                 | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    167000 | PA      | $172600.45    | 0.01%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| WYNN RESORTS FINANCE LLC                          | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    373000 | PA      | $396725.78    | 0.01%             | 2031-02-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: —       |
| Lanebrook Mortgage Transaction                    | Lanebrook Mortgage Transaction 2024-1 PLC                                        | CUSIP: 000000000<br>LEI: 635400BMFIJ9ARSOLL61 | Long             | ABS-MBS          | CORP              | GB        |    695399 | PA      | $921619.98    | 0.03%             | 2061-03-15      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| AS MILEAGE PLAN IP LTD                            | AS Mileage Plan IP Ltd                                                           | CUSIP: 00218QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   4511000 | PA      | $4472705.49   | 0.13%             | 2029-10-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Edenbrook Mortgage Funding Plc                    | Edenbrook Mortgage Funding PLC                                                   | CUSIP: 000000000<br>LEI: 635400URO7UOS6PWLH17 | Long             | ABS-MBS          | CORP              | GB        |    253039 | PA      | $335733.57    | 0.01%             | 2057-03-22      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                          | Targa Resources Partners LP / Targa Resources Partners Finance Corp              | CUSIP: 87612BBQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $192799.39    | 0.01%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust             | Onemain Direct Auto Receivables Trust 2022-1                                     | CUSIP: 68269DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2615934 | PA      | $2626337.99   | 0.08%             | 2029-03-14      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| East One                                          | East One 2024-1 PLC                                                              | CUSIP: 000000000<br>LEI: 213800PCKNACOVV1MZ66 | Long             | ABS-MBS          | CORP              | GB        |    850270 | PA      | $1131764.97   | 0.03%             | 2055-12-27      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit          | Ford Credit Auto Owner Trust/Ford Credit                                         | CUSIP: 34532MAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5736000 | PA      | $5823239.97   | 0.17%             | 2037-08-15      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority     | MASSACHUSETTS ST EDUCTNL FING AUTH                                               | CUSIP: 57563RTX7<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1446369.96   | 0.04%             | 2049-07-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                    | Sabre GLBL Inc                                                                   | CUSIP: 78573NAJ1<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21333.90     | 0.00%             | 2027-06-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| Enterprise Fleet Financing LLC                    | Enterprise Fleet Financing 2025-2 LLC                                            | CUSIP: 29375TAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2981000 | PA      | $2981804.27   | 0.09%             | 2029-06-20      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| Autoflorence                                      | AutoFlorence 2 Srl                                                               | CUSIP: 000000000<br>LEI: 815600C91B7AF7C88210 | Long             | ABS-O            | CORP              | IT        |    196882 | PA      | $224425.05    | 0.01%             | 2044-12-24      | Floating      | 2.65%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                    | Bombardier Inc                                                                   | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1021000 | PA      | $1098722.60   | 0.03%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: —       |
| Mortimer BTL Plc                                  | Mortimer 2024-Mix PLC                                                            | CUSIP: 000000000<br>LEI: 213800F12CZ391USLI51 | Long             | ABS-MBS          | CORP              | GB        |    100000 | PA      | $132918.91    | 0.00%             | 2067-09-22      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                            | RR 21 Ltd                                                                        | CUSIP: 78110TAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   1000000 | PA      | $1003091.60   | 0.03%             | 2039-07-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trust                   | CFCRE Commercial Mortgage Trust 2016-C3                                          | CUSIP: 12531WBB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4555000 | PA      | $4534075.24   | 0.13%             | 2048-01-10      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance Designated Activity Co            | Prodigy Finance CM2021-1 DAC                                                     | CUSIP: 742855AA7<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |    376963 | PA      | $376606.40    | 0.01%             | 2051-07-25      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| CNT PRNT/CDK GLO II/FIN                           | Central Parent LLC / CDK Global II LLC / CDK Financing Co Inc                    | CUSIP: 154915AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $21207.76     | 0.00%             | 2029-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| Golub Capital Partners CLO, LTD                   | Golub Capital Partners CLO 66B Ltd                                               | CUSIP: 38181AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1890000 | PA      | $1899560.94   | 0.06%             | 2038-07-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC/FINANCE CORP                          | Chobani LLC / Chobani Finance Corp Inc                                           | CUSIP: 17027NAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    603000 | PA      | $591318.80    | 0.02%             | 2028-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| PATTERN ENERGY OP LP/PAT                          | Pattern Energy Operations LP / Pattern Energy Operations Inc                     | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $92100.97     | 0.00%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KIMMERIDGE TEXAS GAS LLC                          | Kimmeridge Texas Gas LLC                                                         | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |    259000 | PA      | $266112.66    | 0.01%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| CHART INDUSTRIES INC                              | Chart Industries Inc                                                             | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    587000 | PA      | $614900.70    | 0.02%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                    | Hyundai Auto Receivables Trust 2024-A                                            | CUSIP: 448973AD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7120000 | PA      | $7169901.94   | 0.21%             | 2029-02-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                          | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    100000 | PA      | $115387.23    | 0.00%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                | BMO 2024-5C8 Mortgage Trust                                                      | CUSIP: 09661XAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3070000 | PA      | $3163611.98   | 0.09%             | 2057-12-15      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| HILL FL                                           | Hill FL 2024-1BV                                                                 | CUSIP: 000000000<br>LEI: 7245006MK9ZZTYTYIQ03 | Long             | ABS-O            | CORP              | NL        |     83364 | PA      | $95604.64     | 0.00%             | 2032-02-18      | Floating      | 3.93%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                             | Civitas Resources Inc                                                            | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    135000 | PA      | $136665.72    | 0.00%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: —       |
| Cross Mortgage Trust                              | Cross 2025-H3 Mortgage Trust                                                     | CUSIP: 22757EAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6119184 | PA      | $6160607.45   | 0.18%             | 2070-04-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Lanark Master Issuer plc                          | Lanark Master Issuer PLC                                                         | CUSIP: 000000000<br>LEI: 213800KIOPB5OYXIVY33 | Long             | ABS-MBS          | CORP              | GB        |    988260 | PA      | $1306630.71   | 0.04%             | 2069-12-22      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                     | UK Logistics 2024-2 DAC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |    154989 | PA      | $207209.76    | 0.01%             | 2035-02-17      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                              | WR Grace Holdings LLC                                                            | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    551000 | PA      | $547894.05    | 0.02%             | 2027-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                        | MFA 2025-NQM2 Trust                                                              | CUSIP: 55287MAA7<br>LEI: 254900SDE8K3K1E63161 | Long             | ABS-MBS          | CORP              | US        |   3117881 | PA      | $3124148.33   | 0.09%             | 2070-05-27      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| TEREX CORP                                        | Terex Corp                                                                       | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |     36000 | PA      | $35138.59     | 0.00%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Humana Inc                                        | Humana Inc                                                                       | CUSIP: 444859BF8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    133000 | PA      | $132002.57    | 0.00%             | 2027-03-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: —       |
| SC GERMANY CONSUMER                               | SC Germany SA Compartment Consumer 2025-1                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | DE        |    100000 | PA      | $114986.23    | 0.00%             | 2038-12-14      | Floating      | 3.13%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** iShares U.S. ETF Trust

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer