# EDGAR Filing Document

**Accession Number:** 0000276463
**File Stem:** 0000940400-26-008566
**Filing Date:** 2026-2
**Character Count:** 3265772
**Document Hash:** 59c919c9750ee6586dfa59a21d5c66c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008566.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008566

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK BOND FUND, INC.
- **CENTRAL INDEX KEY:** 0000276463

**ORGANIZATION NAME:**
- **EIN:** 132949519
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02857
- **FILM NUMBER:** 26686538

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH BOND FUND INC
- **DATE OF NAME CHANGE:** 20030804

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH CORPORATE BOND FUND INC/NY
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH HIGH INCOME FUND INC - CORRECTED NAME CHANGE
- **DATE OF NAME CHANGE:** 19600201

## Series and Classes Contracts Data

### BlackRock Total Return Fund (Series ID: S000004071)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000011387 | Investor A     |  |
| C000011390 | Institutional  |  |
| C000011391 | Class R        |  |
| C000037618 | Investor A1    |  |
| C000037620 | Investor C     |  |
| C000052630 | Service        |  |
| C000052631 | Class K Shares |  |

## Nport-Ex

Consolidated Schedule of Investments (unaudited)

December 31, 2025

**BlackRock Total Return Fund**

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| &nbsp;&nbsp;&nbsp; 1988 CLO 5 Ltd., Series 2024-5A, Class A1, <br> (3-mo. CME Term SOFR + 1.54%), 5.45%, <br> 07/15/37<sup>(a)(b)</sup><br>| USD  | 3675 | $3687703 |
| &nbsp;&nbsp;&nbsp; 522 Funding CLO Ltd., Series 2019-5A, <br> Class AR, (3-mo. CME Term SOFR + 1.33%), <br> 5.24%, 04/15/35<sup>(a)(b)</sup><br>|  | 510 | 510000 |
| &nbsp;&nbsp;&nbsp; 610 Funding CLO 2 Ltd., Series 2016-2RA, <br> Class A1R3, (3-mo. CME Term SOFR + <br> 1.35%), 5.23%, 01/20/34<sup>(a)(b)</sup><br>|  | 340 | 340269 |
| &nbsp;&nbsp;&nbsp; 720 East CLO VII Ltd., Series 2025-7A, <br> Class A1, (3-mo. CME Term SOFR + 1.06%), <br> 4.94%, 04/20/37<sup>(a)(b)</sup><br>|  | 7410 | 7399368 |
| &nbsp;&nbsp;&nbsp; AB BSL CLO 3 Ltd., Series 2021-3A, Class A1R, <br> (3-mo. CME Term SOFR + 1.25%), 5.13%, <br> 04/20/38<sup>(a)(b)</sup><br>|  | 1190 | 1192858 |
| ACE Securities Corp. Home Equity Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-OP1, Class A2, (1-mo. CME <br> Term SOFR + 0.83%), 4.57%, 12/25/33<sup>(b)</sup><br>|  | 470 | 459275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AG1, Class M2, (1-mo. CME <br> Term SOFR + 0.80%), 4.54%, 08/25/35<sup>(b)</sup><br>|  | 495 | 440498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CW1, Class A2C, (1-mo. CME <br> Term SOFR + 0.39%), 4.13%, 07/25/36<sup>(b)</sup><br>|  | 210 | 175451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE4, Class A2A, (1-mo. CME <br> Term SOFR + 0.37%), 4.11%, 05/25/37<sup>(b)</sup><br>|  | 2290 | 338857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE4, Class A2C, (1-mo. CME <br> Term SOFR + 0.71%), 4.45%, 05/25/37<sup>(b)</sup><br>|  | 202 | 30182 |
| Affirm Asset Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.61%, 02/15/29<sup>(a)</sup> |  | 3805 | 3810888 |
| &nbsp;&nbsp;&nbsp; Series 2025-X1, Class C, 5.34%, 04/15/30<sup>(a)</sup> |  | 1280 | 1284295 |
| &nbsp;&nbsp;&nbsp; Series 2025-X2, Class A, 4.45%, 10/15/30<sup>(a)</sup> |  | 7430 | 7436733 |
| &nbsp;&nbsp;&nbsp; Series 2025-X2, Class B, 4.56%, 10/15/30<sup>(a)</sup> |  | 1100 | 1101823 |
| &nbsp;&nbsp;&nbsp; Series 2025-X2, Class C, 4.93%, 10/15/30<sup>(a)</sup> |  | 381 | 381693 |
| Affirm Master Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.99%, 02/15/33<sup>(a)</sup> |  | 10743 | 10849890 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.13%, 02/15/33<sup>(a)</sup> |  | 1155 | 1163779 |
| &nbsp;&nbsp;&nbsp; AGL CLO 20 Ltd., Series 2022-20A, Class A1R, <br> (3-mo. CME Term SOFR + 1.37%), 5.25%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 2840 | 2850551 |
| &nbsp;&nbsp;&nbsp; AGL CLO 21 Ltd., Series 2022-21A, Class A1R, <br> (3-mo. CME Term SOFR + 1.36%), 5.23%, <br> 10/21/37<sup>(a)(b)</sup><br>|  | 1330 | 1334766 |
| AGL CLO 23 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-23A, Class A1R, (3-mo. CME <br> Term SOFR + 1.15%), 5.03%, <br> 04/20/38<sup>(a)(b)</sup><br>|  | 3240 | 3236383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-23A, Class BR, (3-mo. CME <br> Term SOFR + 1.55%), 5.43%, <br> 04/20/38<sup>(a)(b)</sup><br>|  | 500 | 501296 |
| &nbsp;&nbsp;&nbsp; AGL CLO 37 Ltd., Series 2024-37A, Class A1, <br> (3-mo. CME Term SOFR + 1.24%), 5.10%, <br> 04/22/38<sup>(a)(b)</sup><br>|  | 290 | 290585 |
| &nbsp;&nbsp;&nbsp; AGL CLO 42 Ltd., Series 2025-42A, Class A1, <br> (3-mo. CME Term SOFR + 1.30%), 5.57%, <br> 07/22/38<sup>(a)(b)</sup><br>|  | 1850 | 1855799 |
| &nbsp;&nbsp;&nbsp; AGL CLO 43 Ltd., Series 2025-43A, Class A1, <br> (3-mo. CME Term SOFR + 1.26%), 5.24%, <br> 09/10/38<sup>(a)(b)</sup><br>|  | 1870 | 1874773 |
| AGL CLO 5 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5A, Class D1AR, (3-mo. CME <br> Term SOFR + 2.70%), 6.46%, <br> 01/20/39<sup>(a)(b)</sup><br>|  | 620 | 618715 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| AGL CLO 5 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5A, Class D2R3, (3-mo. CME <br> Term SOFR + 3.95%), 7.71%, <br> 01/20/39<sup>(a)(b)</sup><br>| USD  | 240 | $239976 |
| &nbsp;&nbsp;&nbsp; AGL CLO 6 Ltd., Series 2020-6A, Class A1R2, <br> (3-mo. CME Term SOFR + 1.28%), 5.16%, <br> 04/20/38<sup>(a)(b)</sup><br>|  | 3980 | 3991940 |
| &nbsp;&nbsp;&nbsp; AGL CLO 7 Ltd., Series 2020-7A, Class AR2, <br> (3-mo. CME Term SOFR + 1.25%), 5.16%, <br> 10/15/38<sup>(a)(b)</sup><br>|  | 1490 | 1493629 |
| &nbsp;&nbsp;&nbsp; AGL Core CLO 15 Ltd., Series 2021-15A, <br> Class A1, (3-mo. CME Term SOFR + 1.41%), <br> 5.30%, 01/20/35<sup>(a)(b)</sup><br>|  | 1344 | 1345345 |
| &nbsp;&nbsp;&nbsp; AGL Core CLO 2 Ltd., Series 2019-2A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.46%), 5.34%, 07/20/37<sup>(a)(b)</sup><br>|  | 14335 | 14378836 |
| &nbsp;&nbsp;&nbsp; AGL Core CLO 27 Ltd., Series 2023-27A, <br> Class BR, (3-mo. CME Term SOFR + 1.55%), <br> 5.39%, 01/21/39<sup>(a)(b)</sup><br>|  | 1000 | 1002993 |
| &nbsp;&nbsp;&nbsp; AGL Core CLO 31 Ltd., Series 2024-31A, <br> Class C, (3-mo. CME Term SOFR + 1.90%), <br> 5.78%, 07/20/37<sup>(a)(b)</sup><br>|  | 250 | 250963 |
| &nbsp;&nbsp;&nbsp; AGL Core CLO 38 Ltd., Series 2025-38A, <br> Class A1, (3-mo. CME Term SOFR + 1.24%), <br> 5.10%, 01/22/38<sup>(a)(b)</sup><br>|  | 3370 | 3376982 |
| &nbsp;&nbsp;&nbsp; AGL Core CLO 4 Ltd., Series 2020-4A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 1.38%), 5.26%, 10/20/37<sup>(a)(b)</sup><br>|  | 3620 | 3633772 |
| &nbsp;&nbsp;&nbsp; Aimco CLO, Series 2018-AA, Class AR, (3-mo. <br> CME Term SOFR + 1.31%), 5.19%, <br> 10/17/37<sup>(a)(b)</sup><br>|  | 3190 | 3201883 |
| Aimco CLO 11 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-11A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.34%), 5.22%, <br> 07/17/37<sup>(a)(b)</sup><br>|  | 2190 | 2199042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-11A, Class BR2, (3-mo. CME <br> Term SOFR + 1.65%), 5.53%, <br> 07/17/37<sup>(a)(b)</sup><br>|  | 3490 | 3500414 |
| &nbsp;&nbsp;&nbsp; Aimco CLO 14 Ltd., Series 2021-14A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.22%), 5.14%, 10/20/38<sup>(a)(b)</sup><br>|  | 2850 | 2852153 |
| &nbsp;&nbsp;&nbsp; Aimco CLO 18 Ltd., Series 2022-18A, <br> Class A1LR, (3-mo. CME Term SOFR + <br> 1.36%), 5.24%, 07/20/37<sup>(a)(b)</sup><br>|  | 1280 | 1284508 |
| &nbsp;&nbsp;&nbsp; Aimco CLO 21 Ltd., Series 2024-21A, Class B, <br> (3-mo. CME Term SOFR + 1.92%), 5.80%, <br> 04/18/37<sup>(a)(b)</sup><br>|  | 750 | 753454 |
| &nbsp;&nbsp;&nbsp; Aimco CLO 23 Ltd., Series 2025-23A, Class A, <br> (3-mo. CME Term SOFR + 1.13%), 5.01%, <br> 04/20/38<sup>(a)(b)</sup><br>|  | 439 | 438430 |
| Ajax Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-G, Class A, 4.88%, 06/25/61<sup>(a)(b)</sup> |  | 26707 | 26692760 |
| &nbsp;&nbsp;&nbsp; Series 2021-G, Class B, 6.75%, 06/25/61<sup>(a)(b)</sup> |  | 8343 | 9394257 |
| &nbsp;&nbsp;&nbsp; Series 2021-G, Class C, 0.00%, 06/25/61<sup>(a)</sup> |  | 14282 | 14547582 |
| &nbsp;&nbsp;&nbsp; Series 2023-B, Class A, 4.25%, 10/25/62<sup>(a)(c)</sup> |  | 11341 | 11248934 |
| &nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 4.25%, 10/25/62<sup>(a)(c)</sup> |  | 1749 | 1717952 |
| &nbsp;&nbsp;&nbsp; Series 2023-B, Class C, 0.00%, 10/25/62<sup>(a)</sup> |  | 3884 | 2778890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class SA, 0.00%, <br> 10/25/62<sup>(a)(d)</sup><br>|  | 184 | 179147 |
| &nbsp;&nbsp;&nbsp; AMMC CLO 27 Ltd., Series 2022-27A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.08%), 4.96%, 01/20/37<sup>(a)(b)</sup><br>|  | 3070 | 3065672 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 15 Ltd., Series 2020-<br> 15A, Class A1R2, (3-mo. CME Term SOFR + <br> 1.41%), 5.62%, 07/20/38<sup>(a)(b)</sup><br>| USD  | 5340 | $5361115 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 17 Ltd., Series 2021-<br> 17A, Class A1R, (3-mo. CME Term SOFR + <br> 1.23%), 5.14%, 02/15/38<sup>(a)(b)</sup><br>|  | 11115 | 11133760 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 18 Ltd., Series 2021-<br> 18A, Class A1, (3-mo. CME Term SOFR + <br> 1.41%), 5.32%, 04/15/34<sup>(a)(b)</sup><br>|  | 550 | 550246 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 29 Ltd., Series 2024-<br> 29A, Class A1, (3-mo. CME Term SOFR + <br> 1.60%), 5.48%, 07/20/37<sup>(a)(b)</sup><br>|  | 3020 | 3030809 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 34 Ltd., Series 2025-<br> 34A, Class A1, (3-mo. CME Term SOFR + <br> 1.27%), 4.94%, 01/15/39<sup>(a)(b)</sup><br>|  | 3610 | 3607230 |
| Anchorage Capital CLO 6 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-6A, Class AR4, (3-mo. CME <br> Term SOFR + 1.37%), 5.64%, <br> 07/22/38<sup>(a)(b)</sup><br>|  | 4570 | 4585778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-6A, Class BR4, (3-mo. CME <br> Term SOFR + 1.80%), 6.07%, <br> 07/22/38<sup>(a)(b)</sup><br>|  | 5490 | 5513625 |
| Anchorage Capital CLO 7 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class AR3, (3-mo. CME <br> Term SOFR + 1.56%), 5.42%, <br> 04/28/37<sup>(a)(b)</sup><br>|  | 5686 | 5706879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class BR3, (3-mo. CME <br> Term SOFR + 2.05%), 5.91%, <br> 04/28/37<sup>(a)(b)</sup><br>|  | 7620 | 7654714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class CR3, (3-mo. CME <br> Term SOFR + 2.45%), 6.31%, <br> 04/28/37<sup>(a)(b)</sup><br>|  | 4250 | 4272382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class DR3, (3-mo. CME <br> Term SOFR + 3.80%), 7.66%, <br> 04/28/37<sup>(a)(b)</sup><br>|  | 1140 | 1142724 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 8 Ltd., Series 2016-8A, <br> Class A1R3, (3-mo. CME Term SOFR + <br> 1.29%), 5.20%, 10/27/38<sup>(a)(b)</sup><br>|  | 2395 | 2401328 |
| &nbsp;&nbsp;&nbsp; Antares CLO Ltd., Series 2018-1A, Class A1R, <br> (3-mo. CME Term SOFR + 1.37%), 5.25%, <br> 04/20/38<sup>(a)(b)</sup><br>|  | 2075 | 2069334 |
| &nbsp;&nbsp;&nbsp; Apidos CLO LII, Series 2025-52A, Class A1, <br> (3-mo. CME Term SOFR + 1.13%), 5.01%, <br> 04/20/38<sup>(a)(b)</sup><br>|  | 2680 | 2676605 |
| &nbsp;&nbsp;&nbsp; Apidos CLO LV, Series 2025-55A, Class A1, <br> (3-mo. CME Term SOFR + 1.21%), 4.93%, <br> 01/20/39<sup>(a)(b)(e)</sup><br>|  | 2590 | 2591580 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XLVI Ltd., Series 2023-46A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.20%), 5.11%, 10/24/38<sup>(a)(b)</sup><br>|  | 1690 | 1690899 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XLVIII Ltd., Series 2024-48A, <br> Class A1, (3-mo. CME Term SOFR + 1.44%), <br> 5.30%, 07/25/37<sup>(a)(b)</sup><br>|  | 250 | 250837 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XVIII-R, Series 2018-18A, <br> Class A1R2, (3-mo. CME Term SOFR + <br> 1.33%), 5.19%, 01/22/38<sup>(a)(b)</sup><br>|  | 880 | 882882 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXIV, Series 2016-24A, <br> Class A2LX, (3-mo. CME Term SOFR + <br> 1.61%), 5.50%, 10/20/30<sup>(a)(b)</sup><br>|  | 660 | 660622 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXV, Series 2016-25A, Class BR3, <br> (3-mo. CME Term SOFR + 1.60%), 5.48%, <br> 01/20/37<sup>(a)(b)</sup><br>|  | 6850 | 6865284 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXI, Series 2019-31A, Class BR, <br> (3-mo. CME Term SOFR + 1.81%), 5.72%, <br> 04/15/31<sup>(a)(b)</sup><br>| USD  | 500 | $500225 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXII, Series 2019-32A, Class A1R, <br> (3-mo. CME Term SOFR + 1.10%), 4.98%, <br> 01/20/33<sup>(a)(b)</sup><br>|  | 740 | 739927 |
| Apidos CLO XXXIX Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-39A, Class A1R, (3-mo. CME <br> Term SOFR + 1.23%), 5.40%, <br> 10/21/38<sup>(a)(b)</sup><br>|  | 4110 | 4117905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-39A, Class BR, (3-mo. CME <br> Term SOFR + 1.53%), 5.70%, <br> 10/21/38<sup>(a)(b)</sup><br>|  | 300 | 300818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-39A, Class D1R, (3-mo. CME <br> Term SOFR + 2.60%), 6.77%, <br> 10/21/38<sup>(a)(b)</sup><br>|  | 250 | 241059 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXVI, Series 2021-36A, <br> Class D1R, (3-mo. CME Term SOFR + <br> 2.60%), 6.32%, 01/20/39<sup>(a)(b)</sup><br>|  | 250 | 248739 |
| Apidos CLO XXXVII |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-37A, Class A, (3-mo. CME Term <br> SOFR + 1.39%), 5.25%, 10/22/34<sup>(a)(b)</sup><br>|  | 450 | 450450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-37A, Class D, (3-mo. CME Term <br> SOFR + 3.31%), 7.17%, 10/22/34<sup>(a)(b)</sup><br>|  | 250 | 250703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-37A, Class E, (3-mo. CME Term <br> SOFR + 6.56%), 10.42%, 10/22/34<sup>(a)(b)</sup><br>|  | 455 | 456291 |
| &nbsp;&nbsp;&nbsp; Aqua Finance Trust, Series 2021-A, Class A, <br> 1.54%, 07/17/46<sup>(a)</sup><br>|  | 167 | 154064 |
| &nbsp;&nbsp;&nbsp; Ares Direct Lending CLO 6 LLC, Series 2025-<br> 2A, Class A1, (3-mo. CME Term SOFR + <br> 1.45%), 5.20%, 10/16/37<sup>(a)(b)</sup><br>|  | 820 | 820669 |
| &nbsp;&nbsp;&nbsp; Ares Direct Lending CLO 8 LLC, Series 2025-<br> 4A, Class A1, (3-mo. CME Term SOFR + <br> 1.40%), 5.08%, 01/20/39<sup>(a)(b)</sup><br>|  | 2450 | 2449777 |
| &nbsp;&nbsp;&nbsp; Ares European CLO XII DAC, Series 12A, <br> Class B1R, (3-mo. EURIBOR + 1.70%), <br> 3.70%, 04/20/32<sup>(a)(b)</sup><br>| EUR  | 889 | 1046929 |
| &nbsp;&nbsp;&nbsp; ARES LII CLO Ltd., Series 2019-52A, <br> Class BRR, (3-mo. CME Term SOFR + <br> 1.35%), 5.21%, 04/22/31<sup>(a)(b)</sup><br>| USD  | 640 | 640470 |
| &nbsp;&nbsp;&nbsp; ARES LIX CLO Ltd., Series 2021-59A, Class A, <br> (3-mo. CME Term SOFR + 1.29%), 5.15%, <br> 04/25/34<sup>(a)(b)</sup><br>|  | 500 | 500630 |
| &nbsp;&nbsp;&nbsp; ARES Loan Funding III Ltd., Series 2022-ALF3A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.27%), 5.13%, 07/25/36<sup>(a)(b)</sup><br>|  | 1050 | 1050844 |
| &nbsp;&nbsp;&nbsp; ARES LVI CLO Ltd., Series 2020-56A, <br> Class A1R2, (3-mo. CME Term SOFR + <br> 1.25%), 5.11%, 01/25/38<sup>(a)(b)</sup><br>|  | 2110 | 2114454 |
| &nbsp;&nbsp;&nbsp; ARES LX CLO Ltd., Series 2021-60A, Class AR, <br> (3-mo. CME Term SOFR + 1.18%), 5.06%, <br> 07/18/34<sup>(a)(b)</sup><br>|  | 7690 | 7696013 |
| &nbsp;&nbsp;&nbsp; ARES LXIII CLO Ltd., Series 2022-63A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.31%), 5.59%, 10/15/38<sup>(a)(b)</sup><br>|  | 2800 | 2809756 |
| &nbsp;&nbsp;&nbsp; ARES XLI CLO Ltd., Series 2016-41A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 1.33%), 5.24%, 04/15/34<sup>(a)(b)</sup><br>|  | 1070 | 1071796 |
| &nbsp;&nbsp;&nbsp; ARES XLIII CLO Ltd., Series 2017-43A, <br> Class A1R2, (3-mo. CME Term SOFR + <br> 1.35%), 5.26%, 01/15/38<sup>(a)(b)</sup><br>|  | 250 | 250875 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; ARES XLIV CLO Ltd., Series 2017-44A, <br> Class CRR, (3-mo. CME Term SOFR + <br> 2.75%), 6.66%, 04/15/34<sup>(a)(b)</sup><br>| USD  | 1650 | $1654960 |
| &nbsp;&nbsp;&nbsp; Argent Mortgage Loan Trust, Series 2005-W1, <br> Class A2, (1-mo. CME Term SOFR + 0.59%), <br> 4.33%, 05/25/35<sup>(b)</sup><br>|  | 2205 | 1844522 |
| Argent Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-M1, Class A2C, (1-mo. CME <br> Term SOFR + 0.41%), 4.15%, 07/25/36<sup>(b)</sup><br>|  | 3589 | 961845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-W2, Class A2C, (1-mo. CME <br> Term SOFR + 0.69%), 4.43%, 03/25/36<sup>(b)</sup><br>|  | 662 | 373457 |
| &nbsp;&nbsp;&nbsp; Arini European CLO II DAC, Series 2X, <br> Class AR, (3-mo. EURIBOR + 1.32%), 3.29%, <br> 10/15/38<sup>(b)(f)</sup><br>| EUR  | 6000 | 7068880 |
| Asimi Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, (1-day SONIA + <br> 1.35%), 5.19%, 09/16/31<sup>(b)(f)</sup><br>| GBP  | 169 | 228495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + <br> 1.95%), 5.79%, 09/16/31<sup>(b)(f)</sup><br>|  | 556 | 750901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, (1-day SONIA + <br> 1.75%), 5.59%, 05/16/32<sup>(b)(f)</sup><br>|  | 585 | 788951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-day SONIA + <br> 2.40%), 6.24%, 05/16/32<sup>(b)(f)</sup><br>|  | 230 | 310714 |
| &nbsp;&nbsp;&nbsp; Asset-Backed European Securitisation <br> Transaction Twenty-Five Srl<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 25, Class D, (1-mo. EURIBOR + <br> 2.50%), 4.44%, 11/15/39<sup>(b)(f)</sup><br>| EUR  | 273 | 323737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 25, Class E, (1-mo. EURIBOR + <br> 4.00%), 5.94%, 11/15/39<sup>(b)(f)</sup><br>|  | 705 | 833683 |
| &nbsp;&nbsp;&nbsp; Asset-Backed European Securitisation <br> Transaction Twenty-Three Sarl<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 23, Class C, (1-mo. EURIBOR + <br> 1.60%), 3.52%, 03/21/34<sup>(b)(f)</sup><br>|  | 432 | 510880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 23, Class D, (1-mo. EURIBOR + <br> 1.90%), 3.82%, 03/21/34<sup>(b)(f)</sup><br>|  | 259 | 306944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 23, Class E, (1-mo. EURIBOR + <br> 2.40%), 4.32%, 03/21/34<sup>(b)(f)</sup><br>|  | 259 | 307704 |
| &nbsp;&nbsp;&nbsp; Atlas Senior Loan Fund XX Ltd., Series 2022-<br> 20A, Class XR, (3-mo. CME Term SOFR + <br> 1.15%), 5.03%, 10/19/37<sup>(a)(b)</sup><br>| USD  | 402 | 402000 |
| &nbsp;&nbsp;&nbsp; Atlas Senior Loan Fund XXII Ltd., Series 2023-<br> 22A, Class A1, (3-mo. CME Term SOFR + <br> 1.98%), 5.86%, 01/20/36<sup>(a)(b)</sup><br>|  | 2620 | 2623115 |
| Auto ABS Italian Stella Loans SRL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-mo. EURIBOR + <br> 1.70%), 3.59%, 12/29/36<sup>(b)(f)</sup><br>| EUR  | 343 | 405984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-mo. EURIBOR + <br> 2.30%), 4.19%, 12/29/36<sup>(b)(f)</sup><br>|  | 327 | 389420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, (1-mo. EURIBOR + <br> 1.25%), 3.14%, 12/28/40<sup>(b)(f)</sup><br>|  | 692 | 814210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-mo. EURIBOR + <br> 1.90%), 3.79%, 12/28/40<sup>(b)(f)</sup><br>|  | 229 | 271551 |
| Auto1 Car Funding S.a.r.l |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-mo. EURIBOR + <br> 1.50%), 3.44%, 12/15/33<sup>(b)(f)</sup><br>|  | 300 | 354004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-mo. EURIBOR + <br> 3.50%), 5.44%, 12/15/33<sup>(b)(f)</sup><br>|  | 300 | 362782 |
| AutoNoria Spain 2025 FT |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SP, Class D, (1-mo. EURIBOR + <br> 1.50%), 3.39%, 04/30/43<sup>(b)(f)</sup><br>|  | 400 | 469819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SP, Class E, (1-mo. EURIBOR + <br> 3.00%), 4.89%, 04/30/43<sup>(b)(f)</sup><br>|  | 500 | 592924 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Avoca CLO XVIII DAC, Series 18A, Class CR, <br> (3-mo. EURIBOR + 2.25%), 4.28%, <br> 01/15/38<sup>(a)(b)</sup><br>| EUR  | 400 | $469522 |
| Avoca CLO XXII DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 22A, Class D, (3-mo. EURIBOR + <br> 2.90%), 4.93%, 04/15/35<sup>(a)(b)</sup><br>|  | 500 | 586358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 22X, Class B1, (3-mo. EURIBOR + <br> 1.30%), 3.33%, 04/15/35<sup>(b)(f)</sup><br>|  | 850 | 993054 |
| &nbsp;&nbsp;&nbsp; Avoca CLO XXIII DAC, Series 23A, Class D, <br> (3-mo. EURIBOR + 3.05%), 5.08%, <br> 04/15/34<sup>(a)(b)</sup><br>|  | 500 | 588828 |
| Bain Capital Credit CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class BR, (3-mo. CME Term <br> SOFR + 1.55%), 5.43%, 07/19/31<sup>(a)(b)</sup><br>| USD  | 1450 | 1450514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class BR3, (3-mo. CME <br> Term SOFR + 1.45%), 5.33%, <br> 10/17/32<sup>(a)(b)</sup><br>|  | 590 | 590203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class ARR, (3-mo. CME <br> Term SOFR + 1.24%), 5.12%, <br> 07/19/34<sup>(a)(b)</sup><br>|  | 550 | 550138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, (3-mo. CME Term <br> SOFR + 3.36%), 7.23%, 07/24/34<sup>(a)(b)</sup><br>|  | 250 | 244751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class A1R, (3-mo. CME <br> Term SOFR + 1.20%), 5.08%, <br> 10/20/34<sup>(a)(b)</sup><br>|  | 560 | 560434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A1, (3-mo. CME Term <br> SOFR + 1.52%), 5.43%, 07/15/37<sup>(a)(b)</sup><br>|  | 7880 | 7905907 |
| Ballyrock CLO 14 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class A1AR, (3-mo. CME <br> Term SOFR + 1.38%), 5.26%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 4448 | 4463625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class A2R, (3-mo. CME <br> Term SOFR + 1.70%), 5.58%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 2500 | 2508967 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 29 Ltd., Series 2025-29A, <br> Class A1A, (3-mo. CME Term SOFR + <br> 1.32%), 5.18%, 07/25/38<sup>(a)(b)</sup><br>|  | 250 | 250840 |
| Ballyrock CLO 32 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-32A, Class A1A, (3-mo. CME <br> Term SOFR + 1.21%), 4.88%, <br> 01/25/39<sup>(a)(b)</sup><br>|  | 820 | 821228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-32A, Class B, (3-mo. CME Term <br> SOFR + 1.80%), 5.47%, 01/25/39<sup>(a)(b)</sup><br>|  | 830 | 832308 |
| Ballyrock CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A2R3, (3-mo. CME <br> Term SOFR + 1.65%), 5.39%, <br> 10/25/38<sup>(a)(b)</sup><br>|  | 460 | 461516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A2R, (3-mo. CME <br> Term SOFR + 1.81%), 5.70%, <br> 10/20/31<sup>(a)(b)</sup><br>|  | 300 | 300066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class DR, (3-mo. CME Term <br> SOFR + 6.41%), 10.30%, 10/20/31<sup>(a)(b)</sup><br>|  | 250 | 250046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.33%), 5.24%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 6935 | 6960861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-25A, Class BR, (3-mo. CME <br> Term SOFR + 1.75%), 5.61%, <br> 01/25/38<sup>(a)(b)</sup><br>|  | 570 | 571086 |
| &nbsp;&nbsp;&nbsp; BankAmerica Manufactured Housing Contract <br> Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 1997-2, Class B1, 7.07%, 02/10/22<sup>(b)</sup> |  | 1680 | 121166 |
| &nbsp;&nbsp;&nbsp; Series 1998-2, Class B1, 7.18%, 12/10/25<sup>(b)</sup> |  | 2790 | 205900 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Bankers Healthcare Group Securitization Trust, <br> Series 2020-A, Class C, 5.17%, 09/17/31<sup>(a)</sup><br>| USD  | 362 | $362326 |
| &nbsp;&nbsp;&nbsp; Bardot CLO Ltd., Series 2019-2A, Class ARR, <br> (3-mo. CME Term SOFR + 0.98%), 4.84%, <br> 10/22/32<sup>(a)(b)</sup><br>|  | 1242 | 1242055 |
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd., Series 2015-IA, Class BR, <br> (3-mo. CME Term SOFR + 1.66%), 5.55%, <br> 01/20/31<sup>(a)(b)</sup><br>|  | 973 | 973180 |
| &nbsp;&nbsp;&nbsp; Barrow Hanley CLO II Ltd., Series 2023-2A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.31%), 5.19%, 03/31/38<sup>(a)(b)</sup><br>|  | 1810 | 1814526 |
| &nbsp;&nbsp;&nbsp; Battalion CLO 18 Ltd., Series 2020-18A, <br> Class BRR, (3-mo. CME Term SOFR + <br> 1.80%), 5.71%, 10/15/36<sup>(a)(b)</sup><br>|  | 1827 | 1828475 |
| Battalion CLO VIII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-8A, Class A1R3, (3-mo. CME <br> Term SOFR + 0.90%), 4.78%, <br> 07/18/30<sup>(a)(b)</sup><br>|  | 4581 | 4580427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-8A, Class A2R3, (3-mo. CME <br> Term SOFR + 1.00%), 4.88%, <br> 07/18/30<sup>(a)(b)</sup><br>|  | 3250 | 3247196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-8A, Class BR3, (3-mo. CME <br> Term SOFR + 1.25%), 5.13%, <br> 07/18/30<sup>(a)(b)</sup><br>|  | 2901 | 2901153 |
| &nbsp;&nbsp;&nbsp; Battalion CLO X Ltd., Series 2016-10A, <br> Class A1R3, (3-mo. CME Term SOFR + <br> 1.14%), 4.87%, 01/24/35<sup>(a)(b)</sup><br>|  | 1780 | 1779784 |
| Bayview Financial Revolving Asset Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-B, Class A1, (1-mo. CME Term <br> SOFR + 1.11%), 4.84%, 05/28/39<sup>(a)(b)</sup><br>|  | 4862 | 4029804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-B, Class A2, (1-mo. CME Term <br> SOFR + 1.41%), 5.14%, 05/28/39<sup>(a)(b)</sup><br>|  | 120 | 56092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class A1, (1-mo. CME Term <br> SOFR + 1.11%), 4.84%, 02/28/40<sup>(a)(b)</sup><br>|  | 1011 | 913954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-E, Class A1, (1-mo. CME Term <br> SOFR + 1.11%), 4.84%, 12/28/40<sup>(a)(b)</sup><br>|  | 92 | 93200 |
| &nbsp;&nbsp;&nbsp; BBAM U.S. CLO I Ltd., Series 2022-1A, <br> Class AR, (3-mo. CME Term SOFR + 1.20%), <br> 5.11%, 03/30/38<sup>(a)(b)</sup><br>|  | 2024 | 2023781 |
| &nbsp;&nbsp;&nbsp; Bbam U.S. CLO V Ltd., Series 2025-5A, <br> Class A1, (3-mo. CME Term SOFR + 1.36%), <br> 5.36%, 07/25/38<sup>(a)(b)</sup><br>|  | 250 | 250891 |
| &nbsp;&nbsp;&nbsp; BBAM U.S. CLO VI Ltd., Series 2025-6A, <br> Class A1, (3-mo. CME Term SOFR + 1.25%), <br> 5.06%, 01/27/39<sup>(a)(b)</sup><br>|  | 3280 | 3286054 |
| BCMSC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2000-A, Class A2, 7.58%, 06/15/30<sup>(b)</sup> |  | 1674 | 99127 |
| &nbsp;&nbsp;&nbsp; Series 2000-A, Class A3, 7.83%, 06/15/30<sup>(b)</sup> |  | 1554 | 95002 |
| &nbsp;&nbsp;&nbsp; Series 2000-A, Class A4, 8.29%, 06/15/30<sup>(b)</sup> |  | 1121 | 72556 |
| BDS Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL11, Class ATS, (1-mo. CME <br> Term SOFR + 1.80%), 5.53%, <br> 03/19/39<sup>(a)(b)</sup><br>|  | 1066 | 1066066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL13, Class A, (1-mo. CME Term <br> SOFR + 1.58%), 5.31%, 09/19/39<sup>(a)(b)</sup><br>|  | 2735 | 2730118 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HE7, Class M2, (1-mo. CME <br> Term SOFR + 1.84%), 5.57%, 08/25/34<sup>(b)</sup><br>|  | 5 | 4712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE1, Class 1M4, (1-mo. CME <br> Term SOFR + 1.13%), 5.06%, 12/25/35<sup>(b)</sup><br>|  | 2154 | 2129040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE7, Class 1A2, (1-mo. CME <br> Term SOFR + 0.45%), 4.19%, 09/25/36<sup>(b)</sup><br>|  | 604 | 594661 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Bear Stearns Asset-Backed Securities I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE2, Class 1A4, (1-mo. CME <br> Term SOFR + 0.43%), 4.17%, 03/25/37<sup>(b)</sup><br>| USD  | 903 | $882020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE2, Class 22A, (1-mo. CME <br> Term SOFR + 0.39%), 4.13%, 03/25/37<sup>(b)</sup><br>|  | 323 | 306606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE2, Class 23A, (1-mo. CME <br> Term SOFR + 0.39%), 4.13%, 03/25/37<sup>(b)</sup><br>|  | 365 | 351966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE3, Class 1A4, (1-mo. CME <br> Term SOFR + 0.81%), 4.55%, 04/25/37<sup>(b)</sup><br>|  | 7007 | 6811540 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO 42 Ltd., <br> Series 2025-42A, Class A, (3-mo. CME Term <br> SOFR + 1.30%), 5.37%, 10/25/38<sup>(a)(b)</sup><br>|  | 3180 | 3188045 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO 43 Ltd., <br> Series 2025-43A, Class A, (3-mo. CME Term <br> SOFR + 1.27%), 5.19%, 10/20/38<sup>(a)(b)</sup><br>|  | 500 | 501074 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO 44 Ltd., <br> Series 2025-44A, Class A1, (3-mo. CME Term <br> SOFR + 1.22%), 4.94%, 01/15/39<sup>(a)(b)</sup><br>|  | 2790 | 2793846 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO V-B Ltd., <br> Series 2018-5BA, Class A1R, (3-mo. CME <br> Term SOFR + 1.53%), 5.41%, 07/20/37<sup>(a)(b)</sup><br>|  | 6170 | 6190629 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO X Ltd., Series 2016-<br> 10A, Class A1R3, (3-mo. CME Term SOFR + <br> 1.30%), 5.18%, 07/20/38<sup>(a)(b)</sup><br>|  | 4609 | 4622386 |
| Benefit Street Partners CLO XII-B Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-12BRA, Class A, (3-mo. CME <br> Term SOFR + 1.37%), 5.28%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 1340 | 1344733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-12BRA, Class B, (3-mo. CME <br> Term SOFR + 1.70%), 5.61%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 2000 | 2006291 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XIV Ltd., <br> Series 2018-14A, Class AR, (3-mo. CME <br> Term SOFR + 1.37%), 5.25%, 10/20/37<sup>(a)(b)</sup><br>|  | 750 | 752656 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XVI Ltd., <br> Series 2018-16A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.32%), 5.20%, 01/17/38<sup>(a)(b)</sup><br>|  | 920 | 923174 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XVIII Ltd., <br> Series 2019-18A, Class AR2, (3-mo. CME <br> Term SOFR + 1.24%), 5.15%, 10/15/38<sup>(a)(b)</sup><br>|  | 6260 | 6269988 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XX Ltd., <br> Series 2020-20A, Class ARR, (3-mo. CME <br> Term SOFR + 1.29%), 5.20%, 07/15/37<sup>(a)(b)</sup><br>|  | 4685 | 4696271 |
| Benefit Street Partners CLO XXIII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-23A, Class A1R, (3-mo. CME <br> Term SOFR + 1.10%), 4.96%, <br> 04/25/34<sup>(a)(b)</sup><br>|  | 550 | 549620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-23A, Class ER, (3-mo. CME <br> Term SOFR + 5.25%), 9.11%, <br> 04/25/34<sup>(a)(b)</sup><br>|  | 750 | 746283 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXIX Ltd., <br> Series 2022-29A, Class AR, (3-mo. CME <br> Term SOFR + 1.18%), 5.04%, 01/25/38<sup>(a)(b)</sup><br>|  | 2150 | 2148982 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXVI Ltd., <br> Series 2022-26A, Class AR, (3-mo. CME <br> Term SOFR + 1.38%), 5.26%, 07/20/37<sup>(a)(b)</sup><br>|  | 1310 | 1314398 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXVII Ltd., <br> Series 2022-27A, Class AR, (3-mo. CME <br> Term SOFR + 1.37%), 5.25%, 10/20/37<sup>(a)(b)</sup><br>|  | 10520 | 10557462 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXXVII Ltd., <br> Series 2024-37A, Class A, (3-mo. CME Term <br> SOFR + 1.35%), 5.21%, 01/25/38<sup>(a)(b)</sup><br>|  | 4500 | 4514926 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXXVIII Ltd., <br> Series 2024-38A, Class A, (3-mo. CME Term <br> SOFR + 1.31%), 5.17%, 01/25/38<sup>(a)(b)</sup><br>| USD  | 6030 | $6051316 |
| BHG Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 2.79%, 11/17/33<sup>(a)</sup> |  | 1007 | 991806 |
| &nbsp;&nbsp;&nbsp; Series 2022-C, Class B, 5.93%, 10/17/35<sup>(a)</sup> |  | 459 | 460685 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO 10 Ltd., Series 2024-10A, <br> Class A, (3-mo. CME Term SOFR + 1.39%), <br> 5.25%, 01/22/38<sup>(a)(b)</sup><br>|  | 2550 | 2559185 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO 13 Ltd., Series 2025-13A, <br> Class A1, (3-mo. CME Term SOFR + 1.31%), <br> 5.47%, 10/23/38<sup>(a)(b)</sup><br>|  | 900 | 902064 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO 2 Ltd., Series 2021-2A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.40%), 5.28%, 10/19/37<sup>(a)(b)</sup><br>|  | 870 | 873260 |
| Birch Grove CLO 3 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.26%), 5.14%, <br> 01/19/38<sup>(a)(b)</sup><br>|  | 250 | 250469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class BR, (3-mo. CME Term <br> SOFR + 1.60%), 5.48%, 01/19/38<sup>(a)(b)</sup><br>|  | 520 | 520976 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO 4 Ltd., Series 2022-4A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.48%), 5.39%, 07/15/37<sup>(a)(b)</sup><br>|  | 1140 | 1144091 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO 7 Ltd., Series 2023-7A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.26%), 5.14%, 10/20/38<sup>(a)(b)</sup><br>|  | 4520 | 4527910 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO Ltd., Series 19A, Class A1RR, <br> (3-mo. CME Term SOFR + 1.59%), 5.47%, <br> 07/17/37<sup>(a)(b)</sup><br>|  | 250 | 250936 |
| BlueMountain CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class BR, (3-mo. CME Term <br> SOFR + 1.86%), 5.72%, 10/22/30<sup>(a)(b)</sup><br>|  | 590 | 590085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A, Class BR2, (3-mo. CME <br> Term SOFR + 2.01%), 5.90%, <br> 10/20/30<sup>(a)(b)</sup><br>|  | 790 | 790578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.26%), 5.15%, <br> 04/20/31<sup>(a)(b)</sup><br>|  | 1183 | 1184038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.20%), 5.05%, <br> 11/15/30<sup>(a)(b)</sup><br>|  | 309 | 308957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class B, (3-mo. CME Term <br> SOFR + 1.96%), 5.81%, 08/15/31<sup>(a)(b)</sup><br>|  | 1095 | 1096438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.19%), 5.05%, <br> 10/25/30<sup>(a)(b)</sup><br>|  | 934 | 933966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class BR, (3-mo. CME Term <br> SOFR + 1.85%), 5.71%, 10/25/30<sup>(a)(b)</sup><br>|  | 10020 | 10035018 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO XXII Ltd., Series 2018-22A, <br> Class B, (3-mo. CME Term SOFR + 1.76%), <br> 5.67%, 07/15/31<sup>(a)(b)</sup><br>|  | 3970 | 3971973 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO XXIX Ltd., Series 2020-29A, <br> Class BR, (3-mo. CME Term SOFR + 2.01%), <br> 5.87%, 07/25/34<sup>(a)(b)</sup><br>|  | 1080 | 1078937 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO XXVI Ltd., Series 2019-26A, <br> Class D1R, (3-mo. CME Term SOFR + <br> 3.76%), 7.65%, 10/20/34<sup>(a)(b)</sup><br>|  | 1080 | 1080141 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO XXXV Ltd., Series 2022-35A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.42%), 5.28%, 10/22/37<sup>(a)(b)</sup><br>|  | 660 | 662351 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; BlueMountain Euro CLO DAC, Series 2021-2A, <br> Class B1, (3-mo. EURIBOR + 1.75%), 3.76%, <br> 10/15/35<sup>(a)(b)</sup><br>| EUR  | 3280 | $3854792 |
| BlueMountain Fuji U.S. CLO II Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A1AR, (3-mo. CME <br> Term SOFR + 1.26%), 5.15%, <br> 10/20/30<sup>(a)(b)</sup><br>| USD  | 553 | 553349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A2, (3-mo. CME Term <br> SOFR + 1.86%), 5.75%, 10/20/30<sup>(a)(b)</sup><br>|  | 1380 | 1380446 |
| &nbsp;&nbsp;&nbsp; Brant Point CLO Ltd., Series 2024-6A, Class D1, <br> (3-mo. CME Term SOFR + 3.20%), 7.11%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 1080 | 1078951 |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, Series 2024-<br> CES2, Class A1A, 5.55%, 09/25/54<sup>(a)(c)</sup><br>|  | 1354 | 1361513 |
| &nbsp;&nbsp;&nbsp; Brex Commercial Charge Card Master Trust, <br> Series 2024-1, Class A1, 6.05%, 07/15/27<sup>(a)</sup><br>|  | 3325 | 3335042 |
| &nbsp;&nbsp;&nbsp; Bridge Street CLO II Ltd., Series 2021-1A, <br> Class A1A, (3-mo. CME Term SOFR + <br> 1.49%), 5.38%, 07/20/34<sup>(a)(b)</sup><br>|  | 500 | 500000 |
| &nbsp;&nbsp;&nbsp; Bridge Street CLO VI Ltd., Series 2025-2A, <br> Class A1, (3-mo. CME Term SOFR + 1.28%), <br> 5.07%, 01/15/39<sup>(a)(b)</sup><br>|  | 4160 | 4170503 |
| &nbsp;&nbsp;&nbsp; Bridgepoint CLO VI DAC, Series 6X, Class AR, <br> (3-mo. EURIBOR + 1.30%), 3.25%, <br> 03/15/38<sup>(b)(f)</sup><br>| EUR  | 2000 | 2355434 |
| Brignole Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Class C, (1-mo. EURIBOR + <br> 2.00%), 3.90%, 02/24/42<sup>(b)(f)</sup><br>|  | 177 | 209765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Class D, (1-mo. EURIBOR + <br> 4.00%), 5.90%, 02/24/42<sup>(b)(f)</sup><br>|  | 256 | 303605 |
| &nbsp;&nbsp;&nbsp; Bryant Park CLO Ltd., Series 2025-27A, <br> Class A1, (3-mo. CME Term SOFR + 1.33%), <br> 5.53%, 07/20/38<sup>(a)(b)</sup><br>| USD  | 1780 | 1785755 |
| Bryant Park Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-19A, Class A1R, (3-mo. CME <br> Term SOFR + 1.20%), 5.11%, <br> 04/15/38<sup>(a)(b)</sup><br>|  | 710 | 709977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, (3-mo. CME Term <br> SOFR + 1.40%), 5.31%, 10/15/37<sup>(a)(b)</sup><br>|  | 1500 | 1505352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-25A, Class A1, (3-mo. CME Term <br> SOFR + 1.34%), 5.22%, 01/18/38<sup>(a)(b)</sup><br>|  | 2250 | 2258104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-25A, Class B, (3-mo. CME Term <br> SOFR + 1.70%), 5.58%, 01/18/38<sup>(a)(b)</sup><br>|  | 4000 | 4011176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-25A, Class D1, (3-mo. CME Term <br> SOFR + 2.95%), 6.83%, 01/18/38<sup>(a)(b)</sup><br>|  | 500 | 500477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-28A, Class A, (3-mo. CME Term <br> SOFR + 1.24%), 5.00%, 01/22/39<sup>(a)(b)</sup><br>|  | 2210 | 2213385 |
| &nbsp;&nbsp;&nbsp; Buckhorn Park CLO Ltd., Series 2019-1A, <br> Class ARR, (3-mo. CME Term SOFR + <br> 1.07%), 4.95%, 07/18/34<sup>(a)(b)</sup><br>|  | 1600 | 1599212 |
| &nbsp;&nbsp;&nbsp; BXMT Ltd. Mortgage-Backed Securities, <br> Series 2025-FL5, Class A, (1-mo. CME Term <br> SOFR + 1.64%), 5.37%, 10/18/42<sup>(a)(b)</sup><br>|  | 7587 | 7547329 |
| Canyon Capital CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class AR, (3-mo. CME Term <br> SOFR + 1.33%), 5.24%, 07/15/31<sup>(a)(b)</sup><br>|  | 184 | 184299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR2, (3-mo. CME <br> Term SOFR + 1.01%), 4.92%, <br> 10/15/34<sup>(a)(b)</sup><br>|  | 5700 | 5691582 |
| Canyon CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A, (3-mo. CME Term <br> SOFR + 1.33%), 5.24%, 07/15/31<sup>(a)(b)</sup><br>|  | 456 | 456326 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Canyon CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.40%), 5.31%, <br> 10/15/37<sup>(a)(b)</sup><br>| USD  | 2945 | $2956230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class BR, (3-mo. CME Term <br> SOFR + 1.95%), 5.86%, 10/15/37<sup>(a)(b)</sup><br>|  | 1610 | 1614875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class B, (3-mo. CME Term <br> SOFR + 2.05%), 5.96%, 05/15/37<sup>(a)(b)</sup><br>|  | 6800 | 6828521 |
| &nbsp;&nbsp;&nbsp; Capital Four U.S. CLO II Ltd., Series 2022-1A, <br> Class AR, (3-mo. CME Term SOFR + 1.90%), <br> 5.78%, 01/20/37<sup>(a)(b)</sup><br>|  | 20 | 20037 |
| Cardiff Auto Receivables Securitisation PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + <br> 1.90%), 5.68%, 08/20/31<sup>(b)(f)</sup><br>| GBP  | 1743 | 2359594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + <br> 2.60%), 6.38%, 08/20/31<sup>(b)(f)</sup><br>|  | 1320 | 1791379 |
| Carlyle U.S. CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.40%), 5.27%, <br> 10/21/37<sup>(a)(b)</sup><br>| USD  | 4158 | 4174984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class BR2, (3-mo. CME <br> Term SOFR + 1.78%), 5.65%, <br> 10/21/37<sup>(a)(b)</sup><br>|  | 5170 | 5191637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class A11R, (3-mo. CME <br> Term SOFR + 1.32%), 5.23%, <br> 04/15/35<sup>(a)(b)</sup><br>|  | 5130 | 5133534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11A, Class A1R, (3-mo. CME <br> Term SOFR + 1.41%), 5.27%, <br> 07/25/37<sup>(a)(b)</sup><br>|  | 250 | 250874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1, (3-mo. CME Term <br> SOFR + 1.39%), 5.30%, 04/15/35<sup>(a)(b)</sup><br>|  | 250 | 250059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class A1R, (3-mo. CME <br> Term SOFR + 1.36%), 5.24%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 270 | 270992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6A, Class B, (3-mo. CME Term <br> SOFR + 1.70%), 5.56%, 10/25/37<sup>(a)(b)</sup><br>|  | 510 | 512000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6A, Class A1, (3-mo. CME Term <br> SOFR + 1.22%), 4.88%, 01/20/39<sup>(a)(b)</sup><br>|  | 1000 | 999971 |
| Carrington Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-NC1, Class M2, (1-mo. CME <br> Term SOFR + 0.74%), 4.48%, 01/25/36<sup>(b)</sup><br>|  | 610 | 550622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-NC4, Class A3, (1-mo. CME <br> Term SOFR + 0.27%), 4.01%, 10/25/36<sup>(b)</sup><br>|  | 159 | 155772 |
| &nbsp;&nbsp;&nbsp; CarVal CLO IV Ltd., Series 2021-1A, Class A1R, <br> (3-mo. CME Term SOFR + 1.30%), 5.18%, <br> 03/31/38<sup>(a)(b)</sup><br>|  | 6340 | 6356340 |
| CarVal CLO VC Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, (3-mo. CME Term <br> SOFR + 3.51%), 7.42%, 10/15/34<sup>(a)(b)</sup><br>|  | 250 | 250014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class E, (3-mo. CME Term <br> SOFR + 7.01%), 10.92%, 10/15/34<sup>(a)(b)</sup><br>|  | 250 | 247006 |
| &nbsp;&nbsp;&nbsp; CarVal CLO VIII-C Ltd., Series 2022-2A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.42%), 5.28%, 10/22/37<sup>(a)(b)</sup><br>|  | 730 | 732421 |
| &nbsp;&nbsp;&nbsp; Cascade MH Asset Trust, Series 2019-MH1, <br> Class A, 4.00%, 11/25/44<sup>(a)(b)</sup><br>|  | 5940 | 5729893 |
| CBAM Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-7A, Class A, (3-mo. CME Term <br> SOFR + 1.36%), 5.25%, 07/20/31<sup>(a)(b)</sup><br>|  | 68 | 68144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-7A, Class B1, (3-mo. CME Term <br> SOFR + 1.86%), 5.75%, 07/20/31<sup>(a)(b)</sup><br>|  | 250 | 250059 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| C-BASS Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CB7, Class A4, (1-mo. CME <br> Term SOFR + 0.43%), 4.17%, 10/25/36<sup>(b)</sup><br>| USD  | 331 | $233225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CB9, Class A4, (1-mo. CME <br> Term SOFR + 0.57%), 4.31%, 11/25/36<sup>(b)</sup><br>|  | 321 | 145605 |
| &nbsp;&nbsp;&nbsp; Cedar Funding II CLO Ltd., Series 2013-1A, <br> Class BR3, (3-mo. CME Term SOFR + <br> 1.75%), 5.84%, 07/22/38<sup>(a)(b)</sup><br>|  | 3110 | 3120228 |
| &nbsp;&nbsp;&nbsp; Cedar Funding V CLO Ltd., Series 2016-5A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.36%), 5.24%, 07/17/31<sup>(a)(b)</sup><br>|  | 964 | 964319 |
| &nbsp;&nbsp;&nbsp; Cedar Funding VII CLO Ltd., Series 2018-7A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 1.28%), 5.20%, 10/20/38<sup>(a)(b)</sup><br>|  | 280 | 280420 |
| &nbsp;&nbsp;&nbsp; Cedar Funding XI CLO Ltd., Series 2019-11A, <br> Class A2R2, (3-mo. CME Term SOFR + <br> 1.30%), 5.09%, 05/29/32<sup>(a)(b)</sup><br>|  | 1220 | 1219181 |
| &nbsp;&nbsp;&nbsp; Cedar Funding XIV CLO Ltd., Series 2021-14A, <br> Class B1R, (3-mo. CME Term SOFR + <br> 1.70%), 5.61%, 10/15/37<sup>(a)(b)</sup><br>|  | 770 | 772423 |
| &nbsp;&nbsp;&nbsp; Cerberus Loan Funding XLIV LLC, Series 2023-<br> 5A, Class A, (3-mo. CME Term SOFR + <br> 2.35%), 6.26%, 01/15/36<sup>(a)(b)</sup><br>|  | 1480 | 1483355 |
| CIFC European Funding CLO II DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2X, Class AR, (3-mo. EURIBOR + <br> 1.30%), 3.33%, 10/15/39<sup>(b)(f)</sup><br>| EUR  | 3460 | 4072646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2X, Class DR, (3-mo. EURIBOR + <br> 3.00%), 5.03%, 10/15/39<sup>(b)(f)</sup><br>|  | 1000 | 1180215 |
| CIFC Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class BR2, (3-mo. CME <br> Term SOFR + 1.66%), 5.55%, <br> 01/18/31<sup>(a)(b)</sup><br>| USD  | 5180 | 5185467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.18%), 5.09%, <br> 03/31/38<sup>(a)(b)</sup><br>|  | 1250 | 1249752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-4A, Class A1A2, (3-mo. CME <br> Term SOFR + 1.33%), 5.22%, <br> 04/20/34<sup>(a)(b)</sup><br>|  | 510 | 510873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class BR3, (3-mo. CME <br> Term SOFR + 1.45%), 5.32%, <br> 10/21/31<sup>(a)(b)</sup><br>|  | 250 | 250250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class ARR, (3-mo. CME <br> Term SOFR + 1.55%), 5.42%, <br> 04/21/37<sup>(a)(b)</sup><br>|  | 6190 | 6211844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class BRR, (3-mo. CME <br> Term SOFR + 2.05%), 5.92%, <br> 04/21/37<sup>(a)(b)</sup><br>|  | 3710 | 3729145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class CRR, (3-mo. CME <br> Term SOFR + 2.45%), 6.32%, <br> 04/21/37<sup>(a)(b)</sup><br>|  | 250 | 251313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5A, Class AR, (3-mo. CME Term <br> SOFR + 1.41%), 5.29%, 07/17/37<sup>(a)(b)</sup><br>|  | 1770 | 1776475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.32%), 5.20%, <br> 01/18/38<sup>(a)(b)</sup><br>|  | 3140 | 3149766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class BR, (3-mo. CME Term <br> SOFR + 1.70%), 5.58%, 01/18/38<sup>(a)(b)</sup><br>|  | 1510 | 1516330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A1R, (3-mo. CME <br> Term SOFR + 1.37%), 5.25%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 250 | 250936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class BR, (3-mo. CME Term <br> SOFR + 1.75%), 5.63%, 10/20/37<sup>(a)(b)</sup><br>|  | 1000 | 1005251 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| CIFC Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.27%), 5.35%, <br> 10/18/38<sup>(a)(b)</sup><br>| USD  | 682 | $683812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.36%), 5.24%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 6729 | 6753185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1RR, (3-mo. CME <br> Term SOFR + 1.25%), 5.39%, <br> 10/17/38<sup>(a)(b)</sup><br>|  | 2190 | 2195363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6A, Class A1R, (3-mo. CME <br> Term SOFR + 1.45%), 5.34%, <br> 07/16/37<sup>(a)(b)</sup><br>|  | 6170 | 6190410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-7A, Class A1R, (3-mo. CME <br> Term SOFR + 1.28%), 5.37%, <br> 10/19/38<sup>(a)(b)</sup><br>|  | 4750 | 4763300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.41%), 5.32%, <br> 07/15/36<sup>(a)(b)</sup><br>|  | 1200 | 1200605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class BR, (3-mo. CME Term <br> SOFR + 1.91%), 5.82%, 07/15/36<sup>(a)(b)</sup><br>|  | 3260 | 3261673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4A, Class A1R, (3-mo. CME <br> Term SOFR + 1.30%), 5.21%, <br> 01/15/40<sup>(a)(b)</sup><br>|  | 9120 | 9148636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class BR, (3-mo. CME Term <br> SOFR + 1.75%), 5.61%, 07/25/37<sup>(a)(b)</sup><br>|  | 5280 | 5308154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class BR, (3-mo. CME Term <br> SOFR + 1.55%), 5.46%, 10/15/38<sup>(a)(b)</sup><br>|  | 637 | 637642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class AR, (3-mo. CME Term <br> SOFR + 1.36%), 5.22%, 07/23/37<sup>(a)(b)</sup><br>|  | 4132 | 4147254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class BR, (3-mo. CME Term <br> SOFR + 1.65%), 5.51%, 07/23/37<sup>(a)(b)</sup><br>|  | 500 | 502198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class CR, (3-mo. CME Term <br> SOFR + 1.90%), 5.76%, 07/23/37<sup>(a)(b)</sup><br>|  | 250 | 250984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6A, Class A, (3-mo. CME Term <br> SOFR + 1.40%), 5.31%, 10/15/34<sup>(a)(b)</sup><br>|  | 840 | 840216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6A, Class B, (3-mo. CME Term <br> SOFR + 1.91%), 5.82%, 10/15/34<sup>(a)(b)</sup><br>|  | 700 | 701527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, (3-mo. CME Term <br> SOFR + 1.32%), 5.20%, 04/17/35<sup>(a)(b)</sup><br>|  | 2085 | 2086502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.24%), 5.15%, <br> 10/15/38<sup>(a)(b)</sup><br>|  | 1579 | 1582295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class A, (3-mo. CME Term <br> SOFR + 1.60%), 5.48%, 01/20/37<sup>(a)(b)</sup><br>|  | 2660 | 2668271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A1, (3-mo. CME Term <br> SOFR + 1.48%), 5.35%, 07/21/37<sup>(a)(b)</sup><br>|  | 690 | 692530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, (3-mo. CME Term <br> SOFR + 1.15%), 5.01%, 04/23/38<sup>(a)(b)</sup><br>|  | 250 | 249743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class A1, (3-mo. CME Term <br> SOFR + 1.29%), 5.40%, 10/24/38<sup>(a)(b)</sup><br>|  | 3450 | 3459666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class B, (3-mo. CME Term <br> SOFR + 1.70%), 5.81%, 10/24/38<sup>(a)(b)</sup><br>|  | 890 | 892855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class C, (3-mo. CME Term <br> SOFR + 1.85%), 5.96%, 10/24/38<sup>(a)(b)</sup><br>|  | 890 | 892913 |
| CIT Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 1M2, (1-mo. CME Term <br> SOFR + 2.74%), 5.60%, 10/25/37<sup>(a)(b)</sup><br>|  | 1821 | 1826328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 2M2, (1-mo. CME Term <br> SOFR + 2.74%), 5.60%, 10/25/37<sup>(a)(b)</sup><br>|  | 397 | 391336 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Citigroup Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AHL2, Class A3B, (1-mo. CME <br> Term SOFR + 0.31%), 4.05%, 05/25/37<sup>(b)</sup><br>| USD  | 4138 | $2825540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AHL2, Class A3C, (1-mo. CME <br> Term SOFR + 0.38%), 4.12%, 05/25/37<sup>(b)</sup><br>|  | 1880 | 1284375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AHL3, Class A3B, (1-mo. CME <br> Term SOFR + 0.28%), 4.02%, 07/25/45<sup>(b)</sup><br>|  | 2952 | 2088525 |
| Clover CLO LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1RR, (3-mo. CME <br> Term SOFR + 1.53%), 5.41%, <br> 04/20/37<sup>(a)(b)</sup><br>|  | 4120 | 4133839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class AR, (3-mo. CME Term <br> SOFR + 1.07%), 4.93%, 01/25/35<sup>(a)(b)</sup><br>|  | 270 | 269812 |
| &nbsp;&nbsp;&nbsp; Coinstar Funding LLC, Series 2017-1A, <br> Class A2, 5.22%, 04/25/47<sup>(a)</sup><br>|  | 595 | 679799 |
| College Ave Student Loans LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-B, Class B, 2.42%, 06/25/52<sup>(a)</sup> |  | 621 | 570913 |
| &nbsp;&nbsp;&nbsp; Series 2021-B, Class C, 2.72%, 06/25/52<sup>(a)</sup> |  | 281 | 261037 |
| &nbsp;&nbsp;&nbsp; Series 2021-B, Class D, 3.78%, 06/25/52<sup>(a)</sup> |  | 69 | 64275 |
| &nbsp;&nbsp;&nbsp; College Ave Student Loans Trust, Series 2024-A, <br> Class A1B, (SOFR (30-day) + 1.75%), 5.62%, <br> 06/25/54<sup>(a)(b)</sup><br>|  | 7430 | 7536389 |
| &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer II LLC, <br> Series 2025-2A, Class A1, 4.93%, 11/25/50<sup>(a)</sup><br>|  | 5467 | 5456973 |
| &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer III LLC, <br> Series 2025-3A, Class A2, 5.29%, 07/25/50<sup>(a)</sup><br>|  | 9702 | 9760293 |
| &nbsp;&nbsp;&nbsp; Concord Music Royalties LLC, Series 2024-1A, <br> Class A, 5.64%, 10/20/74<sup>(a)</sup><br>|  | 2794 | 2819027 |
| Conseco Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 1997-3, Class M1, 7.53%, 03/15/28<sup>(b)</sup> |  | 268 | 272602 |
| &nbsp;&nbsp;&nbsp; Series 1997-6, Class M1, 7.21%, 01/15/29<sup>(b)</sup> |  | 44 | 45057 |
| &nbsp;&nbsp;&nbsp; Series 1998-4, Class M1, 6.83%, 04/01/30<sup>(b)</sup> |  | 110 | 111693 |
| &nbsp;&nbsp;&nbsp; Series 1999-5, Class A5, 7.86%, 03/01/30<sup>(b)</sup> |  | 765 | 199012 |
| &nbsp;&nbsp;&nbsp; Series 1999-5, Class A6, 7.50%, 03/01/30<sup>(b)</sup> |  | 820 | 204089 |
| Conseco Finance Securitizations Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2000-1, Class A5, 8.06%, 09/01/29<sup>(b)</sup> |  | 1445 | 173005 |
| &nbsp;&nbsp;&nbsp; Series 2000-4, Class A6, 8.31%, 05/01/32<sup>(b)</sup> |  | 1224 | 153104 |
| &nbsp;&nbsp;&nbsp; Series 2000-5, Class A6, 7.96%, 05/01/31 |  | 2105 | 376426 |
| &nbsp;&nbsp;&nbsp; Series 2000-5, Class A7, 8.20%, 05/01/31 |  | 3840 | 707402 |
| &nbsp;&nbsp;&nbsp; Consolidated Communications LLC/Fidium Fiber <br> Finance Holdco LLC, Series 2025-4A, <br> Class B, 5.77%, 12/20/55<sup>(a)</sup><br>|  | 18083 | 18187482 |
| Countrywide Asset-Backed Certificates |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-5, Class A, (1-mo. CME Term <br> SOFR + 1.01%), 4.75%, 10/25/34<sup>(b)</sup><br>|  | 268 | 263281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-16, Class 1AF, 4.53%, <br> 04/25/36<sup>(b)</sup><br>|  | 1731 | 1558851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-14, Class M1, (1-mo. CME Term <br> SOFR + 0.55%), 4.28%, 02/25/37<sup>(b)</sup><br>|  | 1122 | 1188031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-18, Class M1, (1-mo. CME Term <br> SOFR + 0.56%), 4.30%, 03/25/37<sup>(b)</sup><br>|  | 6644 | 6952590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-22, Class M1, (1-mo. CME Term <br> SOFR + 0.46%), 4.19%, 05/25/47<sup>(b)</sup><br>|  | 840 | 828462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SPS1, Class A, (1-mo. CME <br> Term SOFR + 0.33%), 4.07%, 12/25/25<sup>(b)</sup><br>|  | 4 | 16377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-12, Class 1A2, (1-mo. CME Term <br> SOFR + 0.95%), 4.69%, 08/25/47<sup>(b)</sup><br>|  | 2298 | 2271944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-SEA2, Class 2A1, (1-mo. CME <br> Term SOFR + 1.61%), 5.35%, <br> 06/25/47<sup>(a)(b)</sup><br>|  | 1283 | 1072423 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Countrywide Asset-Backed Certificates <br> Revolving Home Equity Loan Trust, <br> Series 2004-U, Class 2A, (1-mo. CME Term <br> SOFR + 0.38%), 4.14%, 03/15/34<sup>(b)</sup><br>| USD  | 128 | $128015 |
| &nbsp;&nbsp;&nbsp; CQS U.S. CLO 5 Ltd., Series 2025-5A, Class B, <br> (3-mo. CME Term SOFR + 1.65%), 5.46%, <br> 01/17/39<sup>(a)(b)</sup><br>|  | 360 | 360711 |
| CQS U.S. CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class B, (3-mo. CME Term <br> SOFR + 2.65%), 6.51%, 01/25/37<sup>(a)(b)</sup><br>|  | 1910 | 1913685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class A1, (3-mo. CME Term <br> SOFR + 1.45%), 5.72%, 07/20/36<sup>(a)(b)</sup><br>|  | 3660 | 3672971 |
| &nbsp;&nbsp;&nbsp; Credit Suisse First Boston Mortgage Securities <br> Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-MH29, Class B1, 8.10%, <br> 09/25/31<sup>(b)</sup><br>|  | 420 | 426099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CF2, Class 1B, 6.00%, <br> 01/25/43<sup>(a)(c)</sup><br>|  | 304 | 257349 |
| &nbsp;&nbsp;&nbsp; Credit-Based Asset Servicing & Securitization <br> LLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CB2, Class AF4, 2.92%, <br> 12/25/36<sup>(c)</sup><br>|  | 299 | 244382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-MH1, Class B1, 6.75%, <br> 10/25/36<sup>(a)(c)</sup><br>|  | 225 | 224505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-MH1, Class B2, 6.75%, <br> 10/25/36<sup>(a)(c)</sup><br>|  | 2962 | 2498140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SL1, Class A2, 6.06%, <br> 09/25/36<sup>(a)(c)</sup><br>|  | 2700 | 80312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CB6, Class A4, (1-mo. CME <br> Term SOFR + 0.45%), 4.45%, <br> 07/25/37<sup>(a)(b)</sup><br>|  | 369 | 247008 |
| Creeksource Dunes Creek CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1, (3-mo. CME Term <br> SOFR + 1.41%), 5.32%, 01/15/38<sup>(a)(b)</sup><br>|  | 250 | 250942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, (3-mo. CME Term <br> SOFR + 1.75%), 5.66%, 01/15/38<sup>(a)(b)</sup><br>|  | 1040 | 1041986 |
| &nbsp;&nbsp;&nbsp; Cross Mortgage Trust, Series 2025-CES1, <br> Class A1A, 5.30%, 11/25/60<sup>(a)(c)</sup><br>|  | 1098 | 1101783 |
| &nbsp;&nbsp;&nbsp; Crown City CLO III, Series 2021-1A, Class A1A, <br> (3-mo. CME Term SOFR + 1.43%), 5.32%, <br> 07/20/34<sup>(a)(b)</sup><br>|  | 250 | 250101 |
| &nbsp;&nbsp;&nbsp; Crown Point CLO 10 Ltd., Series 2021-10A, <br> Class B, (3-mo. CME Term SOFR + 1.96%), <br> 5.85%, 07/20/34<sup>(a)(b)</sup><br>|  | 490 | 490119 |
| &nbsp;&nbsp;&nbsp; Crown Point CLO 11 Ltd., Series 2021-11A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.26%), 5.14%, 02/28/38<sup>(a)(b)</sup><br>|  | 1290 | 1292444 |
| &nbsp;&nbsp;&nbsp; CVC Cordatus Loan Fund IV DAC, Series 4X, <br> Class BR1, (3-mo. EURIBOR + 1.30%), <br> 3.35%, 02/22/34<sup>(b)(f)</sup><br>| EUR  | 990 | 1157066 |
| CWHEQ Home Equity Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-S3, Class A4, 5.28%, 01/25/29<sup>(c)</sup> | USD  | 29 | 71456 |
| &nbsp;&nbsp;&nbsp; Series 2006-S5, Class A5, 6.16%, 06/25/35 |  | 36 | 57579 |
| CWHEQ Revolving Home Equity Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-B, Class 2A, (1-mo. CME Term <br> SOFR + 0.29%), 4.05%, 05/15/35<sup>(b)</sup><br>|  | 14 | 14384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-C, Class 2A, (1-mo. CME Term <br> SOFR + 0.29%), 4.05%, 05/15/36<sup>(b)</sup><br>|  | 243 | 241455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-H, Class 1A, (1-mo. CME Term <br> SOFR + 0.26%), 4.02%, 11/15/36<sup>(b)</sup><br>|  | 147 | 144993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-I, Class 1A, (1-mo. CME Term <br> SOFR + 0.25%), 4.01%, 01/15/37<sup>(b)</sup><br>|  | 176 | 171164 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; DB Master Finance LLC, Series 2025-1A, <br> Class A2I, 4.89%, 08/20/55<sup>(a)</sup><br>| USD  | 7313 | $7327968 |
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, <br> Series 2025-CES1, Class A1A, 5.22%, <br> 10/25/55<sup>(a)(c)</sup><br>|  | 3068 | 3079041 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 10 Ltd., Series 2025-10A, <br> Class A, (3-mo. CME Term SOFR + 1.31%), <br> 5.19%, 04/20/38<sup>(a)(b)</sup><br>|  | 9667 | 9696810 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 12 Ltd., Series 2025-12A, <br> Class A, (3-mo. CME Term SOFR + 1.24%), <br> 5.16%, 10/20/38<sup>(a)(b)</sup><br>|  | 2240 | 2243956 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 13 Ltd., Series 2025-13A, <br> Class A1, (3-mo. CME Term SOFR + 1.23%), <br> 4.96%, 01/20/39<sup>(a)(b)</sup><br>|  | 2570 | 2570000 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 2 Ltd., Series 2021-2A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.39%), 5.30%, 10/15/37<sup>(a)(b)</sup><br>|  | 250 | 250940 |
| Diameter Capital CLO 3 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.33%), 5.24%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 4002 | 4017261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A2R, (3-mo. CME <br> Term SOFR + 1.70%), 5.61%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 1500 | 1505004 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 5 Ltd., Series 2023-5A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.24%), 5.11%, 01/15/39<sup>(a)(b)</sup><br>|  | 3330 | 3336142 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 8 Ltd., Series 2024-8A, <br> Class A1A, (3-mo. CME Term SOFR + <br> 1.40%), 5.28%, 10/20/37<sup>(a)(b)</sup><br>|  | 22190 | 22274635 |
| Dowson PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + <br> 2.35%), 6.14%, 08/20/31<sup>(b)(f)</sup><br>| GBP  | 344 | 460416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class E, (1-day SONIA + <br> 3.95%), 7.74%, 08/20/31<sup>(b)(f)</sup><br>|  | 408 | 547467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class F, (1-day SONIA + <br> 6.95%), 10.74%, 08/20/31<sup>(b)(f)</sup><br>|  | 496 | 659275 |
| &nbsp;&nbsp;&nbsp; Dryden 104 CLO Ltd., Series 2022-104A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.29%), 5.18%, 08/20/34<sup>(a)(b)</sup><br>| USD  | 3180 | 3180512 |
| &nbsp;&nbsp;&nbsp; Dryden 113 CLO Ltd., Series 2022-113A, <br> Class AR3, (3-mo. CME Term SOFR + <br> 1.09%), 5.00%, 10/15/37<sup>(a)(b)</sup><br>|  | 1500 | 1498689 |
| &nbsp;&nbsp;&nbsp; Dryden 30 Senior Loan Fund, Series 2013-30A, <br> Class CR, (3-mo. CME Term SOFR + 1.96%), <br> 5.81%, 11/15/28<sup>(a)(b)</sup><br>|  | 230 | 230721 |
| &nbsp;&nbsp;&nbsp; Dryden 41 Senior Loan Fund, Series 2015-41A, <br> Class AR, (3-mo. CME Term SOFR + 1.23%), <br> 5.14%, 04/15/31<sup>(a)(b)</sup><br>|  | 357 | 356583 |
| Dryden 49 Senior Loan Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-49A, Class AR, (3-mo. CME <br> Term SOFR + 1.21%), 5.10%, <br> 07/18/30<sup>(a)(b)</sup><br>|  | 152 | 151639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-49A, Class BR, (3-mo. CME <br> Term SOFR + 1.86%), 5.75%, <br> 07/18/30<sup>(a)(b)</sup><br>|  | 500 | 501555 |
| &nbsp;&nbsp;&nbsp; Dryden 54 Senior Loan Fund, Series 2017-54A, <br> Class AR, (3-mo. CME Term SOFR + 1.15%), <br> 5.03%, 10/19/29<sup>(a)(b)</sup><br>|  | 540 | 539845 |
| &nbsp;&nbsp;&nbsp; Dryden 55 CLO Ltd., Series 2018-55A, Class A1, <br> (3-mo. CME Term SOFR + 1.28%), 5.19%, <br> 04/15/31<sup>(a)(b)</sup><br>|  | 786 | 786228 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Dryden 64 CLO Ltd., Series 2018-64A, Class A, <br> (3-mo. CME Term SOFR + 1.23%), 5.12%, <br> 04/18/31<sup>(a)(b)</sup><br>| USD  | 291 | $291028 |
| &nbsp;&nbsp;&nbsp; Dryden 65 CLO Ltd., Series 2018-65A, Class B, <br> (3-mo. CME Term SOFR + 1.86%), 5.75%, <br> 07/18/30<sup>(a)(b)</sup><br>|  | 300 | 301052 |
| &nbsp;&nbsp;&nbsp; Dryden 68 CLO Ltd., Series 2019-68A, <br> Class ARR, (3-mo. CME Term SOFR + <br> 1.10%), 5.01%, 07/15/35<sup>(a)(b)</sup><br>|  | 250 | 249955 |
| &nbsp;&nbsp;&nbsp; Dryden 72 CLO Ltd., Series 2019-72A, <br> Class ARR, (3-mo. CME Term SOFR + <br> 1.10%), 4.95%, 05/15/32<sup>(a)(b)</sup><br>|  | 152 | 152310 |
| &nbsp;&nbsp;&nbsp; Dryden 76 CLO Ltd., Series 2019-76A, <br> Class A1R2, (3-mo. CME Term SOFR + <br> 1.37%), 5.28%, 10/15/37<sup>(a)(b)</sup><br>|  | 1750 | 1756528 |
| &nbsp;&nbsp;&nbsp; Dryden 87 CLO Ltd., Series 2021-87A, <br> Class BR, (3-mo. CME Term SOFR + 1.75%), <br> 5.64%, 08/20/38<sup>(a)(b)</sup><br>|  | 1740 | 1747492 |
| &nbsp;&nbsp;&nbsp; Dryden 98 CLO Ltd., Series 2022-98A, Class A, <br> (3-mo. CME Term SOFR + 1.30%), 5.18%, <br> 04/20/35<sup>(a)(b)</sup><br>|  | 1190 | 1190592 |
| Eaton Vance CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1RA, Class A2, (3-mo. CME <br> Term SOFR + 1.75%), 5.66%, <br> 07/15/30<sup>(a)(b)</sup><br>|  | 174 | 173732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class AR2, (3-mo. CME <br> Term SOFR + 1.38%), 5.29%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 100 | 100368 |
| Edenbrook Mortgage Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + <br> 1.95%), 5.71%, 03/22/57<sup>(b)(f)</sup><br>| GBP  | 1611 | 2198357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + <br> 2.55%), 6.31%, 03/22/57<sup>(b)(f)</sup><br>|  | 931 | 1280474 |
| &nbsp;&nbsp;&nbsp; EDvestinU Private Education Loan Issue No. <br> 4 LLC, Series 2022-A, Class A, 5.25%, <br> 11/25/40<sup>(a)</sup><br>| USD  | 1983 | 1986443 |
| &nbsp;&nbsp;&nbsp; Elevation CLO Ltd., Series 2018-10A, Class BR, <br> (3-mo. CME Term SOFR + 1.20%), 5.08%, <br> 10/20/31<sup>(a)(b)</sup><br>|  | 1740 | 1739715 |
| Elm Park CLO DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1X, Class AR3, (3-mo. EURIBOR + <br> 1.30%), 3.42%, 01/15/38<sup>(b)(f)</sup><br>| EUR  | 2000 | 2350398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1X, Class DR3, (3-mo. EURIBOR + <br> 3.20%), 5.32%, 01/15/38<sup>(b)(f)</sup><br>|  | 952 | 1125113 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 19 Ltd., Series 2022-6A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 1.24%), 5.15%, 10/17/38<sup>(a)(b)</sup><br>| USD  | 780 | 781636 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 24 Ltd., Series 2023-3A, <br> Class AR, (3-mo. CME Term SOFR + 1.32%), <br> 5.20%, 01/17/38<sup>(a)(b)</sup><br>|  | 8090 | 8121705 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 27 Ltd., Series 2024-3A, Class B, <br> (3-mo. CME Term SOFR + 1.95%), 5.83%, <br> 04/18/37<sup>(a)(b)</sup><br>|  | 1040 | 1044296 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 29 Ltd., Series 2024-5A, <br> Class AR1, (3-mo. CME Term SOFR + <br> 1.52%), 5.40%, 04/20/37<sup>(a)(b)</sup><br>|  | 4760 | 4776396 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 30 Ltd., Series 2024-6A, Class A, <br> (3-mo. CME Term SOFR + 1.43%), 5.31%, <br> 07/17/37<sup>(a)(b)</sup><br>|  | 2410 | 2416425 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 36 Ltd., Series 2024-12RA, <br> Class AR, (3-mo. CME Term SOFR + 1.34%), <br> 5.22%, 10/20/37<sup>(a)(b)</sup><br>|  | 1517 | 1523312 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 38 Ltd., Series 2025-1A, Class A, <br> (3-mo. CME Term SOFR + 1.15%), 5.01%, <br> 04/22/38<sup>(a)(b)</sup><br>| USD  | 4490 | $4485128 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 39 Ltd., Series 2025-2A, <br> Class A1, (3-mo. CME Term SOFR + 1.14%), <br> 5.02%, 04/17/38<sup>(a)(b)</sup><br>|  | 1250 | 1248550 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO I Ltd., Series 2019-1A, <br> Class A1RR, (3-mo. CME Term SOFR + <br> 1.52%), 5.40%, 04/20/37<sup>(a)(b)</sup><br>|  | 250 | 250864 |
| Elmwood CLO II Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1RR, (3-mo. CME <br> Term SOFR + 1.35%), 5.23%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 6690 | 6713186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class BRR, (3-mo. CME <br> Term SOFR + 1.70%), 5.58%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 1600 | 1605837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class D1RR, (3-mo. CME <br> Term SOFR + 3.05%), 6.93%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 250 | 250904 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO III Ltd., Series 2019-3A, <br> Class BRR, (3-mo. CME Term SOFR + <br> 1.70%), 5.58%, 07/18/37<sup>(a)(b)</sup><br>|  | 670 | 672400 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO IV Ltd., Series 2020-1A, <br> Class DR, (3-mo. CME Term SOFR + 3.35%), <br> 7.23%, 04/18/37<sup>(a)(b)</sup><br>|  | 1000 | 1000624 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO VI Ltd., Series 2020-3A, <br> Class ARR, (3-mo. CME Term SOFR + <br> 1.38%), 5.26%, 07/18/37<sup>(a)(b)</sup><br>|  | 3381 | 3393969 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO VII Ltd., Series 2020-4A, <br> Class A1RR, (3-mo. CME Term SOFR + <br> 1.36%), 5.24%, 10/17/37<sup>(a)(b)</sup><br>|  | 790 | 792809 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO XII Ltd., Series 2021-5A, <br> Class AR, (3-mo. CME Term SOFR + 1.36%), <br> 5.27%, 10/15/37<sup>(a)(b)</sup><br>|  | 1310 | 1314667 |
| Euro-Galaxy III CLO BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-3A, Class CRRR, (3-mo. <br> EURIBOR + 2.35%), 4.42%, 04/24/34<sup>(a)(b)</sup><br>| EUR  | 700 | 823253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-3A, Class DRRR, (3-mo. <br> EURIBOR + 3.25%), 5.32%, 04/24/34<sup>(a)(b)</sup><br>|  | 1585 | 1859070 |
| &nbsp;&nbsp;&nbsp; Fairbridge BV, Series 2025-1, Class C, (3-mo. <br> EURIBOR + 1.80%), 3.82%, 02/24/62<sup>(b)(f)</sup><br>|  | 290 | 341465 |
| &nbsp;&nbsp;&nbsp; FBR Securitization Trust, Series 2005-5, <br> Class M2, (1-mo. CME Term SOFR + 0.82%), <br> 4.55%, 11/25/35<sup>(b)</sup><br>| USD  | 3046 | 3026573 |
| &nbsp;&nbsp;&nbsp; FCT Noria 2025, Series 2025-1, Class E, (1-mo. <br> EURIBOR + 2.75%), 4.64%, 07/25/43<sup>(b)(f)</sup><br>| EUR  | 600 | 707642 |
| FIGRE Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SL1, Class A1, 5.75%, <br> 07/25/53<sup>(a)(b)</sup><br>| USD  | 3717 | 3778206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE7, Class A, 5.15%, <br> 11/25/55<sup>(a)(b)</sup><br>|  | 2981 | 2989315 |
| First Franklin Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-FFH3, Class M3, (1-mo. CME <br> Term SOFR + 1.16%), 4.90%, 10/25/34<sup>(b)</sup><br>|  | 1000 | 926326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FF13, Class A1, (1-mo. CME <br> Term SOFR + 0.35%), 4.09%, 10/25/36<sup>(b)</sup><br>|  | 1763 | 1137345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FF13, Class A2C, (1-mo. CME <br> Term SOFR + 0.43%), 4.17%, 10/25/36<sup>(b)</sup><br>|  | 1034 | 682822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FF16, Class 2A3, (1-mo. CME <br> Term SOFR + 0.39%), 4.13%, 12/25/36<sup>(b)</sup><br>|  | 8738 | 3522456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FF17, Class A5, (1-mo. CME <br> Term SOFR + 0.26%), 4.00%, 12/25/36<sup>(b)</sup><br>|  | 7626 | 6681301 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| First Franklin Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FFH1, Class M2, (1-mo. CME <br> Term SOFR + 0.71%), 4.45%, 01/25/36<sup>(b)</sup><br>| USD  | 2882 | $2649402 |
| &nbsp;&nbsp;&nbsp; First NLC Trust, Series 2007-1, Class A3, (1-mo. <br> CME Term SOFR + 0.29%), 4.03%, <br> 08/25/37<sup>(a)(b)</sup><br>|  | 682 | 343165 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust, Series 2022-SFR3, <br> Class E2, 3.50%, 07/17/38<sup>(a)</sup><br>|  | 5641 | 5588633 |
| Flatiron CLO 21 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.36%), 5.24%, <br> 10/19/37<sup>(a)(b)</sup><br>|  | 13960 | 14010675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2R, (3-mo. CME <br> Term SOFR + 1.58%), 5.46%, <br> 10/19/37<sup>(a)(b)</sup><br>|  | 1980 | 1984443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class BR, (3-mo. CME Term <br> SOFR + 1.70%), 5.58%, 10/19/37<sup>(a)(b)</sup><br>|  | 1200 | 1204322 |
| Flatiron CLO 25 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, (3-mo. CME Term <br> SOFR + 1.35%), 5.23%, 10/17/37<sup>(a)(b)</sup><br>|  | 1140 | 1143962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, (3-mo. CME Term <br> SOFR + 1.60%), 5.48%, 10/17/37<sup>(a)(b)</sup><br>|  | 600 | 601824 |
| &nbsp;&nbsp;&nbsp; FNA 8 LLC, Series 2025-1, Class A, 5.62%, <br> 03/15/45<sup>(a)(b)</sup><br>|  | 7020 | 7068865 |
| Fortuna Consumer Loan Abs DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C, (1-mo. EURIBOR + <br> 1.65%), 3.59%, 10/18/34<sup>(b)</sup><br>| EUR  | 707 | 834472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class E, (1-mo. EURIBOR + <br> 4.10%), 6.04%, 10/18/34<sup>(b)</sup><br>|  | 2034 | 2428887 |
| Fortuna Consumer Loan ABS DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, (1-mo. EURIBOR + <br> 1.40%), 3.34%, 10/18/35<sup>(b)(f)</sup><br>|  | 700 | 818605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class E, (1-mo. EURIBOR + <br> 2.75%), 4.69%, 10/18/35<sup>(b)(f)</sup><br>|  | 600 | 703375 |
| Foundation Finance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 2.19%, 01/15/42<sup>(a)</sup> | USD  | 1855 | 1762363 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.95%, 12/15/49<sup>(a)</sup> |  | 762 | 782241 |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 4.93%, 03/15/50<sup>(a)</sup> |  | 1332 | 1335762 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.95%, 04/15/50<sup>(a)</sup> |  | 2417 | 2445475 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 5.68%, 04/15/52<sup>(a)</sup> |  | 1004 | 1003479 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class E, 8.35%, 04/15/52<sup>(a)</sup> |  | 1082 | 1093635 |
| &nbsp;&nbsp;&nbsp; Fremont Home Loan Trust, Series 2006-3, <br> Class 1A1, (1-mo. CME Term SOFR + <br> 0.39%), 4.13%, 02/25/37<sup>(b)</sup><br>|  | 1657 | 1240949 |
| FS Rialto Issuer Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL9, Class A, (1-mo. CME Term <br> SOFR + 1.63%), 5.36%, 10/19/39<sup>(a)(b)</sup><br>|  | 4627 | 4620382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL10, Class A, (1-mo. CME Term <br> SOFR + 1.39%), 5.12%, 08/19/42<sup>(a)(b)</sup><br>|  | 1610 | 1609307 |
| FTA Consumo Santander |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7, Class B, (3-mo. EURIBOR + 1.30%), <br> 3.30%, 07/20/38<sup>(b)(f)</sup><br>| EUR  | 928 | 1093660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7, Class C, (3-mo. EURIBOR + <br> 1.65%), 3.65%, 07/20/38<sup>(b)(f)</sup><br>|  | 785 | 924708 |
| &nbsp;&nbsp;&nbsp; Galaxy XXII CLO Ltd., Series 2016-22A, <br> Class ARRR, (3-mo. CME Term SOFR + <br> 1.24%), 5.13%, 04/16/34<sup>(a)(b)</sup><br>| USD  | 4690 | 4691085 |
| Golden Bar Securitisation Srl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, (3-mo. EURIBOR + <br> 1.50%), 3.54%, 09/22/43<sup>(b)(f)</sup><br>| EUR  | 1174 | 1386929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (3-mo. EURIBOR + <br> 1.90%), 3.94%, 12/20/44<sup>(b)(f)</sup><br>|  | 509 | 602133 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Golden Ray SA - Compartment 1, Series 1, <br> Class C, (1-mo. EURIBOR + 2.00%), 3.89%, <br> 12/27/57<sup>(b)(f)</sup><br>| EUR  | 300 | $350581 |
| &nbsp;&nbsp;&nbsp; Golden Ray SA Compartment 2, Series 2, <br> Class C, (1-mo. EURIBOR + 1.50%), 3.44%, <br> 12/27/58<sup>(b)(f)</sup><br>|  | 200 | 235070 |
| GoldenTree Loan Management U.S. CLO 11 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11A, Class AR, (3-mo. CME Term <br> SOFR + 1.08%), 4.96%, 10/20/34<sup>(a)(b)</sup><br>| USD  | 18440 | 18429511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11A, Class ER, (3-mo. CME Term <br> SOFR + 4.90%), 8.78%, 10/20/34<sup>(a)(b)</sup><br>|  | 250 | 248297 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO <br> 23 Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class A, (3-mo. CME Term <br> SOFR + 1.27%), 5.15%, 01/20/39<sup>(a)(b)</sup><br>|  | 1890 | 1894046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class B, (3-mo. CME Term <br> SOFR + 1.60%), 5.48%, 01/20/39<sup>(a)(b)</sup><br>|  | 3020 | 3029376 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO <br> 25 Ltd., Series 2025-25A, Class A, (3-mo. <br> CME Term SOFR + 1.32%), 5.20%, <br> 04/20/37<sup>(a)(b)</sup><br>|  | 1370 | 1374643 |
| &nbsp;&nbsp;&nbsp; Goldman Home Improvement Trust, <br> Series 2022-GRN2, Class A, 6.80%, <br> 10/25/52<sup>(a)</sup><br>|  | 942 | 966549 |
| Golub Capital Partners CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-17A, Class A1RR, (3-mo. CME <br> Term SOFR + 1.47%), 5.34%, <br> 02/09/39<sup>(a)(b)</sup><br>|  | 8040 | 8046953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-19RA, Class A1R3, (3-mo. CME <br> Term SOFR + 1.15%), 5.04%, <br> 10/20/36<sup>(a)(b)</sup><br>|  | 4740 | 4739701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-43A, Class A1R, (3-mo. CME <br> Term SOFR + 1.34%), 5.22%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 1490 | 1495732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-44A, Class A1R, (3-mo. CME <br> Term SOFR + 1.57%), 5.44%, <br> 10/21/38<sup>(a)(b)</sup><br>|  | 8730 | 8730336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-52A, Class BR, (3-mo. CME <br> Term SOFR + 2.00%), 5.88%, <br> 04/20/37<sup>(a)(b)</sup><br>|  | 940 | 944365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-53A, Class AR, (3-mo. CME <br> Term SOFR + 0.98%), 4.86%, <br> 07/20/34<sup>(a)(b)</sup><br>|  | 7660 | 7653193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-64A, Class AR, (3-mo. CME <br> Term SOFR + 1.36%), 5.22%, <br> 10/25/37<sup>(a)(b)</sup><br>|  | 500 | 501655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-76A, Class A1, (3-mo. CME Term <br> SOFR + 1.37%), 5.23%, 10/25/37<sup>(a)(b)</sup><br>|  | 860 | 863129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-76A, Class B, (3-mo. CME Term <br> SOFR + 1.67%), 5.53%, 10/25/37<sup>(a)(b)</sup><br>|  | 390 | 390858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-76A, Class D1, (3-mo. CME Term <br> SOFR + 2.90%), 6.76%, 10/25/37<sup>(a)(b)</sup><br>|  | 260 | 259617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-77A, Class A1, (3-mo. CME Term <br> SOFR + 1.25%), 5.11%, 01/25/38<sup>(a)(b)</sup><br>|  | 2252 | 2256843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-78A, Class A1, (3-mo. CME Term <br> SOFR + 1.38%), 5.25%, 04/21/39<sup>(a)(b)</sup><br>|  | 250 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-81A, Class A1, (3-mo. CME Term <br> SOFR + 1.31%), 5.64%, 07/20/38<sup>(a)(b)</sup><br>|  | 1080 | 1083551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-83A, Class A1, (3-mo. CME Term <br> SOFR + 1.40%), 5.24%, 11/09/38<sup>(a)(b)</sup><br>|  | 3000 | 3001994 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund CLO 2, <br> Series 2025-1A, Class A1, (3-mo. CME Term <br> SOFR + 1.47%), 5.35%, 10/18/39<sup>(a)(b)</sup><br>| USD  | 7720 | $7720811 |
| GoodLeap Home Improvement Solutions Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.35%, 10/20/46<sup>(a)</sup> |  | 12212 | 12369259 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 5.38%, 02/20/49<sup>(a)</sup> |  | 10761 | 10912162 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 6.27%, 02/20/49<sup>(a)</sup> |  | 413 | 419237 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A, 5.00%, 10/20/49<sup>(a)</sup> |  | 14052 | 14084834 |
| &nbsp;&nbsp;&nbsp; Gracie Point International Funding LLC, <br> Series 2024-1A, Class A, (SOFR (90-day) + <br> 1.70%), 5.89%, 03/01/28<sup>(a)(b)</sup><br>|  | 7816 | 7821900 |
| &nbsp;&nbsp;&nbsp; Great Lakes CLO IX Ltd., Series 2025-9A, <br> Class A1, (3-mo. CME Term SOFR + 1.55%), <br> 5.37%, 01/15/39<sup>(a)(b)</sup><br>|  | 450 | 450443 |
| &nbsp;&nbsp;&nbsp; GreenPoint Manufactured Housing, <br> Series 1999-5, Class M2, 9.23%, 12/15/29<sup>(b)</sup><br>|  | 470 | 470329 |
| GreenSky Home Improvement Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A4, 5.67%, 06/25/59<sup>(a)</sup> |  | 5530 | 5667148 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class B, 5.87%, 06/25/59<sup>(a)</sup> |  | 887 | 906391 |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A4, 5.15%, 10/27/59<sup>(a)</sup> |  | 1135 | 1153798 |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 5.26%, 10/27/59<sup>(a)</sup> |  | 1425 | 1442945 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 5.26%, 06/25/60<sup>(a)</sup> |  | 1699 | 1713489 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 5.56%, 06/25/60<sup>(a)</sup> |  | 1356 | 1366743 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class E, 7.79%, 06/25/60<sup>(a)</sup> |  | 575 | 584528 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A3, 4.52%, 12/27/60<sup>(a)</sup> |  | 5275 | 5287253 |
| GSAA Home Equity Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-14, Class 1A2, (1-mo. CME Term <br> SOFR + 0.81%), 4.55%, 12/25/35<sup>(b)</sup><br>|  | 836 | 375546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-18, Class AF2A, 5.63%, <br> 11/25/36<sup>(b)</sup><br>|  | 109 | 29213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-18, Class AF3A, 5.77%, <br> 11/25/36<sup>(b)</sup><br>|  | 1075 | 287813 |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A1, 4.12%, 03/25/36<sup>(b)</sup> |  | 1436 | 990107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5, Class 2A1, (1-mo. CME Term <br> SOFR + 0.25%), 3.99%, 03/25/36<sup>(b)</sup><br>|  | 10 | 3282 |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class AF3, 5.92%, 03/25/37<sup>(b)</sup> |  | 438 | 76186 |
| GSAMP Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-H1, Class A1B, (1-mo. CME <br> Term SOFR + 0.51%), 4.25%, 01/25/47<sup>(b)</sup><br>|  | 636 | 314040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HS1, Class M6, (1-mo. CME <br> Term SOFR + 3.49%), 7.22%, 02/25/37<sup>(b)</sup><br>|  | 1300 | 1281228 |
| &nbsp;&nbsp;&nbsp; GT Loan Financing I Ltd., Series 2013-1A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 1.22%), 5.08%, 04/28/39<sup>(a)(b)</sup><br>|  | 10630 | 10637926 |
| &nbsp;&nbsp;&nbsp; Halseypoint CLO 4 Ltd., Series 2021-4A, <br> Class A, (3-mo. CME Term SOFR + 1.48%), <br> 5.37%, 04/20/34<sup>(a)(b)</sup><br>|  | 1330 | 1330702 |
| &nbsp;&nbsp;&nbsp; Halseypoint CLO 7 Ltd., Series 2023-7A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.45%), 5.33%, 07/20/38<sup>(a)(b)</sup><br>|  | 1080 | 1083644 |
| &nbsp;&nbsp;&nbsp; Hamlin Park CLO Ltd., Series 2024-1A, Class A, <br> (3-mo. CME Term SOFR + 1.34%), 5.22%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 1460 | 1466047 |
| Henley CLO IV DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4A, Class D, (3-mo. EURIBOR + <br> 3.00%), 5.07%, 04/25/34<sup>(a)(b)</sup><br>| EUR  | 750 | 883272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4X, Class B1, (3-mo. EURIBOR + <br> 1.35%), 3.42%, 04/25/34<sup>(b)(f)</sup><br>|  | 540 | 632951 |
| Hermitage 2025 PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-day SONIA + <br> 1.70%), 5.49%, 04/21/33<sup>(b)(f)</sup><br>| GBP  | 648 | 873114 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Hermitage 2025 PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class E, (1-day SONIA + <br> 3.20%), 6.99%, 04/21/33<sup>(b)(f)</sup><br>| GBP  | 468 | $632784 |
| Hermitage PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + <br> 1.60%), 5.39%, 04/21/33<sup>(b)(f)</sup><br>|  | 400 | 540113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + <br> 2.35%), 6.14%, 04/21/33<sup>(b)(f)</sup><br>|  | 249 | 337174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class E, (1-day SONIA + <br> 3.90%), 7.69%, 04/21/33<sup>(b)(f)</sup><br>|  | 404 | 548892 |
| &nbsp;&nbsp;&nbsp; Hill FL BV, Series 2024-2FL, Class D, (1-mo. <br> EURIBOR + 1.95%), 3.89%, 10/18/32<sup>(b)(f)</sup><br>| EUR  | 450 | 522956 |
| &nbsp;&nbsp;&nbsp; Home Efficiency Trust, Series 2024, Class A, <br> 0.00%, 12/31/54<sup>(a)(e)</sup><br>| USD  | 29645 | 30964612 |
| Home Equity Asset Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3, Class M2, (1-mo. CME Term <br> SOFR + 0.71%), 4.45%, 07/25/36<sup>(b)</sup><br>|  | 2440 | 2338478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 2A3, (1-mo. CME Term <br> SOFR + 0.41%), 4.15%, 05/25/37<sup>(b)</sup><br>|  | 1638 | 1391699 |
| &nbsp;&nbsp;&nbsp; Home Equity Mortgage Loan Asset-Backed <br> Trust, Series 2004-A, Class M2, (1-mo. CME <br> Term SOFR + 2.14%), 3.51%, 07/25/34<sup>(b)</sup><br>|  | 214 | 207238 |
| &nbsp;&nbsp;&nbsp; Home Equity Mortgage Trust, Series 2006-2, <br> Class 1A1, 5.87%, 07/25/36<sup>(c)</sup><br>|  | 1611 | 137635 |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust, Series 2021-2, <br> Class F, 3.80%, 12/17/26<sup>(a)</sup><br>|  | 8716 | 8542905 |
| &nbsp;&nbsp;&nbsp; Household Capital RMBS, Series 2025-1, <br> Class A, (3-mo. BBSW + 1.90%), 5.39%, <br> 07/21/87<sup>(b)(f)</sup><br>| AUD  | 3480 | 2318624 |
| Huntington Bank Auto Credit-Linked Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B2, (SOFR (30-day) + <br> 1.40%), 5.32%, 05/20/32<sup>(a)(b)</sup><br>| USD  | 3236 | 3244945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class B2, (SOFR (30-day) + <br> 1.35%), 5.27%, 10/20/32<sup>(a)(b)</sup><br>|  | 5879 | 5897223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class B2, (SOFR (30-day) + <br> 1.20%), 5.12%, 09/20/33<sup>(a)(b)</sup><br>|  | 3033 | 3037275 |
| Invesco CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class B, (3-mo. CME Term <br> SOFR + 1.80%), 5.68%, 04/20/35<sup>(a)(b)</sup><br>|  | 1857 | 1862494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A, Class A1, (3-mo. CME Term <br> SOFR + 1.33%), 5.24%, 01/15/38<sup>(a)(b)</sup><br>|  | 1177 | 1181163 |
| &nbsp;&nbsp;&nbsp; Invesco Euro CLO V DAC, Series 5X, Class D, <br> (3-mo. EURIBOR + 3.80%), 5.81%, <br> 01/15/34<sup>(b)(f)</sup><br>| EUR  | 350 | 400197 |
| &nbsp;&nbsp;&nbsp; Italian Stella Loans Srl, Series 2024-2, Class D, <br> (1-mo. EURIBOR + 2.15%), 4.04%, <br> 05/27/39<sup>(b)(f)</sup><br>|  | 216 | 257659 |
| JPMorgan Mortgage Acquisition Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CW1, Class M1, (1-mo. CME <br> Term SOFR + 0.52%), 4.25%, 05/25/36<sup>(b)</sup><br>| USD  | 379 | 382259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CH1, Class MF1, 4.42%, <br> 11/25/36<sup>(c)</sup><br>|  | 120 | 124242 |
| &nbsp;&nbsp;&nbsp; Kennedy Lewis CLO 13 Ltd., Series 2023-13A, <br> Class A1, (3-mo. CME Term SOFR + 1.80%), <br> 5.67%, 01/20/37<sup>(a)(b)</sup><br>|  | 2600 | 2601043 |
| &nbsp;&nbsp;&nbsp; Kennedy Lewis CLO 19 Ltd., Series 2025-19A, <br> Class A, (3-mo. CME Term SOFR + 1.25%), <br> 5.11%, 04/22/36<sup>(a)(b)</sup><br>|  | 2000 | 2002246 |
| &nbsp;&nbsp;&nbsp; Kennedy Lewis CLO 20 Ltd., Series 2024-20A, <br> Class B, (3-mo. CME Term SOFR + 1.70%), <br> 5.56%, 01/25/38<sup>(a)(b)</sup><br>|  | 260 | 260881 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Kennedy Lewis CLO 4 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4A, Class ARR, (3-mo. CME Term <br> SOFR + 1.43%), 5.31%, 07/20/37<sup>(a)(b)</sup><br>| USD  | 8250 | $8277802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4A, Class BRR, (3-mo. CME Term <br> SOFR + 1.75%), 5.63%, 07/20/37<sup>(a)(b)</sup><br>|  | 3000 | 3009034 |
| &nbsp;&nbsp;&nbsp; Kennedy Lewis CLO 7 Ltd., Series 7A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.62%), 5.48%, 04/22/37<sup>(a)(b)</sup><br>|  | 5673 | 5693587 |
| &nbsp;&nbsp;&nbsp; KKR CLO 17 Ltd., Series 17, Class BR, (3-mo. <br> CME Term SOFR + 1.86%), 5.77%, <br> 04/15/34<sup>(a)(b)</sup><br>|  | 295 | 295538 |
| &nbsp;&nbsp;&nbsp; KKR CLO 18 Ltd., Series 18, Class A1R2, (3-mo. <br> CME Term SOFR + 1.05%), 5.19%, <br> 10/18/35<sup>(a)(b)</sup><br>|  | 3770 | 3752019 |
| &nbsp;&nbsp;&nbsp; KKR CLO 21 Ltd., Series 21, Class A, (3-mo. <br> CME Term SOFR + 1.26%), 5.17%, <br> 04/15/31<sup>(a)(b)</sup><br>|  | 148 | 147929 |
| &nbsp;&nbsp;&nbsp; KKR CLO 26 Ltd., Series 26, Class ARR, (3-mo. <br> CME Term SOFR + 1.10%), 5.01%, <br> 10/15/34<sup>(a)(b)</sup><br>|  | 1250 | 1250390 |
| &nbsp;&nbsp;&nbsp; KKR CLO 28 Ltd., Series 28A, Class AR2, (3-<br> mo. CME Term SOFR + 1.12%), 4.99%, <br> 02/09/35<sup>(a)(b)</sup><br>|  | 1790 | 1789724 |
| &nbsp;&nbsp;&nbsp; KKR CLO 30 Ltd., Series 30A, Class BR2, (3-<br> mo. CME Term SOFR + 1.85%), 5.73%, <br> 04/17/37<sup>(a)(b)</sup><br>|  | 1320 | 1323795 |
| &nbsp;&nbsp;&nbsp; KKR CLO 34 Ltd., Series 34A, Class AR, (3-mo. <br> CME Term SOFR + 1.10%), 5.01%, <br> 07/15/34<sup>(a)(b)</sup><br>|  | 3680 | 3677237 |
| &nbsp;&nbsp;&nbsp; KKR CLO 48 Ltd., Series 48A, Class AR, (3-mo. <br> CME Term SOFR + 1.28%), 5.16%, <br> 10/20/38<sup>(a)(b)</sup><br>|  | 740 | 741868 |
| &nbsp;&nbsp;&nbsp; KKR CLO 54 Ltd., Series 2024-54A, Class A, <br> (3-mo. CME Term SOFR + 1.32%), 5.23%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 570 | 572058 |
| &nbsp;&nbsp;&nbsp; LCM 29 Ltd., Series 29A, Class AR, (3-mo. CME <br> Term SOFR + 1.33%), 5.24%, 04/15/31<sup>(a)(b)</sup><br>|  | 1168 | 1168574 |
| &nbsp;&nbsp;&nbsp; LCM 31 Ltd., Series 31A, Class AR, (3-mo. CME <br> Term SOFR + 1.28%), 5.16%, 07/20/34<sup>(a)(b)</sup><br>|  | 2490 | 2491827 |
| &nbsp;&nbsp;&nbsp; LCM 34 Ltd., Series 34A, Class A1R, (3-mo. <br> CME Term SOFR + 1.18%), 5.06%, <br> 10/20/34<sup>(a)(b)</sup><br>|  | 2090 | 2090253 |
| &nbsp;&nbsp;&nbsp; LCM XVII LP, Series 17A, Class A1AR, (3-mo. <br> CME Term SOFR + 1.39%), 5.30%, <br> 10/15/31<sup>(a)(b)</sup><br>|  | 23 | 22647 |
| Legacy Mortgage Asset Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-SL2, Class A, 3.38%, <br> 02/25/59<sup>(a)(b)</sup><br>|  | 1847 | 1795581 |
| &nbsp;&nbsp;&nbsp; Series 2019-SL2, Class B, 0.00%, 02/25/59<sup>(a)</sup> |  | 2124 | 472888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-SL2, Class M, 4.25%, <br> 02/25/59<sup>(a)(b)</sup><br>|  | 2416 | 2249122 |
| &nbsp;&nbsp;&nbsp; Lehman ABS Manufactured Housing Contract <br> Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2001-B, Class M1, 6.63%, 04/15/40<sup>(b)</sup> |  | 463 | 466253 |
| &nbsp;&nbsp;&nbsp; Series 2002-A, Class C, 0.00%, 06/15/33 |  | 135 | 135352 |
| &nbsp;&nbsp;&nbsp; Lehman ABS Mortgage Loan Trust, <br> Series 2007-1, Class 2A1, (1-mo. CME Term <br> SOFR + 0.20%), 3.94%, 06/25/37<sup>(a)(b)</sup><br>|  | 277 | 184905 |
| LendingClub Rated Notes Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-P1, Class A, 5.54%, 06/16/31<sup>(a)</sup> |  | 8411 | 8459194 |
| &nbsp;&nbsp;&nbsp; Series 2025-P1, Class B, 5.92%, 06/16/31<sup>(a)</sup> |  | 871 | 878720 |
| &nbsp;&nbsp;&nbsp; Series 2025-P1, Class C, 6.56%, 06/16/31<sup>(a)</sup> |  | 1740 | 1758265 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| LendingClub Rated Notes Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-P1, Class D, 6.79%, 06/16/31<sup>(a)</sup> | USD  | 707 | $715101 |
| &nbsp;&nbsp;&nbsp; Series 2025-P1, Class E, 9.28%, 06/16/31<sup>(a)</sup> |  | 1378 | 1393687 |
| &nbsp;&nbsp;&nbsp; Series 2025-P1, Class F, 13.31%, 06/16/38<sup>(a)</sup> |  | 458 | 463605 |
| &nbsp;&nbsp;&nbsp; Series 2025-P1, Class R, 0.00%, 07/16/40<sup>(a)</sup> |  | 182 | 498916 |
| &nbsp;&nbsp;&nbsp; Series 2025-P2, Class A, 5.20%, 02/15/35<sup>(a)</sup> |  | 7422 | 7472051 |
| &nbsp;&nbsp;&nbsp; Series 2025-P2, Class B, 5.59%, 04/15/35<sup>(a)</sup> |  | 407 | 409573 |
| &nbsp;&nbsp;&nbsp; Series 2025-P2, Class C, 6.25%, 09/15/35<sup>(a)</sup> |  | 820 | 825031 |
| &nbsp;&nbsp;&nbsp; Series 2025-P2, Class D, 6.47%, 12/15/35<sup>(a)</sup> |  | 328 | 329575 |
| &nbsp;&nbsp;&nbsp; Series 2025-P2, Class E, 8.99%, 07/15/36<sup>(a)</sup> |  | 526 | 528381 |
| &nbsp;&nbsp;&nbsp; Series 2025-P2, Class F, 13.02%, 01/15/37<sup>(a)</sup> |  | 262 | 263306 |
| &nbsp;&nbsp;&nbsp; Series 2025-P2, Class R, 0.00%, 03/15/45<sup>(a)</sup> |  | 114 | 268643 |
| &nbsp;&nbsp;&nbsp; LendingClub Structured Loan Certificate Issuer <br> Trust, Series 2025-P16, Class A, 5.19%, <br> 12/15/32<sup>(a)</sup><br>|  | 9000 | 9025420 |
| Lendmark Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, 4.46%, 04/20/32<sup>(a)</sup> |  | 730 | 676877 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.88%, 06/21/32<sup>(a)</sup> |  | 2136 | 2166719 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 6.40%, 06/21/32<sup>(a)</sup> |  | 818 | 831463 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class D, 7.21%, 06/21/32<sup>(a)</sup> |  | 953 | 970975 |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 4.86%, 02/21/34<sup>(a)</sup> |  | 1304 | 1310061 |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 5.25%, 02/21/34<sup>(a)</sup> |  | 399 | 401843 |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 5.69%, 02/21/34<sup>(a)</sup> |  | 1277 | 1280708 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.94%, 09/20/34<sup>(a)</sup> |  | 6997 | 7075475 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.68%, 09/20/34<sup>(a)</sup> |  | 454 | 461854 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A, 4.51%, 05/21/35<sup>(a)</sup> |  | 8510 | 8507450 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class B, 4.83%, 05/21/35<sup>(a)</sup> |  | 1407 | 1404192 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class C, 5.04%, 05/21/35<sup>(a)</sup> |  | 409 | 407192 |
| &nbsp;&nbsp;&nbsp; LMRE Trust, Series 2025-SFR1, Class A, 4.50%, <br> 12/17/42<sup>(a)</sup><br>|  | 3162 | 3085443 |
| Loanpal Solar Loan Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2GF, Class A, 2.75%, 07/20/47<sup>(a)</sup> |  | 4023 | 3427378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1GS, Class A, 2.29%, <br> 01/20/48<sup>(a)</sup><br>|  | 3853 | 3250073 |
| Long Beach Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5, Class 2A3, (1-mo. CME Term <br> SOFR + 0.41%), 4.15%, 06/25/36<sup>(b)</sup><br>|  | 2863 | 1346012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7, Class 2A3, (1-mo. CME Term <br> SOFR + 0.43%), 4.17%, 08/25/36<sup>(b)</sup><br>|  | 7584 | 2998676 |
| Lyra Music Assets Delaware LP |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.76%, 12/22/64<sup>(a)</sup> |  | 7743 | 7834558 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 5.60%, 09/20/65<sup>(a)</sup> |  | 2282 | 2301084 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding LIX Ltd., Series 2021-<br> 59A, Class A1R, (3-mo. CME Term SOFR + <br> 1.50%), 5.38%, 04/18/37<sup>(a)(b)</sup><br>|  | 230 | 230705 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding LVII Ltd., Series 2022-<br> 57A, Class A1R, (3-mo. CME Term SOFR + <br> 1.28%), 5.14%, 07/27/34<sup>(a)(b)</sup><br>|  | 3340 | 3340010 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding LXVII Ltd., Series 2024-<br> 67A, Class B, (3-mo. CME Term SOFR + <br> 2.05%), 5.91%, 04/25/37<sup>(a)(b)</sup><br>|  | 6610 | 6626867 |
| Madison Park Funding LXXI Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-71A, Class A1, (3-mo. CME Term <br> SOFR + 1.14%), 5.00%, 04/23/38<sup>(a)(b)</sup><br>|  | 1900 | 1897478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-71A, Class B, (3-mo. CME Term <br> SOFR + 1.50%), 5.36%, 04/23/38<sup>(a)(b)</sup><br>|  | 250 | 250316 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding LXXIII Ltd., Series 2025-<br> 73A, Class B, (3-mo. CME Term SOFR + <br> 1.70%), 5.66%, 10/17/38<sup>(a)(b)</sup><br>|  | 730 | 732182 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Madison Park Funding XIX Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-19A, Class AR3, (3-mo. CME <br> Term SOFR + 1.60%), 5.46%, <br> 01/22/37<sup>(a)(b)</sup><br>| USD  | 7000 | $7005608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-19A, Class BR3, (3-mo. CME <br> Term SOFR + 2.25%), 6.11%, <br> 01/22/37<sup>(a)(b)</sup><br>|  | 1000 | 1003302 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XL-R Ltd., Series 2025-<br> 40RA, Class A, (3-mo. CME Term SOFR + <br> 1.29%), 5.25%, 10/16/38<sup>(a)(b)</sup><br>|  | 1780 | 1784628 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXII Ltd., Series 2016-<br> 22A, Class AR2, (3-mo. CME Term SOFR + <br> 1.31%), 5.22%, 01/15/38<sup>(a)(b)</sup><br>|  | 3000 | 3010638 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXIV Ltd., Series 2016-<br> 24A, Class BR2, (3-mo. CME Term SOFR + <br> 1.55%), 5.43%, 10/20/29<sup>(a)(b)</sup><br>|  | 712 | 711806 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXVII Ltd., Series 2018-<br> 27A, Class A1R, (3-mo. CME Term SOFR + <br> 1.20%), 5.08%, 04/20/38<sup>(a)(b)</sup><br>|  | 500 | 499914 |
| Madison Park Funding XXX Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-30A, Class A1R, (3-mo. CME <br> Term SOFR + 1.36%), 5.25%, <br> 07/16/37<sup>(a)(b)</sup><br>|  | 1780 | 1785963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-30A, Class BR, (3-mo. CME <br> Term SOFR + 1.75%), 5.64%, <br> 07/16/37<sup>(a)(b)</sup><br>|  | 290 | 291132 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXXI Ltd., Series 2018-<br> 31A, Class B1R, (3-mo. CME Term SOFR + <br> 1.80%), 5.66%, 07/23/37<sup>(a)(b)</sup><br>|  | 4110 | 4127562 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXXIII Ltd., Series 2019-<br> 33A, Class AR, (3-mo. CME Term SOFR + <br> 1.29%), 5.20%, 10/15/32<sup>(a)(b)</sup><br>|  | 2918 | 2921125 |
| Madison Park Funding XXXV Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-35A, Class BR, (3-mo. CME <br> Term SOFR + 1.66%), 5.55%, <br> 04/20/32<sup>(a)(b)</sup><br>|  | 1030 | 1031482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-35A, Class CR, (3-mo. CME <br> Term SOFR + 2.16%), 6.05%, <br> 04/20/32<sup>(a)(b)</sup><br>|  | 1500 | 1503758 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXXVII Ltd., Series 2019-<br> 37A, Class AR2, (3-mo. CME Term SOFR + <br> 1.53%), 5.44%, 04/15/37<sup>(a)(b)</sup><br>|  | 670 | 672361 |
| Mariner Finance Issuance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class E, 4.68%, 11/20/36<sup>(a)</sup> |  | 1265 | 1190721 |
| &nbsp;&nbsp;&nbsp; Series 2024-AA, Class A, 5.13%, 09/22/36<sup>(a)</sup> |  | 5718 | 5794141 |
| &nbsp;&nbsp;&nbsp; Series 2024-AA, Class D, 6.77%, 09/22/36<sup>(a)</sup> |  | 304 | 311420 |
| &nbsp;&nbsp;&nbsp; Series 2024-AA, Class E, 9.02%, 09/22/36<sup>(a)</sup> |  | 1277 | 1318949 |
| &nbsp;&nbsp;&nbsp; Series 2024-BA, Class D, 6.36%, 11/20/38<sup>(a)</sup> |  | 1400 | 1433563 |
| &nbsp;&nbsp;&nbsp; Series 2025-AA, Class A, 4.98%, 05/20/38<sup>(a)</sup> |  | 10592 | 10726537 |
| &nbsp;&nbsp;&nbsp; Series 2025-AA, Class B, 5.33%, 05/20/38<sup>(a)</sup> |  | 1425 | 1443850 |
| &nbsp;&nbsp;&nbsp; Series 2025-AA, Class C, 5.69%, 05/20/38<sup>(a)</sup> |  | 1462 | 1485040 |
| &nbsp;&nbsp;&nbsp; Series 2025-BA, Class A, 4.59%, 11/22/38<sup>(a)</sup> |  | 7143 | 7165877 |
| MASTR Asset-Backed Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AM2, Class A4, (1-mo. CME <br> Term SOFR + 0.63%), 4.37%, <br> 06/25/36<sup>(a)(b)</sup><br>|  | 856 | 809585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1, Class A4, (1-mo. CME <br> Term SOFR + 0.67%), 4.41%, 05/25/37<sup>(b)</sup><br>|  | 1318 | 1140929 |
| &nbsp;&nbsp;&nbsp; MASTR Specialized Loan Trust, Series 2006-3, <br> Class A, (1-mo. CME Term SOFR + 0.63%), <br> 4.37%, 06/25/46<sup>(a)(b)</sup><br>|  | 161 | 157696 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Merrill Lynch First Franklin Mortgage Loan Trust, <br> Series 2007-2, Class A2C, (1-mo. CME Term <br> SOFR + 0.59%), 4.33%, 05/25/37<sup>(b)</sup><br>| USD  | 737 | $540532 |
| Merrill Lynch Mortgage Investors Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OPT1, Class M1, (1-mo. CME <br> Term SOFR + 0.50%), 4.24%, 08/25/37<sup>(b)</sup><br>|  | 395 | 390629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-RM3, Class A2B, (1-mo. CME <br> Term SOFR + 0.29%), 4.03%, 06/25/37<sup>(b)</sup><br>|  | 805 | 166089 |
| Metro Finance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, (1-mo. BBSW + <br> 1.90%), 5.45%, 10/15/31<sup>(b)</sup><br>| AUD  | 500 | 336541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-mo. BBSW + <br> 2.20%), 5.75%, 10/15/31<sup>(b)</sup><br>|  | 650 | 438215 |
| MF1 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL10, Class A, (1-mo. CME Term <br> SOFR + 2.64%), 6.37%, 09/17/37<sup>(a)(b)</sup><br>| USD  | 553 | 553380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL9, Class A, (1-mo. CME Term <br> SOFR + 2.15%), 5.88%, 06/19/37<sup>(a)(b)</sup><br>|  | 3850 | 3850411 |
| &nbsp;&nbsp;&nbsp; MFA Trust, Series 2024-NPL1, Class A1, 6.33%, <br> 09/25/54<sup>(a)(c)</sup><br>|  | 4534 | 4540089 |
| &nbsp;&nbsp;&nbsp; MidOcean Credit CLO XII Ltd., Series 2023-12A, <br> Class A1RR, (3-mo. CME Term SOFR + <br> 1.34%), 5.22%, 07/18/38<sup>(a)(b)</sup><br>|  | 3170 | 3179823 |
| Mila BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-mo. EURIBOR + <br> 1.45%), 3.38%, 09/16/41<sup>(b)(f)</sup><br>| EUR  | 193 | 227801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-mo. EURIBOR + <br> 2.00%), 3.93%, 09/16/41<sup>(b)(f)</sup><br>|  | 153 | 180180 |
| &nbsp;&nbsp;&nbsp; Milford Park CLO Ltd., Series 2022-1A, <br> Class AR, (3-mo. CME Term SOFR + 1.16%), <br> 5.04%, 01/20/38<sup>(a)(b)</sup><br>| USD  | 2370 | 2368769 |
| &nbsp;&nbsp;&nbsp; Mill City Solar Loan Ltd., Series 2019-2GS, <br> Class A, 3.69%, 07/20/43<sup>(a)</sup><br>|  | 3328 | 3033214 |
| &nbsp;&nbsp;&nbsp; Milos CLO Ltd., Series 2017-1A, Class AR, (3-<br> mo. CME Term SOFR + 1.33%), 5.22%, <br> 10/20/30<sup>(a)(b)</sup><br>|  | 266 | 266235 |
| Morgan Stanley ABS Capital I, Inc. Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HE1, Class A2MZ, (1-mo. CME <br> Term SOFR + 0.71%), 4.45%, 12/25/34<sup>(b)</sup><br>|  | 820 | 785269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HE5, Class M4, (1-mo. CME <br> Term SOFR + 0.98%), 4.72%, 09/25/35<sup>(b)</sup><br>|  | 2873 | 2417698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE8, Class A2FP, (1-mo. CME <br> Term SOFR + 0.18%), 3.92%, 10/25/36<sup>(b)</sup><br>|  | 1635 | 715267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-SEA1, Class 2A1, (1-mo. CME <br> Term SOFR + 3.91%), 7.65%, <br> 02/25/47<sup>(a)(b)</sup><br>|  | 191 | 184910 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Home Equity Loan Trust, <br> Series 2006-3, Class A3, (1-mo. CME Term <br> SOFR + 0.43%), 4.17%, 04/25/36<sup>(b)</sup><br>|  | 1255 | 867045 |
| Morgan Stanley Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-12XS, Class A4, 6.51%, <br> 10/25/36<sup>(c)</sup><br>|  | 1858 | 391971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-12XS, Class A6A, 6.23%, <br> 10/25/36<sup>(c)</sup><br>|  | 712 | 185948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-16AX, Class 1A, (1-mo. CME <br> Term SOFR + 0.45%), 4.19%, 11/25/36<sup>(b)</sup><br>|  | 3447 | 525299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-16AX, Class 2A3, (1-mo. CME <br> Term SOFR + 0.61%), 4.35%, 11/25/36<sup>(b)</sup><br>|  | 999 | 273697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3XS, Class 2A3S, 6.36%, <br> 01/25/47<sup>(c)</sup><br>|  | 1369 | 474548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3XS, Class 2A4S, 6.46%, <br> 01/25/47<sup>(c)</sup><br>|  | 5962 | 2065452 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Mosaic Solar Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2GS, Class A, 4.20%, <br> 02/22/44<sup>(a)</sup><br>| USD  | 1109 | $1041185 |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, 2.88%, 09/20/40<sup>(a)</sup> |  | 410 | 364398 |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 2.10%, 04/20/46<sup>(a)</sup> |  | 543 | 481163 |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 5.32%, 06/20/53<sup>(a)</sup> |  | 362 | 345449 |
| &nbsp;&nbsp;&nbsp; Nationstar Home Equity Loan Trust, <br> Series 2007-B, Class M1, (1-mo. CME Term <br> SOFR + 0.73%), 4.46%, 04/25/37<sup>(b)</sup><br>|  | 3320 | 3173788 |
| &nbsp;&nbsp;&nbsp; Navient Education Loan Trust, Series 2025-A, <br> Class D, 6.03%, 07/15/55<sup>(a)</sup><br>|  | 404 | 407113 |
| Navient Private Education Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-AA, Class B, 3.50%, 08/15/44<sup>(a)</sup> |  | 4955 | 4918200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2B, (1-mo. CME Term <br> SOFR + 1.01%), 4.77%, 11/15/68<sup>(a)(b)</sup><br>|  | 785 | 782634 |
| Navient Private Education Refi Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 3.13%, <br> 02/15/68<sup>(a)</sup><br>|  | 52 | 51571 |
| &nbsp;&nbsp;&nbsp; Series 2020-FA, Class B, 2.69%, 07/15/69<sup>(a)</sup> |  | 2590 | 2243831 |
| &nbsp;&nbsp;&nbsp; Series 2021-DA, Class B, 2.61%, 04/15/60<sup>(a)</sup> |  | 800 | 720322 |
| &nbsp;&nbsp;&nbsp; Series 2021-DA, Class C, 3.48%, 04/15/60<sup>(a)</sup> |  | 2153 | 2021711 |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.66%, 10/15/72<sup>(a)</sup> |  | 11400 | 11681672 |
| Navient Refinance Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 4.72%, 09/15/55<sup>(a)</sup> |  | 6947 | 6952673 |
| &nbsp;&nbsp;&nbsp; Series 2025-C, Class A, 4.80%, 10/15/55<sup>(a)</sup> |  | 4848 | 4857337 |
| Nelnet Student Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class B1, 2.85%, 04/20/62<sup>(a)</sup> |  | 3470 | 3116352 |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class B2, 2.85%, 04/20/62<sup>(a)</sup> |  | 22590 | 20287722 |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class C, 3.75%, 04/20/62<sup>(a)</sup> |  | 1706 | 1520332 |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class D, 4.93%, 04/20/62<sup>(a)</sup> |  | 2323 | 2135083 |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class B, 2.68%, 04/20/62<sup>(a)</sup> |  | 13069 | 11740526 |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class C, 3.57%, 04/20/62<sup>(a)</sup> |  | 836 | 741731 |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class D, 4.75%, 04/20/62<sup>(a)</sup> |  | 1499 | 1361482 |
| &nbsp;&nbsp;&nbsp; Series 2021-CA, Class B, 2.53%, 04/20/62<sup>(a)</sup> |  | 12397 | 10894734 |
| &nbsp;&nbsp;&nbsp; Series 2021-CA, Class C, 3.36%, 04/20/62<sup>(a)</sup> |  | 650 | 566238 |
| &nbsp;&nbsp;&nbsp; Series 2021-CA, Class D, 4.44%, 04/20/62<sup>(a)</sup> |  | 990 | 879654 |
| &nbsp;&nbsp;&nbsp; Series 2021-DA, Class B, 2.90%, 04/20/62<sup>(a)</sup> |  | 7353 | 6638509 |
| &nbsp;&nbsp;&nbsp; Series 2021-DA, Class D, 4.38%, 04/20/62<sup>(a)</sup> |  | 331 | 290532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-PL1A, Class A1A, (SOFR (30-<br> day) + 2.25%), 6.12%, 11/25/53<sup>(a)(b)</sup><br>|  | 2267 | 2297394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class A1B, (SOFR (30-day) <br> + 1.35%), 5.33%, 05/17/55<sup>(a)(b)</sup><br>|  | 15566 | 15670695 |
| &nbsp;&nbsp;&nbsp; Series 2025-BA, Class B, 4.98%, 05/17/55<sup>(a)</sup> |  | 7795 | 7809684 |
| &nbsp;&nbsp;&nbsp; Series 2025-BA, Class C, 5.38%, 05/17/55<sup>(a)</sup> |  | 4319 | 4332339 |
| &nbsp;&nbsp;&nbsp; Series 2025-BA, Class D, 6.04%, 05/17/55<sup>(a)</sup> |  | 3153 | 3147408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CA, Class A1B, (SOFR (30-day) <br> + 1.35%), 5.27%, 06/22/65<sup>(a)(b)</sup><br>|  | 7733 | 7787148 |
| &nbsp;&nbsp;&nbsp; Series 2025-CA, Class D, 5.82%, 06/22/65<sup>(a)</sup> |  | 4599 | 4536387 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO XVII Ltd., Series 2014-<br> 17A, Class AR3, (3-mo. CME Term SOFR + <br> 1.40%), 5.26%, 07/22/38<sup>(a)(b)</sup><br>|  | 250 | 250866 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO XXI Ltd., Series 2016-<br> 21A, Class A1R3, (3-mo. CME Term SOFR + <br> 1.32%), 5.20%, 01/20/39<sup>(a)(b)</sup><br>|  | 8100 | 8131509 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 34 Ltd., <br> Series 2019-34A, Class BR2, (3-mo. CME <br> Term SOFR + 1.65%), 5.53%, 07/20/39<sup>(a)(b)</sup><br>|  | 1000 | 1003322 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 36R Ltd., <br> Series 2020-36RA, Class A, (3-mo. CME <br> Term SOFR + 1.27%), 5.55%, 07/20/39<sup>(a)(b)</sup><br>|  | 6550 | 6567683 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 46 Ltd., <br> Series 2021-46A, Class BR, (3-mo. CME <br> Term SOFR + 1.50%), 5.38%, 01/20/37<sup>(a)(b)</sup><br>| USD  | 780 | $781279 |
| &nbsp;&nbsp;&nbsp; New Century Home Equity Loan Trust, <br> Series 2005-C, Class M2, (1-mo. CME Term <br> SOFR + 0.79%), 4.52%, 12/25/35<sup>(b)</sup><br>|  | 2184 | 1958381 |
| &nbsp;&nbsp;&nbsp; New Mountain CLO 2 Ltd., Series CLO-2A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.36%), 5.27%, 01/15/38<sup>(a)(b)</sup><br>|  | 1990 | 1997287 |
| &nbsp;&nbsp;&nbsp; New Mountain CLO 3 Ltd., Series CLO-3A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.33%), 5.21%, 10/20/38<sup>(a)(b)</sup><br>|  | 1070 | 1072973 |
| &nbsp;&nbsp;&nbsp; New Mountain CLO 8 Ltd., Series CLO-8A, <br> Class A1, (3-mo. CME Term SOFR + 1.27%), <br> 5.13%, 10/20/38<sup>(a)(b)</sup><br>|  | 560 | 561363 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, <br> Series 2022-SFR1, Class F, 4.44%, <br> 02/17/39<sup>(a)</sup><br>|  | 699 | 684173 |
| &nbsp;&nbsp;&nbsp; Newark BSL CLO 2 Ltd., Series 2017-1A, <br> Class A2R, (3-mo. CME Term SOFR + <br> 1.66%), 5.52%, 07/25/30<sup>(a)(b)</sup><br>|  | 310 | 310035 |
| Newday Funding Master Issuer PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class B, (1-day SONIA + <br> 1.40%), 5.24%, 07/15/32<sup>(b)(f)</sup><br>| GBP  | 655 | 885078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class C, (1-day SONIA + <br> 1.90%), 5.74%, 07/15/32<sup>(b)(f)</sup><br>|  | 780 | 1055779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class D, (1-day SONIA + <br> 2.65%), 6.49%, 07/15/32<sup>(b)(f)</sup><br>|  | 1645 | 2232569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2X, Class C, (1-day SONIA + <br> 1.50%), 5.34%, 07/15/33<sup>(b)(f)</sup><br>|  | 981 | 1319522 |
| &nbsp;&nbsp;&nbsp; Nomura Asset Acceptance Corp. Alternative <br> Loan Trust, Series 2006-S5, Class A1, (1-mo. <br> CME Term SOFR + 0.51%), 4.25%, <br> 10/25/36<sup>(a)(b)</sup><br>| USD  | 41 | 83207 |
| Noria |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DE1, Class D, (1-mo. EURIBOR <br> + 1.65%), 3.54%, 02/25/43<sup>(b)(f)</sup><br>| EUR  | 403 | 473433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DE1, Class E, (1-mo. EURIBOR <br> + 3.55%), 5.44%, 02/25/43<sup>(b)(f)</sup><br>|  | 403 | 478061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DE1, Class F, (1-mo. EURIBOR <br> + 4.50%), 6.39%, 02/25/43<sup>(b)(f)</sup><br>|  | 242 | 285574 |
| &nbsp;&nbsp;&nbsp; Oak Hill Credit Partners X-R Ltd., Series 2014-<br> 10RA, Class AR2, (3-mo. CME Term SOFR + <br> 1.13%), 5.01%, 04/20/38<sup>(a)(b)</sup><br>| USD  | 2680 | 2676105 |
| Oaktree CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class BRR, (3-mo. CME <br> Term SOFR + 1.55%), 5.46%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 930 | 931590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class AR, (3-mo. CME Term <br> SOFR + 0.97%), 4.88%, 01/15/35<sup>(a)(b)</sup><br>|  | 2100 | 2096853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27A, Class A2, (3-mo. CME Term <br> SOFR + 1.57%), 5.43%, 10/22/37<sup>(a)(b)</sup><br>|  | 790 | 793140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27A, Class D1, (3-mo. CME Term <br> SOFR + 3.00%), 6.86%, 10/22/37<sup>(a)(b)</sup><br>|  | 250 | 249369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-31A, Class A, (3-mo. CME Term <br> SOFR + 1.32%), 5.60%, 07/15/38<sup>(a)(b)</sup><br>|  | 1200 | 1203837 |
| Oakwood Mortgage Investors, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2001-D, Class A2, 5.26%, 01/15/19<sup>(b)</sup> |  | 419 | 132689 |
| &nbsp;&nbsp;&nbsp; Series 2001-D, Class A4, 6.93%, 09/15/31<sup>(b)</sup> |  | 267 | 103228 |
| &nbsp;&nbsp;&nbsp; Series 2002-B, Class M1, 7.62%, 06/15/32<sup>(b)</sup> |  | 2937 | 2981655 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; OCP Aegis CLO Ltd., Series 2024-39A, <br> Class A1, (3-mo. CME Term SOFR + 1.22%), <br> 5.11%, 01/16/37<sup>(a)(b)</sup><br>| USD  | 310 | $309813 |
| OCP CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-5A, Class A2R, (3-mo. CME <br> Term SOFR + 1.66%), 5.52%, <br> 04/26/31<sup>(a)(b)</sup><br>|  | 508 | 508301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-12A, Class BAR3, (3-mo. CME <br> Term SOFR + 1.68%), 5.56%, <br> 10/18/37<sup>(a)(b)</sup><br>|  | 1960 | 1965837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-12A, Class CR3, (3-mo. CME <br> Term SOFR + 2.00%), 5.88%, <br> 10/18/37<sup>(a)(b)</sup><br>|  | 1250 | 1255938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-12A, Class XR3, (3-mo. CME <br> Term SOFR + 1.20%), 5.08%, <br> 10/18/37<sup>(a)(b)</sup><br>|  | 1680 | 1680017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-13A, Class AR2, (3-mo. CME <br> Term SOFR + 1.34%), 5.21%, <br> 11/26/37<sup>(a)(b)</sup><br>|  | 8965 | 8999291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-13A, Class X, (3-mo. CME Term <br> SOFR + 1.10%), 4.97%, 11/26/37<sup>(a)(b)</sup><br>|  | 503 | 502502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-15A, Class AR, (3-mo. CME <br> Term SOFR + 1.25%), 5.13%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 535 | 536058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-16A, Class AR, (3-mo. CME <br> Term SOFR + 1.26%), 5.19%, <br> 04/10/33<sup>(a)(b)</sup><br>|  | 3389 | 3389573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-17A, Class AR2, (3-mo. CME <br> Term SOFR + 1.40%), 5.28%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 1570 | 1575464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-18A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.37%), 5.25%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 330 | 331222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-18A, Class D1R2, (3-mo. CME <br> Term SOFR + 3.10%), 6.98%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 390 | 388912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-19A, Class D1R2, (3-mo. CME <br> Term SOFR + 2.70%), 6.58%, <br> 04/20/38<sup>(a)(b)</sup><br>|  | 530 | 531532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-20A, Class B1R, (3-mo. CME <br> Term SOFR + 1.95%), 5.83%, <br> 04/18/37<sup>(a)(b)</sup><br>|  | 360 | 361038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8RA, Class AR2, (3-mo. CME <br> Term SOFR + 1.22%), 5.10%, <br> 10/17/38<sup>(a)(b)</sup><br>|  | 750 | 751199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-22A, Class AR, (3-mo. CME <br> Term SOFR + 1.35%), 5.23%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 1380 | 1385889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-22A, Class BR, (3-mo. CME <br> Term SOFR + 1.70%), 5.58%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 660 | 662207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-34A, Class D1, (3-mo. CME Term <br> SOFR + 2.90%), 6.81%, 10/15/37<sup>(a)(b)</sup><br>|  | 340 | 339793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-36A, Class B1, (3-mo. CME Term <br> SOFR + 1.70%), 5.59%, 10/16/37<sup>(a)(b)</sup><br>|  | 289 | 289961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-37A, Class A1, (3-mo. CME Term <br> SOFR + 1.36%), 5.27%, 10/15/37<sup>(a)(b)</sup><br>|  | 1390 | 1395033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-37A, Class B1, (3-mo. CME Term <br> SOFR + 1.68%), 5.59%, 10/15/37<sup>(a)(b)</sup><br>|  | 1390 | 1394207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-38A, Class A, (3-mo. CME Term <br> SOFR + 1.33%), 5.20%, 01/21/38<sup>(a)(b)</sup><br>|  | 4400 | 4416676 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| OCP CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-42A, Class A, (3-mo. CME Term <br> SOFR + 1.25%), 5.58%, 05/21/38<sup>(a)(b)</sup><br>| USD  | 2060 | $2065095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-45A, Class A, (3-mo. CME Term <br> SOFR + 1.23%), 5.10%, 10/15/38<sup>(a)(b)</sup><br>|  | 1260 | 1262066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-46A, Class A, (3-mo. CME Term <br> SOFR + 1.20%), 5.05%, 10/15/38<sup>(a)(b)</sup><br>|  | 1690 | 1692288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-46A, Class C, (3-mo. CME Term <br> SOFR + 1.70%), 5.55%, 10/15/38<sup>(a)(b)</sup><br>|  | 910 | 910769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-46A, Class D1, (3-mo. CME Term <br> SOFR + 2.45%), 6.30%, 10/15/38<sup>(a)(b)</sup><br>|  | 360 | 366640 |
| OCP Euro CLO DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class CR, (3-mo. EURIBOR <br> + 2.30%), 4.30%, 04/20/33<sup>(a)(b)</sup><br>| EUR  | 250 | 294339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class DR, (3-mo. EURIBOR <br> + 3.30%), 5.30%, 04/20/33<sup>(a)(b)</sup><br>|  | 250 | 294188 |
| &nbsp;&nbsp;&nbsp; Octagon 56 Ltd., Series 2021-1A, Class B, (3-<br> mo. CME Term SOFR + 1.91%), 5.82%, <br> 10/15/34<sup>(a)(b)</sup><br>| USD  | 250 | 250475 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners 18-R Ltd., <br> Series 2018-18A, Class A1A, (3-mo. CME <br> Term SOFR + 1.22%), 5.12%, 04/16/31<sup>(a)(b)</sup><br>|  | 490 | 489876 |
| Octagon Investment Partners 39 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class AR, (3-mo. CME Term <br> SOFR + 1.15%), 5.03%, 10/20/30<sup>(a)(b)</sup><br>|  | 425 | 425129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class BR, (3-mo. CME Term <br> SOFR + 1.80%), 5.68%, 10/20/30<sup>(a)(b)</sup><br>|  | 8890 | 8891935 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 10-R Ltd., Series 2021-<br> 10RA, Class A1, (3-mo. CME Term SOFR + <br> 1.26%), 5.54%, 07/18/37<sup>(a)(b)</sup><br>|  | 2420 | 2422463 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 17 Ltd., Series 2024-17A, <br> Class A, (3-mo. CME Term SOFR + 1.48%), <br> 5.36%, 04/20/37<sup>(a)(b)</sup><br>|  | 3170 | 3181225 |
| OHA Credit Funding 2 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR2, (3-mo. CME <br> Term SOFR + 1.24%), 5.11%, <br> 01/21/38<sup>(a)(b)</sup><br>|  | 15470 | 15502405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class B1R2, (3-mo. CME <br> Term SOFR + 1.55%), 5.42%, <br> 01/21/38<sup>(a)(b)</sup><br>|  | 250 | 250930 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 4 Ltd., Series 2019-4A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 1.29%), 5.15%, 01/22/38<sup>(a)(b)</sup><br>|  | 3170 | 3179868 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 5 Ltd., Series 2020-5A, <br> Class B1R, (3-mo. CME Term SOFR + <br> 1.70%), 5.58%, 10/18/37<sup>(a)(b)</sup><br>|  | 420 | 421890 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 6 Ltd., Series 2020-6A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 1.33%), 5.21%, 10/20/37<sup>(a)(b)</sup><br>|  | 850 | 853442 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 7 Ltd., Series 2020-7A, <br> Class A1R2, (3-mo. CME Term SOFR + <br> 1.28%), 5.16%, 07/19/38<sup>(a)(b)</sup><br>|  | 6346 | 6362992 |
| OHA Credit Funding 9 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9A, Class A1R, (3-mo. CME <br> Term SOFR + 1.35%), 5.23%, <br> 10/19/37<sup>(a)(b)</sup><br>|  | 2780 | 2789652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9A, Class B1R, (3-mo. CME <br> Term SOFR + 1.70%), 5.58%, <br> 10/19/37<sup>(a)(b)</sup><br>|  | 3510 | 3526126 |
| &nbsp;&nbsp;&nbsp; OHA Credit Partners XI Ltd., Series 2015-11A, <br> Class A1R2, (3-mo. CME Term SOFR + <br> 1.46%), 5.34%, 04/20/37<sup>(a)(b)</sup><br>|  | 3780 | 3794020 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; OHA Credit Partners XVI, Series 2021-16A, <br> Class AR, (3-mo. CME Term SOFR + 1.35%), <br> 5.23%, 10/18/37<sup>(a)(b)</sup><br>| USD  | 5388 | $5406596 |
| OHA Loan Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class A1R4, (3-mo. CME <br> Term SOFR + 1.25%), 5.13%, <br> 10/19/38<sup>(a)(b)</sup><br>|  | 1830 | 1834562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.46%), 5.34%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 3750 | 3762435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class B1R2, (3-mo. CME <br> Term SOFR + 1.70%), 5.58%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 250 | 251117 |
| OneMain Financial Issuance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class C, 2.76%, 09/14/35<sup>(a)</sup> |  | 2620 | 2526522 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.79%, 05/14/41<sup>(a)</sup> |  | 17503 | 18388620 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 5.79%, 07/14/38<sup>(a)</sup> |  | 2126 | 2151193 |
| Option One Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4, Class M3, (1-mo. CME Term <br> SOFR + 0.85%), 4.58%, 11/25/35<sup>(b)</sup><br>|  | 4030 | 3556436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CP1, Class 2A3, (1-mo. CME <br> Term SOFR + 0.32%), 4.06%, 03/25/37<sup>(b)</sup><br>|  | 2360 | 2033468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FXD1, Class 1A1, 5.87%, <br> 01/25/37<sup>(c)</sup><br>|  | 1619 | 1395922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FXD1, Class 2A1, 5.87%, <br> 01/25/37<sup>(c)</sup><br>|  | 3876 | 3371910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FXD1, Class 3A4, 5.86%, <br> 01/25/37<sup>(c)</sup><br>|  | 234 | 230631 |
| Orchard Park CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, (3-mo. CME Term <br> SOFR + 1.36%), 5.24%, 10/20/37<sup>(a)(b)</sup><br>|  | 15180 | 15235604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B1, (3-mo. CME Term <br> SOFR + 1.70%), 5.58%, 10/20/37<sup>(a)(b)</sup><br>|  | 1380 | 1384994 |
| Origen Manufactured Housing Contract Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2001-A, Class M1, 7.82%, 03/15/32<sup>(b)</sup> |  | 603 | 607110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-B, Class A1, (1-mo. CME Term <br> SOFR + 1.31%), 5.07%, 10/15/37<sup>(a)(b)</sup><br>|  | 70 | 69483 |
| &nbsp;&nbsp;&nbsp; Orion CLO Ltd., Series 2023-1A, Class A1R, <br> (3-mo. CME Term SOFR + 1.22%), 5.13%, <br> 10/25/38<sup>(a)(b)</sup><br>|  | 6320 | 6330041 |
| &nbsp;&nbsp;&nbsp; Owl Rock CLO III Ltd., Series 2020-3A, <br> Class AR, (3-mo. CME Term SOFR + 1.85%), <br> 5.73%, 04/20/36<sup>(a)(b)</sup><br>|  | 430 | 430654 |
| &nbsp;&nbsp;&nbsp; Owl Rock CLO V LLC, Series 2020-5A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.78%), 5.66%, 04/20/34<sup>(a)(b)</sup><br>|  | 900 | 900123 |
| &nbsp;&nbsp;&nbsp; Owl Rock CLO VII LLC, Series 2022-7A, <br> Class AR, (3-mo. CME Term SOFR + 1.40%), <br> 5.28%, 04/20/38<sup>(a)(b)</sup><br>|  | 290 | 289496 |
| &nbsp;&nbsp;&nbsp; Owl Rock CLO XVIII LLC, Series 2024-18A, <br> Class A, (3-mo. CME Term SOFR + 1.70%), <br> 5.57%, 07/24/36<sup>(a)(b)</sup><br>|  | 3925 | 3915748 |
| &nbsp;&nbsp;&nbsp; Ownit Mortgage Loan Trust, Series 2006-2, <br> Class A2C, 6.50%, 01/25/37<sup>(c)</sup><br>|  | 1441 | 1320910 |
| &nbsp;&nbsp;&nbsp; OZLM Funding II Ltd., Series 2012-2A, <br> Class AR4, (3-mo. CME Term SOFR + <br> 1.20%), 5.04%, 07/30/37<sup>(a)(b)</sup><br>|  | 1970 | 1971379 |
| &nbsp;&nbsp;&nbsp; OZLM XIX Ltd., Series 2017-19A, Class A1RR, <br> (3-mo. CME Term SOFR + 1.35%), 5.26%, <br> 01/15/35<sup>(a)(b)</sup><br>|  | 2650 | 2651214 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| OZLM XVIII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, (3-mo. CME Term <br> SOFR + 1.28%), 5.19%, 04/15/31<sup>(a)(b)</sup><br>| USD  | 867 | $866649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class B, (3-mo. CME Term <br> SOFR + 1.81%), 5.72%, 04/15/31<sup>(a)(b)</sup><br>|  | 2340 | 2343499 |
| &nbsp;&nbsp;&nbsp; OZLM XXIV Ltd., Series 2019-24A, Class A2AR, <br> (3-mo. CME Term SOFR + 1.96%), 5.85%, <br> 07/20/32<sup>(a)(b)</sup><br>|  | 750 | 750666 |
| &nbsp;&nbsp;&nbsp; Pagaya AI Technology in Housing Trust, <br> Series 2023-1, Class F, 3.60%, 10/25/40<sup>(a)</sup><br>|  | 3423 | 2921102 |
| Palmer Square CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class A1R, (3-mo. CME <br> Term SOFR + 1.32%), 5.23%, <br> 07/15/38<sup>(a)(b)</sup><br>|  | 610 | 612249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.35%), 5.23%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 1530 | 1535290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class D1R, (3-mo. CME <br> Term SOFR + 2.95%), 6.83%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 550 | 549576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, (3-mo. CME Term <br> SOFR + 1.65%), 5.53%, 07/20/37<sup>(a)(b)</sup><br>|  | 3270 | 3279585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class A, (3-mo. CME Term <br> SOFR + 1.27%), 5.23%, 10/20/38<sup>(a)(b)</sup><br>|  | 1440 | 1443766 |
| Palmer Square Loan Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A1BR, (3-mo. CME <br> Term SOFR + 1.40%), 5.31%, <br> 04/15/31<sup>(a)(b)</sup><br>|  | 250 | 249993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A2R, (3-mo. CME <br> Term SOFR + 1.60%), 5.51%, <br> 04/15/31<sup>(a)(b)</sup><br>|  | 16630 | 16654671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class BR, (3-mo. CME Term <br> SOFR + 2.00%), 5.91%, 04/15/31<sup>(a)(b)</sup><br>|  | 2140 | 2141222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, (3-mo. CME Term <br> SOFR + 1.45%), 5.36%, 10/15/32<sup>(a)(b)</sup><br>|  | 1680 | 1681368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, (3-mo. CME Term <br> SOFR + 1.80%), 5.71%, 10/15/32<sup>(a)(b)</sup><br>|  | 290 | 290470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, (3-mo. CME Term <br> SOFR + 1.65%), 5.52%, 08/08/32<sup>(a)(b)</sup><br>|  | 1340 | 1343290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class A1, (3-mo. CME Term <br> SOFR + 0.95%), 4.66%, 01/15/34<sup>(a)(b)</sup><br>|  | 8120 | 8118523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class C, (3-mo. CME Term <br> SOFR + 2.40%), 6.11%, 01/15/34<sup>(a)(b)</sup><br>|  | 310 | 310827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class D, (3-mo. CME Term <br> SOFR + 4.40%), 8.11%, 01/15/34<sup>(a)(b)</sup><br>|  | 520 | 519917 |
| Panorama Auto Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, (1-mo. BBSW + <br> 1.55%), 5.10%, 03/15/33<sup>(b)(f)</sup><br>| AUD  | 732 | 489756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class E, (1-mo. BBSW + <br> 3.40%), 6.95%, 03/15/33<sup>(b)(f)</sup><br>|  | 540 | 365122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class C, (1-mo. BBSW + <br> 1.50%), 5.14%, 04/20/34<sup>(b)(f)</sup><br>|  | 2337 | 1561711 |
| Park Blue CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class A1R, (3-mo. CME <br> Term SOFR + 1.42%), 5.30%, <br> 07/20/37<sup>(a)(b)</sup><br>| USD  | 1460 | 1465383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class BR, (3-mo. CME Term <br> SOFR + 1.80%), 5.68%, 07/20/37<sup>(a)(b)</sup><br>|  | 250 | 250742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6A, Class A1, (3-mo. CME Term <br> SOFR + 1.34%), 5.20%, 01/25/38<sup>(a)(b)</sup><br>|  | 1080 | 1084191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-10A, Class A1, (3-mo. CME Term <br> SOFR + 1.28%), 4.95%, 01/20/39<sup>(a)(b)</sup><br>|  | 4760 | 4760000 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Park Blue CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-10A, Class D1, (3-mo. CME Term <br> SOFR + 2.90%), 6.57%, 01/20/39<sup>(a)(b)</sup><br>| USD  | 990 | $990000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7A, Class A1, (3-mo. CME Term <br> SOFR + 1.22%), 5.08%, 04/25/38<sup>(a)(b)</sup><br>|  | 2000 | 2003083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-8A, Class A1, (3-mo. CME Term <br> SOFR + 1.31%), 5.26%, 10/25/38<sup>(a)(b)</sup><br>|  | 950 | 951891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-9A, Class C, (3-mo. CME Term <br> SOFR + 2.00%), 6.08%, 10/20/38<sup>(a)(b)</sup><br>|  | 2350 | 2360994 |
| PCL Funding IX PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, (1-day SONIA + <br> 1.30%), 5.14%, 07/16/29<sup>(b)(f)</sup><br>| GBP  | 684 | 924284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + <br> 2.15%), 5.99%, 07/16/29<sup>(b)(f)</sup><br>|  | 151 | 204453 |
| &nbsp;&nbsp;&nbsp; Penta CLO 12 DAC, Series 2022-12X, <br> Class ARR, (3-mo. EURIBOR + 1.28%), <br> 3.30%, 11/09/38<sup>(b)(f)</sup><br>| EUR  | 3000 | 3529326 |
| &nbsp;&nbsp;&nbsp; PFS Financing Corp., Series 2022-E, Class B, <br> 5.54%, 10/30/26<sup>(a)(e)</sup><br>| USD  | 12000 | 12067200 |
| &nbsp;&nbsp;&nbsp; Pikes Peak CLO 15 Ltd., Series 2023-15A, <br> Class AR, (3-mo. CME Term SOFR + 1.22%), <br> 5.10%, 10/20/38<sup>(a)(b)</sup><br>|  | 960 | 961461 |
| &nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC, Series 2025-<br> 1A, Class A2II, 5.65%, 12/06/55<sup>(a)</sup><br>|  | 6348 | 6345614 |
| &nbsp;&nbsp;&nbsp; Point Au Roche Park CLO Ltd., Series 2021-1A, <br> Class A, (3-mo. CME Term SOFR + 1.34%), <br> 5.23%, 07/20/34<sup>(a)(b)</sup><br>|  | 370 | 370343 |
| &nbsp;&nbsp;&nbsp; Point Broadband & Funding LLC, Series 2025-<br> 1A, Class C, 8.16%, 07/20/55<sup>(a)</sup><br>|  | 3261 | 3328736 |
| Pony SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-mo. EURIBOR + <br> 1.20%), 3.14%, 01/14/33<sup>(b)(f)</sup><br>| EUR  | 358 | 421802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-mo. EURIBOR + <br> 1.65%), 3.59%, 01/14/33<sup>(b)(f)</sup><br>|  | 269 | 317309 |
| Post CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.30%), 5.16%, <br> 10/20/38<sup>(a)(b)</sup><br>| USD  | 1340 | 1343679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class BR, (3-mo. CME Term <br> SOFR + 1.70%), 5.56%, 10/20/38<sup>(a)(b)</sup><br>|  | 1620 | 1625957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class D1R, (3-mo. CME <br> Term SOFR + 2.85%), 6.71%, <br> 10/20/38<sup>(a)(b)</sup><br>|  | 1080 | 1087363 |
| &nbsp;&nbsp;&nbsp; Post CLO VI Ltd., Series 2024-2A, Class A1, <br> (3-mo. CME Term SOFR + 1.42%), 5.30%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 950 | 953873 |
| Prodigy Finance DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, (1-mo. CME Term <br> SOFR + 1.36%), 5.09%, 07/25/51<sup>(a)(b)</sup><br>|  | 999 | 996741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, (1-mo. CME Term <br> SOFR + 2.61%), 6.34%, 07/25/51<sup>(a)(b)</sup><br>|  | 196 | 194965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, (1-mo. CME Term <br> SOFR + 3.86%), 7.59%, 07/25/51<sup>(a)(b)</sup><br>|  | 114 | 112943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, (1-mo. CME Term <br> SOFR + 6.01%), 9.74%, 07/25/51<sup>(a)(b)</sup><br>|  | 78 | 77789 |
| Progress Residential Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class E2, 3.67%, <br> 12/17/40<sup>(a)</sup><br>|  | 1771 | 1703982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class F, 4.61%, <br> 12/17/40<sup>(a)</sup><br>|  | 7154 | 7044591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class F, 3.44%, <br> 05/17/26<sup>(a)</sup><br>|  | 6640 | 6595673 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Progress Residential Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR9, Class F, 4.05%, <br> 11/17/40<sup>(a)</sup><br>| USD  | 1342 | $1299115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F, 4.88%, <br> 02/17/41<sup>(a)</sup><br>|  | 2617 | 2554202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class G, 5.52%, <br> 02/17/41<sup>(a)</sup><br>|  | 2617 | 2582194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR2, Class E1, 3.40%, <br> 04/17/41<sup>(a)(b)</sup><br>|  | 2025 | 1902062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR2, Class E2, 3.65%, <br> 04/17/41<sup>(a)(b)</sup><br>|  | 1012 | 952875 |
| &nbsp;&nbsp;&nbsp; QTS Issuer ABS II LLC, Series 2025-1A, <br> Class A2, 5.04%, 10/05/55<sup>(a)</sup><br>|  | 7979 | 7908600 |
| Quarzo Srl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (3-mo. EURIBOR + <br> 2.30%), 4.40%, 06/15/41<sup>(b)(f)</sup><br>| EUR  | 279 | 332086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (3-mo. EURIBOR + <br> 3.70%), 5.80%, 06/15/41<sup>(b)(f)</sup><br>|  | 228 | 270029 |
| &nbsp;&nbsp;&nbsp; Race Point X CLO Ltd., Series 2016-10A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.36%), 5.22%, 07/25/31<sup>(a)(b)</sup><br>| USD  | 211 | 211279 |
| &nbsp;&nbsp;&nbsp; Rad CLO 14 Ltd., Series 2021-14A, Class A, <br> (3-mo. CME Term SOFR + 1.43%), 5.34%, <br> 01/15/35<sup>(a)(b)</sup><br>|  | 3680 | 3683682 |
| &nbsp;&nbsp;&nbsp; Rad CLO 15 Ltd., Series 2021-15A, Class A1AR, <br> (3-mo. CME Term SOFR + 1.36%), 5.24%, <br> 07/20/40<sup>(a)(b)</sup><br>|  | 3760 | 3773899 |
| &nbsp;&nbsp;&nbsp; Rad CLO 16 Ltd., Series 2022-16A, Class A1R, <br> (3-mo. CME Term SOFR + 1.55%), 5.46%, <br> 07/15/37<sup>(a)(b)</sup><br>|  | 325 | 326142 |
| &nbsp;&nbsp;&nbsp; Rad CLO 18 Ltd., Series 2023-18A, Class A1R, <br> (3-mo. CME Term SOFR + 1.40%), 5.31%, <br> 07/15/37<sup>(a)(b)</sup><br>|  | 250 | 250679 |
| Rad CLO 21 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-21A, Class A1R, (3-mo. CME <br> Term SOFR + 1.07%), 4.93%, <br> 01/25/37<sup>(a)(b)</sup><br>|  | 2310 | 2306591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-21A, Class CR, (3-mo. CME <br> Term SOFR + 1.80%), 5.66%, <br> 01/25/37<sup>(a)(b)</sup><br>|  | 1500 | 1504189 |
| &nbsp;&nbsp;&nbsp; Rad CLO 23 Ltd., Series 2024-23A, Class B1, <br> (3-mo. CME Term SOFR + 2.05%), 5.93%, <br> 04/20/37<sup>(a)(b)</sup><br>|  | 1400 | 1406229 |
| &nbsp;&nbsp;&nbsp; Rad CLO 25 Ltd., Series 2024-25A, Class A1, <br> (3-mo. CME Term SOFR + 1.46%), 5.34%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 490 | 491623 |
| &nbsp;&nbsp;&nbsp; Rad CLO 27 Ltd., Series 2024-27A, Class A1, <br> (3-mo. CME Term SOFR + 1.32%), 5.23%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 930 | 933412 |
| &nbsp;&nbsp;&nbsp; RAF ABS, Series 2025-1, Class C, (1-mo. BBSW <br> + 1.45%), 5.00%, 12/09/31<sup>(b)(f)</sup><br>| AUD  | 500 | 333985 |
| &nbsp;&nbsp;&nbsp; RAMP Series Trust, Series 2004-RS7, <br> Class A2A, (1-mo. CME Term SOFR + <br> 0.62%), 4.69%, 07/25/34<sup>(b)</sup><br>| USD  | 939 | 749639 |
| &nbsp;&nbsp;&nbsp; RCKT Mortgage Trust, Series 2024-CES2, <br> Class B2, 9.58%, 04/25/44<sup>(a)(b)</sup><br>|  | 848 | 871830 |
| &nbsp;&nbsp;&nbsp; Red & Black Auto Italy Srl, Series 3, Class C, <br> (1-mo. EURIBOR + 1.50%), 3.39%, <br> 07/28/36<sup>(b)(f)</sup><br>| EUR  | 276 | 325077 |
| &nbsp;&nbsp;&nbsp; Regatta 30 Funding Ltd., Series 2024-4A, <br> Class A1, (3-mo. CME Term SOFR + 1.32%), <br> 5.18%, 01/25/38<sup>(a)(b)</sup><br>| USD  | 5320 | 5336861 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Regatta 31 Funding Ltd., Series 2025-1A, <br> Class A2, (3-mo. CME Term SOFR + 1.60%), <br> 5.46%, 03/25/38<sup>(a)(b)</sup><br>| USD  | 1920 | $1926242 |
| &nbsp;&nbsp;&nbsp; Regatta 32 Funding Ltd., Series 2025-4A, <br> Class A1, (3-mo. CME Term SOFR + 1.34%), <br> 5.44%, 07/25/38<sup>(a)(b)</sup><br>|  | 2870 | 2880925 |
| &nbsp;&nbsp;&nbsp; Regatta 35 Funding Ltd., Series 2025-5A, <br> Class A1, (3-mo. CME Term SOFR + 1.29%), <br> 5.58%, 10/15/38<sup>(a)(b)</sup><br>|  | 6490 | 6508697 |
| &nbsp;&nbsp;&nbsp; Regatta IX Funding Ltd., Series 2017-1A, <br> Class B1R, (3-mo. CME Term SOFR + <br> 2.00%), 5.88%, 04/17/37<sup>(a)(b)</sup><br>|  | 2438 | 2443994 |
| &nbsp;&nbsp;&nbsp; Regatta VI Funding Ltd., Series 2016-1A, <br> Class A1R3, (3-mo. CME Term SOFR + <br> 1.25%), 5.21%, 10/20/38<sup>(a)(b)</sup><br>|  | 5150 | 5162368 |
| &nbsp;&nbsp;&nbsp; Regatta XI Funding Ltd., Series 2018-1A, <br> Class BR, (3-mo. CME Term SOFR + 1.75%), <br> 5.63%, 07/17/37<sup>(a)(b)</sup><br>|  | 3270 | 3282552 |
| &nbsp;&nbsp;&nbsp; Regatta XII Funding Ltd., Series 2019-1A, <br> Class ARR, (3-mo. CME Term SOFR + <br> 1.39%), 5.30%, 10/15/37<sup>(a)(b)</sup><br>|  | 3640 | 3654244 |
| &nbsp;&nbsp;&nbsp; Regatta XIX Funding Ltd., Series 2022-1A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.24%), 5.12%, 10/20/38<sup>(a)(b)</sup><br>|  | 1020 | 1022126 |
| Regatta XVI Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class BR, (3-mo. CME Term <br> SOFR + 1.70%), 5.61%, 01/15/33<sup>(a)(b)</sup><br>|  | 2200 | 2203847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class CR, (3-mo. CME Term <br> SOFR + 1.90%), 5.81%, 01/15/33<sup>(a)(b)</sup><br>|  | 1200 | 1202750 |
| &nbsp;&nbsp;&nbsp; Regatta XVII Funding Ltd., Series 2020-1A, <br> Class AR, (3-mo. CME Term SOFR + 1.38%), <br> 5.29%, 10/15/37<sup>(a)(b)</sup><br>|  | 1240 | 1244737 |
| Regatta XVIII Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.16%), 5.07%, <br> 04/15/38<sup>(a)(b)</sup><br>|  | 2138 | 2137496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class BR, (3-mo. CME Term <br> SOFR + 1.55%), 5.46%, 04/15/38<sup>(a)(b)</sup><br>|  | 750 | 751945 |
| &nbsp;&nbsp;&nbsp; Regatta XXIV Funding Ltd., Series 2021-5A, <br> Class AR, (3-mo. CME Term SOFR + 1.32%), <br> 5.20%, 01/20/38<sup>(a)(b)</sup><br>|  | 1470 | 1474697 |
| &nbsp;&nbsp;&nbsp; Regatta XXV Funding Ltd., Series 2023-1A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.34%), 5.25%, 07/15/38<sup>(a)(b)</sup><br>|  | 6800 | 6826307 |
| &nbsp;&nbsp;&nbsp; Regatta XXVII Funding Ltd., Series 2024-1A, <br> Class A1, (3-mo. CME Term SOFR + 1.53%), <br> 5.39%, 04/26/37<sup>(a)(b)</sup><br>|  | 4350 | 4365392 |
| Regional Management Issuance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A, 1.90%, 08/15/33<sup>(a)</sup> |  | 1053 | 1021000 |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A, 3.88%, 10/17/33<sup>(a)(e)</sup> |  | 21460 | 20977150 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A, 3.07%, 03/15/32<sup>(a)</sup> |  | 45 | 44872 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B, 3.71%, 03/15/32<sup>(a)</sup> |  | 810 | 806635 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class C, 4.46%, 03/15/32<sup>(a)</sup> |  | 534 | 531623 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class D, 6.72%, 03/15/32<sup>(a)</sup> |  | 1695 | 1701355 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 7.46%, 07/15/36<sup>(a)</sup> |  | 1047 | 1078466 |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A, 5.11%, 12/15/33<sup>(a)</sup> |  | 1860 | 1874433 |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 6.33%, 12/15/33<sup>(a)</sup> |  | 271 | 273663 |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A, 4.59%, 11/16/37<sup>(a)</sup> |  | 10082 | 10065283 |
| Republic Finance Issuance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 6.47%, 08/20/32<sup>(a)</sup> |  | 695 | 710231 |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 7.28%, 08/20/32<sup>(a)</sup> |  | 340 | 350063 |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 9.49%, 08/20/32<sup>(a)</sup> |  | 1401 | 1439740 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Republic Finance Issuance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 5.42%, 11/20/37<sup>(a)</sup> | USD  | 10434 | $10631755 |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class B, 5.86%, 11/20/37<sup>(a)</sup> |  | 3690 | 3778873 |
| &nbsp;&nbsp;&nbsp; Series 2025-A, Class A, 4.59%, 11/20/34<sup>(a)</sup> |  | 9326 | 9356067 |
| &nbsp;&nbsp;&nbsp; Retained Vantage Data Centers Issuer LLC, <br> Series 2025-1A, Class A2A, 5.09%, <br> 08/15/50<sup>(a)</sup><br>|  | 6786 | 6723451 |
| &nbsp;&nbsp;&nbsp; Riserva CLO Ltd., Series 2016-3A, Class AR3, <br> (3-mo. CME Term SOFR + 1.05%), 4.93%, <br> 01/18/34<sup>(a)(b)</sup><br>|  | 3430 | 3430340 |
| Rockford Tower CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class AR2, (3-mo. CME <br> Term SOFR + 1.36%), 5.25%, <br> 04/20/34<sup>(a)(b)</sup><br>|  | 4827 | 4829260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A, (3-mo. CME Term <br> SOFR + 1.45%), 5.34%, 10/20/30<sup>(a)(b)</sup><br>|  | 1528 | 1528119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A, (3-mo. CME Term <br> SOFR + 1.36%), 5.25%, 05/20/31<sup>(a)(b)</sup><br>|  | 1706 | 1706403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class B, (3-mo. CME Term <br> SOFR + 1.98%), 5.87%, 05/20/31<sup>(a)(b)</sup><br>|  | 1500 | 1501992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A, (3-mo. CME Term <br> SOFR + 1.42%), 5.31%, 10/20/31<sup>(a)(b)</sup><br>|  | 282 | 282457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class B, (3-mo. CME Term <br> SOFR + 2.06%), 5.95%, 10/20/31<sup>(a)(b)</sup><br>|  | 600 | 600576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class D, (3-mo. CME Term <br> SOFR + 3.36%), 7.25%, 10/20/31<sup>(a)(b)</sup><br>|  | 250 | 250053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class AR2, (3-mo. CME <br> Term SOFR + 1.10%), 4.98%, <br> 04/20/34<sup>(a)(b)</sup><br>|  | 1240 | 1239608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class B1R2, (3-mo. CME <br> Term SOFR + 1.60%), 5.48%, <br> 04/20/34<sup>(a)(b)</sup><br>|  | 1000 | 1000507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR2, (3-mo. CME <br> Term SOFR + 1.13%), 5.02%, <br> 08/20/32<sup>(a)(b)</sup><br>|  | 218 | 217771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, (3-mo. CME Term <br> SOFR + 1.91%), 5.80%, 07/20/34<sup>(a)(b)</sup><br>|  | 1110 | 1110334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class A1, (3-mo. CME Term <br> SOFR + 1.30%), 4.96%, 03/31/38<sup>(a)(b)</sup><br>|  | 2590 | 2589907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class D1, (3-mo. CME Term <br> SOFR + 3.17%), 6.83%, 03/31/38<sup>(a)(b)</sup><br>|  | 550 | 547222 |
| Rockford Tower Europe CLO DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3X, Class A, (3-mo. EURIBOR + <br> 1.31%), 3.39%, 01/15/40<sup>(b)(f)</sup><br>| EUR  | 4760 | 5586903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3X, Class D, (3-mo. EURIBOR + <br> 3.10%), 5.18%, 01/15/40<sup>(b)(f)</sup><br>|  | 830 | 970528 |
| &nbsp;&nbsp;&nbsp; Romark CLO II Ltd., Series 2018-2A, Class A1R, <br> (3-mo. CME Term SOFR + 1.14%), 5.00%, <br> 07/25/31<sup>(a)(b)</sup><br>| USD  | 71 | 71420 |
| Romark CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.29%), 5.15%, <br> 10/23/30<sup>(a)(b)</sup><br>|  | 111 | 111244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class B, (3-mo. CME Term <br> SOFR + 2.41%), 6.27%, 10/23/30<sup>(a)(b)</sup><br>|  | 750 | 752087 |
| &nbsp;&nbsp;&nbsp; RR 12 Ltd., Series 2020-12A, Class A2R3, (3-<br> mo. CME Term SOFR + 1.60%), 5.51%, <br> 01/15/36<sup>(a)(b)</sup><br>|  | 1040 | 1040001 |
| &nbsp;&nbsp;&nbsp; RR 24 Ltd., Series 2022-24A, Class A1A2, (3-<br> mo. CME Term SOFR + 1.31%), 5.22%, <br> 01/15/37<sup>(a)(b)</sup><br>|  | 500 | 501880 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; RR 28 Ltd., Series 2024-28RA, Class A1R, (3-<br> mo. CME Term SOFR + 1.55%), 5.46%, <br> 04/15/37<sup>(a)(b)</sup><br>| USD  | 6320 | $6342468 |
| &nbsp;&nbsp;&nbsp; RR 29 Ltd., Series 2024-29RA, Class A1R, (3-<br> mo. CME Term SOFR + 1.39%), 5.30%, <br> 07/15/39<sup>(a)(b)</sup><br>|  | 300 | 301194 |
| &nbsp;&nbsp;&nbsp; RR 32 Ltd., Series 2024-32RA, Class A2R, (3-<br> mo. CME Term SOFR + 1.70%), 5.61%, <br> 10/15/39<sup>(a)(b)</sup><br>|  | 2310 | 2318741 |
| &nbsp;&nbsp;&nbsp; RR 36 Ltd., Series 2024-36RA, Class A1R, (3-<br> mo. CME Term SOFR + 1.29%), 5.20%, <br> 01/15/40<sup>(a)(b)</sup><br>|  | 550 | 551453 |
| &nbsp;&nbsp;&nbsp; RR 38 Ltd., Series 2025-38A, Class A1A, (3-mo. <br> CME Term SOFR + 1.15%), 5.06%, <br> 04/15/40<sup>(a)(b)</sup><br>|  | 9490 | 9480510 |
| &nbsp;&nbsp;&nbsp; RR 41 Ltd., Series 2025-41A, Class A1A, (3-mo. <br> CME Term SOFR + 1.25%), 5.21%, <br> 10/15/40<sup>(a)(b)</sup><br>|  | 570 | 571370 |
| RR 5 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5A, Class A1R, (3-mo. CME <br> Term SOFR + 1.50%), 5.41%, <br> 07/15/39<sup>(a)(b)</sup><br>|  | 720 | 722339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5A, Class A2R, (3-mo. CME <br> Term SOFR + 1.95%), 5.86%, <br> 07/15/39<sup>(a)(b)</sup><br>|  | 1000 | 1005302 |
| &nbsp;&nbsp;&nbsp; RR 7 Ltd., Series 2019-7A, Class A2B, (3-mo. <br> CME Term SOFR + 1.85%), 5.76%, <br> 01/15/37<sup>(a)(b)</sup><br>|  | 220 | 220415 |
| &nbsp;&nbsp;&nbsp; RR 8 Ltd., Series 2020-8A, Class A1A2, (3-mo. <br> CME Term SOFR + 1.23%), 4.98%, <br> 01/15/39<sup>(a)(b)</sup><br>|  | 1760 | 1763365 |
| &nbsp;&nbsp;&nbsp; RRE 5 Loan Management DAC, Series 5A, <br> Class A2R, (3-mo. EURIBOR + 1.75%), <br> 3.76%, 01/15/37<sup>(a)(b)</sup><br>| EUR  | 1160 | 1367450 |
| &nbsp;&nbsp;&nbsp; Sagard-Halseypoint CLO 10 Ltd., Series 2025-<br> 10A, Class A1, (3-mo. CME Term SOFR + <br> 1.35%), 5.23%, 10/20/38<sup>(a)(b)</sup><br>| USD  | 13510 | 13550318 |
| &nbsp;&nbsp;&nbsp; Sagard-Halseypoint CLO 8 Ltd., Series 2024-8A, <br> Class A1, (3-mo. CME Term SOFR + 1.39%), <br> 5.23%, 01/30/38<sup>(a)(b)</sup><br>|  | 2920 | 2930951 |
| &nbsp;&nbsp;&nbsp; Sagard-Halseypoint CLO 9 Ltd., Series 2025-9A, <br> Class A, (3-mo. CME Term SOFR + 1.29%), <br> 5.17%, 04/20/38<sup>(a)(b)</sup><br>|  | 1840 | 1844604 |
| Sandstone Peak II Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.41%), 5.29%, <br> 07/20/38<sup>(a)(b)</sup><br>|  | 1840 | 1847292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class BR, (3-mo. CME Term <br> SOFR + 1.75%), 5.63%, 07/20/38<sup>(a)(b)</sup><br>|  | 570 | 571427 |
| &nbsp;&nbsp;&nbsp; Sandstone Peak III Ltd., Series 2024-1A, <br> Class A1, (3-mo. CME Term SOFR + 1.63%), <br> 5.49%, 04/25/37<sup>(a)(b)</sup><br>|  | 1100 | 1103625 |
| Sandstone Peak IV Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A1, (3-mo. CME Term <br> SOFR + 1.29%), 4.95%, 01/20/39<sup>(a)(b)</sup><br>|  | 3620 | 3629725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C1, (3-mo. CME Term <br> SOFR + 2.05%), 5.71%, 01/20/39<sup>(a)(b)</sup><br>|  | 1070 | 1074983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D1, (3-mo. CME Term <br> SOFR + 3.10%), 6.76%, 01/20/39<sup>(a)(b)</sup><br>|  | 1070 | 1070485 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Sandstone Peak Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.28%), 5.19%, <br> 10/15/34<sup>(a)(b)</sup><br>| USD  | 250 | $250009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2R, (3-mo. CME <br> Term SOFR + 1.68%), 5.59%, <br> 10/15/34<sup>(a)(b)</sup><br>|  | 2410 | 2416695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B1R, (3-mo. CME <br> Term SOFR + 1.83%), 5.74%, <br> 10/15/34<sup>(a)(b)</sup><br>|  | 995 | 995016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class DR, (3-mo. CME Term <br> SOFR + 3.35%), 7.26%, 10/15/34<sup>(a)(b)</sup><br>|  | 1455 | 1463510 |
| Santander Consumo 8 Fondo de Titulizacion |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8, Class C, (3-mo. EURIBOR + <br> 1.50%), 3.51%, 01/21/40<sup>(b)(f)</sup><br>| EUR  | 900 | 1061199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8, Class D, (3-mo. EURIBOR + <br> 2.75%), 4.76%, 01/21/40<sup>(b)(f)</sup><br>|  | 300 | 352797 |
| &nbsp;&nbsp;&nbsp; Saxon Asset Securities Trust, Series 2004-2, <br> Class MF5, 2.83%, 08/25/35<sup>(c)</sup><br>| USD  | 587 | 457415 |
| SC Germany SA Compartment Consumer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C, (1-mo. EURIBOR + <br> 1.40%), 3.34%, 05/14/38<sup>(b)(f)</sup><br>| EUR  | 800 | 942271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, (1-mo. EURIBOR + <br> 1.70%), 3.64%, 05/14/38<sup>(b)(f)</sup><br>|  | 500 | 588309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-mo. EURIBOR + <br> 1.75%), 3.69%, 12/14/38<sup>(b)(f)</sup><br>|  | 500 | 589432 |
| &nbsp;&nbsp;&nbsp; Securitized Asset Backed Receivables LLC <br> Trust, Series 2006-OP1, Class M6, (1-mo. <br> CME Term SOFR + 1.12%), 4.85%, <br> 10/25/35<sup>(b)</sup><br>| USD  | 340 | 269404 |
| Securitized Asset-Backed Receivables LLC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-BR1, Class A2A, (1-mo. CME <br> Term SOFR + 0.33%), 4.07%, 02/25/37<sup>(b)</sup><br>|  | 329 | 132845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-BR1, Class A2B, (1-mo. CME <br> Term SOFR + 0.65%), 4.39%, 02/25/37<sup>(b)</sup><br>|  | 3502 | 1415759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-NC2, Class A2C, (1-mo. CME <br> Term SOFR + 0.55%), 4.29%, 01/25/37<sup>(b)</sup><br>|  | 575 | 439899 |
| Service Experts Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 2.67%, 02/02/32<sup>(a)</sup> |  | 1649 | 1625650 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.39%, 11/20/35<sup>(a)</sup> |  | 3088 | 3164423 |
| SESAC Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A2, 6.42%, 01/25/54<sup>(a)</sup> |  | 1276 | 1294499 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, 5.50%, 07/25/55<sup>(a)</sup> |  | 7131 | 7086746 |
| &nbsp;&nbsp;&nbsp; SG Mortgage Securities Trust, Series 2006-<br> FRE2, Class A2C, (1-mo. CME Term SOFR + <br> 0.43%), 4.17%, 07/25/36<sup>(b)</sup><br>|  | 854 | 176048 |
| &nbsp;&nbsp;&nbsp; Shackleton CLO Ltd., Series 2013-3A, Class BR, <br> (3-mo. CME Term SOFR + 1.81%), 5.72%, <br> 07/15/30<sup>(a)(b)</sup><br>|  | 448 | 447955 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 11 Ltd., Series 2024-11A, <br> Class A1, (3-mo. CME Term SOFR + 1.45%), <br> 5.33%, 07/18/37<sup>(a)(b)</sup><br>|  | 2000 | 2006988 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 12 Ltd., Series 2022-12A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.40%), 5.28%, 07/18/37<sup>(a)(b)</sup><br>|  | 520 | 521785 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 14 Ltd., Series 2024-14A, <br> Class A, (3-mo. CME Term SOFR + 1.30%), <br> 5.16%, 01/22/38<sup>(a)(b)</sup><br>|  | 3700 | 3712169 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 3 Ltd., Series 2016-3A, <br> Class AR3, (3-mo. CME Term SOFR + <br> 1.59%), 5.45%, 01/23/37<sup>(a)(b)</sup><br>|  | 1350 | 1354747 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Signal Peak CLO 5 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5A, Class A1R, (3-mo. CME <br> Term SOFR + 1.55%), 5.41%, <br> 04/25/37<sup>(a)(b)</sup><br>| USD  | 2620 | $2628748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5A, Class BR, (3-mo. CME Term <br> SOFR + 2.20%), 6.06%, 04/25/37<sup>(a)(b)</sup><br>|  | 610 | 610439 |
| Signal Peak CLO 7 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.42%), 5.30%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 400 | 401461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class BR, (3-mo. CME Term <br> SOFR + 1.80%), 5.68%, 10/20/37<sup>(a)(b)</sup><br>|  | 270 | 270268 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 8 Ltd., Series 2020-8A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.39%), 5.27%, 10/20/37<sup>(a)(b)</sup><br>|  | 1430 | 1435187 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 9 Ltd., Series 2021-9A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.36%), 5.23%, 01/21/38<sup>(a)(b)</sup><br>|  | 650 | 652174 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 1 Ltd., Series 2022-1A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.32%), 5.20%, 01/20/38<sup>(a)(b)</sup><br>|  | 1250 | 1254505 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 12 Ltd., Series 2025-12A, <br> Class A1, (3-mo. CME Term SOFR + 1.31%), <br> 5.29%, 10/15/38<sup>(a)(b)</sup><br>|  | 3270 | 3278175 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 13 Ltd., Series 2025-13A, <br> Class A1, (3-mo. CME Term SOFR + 1.25%), <br> 5.18%, 10/15/38<sup>(a)(b)</sup><br>|  | 5260 | 5269735 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 3 Ltd., Series 2023-3A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.26%), 5.01%, 01/18/39<sup>(a)(b)</sup><br>|  | 840 | 841943 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 5 Ltd., Series 2024-5A, <br> Class A1, (3-mo. CME Term SOFR + 1.40%), <br> 5.28%, 10/20/37<sup>(a)(b)</sup><br>|  | 860 | 861721 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 7 Ltd., Series 2024-7A, <br> Class A1, (3-mo. CME Term SOFR + 1.36%), <br> 5.27%, 01/15/38<sup>(a)(b)</sup><br>|  | 1900 | 1906773 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 8 Ltd., Series 2025-8A, <br> Class A1, (3-mo. CME Term SOFR + 1.21%), <br> 5.12%, 04/15/38<sup>(a)(b)</sup><br>|  | 2840 | 2844133 |
| Silver Point Euro CLO 1 DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1X, Class A, (3-mo. EURIBOR + <br> 1.35%), 3.45%, 01/15/39<sup>(b)(f)</sup><br>| EUR  | 1465 | 1726388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1X, Class D, (3-mo. EURIBOR + <br> 3.00%), 5.10%, 01/15/39<sup>(b)(f)</sup><br>|  | 1112 | 1309562 |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO IX Ltd., Series 2017-9A, <br> Class AR, (3-mo. CME Term SOFR + 1.38%), <br> 5.25%, 07/21/37<sup>(a)(b)</sup><br>| USD  | 1690 | 1696241 |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XIV Ltd., Series 2019-14A, <br> Class A1R2, (3-mo. CME Term SOFR + <br> 1.15%), 5.02%, 01/20/38<sup>(a)(b)</sup><br>|  | 1570 | 1569092 |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XVIII Ltd., Series 2021-18A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.25%), 5.13%, 10/17/38<sup>(a)(b)</sup><br>|  | 1020 | 1021944 |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XX Ltd., Series 2021-20A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.32%), 5.20%, 07/17/38<sup>(a)(b)</sup><br>|  | 250 | 250787 |
| &nbsp;&nbsp;&nbsp; SLM Private Credit Student Loan Trust, <br> Series 2004-A, Class A3, (3-mo. CME Term <br> SOFR + 0.66%), 4.39%, 06/15/33<sup>(b)</sup><br>|  | 171 | 170391 |
| &nbsp;&nbsp;&nbsp; SLM Private Education Loan Trust, <br> Series 2010-C, Class A5, (1-mo. CME Term <br> SOFR + 4.86%), 8.62%, 10/15/41<sup>(a)(b)</sup><br>|  | 9162 | 9631197 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Small Business Origination Loan Trust DAC, <br> Series 2025-1, Class B, (1-day SONIA + <br> 2.60%), 6.44%, 12/15/36<sup>(b)(f)</sup><br>| GBP  | 158 | $213074 |
| SMB Private Education Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-B, Class B, 3.50%, 12/17/40<sup>(a)</sup> | USD  | 223 | 222479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA, Class A2A, 1.60%, <br> 09/15/54<sup>(a)</sup><br>|  | 6066 | 5750951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA, Class B, 2.50%, <br> 09/15/54<sup>(a)</sup><br>|  | 6740 | 6056792 |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class C, 2.99%, 01/15/53<sup>(a)</sup> |  | 6022 | 5327073 |
| &nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 2.30%, 01/15/53<sup>(a)</sup> |  | 452 | 441622 |
| &nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 3.00%, 01/15/53<sup>(a)</sup> |  | 416 | 369901 |
| SoFi Personal Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class R1, 0.00%, 11/12/30<sup>(a)</sup> |  | 178 | 3653631 |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 6.00%, 11/12/30<sup>(a)</sup> |  | 3276 | 3312454 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class R1, 0.00%, 02/12/31<sup>(a)</sup> |  | 162 | 2768377 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.06%, 02/12/31<sup>(a)</sup> |  | 2921 | 2900341 |
| &nbsp;&nbsp;&nbsp; Sound Point CLO II Ltd., Series 2013-1A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.33%), 5.19%, 01/26/31<sup>(a)(b)</sup><br>|  | 59 | 58770 |
| Soundview Home Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC1, Class M2, (1-mo. CME <br> Term SOFR + 0.91%), 4.64%, 01/25/35<sup>(b)</sup><br>|  | 31 | 26748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-OPT3, Class M4, (1-mo. CME <br> Term SOFR + 1.13%), 4.87%, 11/25/35<sup>(b)</sup><br>|  | 547 | 463633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-NS1, Class M1, (1-mo. CME <br> Term SOFR + 0.64%), 4.37%, 01/25/37<sup>(b)</sup><br>|  | 782 | 798070 |
| &nbsp;&nbsp;&nbsp; St. Paul's CLO XII DAC, Series 12X, Class B1, <br> (3-mo. EURIBOR + 1.60%), 3.61%, <br> 04/15/33<sup>(b)(f)</sup><br>| EUR  | 1420 | 1663396 |
| &nbsp;&nbsp;&nbsp; STAR Trust, Series 2021-SFR1, Class F, (1-mo. <br> CME Term SOFR + 2.51%), 6.27%, <br> 04/17/38<sup>(a)(b)</sup><br>| USD  | 445 | 444246 |
| &nbsp;&nbsp;&nbsp; Stratus CLO Ltd., Series 2021-1A, Class SUB, <br> 0.00%, 12/29/29<sup>(a)(b)(e)</sup><br>|  | 1000 |  |
| &nbsp;&nbsp;&nbsp; Stream Innovations Issuer Trust, Series 2025-<br> 1A, Class A, 5.05%, 09/15/45<sup>(a)</sup><br>|  | 3536 | 3570866 |
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Assistance <br> Loan Trust, Series 2003-AL2, Class A, 3.36%, <br> 01/25/31<sup>(a)</sup><br>|  | 34 | 32520 |
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Loan <br> Trust, Series 2007-GEL2, Class M1, (1-mo. <br> CME Term SOFR + 1.16%), 4.90%, <br> 05/25/37<sup>(a)(b)</sup><br>|  | 2109 | 1762497 |
| &nbsp;&nbsp;&nbsp; Subway Funding LLC, Series 2024-1A, <br> Class A2II, 6.27%, 07/30/54<sup>(a)</sup><br>|  | 5718 | 5838511 |
| &nbsp;&nbsp;&nbsp; Summit Issuer LLC, Series 2025-1A, Class A2, <br> 5.21%, 11/20/55<sup>(a)</sup><br>|  | 5981 | 5993926 |
| &nbsp;&nbsp;&nbsp; Sunrise SPV 97 S.r.l., Series 2025-2, Class D, <br> (1-mo. EURIBOR + 1.55%), 3.44%, <br> 10/27/50<sup>(b)(f)</sup><br>| EUR  | 420 | 492383 |
| &nbsp;&nbsp;&nbsp; Sycamore Tree CLO Ltd., Series 2021-1A, <br> Class AR, (3-mo. CME Term SOFR + 1.39%), <br> 5.27%, 01/20/38<sup>(a)(b)</sup><br>| USD  | 960 | 963827 |
| Symphony CLO 36 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A, (3-mo. CME Term <br> SOFR + 1.41%), 5.31%, 01/16/31<sup>(a)(b)</sup><br>|  | 33 | 33463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-52A, Class BR, (3-mo. CME <br> Term SOFR + 1.55%), 01/20/36<sup>(a)(b)(g)</sup><br>|  | 1000 | 1000000 |
| &nbsp;&nbsp;&nbsp; Symphony CLO 38 Ltd., Series 2023-38A, <br> Class BR, (3-mo. CME Term SOFR + 1.95%), <br> 5.82%, 07/24/38<sup>(a)(b)</sup><br>|  | 1240 | 1243788 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Symphony CLO 40 Ltd., Series 2023-40A, <br> Class AR, (3-mo. CME Term SOFR + 1.31%), <br> 5.22%, 01/05/38<sup>(a)(b)</sup><br>| USD  | 2640 | $2649813 |
| &nbsp;&nbsp;&nbsp; Symphony CLO 43 Ltd., Series 2024-43A, <br> Class A1, (3-mo. CME Term SOFR + 1.52%), <br> 5.43%, 04/15/37<sup>(a)(b)</sup><br>|  | 570 | 571968 |
| &nbsp;&nbsp;&nbsp; Symphony CLO 46 Ltd., Series 2024-46A, <br> Class A2, (3-mo. CME Term SOFR + 1.59%), <br> 5.47%, 01/20/38<sup>(a)(b)</sup><br>|  | 250 | 250577 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XIX Ltd., Series 2018-19A, <br> Class A, (3-mo. CME Term SOFR + 1.22%), <br> 5.12%, 04/16/31<sup>(a)(b)</sup><br>|  | 83 | 83119 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XVI Ltd., Series 2015-16A, <br> Class ARR, (3-mo. CME Term SOFR + <br> 1.20%), 5.11%, 10/15/31<sup>(a)(b)</sup><br>|  | 885 | 885590 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XX Ltd., Series 2018-20A, <br> Class BR2, (3-mo. CME Term SOFR + <br> 1.55%), 5.44%, 01/16/32<sup>(a)(b)</sup><br>|  | 1110 | 1111097 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXI Ltd., Series 2019-21A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 0.90%), 4.81%, 07/15/32<sup>(a)(b)</sup><br>|  | 1218 | 1218030 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXIX Ltd., Series 2021-29A, <br> Class BR, (3-mo. CME Term SOFR + 1.65%), <br> 5.93%, 10/15/35<sup>(a)(b)</sup><br>|  | 2600 | 2606001 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXVI Ltd., Series 2021-26A, <br> Class AR, (3-mo. CME Term SOFR + 1.34%), <br> 5.23%, 04/20/33<sup>(a)(b)</sup><br>|  | 1408 | 1408942 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXXIII Ltd., Series 2022-33A, <br> Class AR, (3-mo. CME Term SOFR + 1.26%), <br> 5.13%, 01/24/38<sup>(a)(b)</sup><br>|  | 2000 | 2004625 |
| &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC, Series 2025-1A, <br> Class A2I, 4.82%, 08/25/55<sup>(a)</sup><br>|  | 8563 | 8514976 |
| &nbsp;&nbsp;&nbsp; TAGUS-Sociedade de Titularizacao de Creditos <br> SA/Silk Finance No. 6, Series 6, Class C, <br> (3-mo. EURIBOR + 1.70%), 3.70%, <br> 12/25/39<sup>(b)(f)</sup><br>| EUR  | 500 | 588117 |
| &nbsp;&nbsp;&nbsp; TAGUS-Sociedade de Titularizacao de Creditos <br> SA/Vasco Finance No. 2<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class B, (1-mo. EURIBOR + 1.80%), <br> 3.69%, 10/27/42<sup>(b)(f)</sup><br>|  | 231 | 273662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class C, (1-mo. EURIBOR + <br> 2.60%), 4.49%, 10/27/42<sup>(b)(f)</sup><br>|  | 154 | 183105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class D, (1-mo. EURIBOR + <br> 4.00%), 5.89%, 10/27/42<sup>(b)(f)</sup><br>|  | 308 | 366805 |
| &nbsp;&nbsp;&nbsp; TCI-Symphony CLO Ltd., Series 2016-1A, <br> Class AR2, (3-mo. CME Term SOFR + <br> 1.28%), 5.19%, 10/13/32<sup>(a)(b)</sup><br>| USD  | 1041 | 1041720 |
| &nbsp;&nbsp;&nbsp; TCW CLO Ltd., Series 2019-2A, Class A1R2, <br> (3-mo. CME Term SOFR + 1.27%), 5.15%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 1270 | 1272682 |
| &nbsp;&nbsp;&nbsp; Terwin Mortgage Trust, Series 2005-10HE, <br> Class M5, (1-mo. CME Term SOFR + 1.13%), <br> 4.87%, 06/25/36<sup>(b)</sup><br>|  | 359 | 334823 |
| &nbsp;&nbsp;&nbsp; Thayer Park CLO Ltd., Series 2017-1A, <br> Class A1RR, (3-mo. CME Term SOFR + <br> 1.00%), 4.87%, 04/20/34<sup>(a)(b)</sup><br>|  | 1900 | 1897544 |
| &nbsp;&nbsp;&nbsp; TICP CLO VI Ltd., Series 2016-6A, Class AR2, <br> (3-mo. CME Term SOFR + 1.38%), 5.29%, <br> 01/15/34<sup>(a)(b)</sup><br>|  | 5120 | 5121591 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| TICP CLO VII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-7A, Class ASR2, (3-mo. CME <br> Term SOFR + 1.30%), 5.21%, <br> 04/15/33<sup>(a)(b)</sup><br>| USD  | 1413 | $1414434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-7A, Class BR2, (3-mo. CME <br> Term SOFR + 1.90%), 5.81%, <br> 04/15/33<sup>(a)(b)</sup><br>|  | 4165 | 4169394 |
| TICP CLO XI Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class AR, (3-mo. CME Term <br> SOFR + 1.53%), 5.39%, 04/25/37<sup>(a)(b)</sup><br>|  | 750 | 752673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class BR, (3-mo. CME Term <br> SOFR + 2.05%), 5.91%, 04/25/37<sup>(a)(b)</sup><br>|  | 2680 | 2686749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class DR, (3-mo. CME <br> Term SOFR + 3.70%), 7.56%, <br> 04/25/37<sup>(a)(b)</sup><br>|  | 250 | 251697 |
| Tower Bridge Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3X, Class C, (1-day SONIA + <br> 1.40%), 5.16%, 12/20/66<sup>(b)(f)</sup><br>| GBP  | 272 | 366409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3X, Class D, (1-day SONIA + <br> 1.90%), 5.66%, 12/20/66<sup>(b)(f)</sup><br>|  | 334 | 450888 |
| &nbsp;&nbsp;&nbsp; Trestles CLO III Ltd., Series 2020-3A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.39%), 5.27%, 10/20/37<sup>(a)(b)</sup><br>| USD  | 4480 | 4496717 |
| &nbsp;&nbsp;&nbsp; Trestles CLO IV Ltd., Series 2021-4A, <br> Class AR1, (3-mo. CME Term SOFR + <br> 1.28%), 5.07%, 10/30/38<sup>(a)(b)</sup><br>|  | 6050 | 6065476 |
| &nbsp;&nbsp;&nbsp; Trestles CLO IX Ltd., Series 2025-9A, Class A1, <br> (3-mo. CME Term SOFR + 1.26%), 5.13%, <br> 01/15/39<sup>(a)(b)</sup><br>|  | 4120 | 4129273 |
| &nbsp;&nbsp;&nbsp; Trestles CLO Ltd., Series 2017-1A, Class A1RR, <br> (3-mo. CME Term SOFR + 1.46%), 5.32%, <br> 07/25/37<sup>(a)(b)</sup><br>|  | 7370 | 7395972 |
| &nbsp;&nbsp;&nbsp; Trestles CLO V Ltd., Series 2021-5A, Class A1R, <br> (3-mo. CME Term SOFR + 1.25%), 5.13%, <br> 10/20/34<sup>(a)(b)</sup><br>|  | 230 | 229987 |
| &nbsp;&nbsp;&nbsp; Trestles CLO VI Ltd., Series 2023-6A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.18%), 5.04%, 04/25/38<sup>(a)(b)</sup><br>|  | 3450 | 3448541 |
| &nbsp;&nbsp;&nbsp; Trestles CLO VII Ltd., Series 2024-7A, Class A1, <br> (3-mo. CME Term SOFR + 1.38%), 5.24%, <br> 10/25/37<sup>(a)(b)</sup><br>|  | 1000 | 1003540 |
| &nbsp;&nbsp;&nbsp; Trestles CLO VIII Ltd., Series 2025-8A, <br> Class A1, (3-mo. CME Term SOFR + 1.33%), <br> 5.63%, 06/11/35<sup>(a)(b)</sup><br>|  | 2030 | 2032223 |
| &nbsp;&nbsp;&nbsp; Tricon Residential Trust, Series 2021-SFR1, <br> Class G, 4.13%, 07/17/38<sup>(a)</sup><br>|  | 3324 | 3290266 |
| Trimaran CAVU Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class AR, (3-mo. CME Term <br> SOFR + 1.42%), 5.28%, 07/23/37<sup>(a)(b)</sup><br>|  | 1970 | 1976930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D1, (3-mo. CME Term <br> SOFR + 3.51%), 7.37%, 10/25/34<sup>(a)(b)</sup><br>|  | 250 | 250295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.27%), 5.15%, <br> 03/20/38<sup>(a)(b)</sup><br>|  | 1350 | 1353004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, (3-mo. CME Term <br> SOFR + 1.38%), 5.24%, 01/25/38<sup>(a)(b)</sup><br>|  | 4940 | 4957809 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO IV Ltd., Series 2016-4A, <br> Class A2L2, (3-mo. CME Term SOFR + <br> 1.66%), 5.55%, 10/18/31<sup>(a)(b)</sup><br>|  | 464 | 463704 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO VII Ltd., Series 2017-7A, <br> Class A1R2, (3-mo. CME Term SOFR + <br> 1.06%), 4.92%, 01/25/35<sup>(a)(b)</sup><br>|  | 2675 | 2670775 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Trinitas CLO XIV Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.10%), 4.96%, <br> 01/25/34<sup>(a)(b)</sup><br>| USD  | 1250 | $1249450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class BR2, (3-mo. CME <br> Term SOFR + 1.70%), 5.56%, <br> 01/25/34<sup>(a)(b)</sup><br>|  | 3460 | 3465248 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XVIII Ltd., Series 2021-18A, <br> Class A1R, (3-mo. CME Term SOFR + <br> 1.22%), 5.10%, 01/20/35<sup>(a)(b)</sup><br>|  | 250 | 250176 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XXI Ltd., Series 2022-21A, <br> Class D1R, (3-mo. CME Term SOFR + <br> 2.90%), 6.78%, 04/20/38<sup>(a)(b)</sup><br>|  | 1140 | 1138510 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XXIX Ltd., Series 2024-29A, <br> Class A1, (3-mo. CME Term SOFR + 1.49%), <br> 5.35%, 07/23/37<sup>(a)(b)</sup><br>|  | 310 | 311069 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XXVIII Ltd., Series 2024-28A, <br> Class A1, (3-mo. CME Term SOFR + 1.55%), <br> 5.41%, 04/25/37<sup>(a)(b)</sup><br>|  | 1480 | 1484953 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XXX Ltd., Series 2024-30A, <br> Class A1, (3-mo. CME Term SOFR + 1.37%), <br> 5.23%, 10/23/37<sup>(a)(b)</sup><br>|  | 2140 | 2147687 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XXXII Ltd., Series 2025-32A, <br> Class A1, (3-mo. CME Term SOFR + 1.33%), <br> 5.60%, 07/23/38<sup>(a)(b)</sup><br>|  | 1110 | 1113365 |
| &nbsp;&nbsp;&nbsp; UPG HI Issuer Trust, Series 2025-2, Class A, <br> 5.00%, 09/25/47<sup>(a)</sup><br>|  | 3017 | 3015708 |
| Upgrade Master Pass-Thru Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-ST4, Class A, 5.50%, 08/16/32<sup>(a)</sup> |  | 3102 | 3117964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ST5, Class B, 5.25%, <br> 09/15/32<sup>(a)</sup><br>|  | 900 | 903617 |
| &nbsp;&nbsp;&nbsp; Series 2025-ST6, Class A, 4.61%, 10/15/32<sup>(a)</sup> |  | 2395 | 2398958 |
| &nbsp;&nbsp;&nbsp; Series 2025-ST7, Class A, 4.55%, 11/15/32<sup>(a)</sup> |  | 6086 | 6082912 |
| &nbsp;&nbsp;&nbsp; Series 2025-ST7, Class B, 4.98%, 11/15/32<sup>(a)</sup> |  | 2311 | 2314083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ST8, Class C, 5.25%, <br> 12/15/33<sup>(a)</sup><br>|  | 2648 | 2653523 |
| &nbsp;&nbsp;&nbsp; Upland CLO Ltd., Series 2016-1A, Class A2R, <br> (3-mo. CME Term SOFR + 1.91%), 5.80%, <br> 04/20/31<sup>(a)(b)</sup><br>|  | 1780 | 1780925 |
| &nbsp;&nbsp;&nbsp; UPX HIL Issuer Trust, Series 2025-1, Class A, <br> 5.16%, 01/25/47<sup>(a)</sup><br>|  | 8422 | 8486937 |
| &nbsp;&nbsp;&nbsp; Valley Stream Park CLO Ltd., Series 2022-1A, <br> Class ARR, (3-mo. CME Term SOFR + <br> 1.19%), 5.07%, 01/20/37<sup>(a)(b)</sup><br>|  | 2500 | 2501099 |
| &nbsp;&nbsp;&nbsp; Vantage Data Centers Germany Borrower Lux <br> Sarl, Series 2025-1X, Class A2, 4.29%, <br> 06/28/50<sup>(f)</sup><br>| EUR  | 4157 | 4930955 |
| Vantage Data Centers Jersey Borrower Spv Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1X, Class A2, 6.17%, 05/28/39<sup>(f)</sup> | GBP  | 4114 | 5672652 |
| &nbsp;&nbsp;&nbsp; Series 2024-1X, Class B, 6.34%, 05/28/39<sup>(f)</sup> |  | 1651 | 2225123 |
| &nbsp;&nbsp;&nbsp; Venture CLO Ltd., Series 2018-32A, Class A2A, <br> (3-mo. CME Term SOFR + 1.33%), 5.22%, <br> 07/18/31<sup>(a)(b)</sup><br>| USD  | 257 | 256949 |
| Verdelite Static CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, (3-mo. CME Term <br> SOFR + 1.13%), 5.01%, 07/20/32<sup>(a)(b)</sup><br>|  | 1675 | 1675874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, (3-mo. CME Term <br> SOFR + 1.65%), 5.53%, 07/20/32<sup>(a)(b)</sup><br>|  | 210 | 210107 |
| Victory Street CLO II DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2X, Class A, (3-mo. EURIBOR + <br> 1.31%), 3.41%, 01/15/39<sup>(b)(f)</sup><br>| EUR  | 1080 | 1272506 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Victory Street CLO II DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2X, Class D, (3-mo. EURIBOR + <br> 3.10%), 5.20%, 01/15/39<sup>(b)(f)</sup><br>| EUR  | 1430 | $1690015 |
| &nbsp;&nbsp;&nbsp; Vista Point Securitization Trust, Series 2025-<br> CES3, Class A1, 5.30%, 11/25/55<sup>(a)(c)</sup><br>| USD  | 2361 | 2364235 |
| &nbsp;&nbsp;&nbsp; VOLT CVI LLC, Series 2021-NP12, Class A1, <br> 6.73%, 12/26/51<sup>(a)(c)</sup><br>|  | 2658 | 2661746 |
| Voya CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class A1R, (3-mo. CME <br> Term SOFR + 1.23%), 5.09%, <br> 04/25/31<sup>(a)(b)</sup><br>|  | 152 | 152446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-4A, Class A1RA, (3-mo. CME <br> Term SOFR + 1.36%), 5.27%, <br> 07/14/31<sup>(a)(b)</sup><br>|  | 34 | 33558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class A1R, (3-mo. CME <br> Term SOFR + 1.33%), 5.22%, <br> 01/20/31<sup>(a)(b)</sup><br>|  | 185 | 185093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1, (3-mo. CME Term <br> SOFR + 1.21%), 5.10%, 04/19/31<sup>(a)(b)</sup><br>|  | 639 | 638825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2, (3-mo. CME Term <br> SOFR + 1.56%), 5.45%, 04/19/31<sup>(a)(b)</sup><br>|  | 250 | 250021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR, (3-mo. CME Term <br> SOFR + 1.20%), 5.08%, 07/20/32<sup>(a)(b)</sup><br>|  | 671 | 671389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1R, (3-mo. CME <br> Term SOFR + 1.17%), 5.05%, <br> 04/20/38<sup>(a)(b)</sup><br>|  | 250 | 249924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class BR, (3-mo. CME Term <br> SOFR + 1.55%), 5.43%, 04/20/38<sup>(a)(b)</sup><br>|  | 1440 | 1443738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1, (3-mo. CME Term <br> SOFR + 1.52%), 5.43%, 04/15/37<sup>(a)(b)</sup><br>|  | 250 | 250853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7A, Class A1, (3-mo. CME Term <br> SOFR + 1.31%), 5.19%, 01/20/38<sup>(a)(b)</sup><br>|  | 990 | 992979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class A1, (3-mo. CME Term <br> SOFR + 1.29%), 5.20%, 10/15/38<sup>(a)(b)</sup><br>|  | 250 | 250731 |
| &nbsp;&nbsp;&nbsp; Voya Euro CLO II DAC, Series 2A, Class CR, <br> (3-mo. EURIBOR + 2.15%), 4.16%, <br> 07/15/35<sup>(a)(b)</sup><br>| EUR  | 750 | 882117 |
| &nbsp;&nbsp;&nbsp; Voya Euro CLO V DAC, Series 5A, Class B1, <br> (3-mo. EURIBOR + 1.75%), 3.76%, <br> 04/15/35<sup>(a)(b)</sup><br>|  | 1970 | 2314525 |
| &nbsp;&nbsp;&nbsp; Warwick Capital CLO 5 Ltd., Series 2024-5A, <br> Class A1, (3-mo. CME Term SOFR + 1.36%), <br> 5.24%, 01/20/38<sup>(a)(b)</sup><br>| USD  | 300 | 301017 |
| &nbsp;&nbsp;&nbsp; Warwick Capital CLO 7 Ltd., Series 2025-7A, <br> Class A1, (3-mo. CME Term SOFR + 1.30%), <br> 5.25%, 10/21/38<sup>(a)(b)</sup><br>|  | 790 | 792178 |
| &nbsp;&nbsp;&nbsp; Washington Mutual Asset-Backed Certificates <br> Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE4, Class 2A2, (1-mo. CME <br> Term SOFR + 0.47%), 4.14%, 09/25/36<sup>(b)</sup><br>|  | 3803 | 957592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE5, Class 1A, (1-mo. CME <br> Term SOFR + 0.42%), 4.11%, 10/25/36<sup>(b)</sup><br>|  | 1122 | 865222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1, Class 2A1, (1-mo. CME <br> Term SOFR + 0.23%), 3.73%, 11/25/36<sup>(b)</sup><br>|  | 225 | 70499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1, Class 2A2, (1-mo. CME <br> Term SOFR + 0.45%), 3.73%, 11/25/36<sup>(b)</sup><br>|  | 1998 | 628310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE3, Class 2A3, (1-mo. CME <br> Term SOFR + 0.35%), 4.09%, 05/25/37<sup>(b)</sup><br>|  | 807 | 727695 |
| &nbsp;&nbsp;&nbsp; Wellington Management CLO 4 Ltd., <br> Series 2025-4A, Class A, (3-mo. CME Term <br> SOFR + 1.15%), 5.03%, 04/18/38<sup>(a)(b)</sup><br>|  | 1840 | 1837754 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Wellington Management CLO 5 Ltd., <br> Series 2025-5A, Class A, (3-mo. CME Term <br> SOFR + 1.29%), 5.25%, 10/18/38<sup>(a)(b)</sup><br>| USD  | 890 | $892268 |
| Whitebox CLO I Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1R3, (3-mo. CME <br> Term SOFR + 1.18%), 5.02%, <br> 01/24/37<sup>(a)(b)</sup><br>|  | 3806 | 3804387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class ER3, (3-mo. CME <br> Term SOFR + 5.30%), 9.14%, <br> 01/24/37<sup>(a)(b)</sup><br>|  | 2750 | 2750657 |
| Whitebox CLO II Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1R2, (3-mo. CME <br> Term SOFR + 1.38%), 5.25%, <br> 10/24/37<sup>(a)(b)</sup><br>|  | 11764 | 11805142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class BR2, (3-mo. CME <br> Term SOFR + 1.75%), 5.62%, <br> 10/24/37<sup>(a)(b)</sup><br>|  | 1850 | 1852779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class D1R2, (3-mo. CME <br> Term SOFR + 2.90%), 6.77%, <br> 10/24/37<sup>(a)(b)</sup><br>|  | 671 | 669019 |
| Whitebox CLO III Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A1R, (3-mo. CME <br> Term SOFR + 1.27%), 5.18%, <br> 10/15/35<sup>(a)(b)</sup><br>|  | 1991 | 1990950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class DR, (3-mo. CME Term <br> SOFR + 2.85%), 6.76%, 10/15/35<sup>(a)(b)</sup><br>|  | 1250 | 1256216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class ER, (3-mo. CME Term <br> SOFR + 5.65%), 9.56%, 10/15/35<sup>(a)(b)</sup><br>|  | 1000 | 1001574 |
| Wildwood Park CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, (3-mo. CME Term <br> SOFR + 1.36%), 5.24%, 10/20/37<sup>(a)(b)</sup><br>|  | 3450 | 3462844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, (3-mo. CME Term <br> SOFR + 5.75%), 9.63%, 10/20/37<sup>(a)(b)</sup><br>|  | 900 | 908774 |
| &nbsp;&nbsp;&nbsp; Wireless PropCo Funding LLC, Series 2025-1A, <br> Class C, 8.51%, 06/25/55<sup>(a)</sup><br>|  | 5688 | 5819654 |
| &nbsp;&nbsp;&nbsp; Yale Mortgage Loan Trust, Series 2007-1, <br> Class A, (1-mo. CME Term SOFR + 0.51%), <br> 4.25%, 06/25/37<sup>(a)(b)</sup><br>|  | 1939 | 593516 |
| Youni Italy Srl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class C, (1-mo. EURIBOR + <br> 1.75%), 3.65%, 01/25/36<sup>(b)(f)</sup><br>| EUR  | 208 | 244472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, (1-mo. EURIBOR + <br> 2.90%), 4.80%, 01/25/36<sup>(b)(f)</sup><br>|  | 392 | 460732 |
| **Total Asset-Backed Securities — 13.3%** <br>**(Cost: $2,492,328,180)** | **Total Asset-Backed Securities — 13.3%** <br>**(Cost: $2,492,328,180)** | **Total Asset-Backed Securities — 13.3%** <br>**(Cost: $2,492,328,180)** | 2456222257 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| &nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp., Class A <br> (Acquired 08/21/23, cost $2,075,706)<sup>(e)(h)(i)</sup><br>| 25626 | 8097816 |
| &nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp., Class C <br> (Acquired 08/21/23, cost $2,227,824)<sup>(e)(h)(i)</sup><br>| 27504 | 8691264 |
|  |  | 16789080 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Citigroup, Inc. | 7133 | 832350 |
| Comerica, Inc. | 6086 | 529056 |
| First Citizens BancShares, Inc., Class A | 1799 | 3860978 |
| First Horizon Corp. | 59031 | 1410841 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Flagstar Bank N.A. | 397653 | $5006451 |
| SBI Shinsei Bank Ltd.<sup>(h)</sup> | 81200 | 901992 |
|  |  | 12541668 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| Crown PropTech Acquisitions<sup>(e)(h)</sup> | 147660 | 163903 |
| Crown PropTech Acquisitions, Class A<sup>(h)</sup> | 85597 | 974094 |
| Crown PropTech Founders Unvested<sup>(e)(h)</sup> | 96296 | 1 |
| Wealthfront Corp.<sup>(h)</sup> | 565 | 7678 |
|  |  | 1145676 |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| Altice France Lux 3 Equity<sup>(h)</sup> | 11320 | 199363 |
| Lumen Technologies, Inc.<sup>(h)</sup> | 181181 | 1407776 |
|  |  | 1607139 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| FreeWire Technologies, Inc.<sup>(e)(h)</sup> | 153 |  |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Solaris Energy Infrastructure, Inc., Class A | 47489 | 2183069 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Lionsgate Studios Corp.<sup>(h)</sup> | 120471 | 1099900 |
| Playstudios, Inc., Class A<sup>(h)</sup> | 457322 | 297945 |
| Starz Entertainment Corp.<sup>(h)</sup> | 8031 | 93963 |
|  |  | 1491808 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; HNG Hospitality Offshore LP (Acquired 02/16/24, <br> cost $13,871,000)<sup>(e)(h)(i)</sup><br>| 13871000 | 10264540 |
| Melange Secondaries Partners, LP<sup>(e)(j)</sup> | — <br><sup>(k)</sup><br>| 6429351 |
| New Holdco (Cayman)<sup>(e)(h)</sup> | 9330 | 214590 |
|  |  | 16908481 |
| **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** |
| Caesars Entertainment, Inc.<sup>(h)</sup> | 72600 | 1698114 |
| Genius Sports Ltd.<sup>(h)</sup> | 519448 | 5724317 |
| Six Flags Entertainment Corp.<sup>(h)</sup> | 81546 | 1250915 |
| Sonder Holdings, Inc., Class A<sup>(h)</sup> | 45465 | 455 |
|  |  | 8673801 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| Century Communities, Inc. | 29770 | 1766850 |
| M/I Homes, Inc.<sup>(h)</sup> | 7532 | 963719 |
| Meritage Homes Corp. | 23675 | 1557815 |
| Tri Pointe Homes, Inc.<sup>(h)(l)</sup> | 51773 | 1629296 |
|  |  | 5917680 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Palladyne AI Corp.<sup>(h)</sup> | 11463 | 48831 |
| Sarcos Technology & Robotics Corp.<sup>(h)</sup> | 464024 | 1976741 |
|  |  | 2025572 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| AMC Networks, Inc., Class A<sup>(h)</sup> | 51468 | 489976 |
| EchoStar Corp., Class A<sup>(h)(l)</sup> | 91736 | 9971703 |
|  |  | 10461679 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| Algoma Steel Group, Inc.<sup>(l)</sup> | 307130 | 1259233 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| Ascent Resources Fund LP<sup>(e)(j)</sup> | — <br><sup>(k)</sup><br>| 3679999 |
| Crescent Midstream Fund LP<sup>(e)(j)</sup> | — <br><sup>(k)</sup><br>| 3042620 |
| Expand Energy Corp. | 509 | 56173 |
| Formentera Partners Fund II LP<sup>(e)(j)</sup> | — <br><sup>(k)</sup><br>| 4605886 |
|  |  | 11384678 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| DF Residential III LP<sup>(e)(h)</sup> | 5690612 | $6145861 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Avaya Holdings Corp.<sup>(h)</sup> | 333 | 4717 |
| Latch, Inc.<sup>(h)</sup> | 411849 | 61860 |
|  |  | 66577 |
| **Total Common Stocks — 0.5%** <br>**(Cost: $118,193,189)** | **Total Common Stocks — 0.5%** <br>**(Cost: $118,193,189)** | 98602002 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| ATI, Inc., 7.25%, 08/15/30 | USD  | 390 | 412026 |
| Axon Enterprise, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/15/30<sup>(a)</sup> |  | 138 | 142463 |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/33<sup>(a)</sup> |  | 100 | 104033 |
| Boeing Co. (The), 7.01%, 05/01/64 |  | 10443 | 11865863 |
| Bombardier, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 11/15/30<sup>(a)</sup> |  | 374 | 404073 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/01/32<sup>(a)</sup> |  | 279 | 294803 |
| Czechoslovak Group AS, 5.25%, 01/10/31<sup>(f)</sup> | EUR  | 739 | 898869 |
| &nbsp;&nbsp;&nbsp; Embraer Netherlands Finance BV, 5.98%, <br> 02/11/35<br>| USD  | 859 | 909595 |
| &nbsp;&nbsp;&nbsp; Figeac Aero SA, 7.79%, 07/23/30 (Acquired <br> 07/16/25, cost $8,424,102)<sup>(e)(i)</sup><br>| EUR  | 7240 | 8434424 |
| L3Harris Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 06/01/34 | USD  | 767 | 793974 |
| &nbsp;&nbsp;&nbsp; 4.85%, 04/27/35 |  | 1266 | 1262736 |
| Northrop Grumman Corp., 4.03%, 10/15/47 |  | 7774 | 6244440 |
| &nbsp;&nbsp;&nbsp; Sabena Technics SAS, (3-mo. EURIBOR + <br> 5.00%), 6.48%, 09/30/29 (Acquired 10/28/22, <br> cost $6,472,311)<sup>(b)(e)(i)</sup><br>| EUR  | 6552 | 7699546 |
| Spirit AeroSystems, Inc., 4.60%, 06/15/28 | USD  | 583 | 583676 |
| TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/28<sup>(a)</sup> |  | 278 | 282897 |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 |  | 402 | 399335 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/29<sup>(a)</sup> |  | 545 | 562042 |
| &nbsp;&nbsp;&nbsp; 6.88%, 12/15/30<sup>(a)</sup> |  | 114 | 119302 |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/31<sup>(a)</sup> |  | 310 | 325801 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/32<sup>(a)</sup> |  | 939 | 976953 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/33<sup>(a)</sup> |  | 80 | 81878 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/33<sup>(a)</sup> |  | 1035 | 1062041 |
|  |  |  | 43860770 |
| **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
| Rand Parent LLC, 8.50%, 02/15/30<sup>(a)</sup> |  | 85 | 88557 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Adient Global Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 04/15/31<sup>(a)</sup> |  | 100 | 105148 |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/15/33<sup>(a)</sup> |  | 536 | 553182 |
| American Axle & Manufacturing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 |  | 214 | 206141 |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/15/32<sup>(a)</sup> |  | 145 | 147677 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/33<sup>(a)</sup> |  | 599 | 610129 |
| Belron UK Finance PLC, 5.75%, 10/15/29<sup>(a)</sup> |  | 200 | 204238 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/31<sup>(f)</sup> | EUR  | 2357 | 2809388 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/32<sup>(a)</sup> | USD  | 889 | 921886 |
| Dana, Inc., 5.38%, 11/15/27 |  | 131 | 130784 |
| Dometic Group AB, 5.00%, 09/11/30<sup>(f)</sup> | EUR  | 1214 | 1452249 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** |
| Forvia SE |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/15/30<sup>(f)</sup> | EUR  | 1619 | $1982845 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/33<sup>(a)</sup> | USD  | 552 | 569982 |
| Goodyear Tire & Rubber Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 |  | 230 | 230378 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/30 |  | 144 | 147461 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/31 |  | 198 | 187824 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/30/33 |  | 342 | 323942 |
| IHO Verwaltungs GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.00% Cash or 7.75% PIK), 7.00%, <br> 11/15/31<sup>(f)(m)</sup><br>| EUR  | 1186 | 1504777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.00% Cash or 8.75% PIK), 8.00%, <br> 11/15/32<sup>(a)(m)</sup><br>| USD  | 1934 | 2037474 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(f)</sup> | EUR  | 1619 | 1978364 |
| Qnity Electronics, Inc., 5.75%, 08/15/32<sup>(a)</sup> | USD  | 100 | 102245 |
| Schaeffler AG, 5.38%, 04/01/31<sup>(f)</sup> | EUR  | 1600 | 1982501 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(a)</sup> | USD  | 911 | 913915 |
| ZF Europe Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/13/29<sup>(f)</sup> | EUR  | 2500 | 3048192 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/12/30<sup>(f)</sup> |  | 800 | 990448 |
| ZF North America Capital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 04/14/30<sup>(a)</sup> | USD  | 755 | 760835 |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/24/31<sup>(a)</sup> |  | 245 | 247635 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/23/32<sup>(a)</sup> |  | 339 | 331520 |
|  |  |  | 24481160 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Aston Martin Capital Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.00%, 03/31/29<sup>(a)</sup> |  | 1973 | 1836362 |
| &nbsp;&nbsp;&nbsp; 10.38%, 03/31/29<sup>(f)</sup> | GBP  | 652 | 800019 |
| &nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive PLC, 5.88%, <br> 01/15/28<sup>(a)</sup><br>| USD  | 360 | 359637 |
| Nissan Motor Acceptance Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.85%, 09/16/26<sup>(a)</sup> |  | 600 | 585456 |
| &nbsp;&nbsp;&nbsp; 7.05%, 09/15/28<sup>(a)</sup> |  | 100 | 103424 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/29/28<sup>(a)</sup> |  | 325 | 325916 |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/30/30<sup>(a)</sup> |  | 107 | 107015 |
| Nissan Motor Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/17/29<sup>(f)</sup> | EUR  | 220 | 265448 |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/17/30<sup>(a)</sup> | USD  | 200 | 209867 |
| &nbsp;&nbsp;&nbsp; 4.81%, 09/17/30<sup>(a)</sup> |  | 646 | 608856 |
| &nbsp;&nbsp;&nbsp; 7.75%, 07/17/32<sup>(a)</sup> |  | 396 | 420635 |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/17/33<sup>(f)</sup> | EUR  | 3637 | 4383517 |
| &nbsp;&nbsp;&nbsp; 8.13%, 07/17/35<sup>(a)</sup> | USD  | 470 | 499433 |
| Renault SA, 3.88%, 09/30/30<sup>(f)</sup> | EUR  | 600 | 710236 |
|  |  |  | 11215821 |
| **Banks — 2.7%** | **Banks — 2.7%** | **Banks — 2.7%** | **Banks — 2.7%** |
| AIB Group PLC, 6.00% <sup>(f)(n)</sup> |  | 1214 | 1460909 |
| Akbank TAS, 9.37% <sup>(f)(n)</sup> | USD  | 852 | 894600 |
| Al Rajhi Sukuk Ltd., 6.25% <sup>(f)(n)</sup> |  | 1096 | 1109656 |
| Banco Bilbao Vizcaya Argentaria SA, 6.88% <sup>(f)(n)</sup> | EUR  | 1400 | 1781167 |
| Banco Espirito Santo SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 05/08/17<sup>(f)(h)(o)</sup> |  | 400 | 103418 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/18<sup>(f)(h)(o)</sup> |  | 2200 | 568797 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/21/19<sup>(f)(h)(o)</sup> |  | 6300 | 1628827 |
| Bangkok Bank PCL, 5.30%, 09/21/28<sup>(a)</sup> | USD  | 200 | 205554 |
| Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.73%, 07/22/27 |  | 2487 | 2455274 |
| &nbsp;&nbsp;&nbsp; 3.42%, 12/20/28 |  | 8172 | 8069213 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/25/29 |  | 5811 | 5959807 |
| &nbsp;&nbsp;&nbsp; 4.62%, 05/09/29 |  | 32120 | 32546094 |
| &nbsp;&nbsp;&nbsp; 5.82%, 09/15/29 |  | 8645 | 9017459 |
| &nbsp;&nbsp;&nbsp; 5.16%, 01/24/31 |  | 10624 | 10967732 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 07/21/32 | USD  | 2140 | $1913498 |
| &nbsp;&nbsp;&nbsp; 2.97%, 02/04/33 |  | 16911 | 15465184 |
| &nbsp;&nbsp;&nbsp; 4.57%, 04/27/33 |  | 11665 | 11636418 |
| &nbsp;&nbsp;&nbsp; 5.29%, 04/25/34 |  | 6931 | 7135786 |
| &nbsp;&nbsp;&nbsp; 5.51%, 01/24/36 |  | 380 | 396187 |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/44 |  | 3276 | 3107198 |
| &nbsp;&nbsp;&nbsp; 4.33%, 03/15/50 |  | 2296 | 1928827 |
| CaixaBank SA, 6.25% <sup>(f)(n)</sup> | EUR  | 1000 | 1235384 |
| Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.64%, 05/07/28 | USD  | 12756 | 12859548 |
| &nbsp;&nbsp;&nbsp; 4.79%, 03/04/29 |  | 8699 | 8823640 |
| &nbsp;&nbsp;&nbsp; 4.54%, 09/19/30 |  | 3652 | 3681041 |
| &nbsp;&nbsp;&nbsp; 2.98%, 11/05/30 |  | 2305 | 2195229 |
| &nbsp;&nbsp;&nbsp; 2.67%, 01/29/31 |  | 6049 | 5662116 |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/07/31 |  | 13625 | 13916366 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/11/31 |  | 9125 | 9153240 |
| &nbsp;&nbsp;&nbsp; 3.06%, 01/25/33 |  | 16913 | 15493397 |
| &nbsp;&nbsp;&nbsp; 6.27%, 11/17/33 |  | 2878 | 3133486 |
| &nbsp;&nbsp;&nbsp; 4.11%, 04/29/36 | EUR  | 8226 | 9825329 |
| &nbsp;&nbsp;&nbsp; 5.17%, 09/11/36 | USD  | 1015 | 1024488 |
| &nbsp;&nbsp;&nbsp; Series mTn, 5.92%, 12/11/30<sup>(b)</sup> |  | 21220 | 21220000 |
| First Citizens BancShares, Inc., 6.25%, 03/12/40 |  | 7895 | 8051858 |
| JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.07%, 10/22/27 |  | 14235 | 14458804 |
| &nbsp;&nbsp;&nbsp; 2.95%, 02/24/28 |  | 7053 | 6966979 |
| &nbsp;&nbsp;&nbsp; 5.57%, 04/22/28 |  | 30329 | 30932321 |
| &nbsp;&nbsp;&nbsp; 2.18%, 06/01/28 |  | 5021 | 4896576 |
| &nbsp;&nbsp;&nbsp; 4.51%, 10/22/28 |  | 2448 | 2471991 |
| &nbsp;&nbsp;&nbsp; 4.92%, 01/24/29 |  | 3348 | 3410239 |
| &nbsp;&nbsp;&nbsp; 5.01%, 01/23/30 |  | 25378 | 26004837 |
| &nbsp;&nbsp;&nbsp; 5.58%, 04/22/30 |  | 46499 | 48509023 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/22/30 |  | 15668 | 16085339 |
| &nbsp;&nbsp;&nbsp; 4.60%, 10/22/30 |  | 930 | 943058 |
| &nbsp;&nbsp;&nbsp; 4.49%, 03/24/31 |  | 9912 | 9998155 |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/22/31 |  | 4174 | 4309557 |
| &nbsp;&nbsp;&nbsp; 1.76%, 11/19/31 |  | 10740 | 9541254 |
| &nbsp;&nbsp;&nbsp; 5.35%, 06/01/34 |  | 7639 | 7936993 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/24/36 |  | 7691 | 8038007 |
| &nbsp;&nbsp;&nbsp; 5.57%, 04/22/36 |  | 4624 | 4851311 |
| &nbsp;&nbsp;&nbsp; 3.11%, 04/22/51 |  | 1970 | 1337798 |
| KeyBank N.A., 5.00%, 01/26/33 |  | 12449 | 12573696 |
| &nbsp;&nbsp;&nbsp; Lehman Brothers Holdings Capital Trust VII, <br> 5.86% <sup>(e)(h)(n)(o)</sup><br>|  | 1888 |  |
| Texas Capital Bancshares, Inc., 4.00%, 05/06/31 |  | 4001 | 3953282 |
| Washington Mutual Escrow Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%<sup>(e)(h)(n)(o)</sup> |  | 13308 | 1 |
| &nbsp;&nbsp;&nbsp; 0.00%<sup>(e)(h)(n)(o)</sup> |  | 11911 | 1 |
| &nbsp;&nbsp;&nbsp; 0.00%<sup>(e)(h)(n)(o)</sup> |  | 2570 |  |
| &nbsp;&nbsp;&nbsp; 0.00%<sup>(e)(h)(n)(o)</sup> |  | 3115 |  |
| Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/23/26 |  | 946 | 939082 |
| &nbsp;&nbsp;&nbsp; 5.71%, 04/22/28 |  | 921 | 940063 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/23/30 |  | 3096 | 3188415 |
| &nbsp;&nbsp;&nbsp; 5.24%, 01/24/31 |  | 1722 | 1783165 |
| &nbsp;&nbsp;&nbsp; 2.57%, 02/11/31 |  | 1518 | 1417789 |
| &nbsp;&nbsp;&nbsp; 3.90%, 07/22/32<sup>(f)</sup> | EUR  | 4200 | 5053191 |
| &nbsp;&nbsp;&nbsp; 3.35%, 03/02/33 | USD  | 8678 | 8099497 |
| &nbsp;&nbsp;&nbsp; 4.90%, 07/25/33 |  | 12448 | 12641627 |
| &nbsp;&nbsp;&nbsp; 5.39%, 04/24/34 |  | 5475 | 5696366 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/23/35 |  | 7192 | 7503918 |
| &nbsp;&nbsp;&nbsp; 3.90%, 05/01/45 |  | 1232 | 999162 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.61%, 04/25/53 | USD  | 4642 | $3994462 |
| &nbsp;&nbsp;&nbsp; Series W, 4.90%, 01/24/28 |  | 1537 | 1549939 |
|  |  |  | 505652625 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Heineken NV, 3.51%, 05/03/34<sup>(f)</sup> | EUR  | 8380 | 9791372 |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc./Triton Water Holdings, <br> Inc., 4.38%, 04/30/29<sup>(a)</sup><br>| USD  | 286 | 278245 |
|  |  |  | 10069617 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.77%, 09/01/53 |  | 2354 | 1396692 |
| &nbsp;&nbsp;&nbsp; 4.40%, 02/22/62 |  | 2430 | 1898050 |
| Biocon Biologics Global PLC, 6.67%, 10/09/29<sup>(f)</sup> |  | 5296 | 5322480 |
| Grifols SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 05/01/30<sup>(f)</sup> | EUR  | 510 | 628808 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/01/30<sup>(f)</sup> |  | 2428 | 2996931 |
|  |  |  | 12242961 |
| **Broadline Retail — 0.3%** | **Broadline Retail — 0.3%** | **Broadline Retail — 0.3%** | **Broadline Retail — 0.3%** |
| Amazon.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 11/20/35 | USD  | 22350 | 22259616 |
| &nbsp;&nbsp;&nbsp; 3.95%, 04/13/52 |  | 15658 | 12220106 |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/20/65 |  | 12071 | 11708823 |
| Kohl's Corp., 5.13%, 05/01/31 |  | 566 | 497868 |
| Nordstrom, Inc., 4.38%, 04/01/30 |  | 100 | 95589 |
| Prosus NV, 4.03%, 08/03/50<sup>(f)</sup> |  | 200 | 139000 |
| Rakuten Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%<sup>(f)(n)</sup> | EUR  | 654 | 745504 |
| &nbsp;&nbsp;&nbsp; 6.25%<sup>(a)(n)</sup> | USD  | 203 | 193758 |
| &nbsp;&nbsp;&nbsp; 11.25%, 02/15/27<sup>(a)</sup> |  | 349 | 373151 |
| &nbsp;&nbsp;&nbsp; 9.75%, 04/15/29<sup>(f)</sup> |  | 14000 | 15658446 |
|  |  |  | 63891861 |
| **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
| Builders FirstSource, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/32<sup>(a)</sup> |  | 100 | 95221 |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/15/32<sup>(a)</sup> |  | 166 | 171998 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/34<sup>(a)</sup> |  | 398 | 411505 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/35<sup>(a)</sup> |  | 222 | 232104 |
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc./MIWD <br> Borrower LLC, 6.75%, 04/01/32<sup>(a)</sup><br>|  | 381 | 390598 |
| Smyrna Ready Mix Concrete LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/28<sup>(a)</sup> |  | 413 | 414909 |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/15/31<sup>(a)</sup> |  | 170 | 181838 |
| &nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc., 6.50%, <br> 08/15/32<sup>(a)</sup><br>|  | 406 | 417987 |
| Standard Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/28<sup>(a)</sup> |  | 203 | 202453 |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/15/30<sup>(a)</sup> |  | 590 | 569176 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(a)</sup> |  | 1232 | 1294056 |
|  |  |  | 4381845 |
| **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
| AG Issuer LLC, 6.25%, 03/01/28<sup>(a)</sup> |  | 127 | 127576 |
| Aretec Group, Inc., 10.00%, 08/15/30<sup>(a)</sup> |  | 576 | 621586 |
| Deutsche Bank AG |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%<sup>(f)(n)</sup> | EUR  | 2400 | 2793353 |
| &nbsp;&nbsp;&nbsp; 8.13%<sup>(f)(n)</sup> |  | 400 | 510845 |
| &nbsp;&nbsp;&nbsp; Drawbridge Special Opportunities Fund <br> LP/Drawbridge Special Opportunities Fin, <br> 5.95%, 09/17/30<sup>(a)</sup><br>| USD  | 1200 | 1144608 |
| Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(a)</sup> |  | 428 | 474713 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Galaxy Digital Holdings LP, 0.50%, 05/01/31<sup>(a)(p)</sup> | USD  | 719 | $543205 |
| Goldman Sachs Group, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.54%, 09/10/27 |  | 16102 | 15819874 |
| &nbsp;&nbsp;&nbsp; 4.94%, 04/23/28 |  | 35726 | 36134056 |
| &nbsp;&nbsp;&nbsp; 4.22%, 05/01/29 |  | 18303 | 18341081 |
| &nbsp;&nbsp;&nbsp; 6.48%, 10/24/29 |  | 1450 | 1537705 |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/07/30 |  | 2053 | 1929143 |
| &nbsp;&nbsp;&nbsp; 3.80%, 03/15/30 |  | 1107 | 1089516 |
| &nbsp;&nbsp;&nbsp; 5.73%, 04/25/30 |  | 898 | 938160 |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/23/30 |  | 22579 | 23134753 |
| &nbsp;&nbsp;&nbsp; 4.69%, 10/23/30 |  | 12001 | 12164739 |
| &nbsp;&nbsp;&nbsp; 2.62%, 04/22/32 |  | 4735 | 4317434 |
| &nbsp;&nbsp;&nbsp; 3.10%, 02/24/33 |  | 3745 | 3449990 |
| &nbsp;&nbsp;&nbsp; 5.56%, 11/19/45 |  | 4081 | 4082298 |
| Jane Street Group/JSG Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/29<sup>(a)</sup> |  | 100 | 98486 |
| &nbsp;&nbsp;&nbsp; 7.13%, 04/30/31<sup>(a)</sup> |  | 495 | 520129 |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/01/32<sup>(a)</sup> |  | 458 | 466042 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/28<sup>(a)</sup> |  | 349 | 336007 |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/31<sup>(a)</sup> |  | 200 | 196814 |
| &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC, 8.25%, <br> 05/15/30<sup>(a)</sup><br>|  | 321 | 337598 |
| &nbsp;&nbsp;&nbsp; Lehman Brothers Holdings, Inc., 6.75%, <br> 12/28/17<sup>(e)(h)(o)</sup><br>|  | 7360 | 1 |
| Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.59%, 05/04/27 |  | 7829 | 7760868 |
| &nbsp;&nbsp;&nbsp; 2.48%, 01/21/28 |  | 948 | 932363 |
| &nbsp;&nbsp;&nbsp; 5.65%, 04/13/28 |  | 893 | 910583 |
| &nbsp;&nbsp;&nbsp; 3.77%, 01/24/29 |  | 12751 | 12678973 |
| &nbsp;&nbsp;&nbsp; 5.16%, 04/20/29 |  | 19626 | 20067772 |
| &nbsp;&nbsp;&nbsp; 6.41%, 11/01/29 |  | 4678 | 4958252 |
| &nbsp;&nbsp;&nbsp; 5.66%, 04/18/30 |  | 15450 | 16096208 |
| &nbsp;&nbsp;&nbsp; 5.04%, 07/19/30 |  | 28523 | 29244235 |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/18/30 |  | 3143 | 3181023 |
| &nbsp;&nbsp;&nbsp; 5.23%, 01/15/31 |  | 20873 | 21530233 |
| &nbsp;&nbsp;&nbsp; 2.70%, 01/22/31 |  | 2086 | 1956661 |
| &nbsp;&nbsp;&nbsp; 1.79%, 02/13/32 |  | 2381 | 2091115 |
| &nbsp;&nbsp;&nbsp; 1.93%, 04/28/32 |  | 1287 | 1129159 |
| &nbsp;&nbsp;&nbsp; 2.24%, 07/21/32 |  | 19645 | 17456311 |
| &nbsp;&nbsp;&nbsp; 2.94%, 01/21/33 |  | 7726 | 7051466 |
| &nbsp;&nbsp;&nbsp; 4.89%, 07/20/33 |  | 17688 | 17942659 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/21/34 |  | 16742 | 17236915 |
| &nbsp;&nbsp;&nbsp; 5.42%, 07/21/34 |  | 12000 | 12483796 |
| &nbsp;&nbsp;&nbsp; 4.10%, 05/22/36 | EUR  | 8623 | 10305994 |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/07/36 |  | 2420 | 2797903 |
| &nbsp;&nbsp;&nbsp; Series I, 4.13%, 10/18/29 | USD  | 17795 | 17789270 |
| MSCI, Inc., 5.25%, 09/01/35 |  | 20054 | 20186310 |
| Osaic Holdings, Inc., 6.75%, 08/01/32<sup>(a)</sup> |  | 100 | 104462 |
| StoneX Escrow Issuer LLC, 6.88%, 07/15/32<sup>(a)</sup> |  | 220 | 228191 |
| StoneX Group, Inc., 7.88%, 03/01/31<sup>(a)</sup> |  | 93 | 98805 |
| UBS Group AG, 0.63%, 01/18/33<sup>(f)</sup> | EUR  | 4749 | 4569745 |
|  |  |  | 381898984 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Avient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 08/01/30<sup>(a)</sup> | USD  | 170 | 175034 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/31<sup>(a)</sup> |  | 100 | 102786 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Dutch Holding B BV, <br> 7.25%, 02/15/31<sup>(a)</sup><br>|  | 690 | 727685 |
| Brenntag Finance BV, 3.38%, 10/02/31<sup>(f)</sup> | EUR  | 7500 | 8703122 |
| Celanese U.S. Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.85%, 11/15/28 | USD  | 96 | 100430 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Celanese U.S. Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/30 | USD  | 528 | $530640 |
| &nbsp;&nbsp;&nbsp; 7.05%, 11/15/30 |  | 349 | 367733 |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/15/32 |  | 98 | 101981 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/33 |  | 541 | 538162 |
| &nbsp;&nbsp;&nbsp; 7.20%, 11/15/33 |  | 46 | 48595 |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/15/34 |  | 33 | 33527 |
| Chemours Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/29<sup>(a)</sup> |  | 374 | 338182 |
| &nbsp;&nbsp;&nbsp; 8.00%, 01/15/33<sup>(a)</sup> |  | 660 | 638954 |
| FMC Corp., 3.45%, 10/01/29 |  | 100 | 88696 |
| Huntsman International LLC, 4.50%, 05/01/29 |  | 308 | 295324 |
| INEOS Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/15/29<sup>(a)</sup> |  | 750 | 651511 |
| &nbsp;&nbsp;&nbsp; 7.25%, 03/31/31<sup>(f)</sup> | EUR  | 882 | 891907 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(f)</sup> |  | 1619 | 1896430 |
| Lune Holdings S.a.r.l., 5.63%, 11/15/28<sup>(f)</sup> |  | 316 | 42707 |
| Methanex Corp., 5.13%, 10/15/27 | USD  | 320 | 321811 |
| NOVA Chemicals Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/27<sup>(a)</sup> |  | 100 | 100612 |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/15/30<sup>(a)</sup> |  | 726 | 775197 |
| &nbsp;&nbsp;&nbsp; 7.00%, 12/01/31<sup>(a)</sup> |  | 79 | 84144 |
| OCP SA, 6.75%, 05/02/34<sup>(f)</sup> |  | 5089 | 5488232 |
| Olin Corp., 6.63%, 04/01/33<sup>(a)</sup> |  | 595 | 590519 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/29<sup>(a)</sup> |  | 200 | 194616 |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/31<sup>(a)</sup> |  | 404 | 413295 |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/15/33<sup>(f)</sup> | EUR  | 723 | 842982 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/33<sup>(a)</sup> | USD  | 353 | 354744 |
| &nbsp;&nbsp;&nbsp; Orbia Advance Corp. SAB de CV, 6.80%, <br> 05/13/30<sup>(a)</sup><br>|  | 3324 | 3277464 |
| Perimeter Holdings LLC, 01/15/34<sup>(a)(g)</sup> |  | 100 | 99343 |
| &nbsp;&nbsp;&nbsp; Pioneer Midco, (10.50% PIK), 10.50%, <br> 11/18/30<sup>(a)(e)(m)</sup><br>|  | 8610 | 8631487 |
| Sasol Financing U.S.A. LLC, 8.75%, 05/03/29<sup>(f)</sup> |  | 904 | 915173 |
| SCIH Salt Holdings, Inc., 4.88%, 05/01/28<sup>(a)</sup> |  | 200 | 200049 |
| Scotts Miracle-Gro Co. (The), 4.00%, 04/01/31 |  | 57 | 53629 |
| Tronox, Inc., 4.63%, 03/15/29<sup>(a)</sup> |  | 621 | 434735 |
| WR Grace Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/27<sup>(a)</sup> |  | 45 | 44861 |
| &nbsp;&nbsp;&nbsp; 6.63%, 08/15/32<sup>(a)</sup> |  | 357 | 361559 |
|  |  |  | 39457858 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| ADT Security Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/01/29<sup>(a)</sup> |  | 174 | 169705 |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/15/33<sup>(a)</sup> |  | 121 | 122500 |
| Aethon III BR LLC, 10.08%, 01/10/27<sup>(a)(b)(e)</sup> |  | 3155 | 3139367 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(a)</sup> |  | 385 | 405743 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal <br> Finance Corp., 6.00%, 06/01/29<sup>(a)</sup><br>|  | 1125 | 1113359 |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(f)</sup> | EUR  | 2196 | 2710030 |
| APCOA Group GmbH, 6.00%, 04/15/31<sup>(f)</sup> |  | 2428 | 2904111 |
| Biffa Group Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/31<sup>(f)</sup> |  | 328 | 384351 |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/15/31<sup>(f)</sup> | GBP  | 575 | 781751 |
| Boels Topholding BV, 5.75%, 05/15/30<sup>(f)</sup> | EUR  | 692 | 840882 |
| Brink's Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/27<sup>(a)</sup> | USD  | 100 | 99993 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/29<sup>(a)</sup> |  | 200 | 207079 |
| &nbsp;&nbsp;&nbsp; 6.75%, 06/15/32<sup>(a)</sup> |  | 18 | 18757 |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp., 3.88%, <br> 07/01/28<sup>(a)</sup><br>|  | 281 | 272796 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Clean Harbors, Inc., 6.38%, 02/01/31<sup>(a)</sup> | USD  | 130 | $133786 |
| Covanta Holding Corp., 4.88%, 12/01/29<sup>(a)</sup> |  | 780 | 749720 |
| EC Finance PLC, 3.25%, 10/15/26<sup>(f)</sup> | EUR  | 145 | 168615 |
| Garda World Security Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/29<sup>(a)</sup> | USD  | 200 | 196138 |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/32<sup>(a)</sup> |  | 272 | 276440 |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/15/32<sup>(a)</sup> |  | 647 | 659043 |
| GEO Group, Inc. (The), 8.63%, 04/15/29 |  | 485 | 510124 |
| GFL Environmental, Inc., 4.38%, 08/15/29<sup>(a)</sup> |  | 100 | 98333 |
| Kapla Holding SAS, 5.00%, 04/30/31<sup>(f)</sup> | EUR  | 3211 | 3826811 |
| Loxam SAS, 4.25%, 02/15/31<sup>(f)</sup> |  | 2357 | 2771065 |
| Luna 2 5SARL, 5.50%, 07/01/32<sup>(f)</sup> |  | 809 | 968119 |
| Madison IAQ LLC, 4.13%, 06/30/28<sup>(a)</sup> | USD  | 100 | 98261 |
| Multiversity SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.32%, <br> 05/17/31<sup>(b)(f)</sup><br>| EUR  | 599 | 711808 |
| &nbsp;&nbsp;&nbsp; 7.13%, 05/17/31<sup>(f)</sup> |  | 2428 | 3047236 |
| Paprec Holding SA, 4.13%, 07/15/30<sup>(f)</sup> |  | 818 | 965898 |
| Pitney Bowes, Inc., 6.88%, 03/15/27<sup>(a)</sup> | USD  | 6435 | 6439189 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime <br> Finance, Inc., 3.38%, 08/31/27<sup>(a)</sup><br>|  | 244 | 239231 |
| &nbsp;&nbsp;&nbsp; Sabre Financial Borrower LLC, 11.13%, <br> 06/15/29<sup>(a)</sup><br>|  | 3050 | 3090680 |
| Williams Scotsman, Inc., 4.63%, 08/15/28<sup>(a)</sup> |  | 424 | 422700 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(a)</sup> |  | 81 | 84906 |
|  |  |  | 38628527 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| Motorola Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/01/32 |  | 3009 | 3164333 |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/35 |  | 8112 | 8429998 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/44 |  | 947 | 922589 |
| Viasat, Inc., 5.63%, 04/15/27<sup>(a)</sup> |  | 413 | 412406 |
|  |  |  | 12929326 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| AECOM, 6.00%, 08/01/33<sup>(a)</sup> |  | 200 | 204972 |
| Arcosa, Inc., 6.88%, 08/15/32<sup>(a)</sup> |  | 82 | 86439 |
| &nbsp;&nbsp;&nbsp; China City Construction International Co. Ltd., <br> 0.00%, 07/03/17<sup>(e)(f)(h)(o)</sup><br>| CNH  | 340 |  |
| IHS Holding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/29/28<sup>(a)</sup> | USD  | 200 | 198584 |
| &nbsp;&nbsp;&nbsp; 8.25%, 11/29/31<sup>(f)</sup> |  | 859 | 896126 |
| &nbsp;&nbsp;&nbsp; IRB Infrastructure Developers Ltd., 7.11%, <br> 03/11/32<sup>(f)</sup><br>|  | 14000 | 14472500 |
|  |  |  | 15858621 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
| Quikrete Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/32<sup>(a)</sup> |  | 1054 | 1097088 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/33<sup>(a)</sup> |  | 45 | 46993 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (7.00% PIK), 7.00%, <br> 12/10/27<sup>(e)(h)(m)(o)</sup><br>|  | 10986 | 1 |
|  |  |  | 1144082 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| Ally Financial, Inc., 6.65%, 01/17/40 |  | 122 | 122789 |
| BCP V Modular Services Finance II PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/30/28<sup>(f)</sup> | EUR  | 1501 | 1665713 |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/30/28<sup>(f)</sup> | GBP  | 100 | 126529 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/10/31<sup>(f)</sup> | EUR  | 2827 | 3097522 |
| &nbsp;&nbsp;&nbsp; BCP V Modular Services Finance PLC, 6.75%, <br> 11/30/29<sup>(f)</sup><br>|  | 412 | 373452 |
| Credit Acceptance Corp., 6.63%, 03/15/30<sup>(a)</sup> | USD  | 568 | 569120 |
| Encore Capital Group, Inc., 4.25%, 06/01/28<sup>(f)</sup> | GBP  | 546 | 704737 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
| FirstCash, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/01/28<sup>(a)</sup> | USD  | 162 | $160961 |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/01/30<sup>(a)</sup> |  | 129 | 129480 |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/01/32<sup>(a)</sup> |  | 170 | 176834 |
| Ford Motor Credit Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/06/26 |  | 789 | 790779 |
| &nbsp;&nbsp;&nbsp; 6.95%, 06/10/26 |  | 1941 | 1957901 |
| &nbsp;&nbsp;&nbsp; 4.54%, 08/01/26 |  | 773 | 771948 |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/05/26 |  | 1562 | 1570487 |
| &nbsp;&nbsp;&nbsp; 4.27%, 01/09/27 |  | 1566 | 1557858 |
| &nbsp;&nbsp;&nbsp; 5.92%, 03/20/28 |  | 7642 | 7819274 |
| &nbsp;&nbsp;&nbsp; 6.80%, 11/07/28 |  | 7991 | 8383517 |
| &nbsp;&nbsp;&nbsp; 2.90%, 02/10/29 |  | 6097 | 5729647 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/07/29 |  | 1723 | 1768687 |
| General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/04/34 |  | 6140 | 6425980 |
| &nbsp;&nbsp;&nbsp; 5.90%, 01/07/35 |  | 1270 | 1322192 |
| GGAM Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/15/28<sup>(a)</sup> |  | 448 | 474418 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/29<sup>(a)</sup> |  | 538 | 558006 |
| Kaspi.KZ JSC, 6.25%, 03/26/30<sup>(f)</sup> |  | 447 | 455667 |
| RCI Banque SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%<sup>(f)(n)</sup> | EUR  | 1800 | 2126495 |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/24/37<sup>(f)</sup> |  | 2000 | 2395374 |
| SLM Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/02/26 | USD  | 180 | 176933 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/31/30 |  | 285 | 294992 |
| Synchrony Financial |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/01/27 |  | 6324 | 6293864 |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/19/29 |  | 8746 | 8863377 |
| &nbsp;&nbsp;&nbsp; 5.94%, 08/02/30 |  | 22532 | 23482313 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/06/31 |  | 34083 | 34945310 |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/28/31 |  | 21705 | 19472862 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/02/33 |  | 13364 | 14355760 |
| Volkswagen International Finance NV |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%<sup>(f)(n)</sup> | EUR  | 1600 | 1844629 |
| &nbsp;&nbsp;&nbsp; 5.99%<sup>(f)(n)</sup> |  | 1200 | 1459305 |
|  |  |  | 162424712 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/27<sup>(a)</sup> | USD  | 636 | 635388 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/30<sup>(a)</sup> |  | 393 | 389758 |
| Bellis Acquisition Co. PLC, 8.00%, 07/01/31<sup>(f)</sup> | EUR  | 3420 | 3895001 |
| Boots Group Finco LP, 7.38%, 08/31/32<sup>(f)</sup> | GBP  | 1541 | 2148174 |
| Bubbles Bidco SpA, 6.50%, 09/30/31<sup>(f)</sup> | EUR  | 1619 | 1951962 |
| &nbsp;&nbsp;&nbsp; CK Hutchison International 23 Ltd., 4.75%, <br> 04/21/28<sup>(f)</sup><br>| USD  | 640 | 649734 |
| &nbsp;&nbsp;&nbsp; Duomo Bidco SpA, (3-mo. EURIBOR + 3.25%), <br> 5.31%, 01/15/32<sup>(b)(f)</sup><br>| EUR  | 864 | 1023147 |
| FR Bondco SAS, 6.88%, 10/31/32<sup>(f)</sup> |  | 225 | 265345 |
| Iceland Bondco PLC, 10.88%, 12/15/27<sup>(f)</sup> | GBP  | 504 | 717656 |
| &nbsp;&nbsp;&nbsp; KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution, Inc., 9.00%, <br> 02/15/29<sup>(a)</sup><br>| USD  | 591 | 620372 |
| Market Bidco Finco PLC, 6.75%, 01/31/31<sup>(f)</sup> | EUR  | 1078 | 1253047 |
| Ocado Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 08/08/29<sup>(f)</sup> | GBP  | 292 | 394935 |
| &nbsp;&nbsp;&nbsp; 11.00%, 06/15/30<sup>(f)</sup> |  | 508 | 690670 |
| Performance Food Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/27<sup>(a)</sup> | USD  | 160 | 160236 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
| Performance Food Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/01/29<sup>(a)</sup> | USD  | 100 | $97768 |
| Picard Groupe SAS, 6.38%, 07/01/29<sup>(f)</sup> | EUR  | 1619 | 1984220 |
|  |  |  | 16877413 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Ardagh Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 12/01/30<sup>(a)</sup> | USD  | 5261 | 5705916 |
| &nbsp;&nbsp;&nbsp; 9.50%, 12/01/30<sup>(f)</sup> |  | 220 | 239118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.50% Cash and 6.50% PIK), 12.00%, <br> 12/01/30<sup>(a)(m)</sup><br>|  | 10163 | 9286441 |
| &nbsp;&nbsp;&nbsp; PIK, 12.00%, 12/01/30<sup>(f)(m)</sup> | EUR  | 2194 | 2363865 |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance U.S.A. <br> LLC/Ardagh Metal Packaging Finance PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/29<sup>(f)</sup> |  | 499 | 557597 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/29<sup>(a)</sup> | USD  | 587 | 552593 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/30/31<sup>(f)</sup> | EUR  | 322 | 382590 |
| Ball Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/29 | USD  | 297 | 305283 |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/15/30 |  | 77 | 71195 |
| &nbsp;&nbsp;&nbsp; Crown Americas LLC/Crown Americas Capital <br> Corp. V, 4.25%, 09/30/26<br>|  | 201 | 200256 |
| Mauser Packaging Solutions Holding Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/30<sup>(a)</sup> |  | 1148 | 1138943 |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/30<sup>(a)</sup> |  | 2408 | 2311680 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., 7.25%, <br> 05/15/31<sup>(a)</sup><br>|  | 177 | 180677 |
| Sealed Air Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/27<sup>(a)</sup> |  | 100 | 99482 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/29<sup>(a)</sup> |  | 102 | 102671 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/32<sup>(a)</sup> |  | 100 | 103738 |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/01/28<sup>(a)</sup> |  | 153 | 155542 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/31<sup>(a)</sup> |  | 220 | 229095 |
| &nbsp;&nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, <br> Inc./Toucan FinCo U.S. LLC, 9.50%, <br> 05/15/30<sup>(a)</sup><br>|  | 3818 | 3812680 |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV, 12.25%, <br> 01/15/31<sup>(a)</sup><br>|  | 957 | 1038380 |
|  |  |  | 28837742 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| Match Group Holdings II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/27<sup>(a)</sup> |  | 100 | 99784 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/28<sup>(a)</sup> |  | 174 | 172443 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/01/30<sup>(a)</sup> |  | 195 | 184570 |
| Service Corp. International |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/01/29 |  | 100 | 100660 |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/15/30 |  | 309 | 288945 |
| United Rentals North America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/15/28 |  | 403 | 403035 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/30 |  | 419 | 406170 |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 |  | 160 | 152593 |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/32 |  | 386 | 362141 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<sup>(a)</sup> |  | 260 | 275164 |
|  |  |  | 2445505 |
| **Diversified REITs — 1.6%** | **Diversified REITs — 1.6%** | **Diversified REITs — 1.6%** | **Diversified REITs — 1.6%** |
| American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/15/29 |  | 1687 | 1672777 |
| &nbsp;&nbsp;&nbsp; 1.88%, 10/15/30 |  | 14802 | 13221882 |
| &nbsp;&nbsp;&nbsp; 2.70%, 04/15/31 |  | 2086 | 1915376 |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/16/31 | EUR  | 6200 | 7752853 |
| &nbsp;&nbsp;&nbsp; 4.70%, 12/15/32 | USD  | 10590 | 10592297 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/15/34 | USD  | 22430 | $23298028 |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/15/35 |  | 19744 | 20241842 |
| Crown Castle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 09/01/29 |  | 834 | 846938 |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/15/31 |  | 4857 | 4341955 |
| &nbsp;&nbsp;&nbsp; Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>|  | 22050 | 22828193 |
| Equinix, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/15/31 |  | 18700 | 16923158 |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/15/32 |  | 19411 | 18655920 |
| &nbsp;&nbsp;&nbsp; 3.40%, 02/15/52 |  | 5153 | 3520549 |
| &nbsp;&nbsp;&nbsp; Global Net Lease, Inc./Global Net Lease <br> Operating Partnership LP, 3.75%, 12/15/27<sup>(a)</sup><br>|  | 276 | 268741 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/15/29 |  | 3702 | 3766436 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/30 |  | 6677 | 6491122 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/31 |  | 4559 | 4366731 |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/15/32 |  | 12470 | 11282343 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/33 |  | 5560 | 5580138 |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services, <br> Inc., 5.00%, 07/15/32<sup>(a)</sup><br>|  | 139 | 132698 |
| Trust 2401, 7.70%, 01/23/32<sup>(a)</sup> |  | 2008 | 2219744 |
| Trust Fibra Uno, 7.70%, 01/23/32<sup>(f)</sup> |  | 4000 | 4398680 |
| VICI Properties LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 |  | 10716 | 10820657 |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/01/28 |  | 2384 | 2409093 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/15/30 |  | 15918 | 16109066 |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/15/31 |  | 10539 | 10676329 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 |  | 12283 | 12367978 |
| VICI Properties LP/VICI Note Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/27<sup>(a)</sup> |  | 2363 | 2347371 |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/29<sup>(a)</sup> |  | 13926 | 13655305 |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/29<sup>(a)</sup> |  | 23204 | 23158715 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/30<sup>(a)</sup> |  | 17747 | 17209006 |
|  |  |  | 293071921 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |
| Altice Financing SA, 3.00%, 01/15/28<sup>(f)</sup> | EUR  | 1737 | 1402740 |
| Altice France SA, 5.63%, 07/15/32<sup>(f)</sup> |  | 650 | 726832 |
| APLD ComputeCo LLC, 9.25%, 12/15/30<sup>(a)</sup> | USD  | 600 | 588540 |
| AT&T Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/01/47 |  | 1917 | 1809903 |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/09/48 |  | 4526 | 3736943 |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/09/49 |  | 1749 | 1446970 |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/15/50 |  | 1181 | 1059541 |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/53 |  | 2132 | 1426786 |
| &nbsp;&nbsp;&nbsp; 3.55%, 09/15/55 |  | 1390 | 925243 |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/15/56 |  | 14079 | 14161734 |
| &nbsp;&nbsp;&nbsp; 3.80%, 12/01/57 |  | 14339 | 9862964 |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/15/59 |  | 33328 | 21978463 |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/01/60 |  | 11080 | 7601631 |
| &nbsp;&nbsp;&nbsp; British Telecommunications PLC, 6.38%, <br> 12/03/55<sup>(f)</sup><br>| GBP  | 1157 | 1594230 |
| Cipher Compute LLC, 7.13%, 11/15/30<sup>(a)</sup> | USD  | 400 | 407393 |
| &nbsp;&nbsp;&nbsp; Connect Finco S.a.r.l./Connect U.S. Finco LLC, <br> 9.00%, 09/15/29<sup>(a)</sup><br>|  | 1786 | 1894480 |
| Frontier Communications Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28<sup>(a)</sup> |  | 12915 | 12937209 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/29<sup>(a)</sup> |  | 461 | 464491 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 |  | 8873 | 8980721 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/30<sup>(a)</sup> |  | 2724 | 2770194 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/31<sup>(a)</sup> |  | 5165 | 5434525 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Frontier Florida LLC, Series E, 6.86%, 02/01/28 | USD  | 5279 | $5468305 |
| Frontier North, Inc., Series G, 6.73%, 02/15/28 |  | 1500 | 1547812 |
| Iliad Holding SAS |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/15/28<sup>(a)</sup> |  | 900 | 911191 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/31<sup>(f)</sup> | EUR  | 2235 | 2801767 |
| &nbsp;&nbsp;&nbsp; 8.50%, 04/15/31<sup>(a)</sup> | USD  | 314 | 337942 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/32<sup>(a)</sup> |  | 252 | 259725 |
| Level 3 Financing, Inc., 6.88%, 06/30/33<sup>(a)</sup> |  | 1294 | 1324122 |
| Telecom Argentina SA, 9.25%, 05/28/33<sup>(a)</sup> |  | 883 | 922569 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 |  | 1619 | 1793393 |
| Telefonica Europe BV, 6.75% <sup>(f)(n)</sup> | EUR  | 1100 | 1428351 |
| Turk Telekomunikasyon AS, 7.38%, 05/20/29<sup>(f)</sup> | USD  | 5130 | 5343203 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, <br> Inc./CSL Capital LLC, 4.75%, 04/15/28<sup>(a)</sup><br>|  | 774 | 769241 |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/18/30 |  | 2414 | 2128370 |
| &nbsp;&nbsp;&nbsp; 4.40%, 11/01/34 |  | 4530 | 4370640 |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/02/37<sup>(a)</sup> |  | 2202 | 2225582 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/30/55 |  | 18627 | 18403501 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/30/65 |  | 15442 | 15240510 |
| Windstream Services LLC, 7.50%, 10/15/33<sup>(a)</sup> |  | 399 | 409018 |
| &nbsp;&nbsp;&nbsp; WOM Chile Holdco SpA, (5.00% PIK), 5.00%, <br> 04/01/32<sup>(a)(m)(p)</sup><br>|  | 5068 | 4637410 |
| &nbsp;&nbsp;&nbsp; WOM Mobile SA, (11.00% Cash or 12.50% PIK), <br> 11.00%, 04/01/31<sup>(a)(m)</sup><br>|  | 210 | 206862 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(a)</sup> |  | 638 | 657299 |
| &nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., (9.25% Cash or <br> 0.50% PIK), 9.25%, 03/09/30<sup>(a)(m)</sup><br>|  | 325 | 308475 |
|  |  |  | 172706821 |
| **Electric Utilities — 3.5%** | **Electric Utilities — 3.5%** | **Electric Utilities — 3.5%** | **Electric Utilities — 3.5%** |
| AEP Texas, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/01/33 |  | 1154 | 1191378 |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/15/34 |  | 3606 | 3758711 |
| &nbsp;&nbsp;&nbsp; 3.80%, 10/01/47 |  | 2473 | 1826919 |
| &nbsp;&nbsp;&nbsp; 3.45%, 05/15/51 |  | 2546 | 1720038 |
| &nbsp;&nbsp;&nbsp; Series G, 4.15%, 05/01/49 |  | 1090 | 837934 |
| AEP Transmission Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/01/47 |  | 4846 | 3709201 |
| &nbsp;&nbsp;&nbsp; 3.80%, 06/15/49 |  | 1262 | 950557 |
| &nbsp;&nbsp;&nbsp; 3.15%, 09/15/49 |  | 1476 | 997783 |
| &nbsp;&nbsp;&nbsp; Series N, 2.75%, 08/15/51 |  | 2495 | 1536045 |
| AES Andes SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.30%, 03/15/29<sup>(a)</sup> |  | 200 | 206336 |
| &nbsp;&nbsp;&nbsp; 6.30%, 03/15/29<sup>(f)</sup> |  | 443 | 457034 |
| Alpha Generation LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/32<sup>(a)</sup> |  | 120 | 124223 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/34<sup>(a)</sup> |  | 277 | 279487 |
| &nbsp;&nbsp;&nbsp; Atlantica Sustainable Infrastructure Ltd., 4.13%, <br> 06/15/28<sup>(a)</sup><br>|  | 200 | 193958 |
| Baltimore Gas & Electric Co., 3.75%, 08/15/47 |  | 1396 | 1065442 |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/32<sup>(f)</sup> | EUR  | 2105 | 2527032 |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/15/32<sup>(a)</sup> | USD  | 150 | 150247 |
| &nbsp;&nbsp;&nbsp; Continuum Energy Aura Pte Ltd., 9.50%, <br> 02/24/27<sup>(f)</sup><br>|  | 8000 | 8120000 |
| &nbsp;&nbsp;&nbsp; Continuum Green Energy India Pvt/Co-Issuers, <br> 7.50%, 06/26/33<sup>(f)</sup><br>|  | 9408 | 9701484 |
| &nbsp;&nbsp;&nbsp; ContourGlobal Power Holdings SA, 5.00%, <br> 02/28/30<sup>(f)</sup><br>| EUR  | 1919 | 2308935 |
| Diamond II Ltd., 7.95%, 07/28/26<sup>(f)</sup> | USD  | 14000 | 14030660 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Duke Energy Carolinas LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/01/45 | USD  | 2487 | $1954318 |
| &nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 |  | 5364 | 4049694 |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/15/48 |  | 2643 | 2093182 |
| &nbsp;&nbsp;&nbsp; 3.20%, 08/15/49 |  | 4688 | 3202263 |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/53 |  | 2440 | 2340750 |
| Duke Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 08/15/47 |  | 3057 | 2354199 |
| &nbsp;&nbsp;&nbsp; 4.20%, 06/15/49 |  | 1211 | 953099 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/52 |  | 6115 | 5398520 |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/15/54 |  | 17451 | 17255343 |
| Duke Energy Florida LLC, 4.20%, 07/15/48 |  | 1916 | 1557159 |
| &nbsp;&nbsp;&nbsp; Duke Energy Kentucky, Inc., 5.90%, <br> 09/15/35 (Acquired 08/11/25, cost <br> $9,639,000)<sup>(e)(i)</sup><br>|  | 9639 | 9879975 |
| Duke Energy Ohio, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 06/01/30 |  | 1427 | 1306292 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/33 |  | 1527 | 1581794 |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/54 |  | 5416 | 5292809 |
| Duke Energy Progress LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 10/15/46 |  | 3457 | 2634744 |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/15/50 |  | 5236 | 3052552 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/52 |  | 4209 | 3262753 |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/15/53 |  | 7886 | 7530460 |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/55 |  | 975 | 961734 |
| &nbsp;&nbsp;&nbsp; E.ON International Finance BV, 3.50%, <br> 09/03/35<sup>(f)</sup><br>| EUR  | 4200 | 4857755 |
| Electricite de France SA, 3.38% <sup>(f)(n)</sup> |  | 400 | 448907 |
| Emera, Inc., Series 16-A, 6.75%, 06/15/76 | USD  | 600 | 602746 |
| &nbsp;&nbsp;&nbsp; FIEMEX Energia - Banco Actinver SA Institucion <br> de Banca Multiple, 7.25%, 01/31/41<sup>(a)</sup><br>|  | 1109 | 1165391 |
| FirstEnergy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 3.90%, 07/15/27 |  | 7174 | 7145378 |
| &nbsp;&nbsp;&nbsp; Series C, 4.85%, 07/15/47 |  | 13994 | 12319432 |
| &nbsp;&nbsp;&nbsp; Series C, 3.40%, 03/01/50 |  | 31118 | 21462759 |
| FirstEnergy Transmission LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/33<sup>(a)</sup> |  | 9675 | 9671911 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/35 |  | 16781 | 16814278 |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/01/49<sup>(a)</sup> |  | 17477 | 14845448 |
| Florida Power & Light Co., 3.15%, 10/01/49 |  | 5738 | 3929680 |
| Georgia Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/15/31 |  | 4674 | 4795495 |
| &nbsp;&nbsp;&nbsp; 4.70%, 05/15/32 |  | 5017 | 5085270 |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/35 |  | 7488 | 7685381 |
| India Green Power Holdings, 4.00%, 02/22/27<sup>(f)</sup> |  | 7299 | 7116888 |
| JSW Hydro Energy Ltd., 4.13%, 05/18/31<sup>(f)</sup> |  | 11120 | 10362450 |
| &nbsp;&nbsp;&nbsp; Mong Duong Finance Holdings BV, 5.13%, <br> 05/07/29<sup>(f)</sup><br>|  | 7560 | 7491833 |
| MVM Energetika Zrt, 6.50%, 03/13/31<sup>(f)</sup> |  | 6120 | 6456600 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.69%, 09/01/27 |  | 6215 | 6288853 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/56 | EUR  | 16000 | 18739269 |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/29<sup>(a)</sup> | USD  | 397 | 379846 |
| &nbsp;&nbsp;&nbsp; 4.45%, 06/15/29<sup>(a)</sup> |  | 948 | 943815 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/29<sup>(a)</sup> |  | 100 | 100269 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/29<sup>(a)</sup> |  | 784 | 780162 |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/31<sup>(a)</sup> |  | 279 | 260721 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/33<sup>(a)</sup> |  | 53 | 54049 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/33<sup>(a)</sup> |  | 31779 | 35128157 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/34<sup>(a)</sup> |  | 100 | 101017 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/34<sup>(a)</sup> |  | 96 | 98593 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/36<sup>(a)</sup> | USD  | 62 | $62821 |
| Ohio Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/49 |  | 2212 | 1699521 |
| &nbsp;&nbsp;&nbsp; Series P, 2.60%, 04/01/30 |  | 2332 | 2176322 |
| &nbsp;&nbsp;&nbsp; Series R, 2.90%, 10/01/51 |  | 5350 | 3297242 |
| Pacific Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/15/33 |  | 907 | 962414 |
| &nbsp;&nbsp;&nbsp; 6.40%, 06/15/33 |  | 3466 | 3737721 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/40 |  | 10245 | 8927145 |
| &nbsp;&nbsp;&nbsp; 3.30%, 08/01/40 |  | 7852 | 5943591 |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/42 |  | 1297 | 981362 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/44 |  | 4059 | 3427816 |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/01/50 |  | 38798 | 32793317 |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/01/50 |  | 7742 | 5220440 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/52 |  | 4819 | 4201679 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/53 |  | 17712 | 18837180 |
| &nbsp;&nbsp;&nbsp; 6.70%, 04/01/53 |  | 11091 | 11703425 |
| &nbsp;&nbsp;&nbsp; 5.90%, 10/01/54 |  | 5906 | 5660342 |
| &nbsp;&nbsp;&nbsp; 6.15%, 03/01/55 |  | 8533 | 8441467 |
| &nbsp;&nbsp;&nbsp; 6.10%, 10/15/55 |  | 20494 | 20112561 |
| PECO Energy Co., 3.90%, 03/01/48 |  | 1072 | 841125 |
| PG&E Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 |  | 34 | 33906 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/30 |  | 45126 | 44806388 |
| Pinnacle West Capital Corp., 5.15%, 05/15/30 |  | 16456 | 16956468 |
| Public Power Corp. SA, 4.25%, 10/31/30<sup>(f)</sup> | EUR  | 578 | 688419 |
| &nbsp;&nbsp;&nbsp; RTE Reseau de Transport d'Electricite SADIR, <br> 3.88%, 11/24/37<sup>(f)</sup><br>|  | 1000 | 1168537 |
| Southern Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/15/33 | USD  | 2145 | 2203833 |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/15/35 |  | 12203 | 12052934 |
| Talen Energy Supply LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/30<sup>(a)</sup> |  | 568 | 601372 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/36<sup>(a)</sup> |  | 316 | 326772 |
| Vistra Operations Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 12/30/26<sup>(a)</sup> |  | 4530 | 4562317 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/31/27<sup>(a)</sup> |  | 326 | 326750 |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/01/29<sup>(a)</sup> |  | 225 | 222175 |
| &nbsp;&nbsp;&nbsp; 4.60%, 10/15/30<sup>(a)</sup> |  | 3530 | 3528570 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/31<sup>(a)</sup> |  | 603 | 638684 |
| &nbsp;&nbsp;&nbsp; 6.95%, 10/15/33<sup>(a)</sup> |  | 29724 | 33122583 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/34<sup>(a)</sup> |  | 14213 | 14956809 |
| &nbsp;&nbsp;&nbsp; 5.70%, 12/30/34<sup>(a)</sup> |  | 18960 | 19569792 |
| VoltaGrid LLC, 7.38%, 11/01/30<sup>(a)</sup> |  | 1993 | 1974556 |
| XPLR Infrastructure Operating Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 01/15/31<sup>(a)</sup> |  | 296 | 310691 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/33<sup>(a)</sup> |  | 436 | 458678 |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/34<sup>(a)</sup> |  | 100 | 101629 |
|  |  |  | 635126751 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(a)</sup> |  | 389 | 383951 |
| Sensata Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/30<sup>(a)</sup> |  | 155 | 151389 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/32<sup>(a)</sup> |  | 200 | 209414 |
| WESCO Distribution, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/28<sup>(a)</sup> |  | 260 | 263774 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/29<sup>(a)</sup> |  | 278 | 287082 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/33<sup>(a)</sup> |  | 77 | 80394 |
|  |  |  | 1376004 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP/Archrock Partners Finance <br> Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/28<sup>(a)</sup> | USD  | 100 | $100574 |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/32<sup>(a)</sup> |  | 100 | 103135 |
| Deepocean Ltd., 6.00%, 04/08/31<sup>(f)</sup> | EUR  | 502 | 605278 |
| Kodiak Gas Services LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/29<sup>(a)</sup> | USD  | 200 | 208070 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/33<sup>(a)</sup> |  | 207 | 211391 |
| &nbsp;&nbsp;&nbsp; New Generation Gas Gathering LLC, (3-mo. CME <br> Term SOFR at 2.00% Floor + 5.75%), 9.41%, <br> 09/30/29<sup>(a)(b)(e)</sup><br>|  | 9844 | 9905528 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)</sup> |  | 708 | 735551 |
| Solaris Energy Infrastructure, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/01/30<sup>(a)(p)</sup> |  | 2951 | 5883409 |
| &nbsp;&nbsp;&nbsp; 0.25%, 10/01/31<sup>(p)</sup> |  | 5583 | 6036619 |
| Transocean International Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 05/15/29<sup>(a)</sup> |  | 1674 | 1687148 |
| &nbsp;&nbsp;&nbsp; 7.88%, 10/15/32<sup>(a)</sup> |  | 345 | 360318 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(a)</sup> |  | 430 | 447399 |
| Venture Global LNG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 06/01/28<sup>(a)</sup> |  | 430 | 435548 |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/01/29<sup>(a)</sup> |  | 629 | 651944 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/30<sup>(a)</sup> |  | 812 | 781493 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/31<sup>(a)</sup> |  | 220 | 218774 |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/32<sup>(a)</sup> |  | 1159 | 1197331 |
| WBI Operating LLC, 6.50%, 10/15/33<sup>(a)</sup> |  | 310 | 308826 |
|  |  |  | 29878336 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Cinemark U.S.A., Inc., 7.00%, 08/01/32<sup>(a)</sup> |  | 404 | 419232 |
| Live Nation Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/27<sup>(a)</sup> |  | 200 | 200407 |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/15/31<sup>(a)(p)</sup> |  | 270 | 265275 |
| &nbsp;&nbsp;&nbsp; Resorts World Las Vegas LLC/RWLV Capital, <br> Inc., 8.45%, 07/27/30<sup>(a)</sup><br>|  | 400 | 395212 |
|  |  |  | 1280126 |
| **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** |
| &nbsp;&nbsp;&nbsp; ABRA Global Finance, (6% Cash and 8% PIK), <br> 14.00%, 10/22/29<sup>(a)(m)</sup><br>|  | 584 | 582814 |
| &nbsp;&nbsp;&nbsp; Acropolis Trade & Investments Ltd., (11.04% <br> PIK), 11.04%, 04/02/28<sup>(a)(e)(m)</sup><br>|  | 18402 | 19046476 |
| &nbsp;&nbsp;&nbsp; Andiron Financing LLC, (1-mo. CME Term SOFR <br> + 3.00%), 7.31%, 01/21/30<sup>(b)(e)</sup><br>|  | 880 | 880000 |
| &nbsp;&nbsp;&nbsp; AT&T Reign II Multi-Property Lease-Backed Pass-<br> Through Trust, 6.09%, 12/15/44<sup>(a)</sup><br>|  | 21025 | 21234781 |
| Azorra Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/30<sup>(a)</sup> |  | 356 | 376025 |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/31<sup>(a)</sup> |  | 100 | 104783 |
| Block, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/30<sup>(a)</sup> |  | 280 | 285690 |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/31 |  | 3347 | 3145896 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/32 |  | 458 | 476256 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/33<sup>(a)</sup> |  | 284 | 291557 |
| Bracken MidCo1 PLC, PIK, 6.75%, 11/01/27<sup>(f)(m)</sup> | GBP  | 424 | 566172 |
| Clydesdale Acquisition Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/15/29<sup>(a)</sup> | USD  | 171 | 173984 |
| &nbsp;&nbsp;&nbsp; 8.75%, 04/15/30<sup>(a)</sup> |  | 1639 | 1666337 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/32<sup>(a)</sup> |  | 113 | 116195 |
| &nbsp;&nbsp;&nbsp; CrossCountry Intermediate HoldCo LLC, 6.75%, <br> 12/01/32<sup>(a)</sup><br>|  | 229 | 232716 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 12/15/30<sup>(f)</sup> | EUR  | 1619 | 1982388 |
| &nbsp;&nbsp;&nbsp; 6.63%, 12/15/30<sup>(a)</sup> | USD  | 408 | 424937 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/31<sup>(a)</sup> | USD  | 22 | $23188 |
| &nbsp;&nbsp;&nbsp; Envalior Deutschland Gmbh, (10.25% PIK), (6-<br> mo. EURIBOR at 0.00% Floor + 9.50%) <br> (12.37% Cash or 12.37% PIK), 12.37%, <br> 04/01/31<sup>(b)(e)(m)</sup><br>| EUR  | 11594 | 12144150 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(a)</sup> | USD  | 100 | 102812 |
| Freedom Mortgage Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/01/29<sup>(a)</sup> |  | 100 | 104885 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/01/31<sup>(a)</sup> |  | 271 | 271163 |
| &nbsp;&nbsp;&nbsp; 9.13%, 05/15/31<sup>(a)</sup> |  | 284 | 305032 |
| &nbsp;&nbsp;&nbsp; 8.38%, 04/01/32<sup>(a)</sup> |  | 163 | 171584 |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/01/33<sup>(a)</sup> |  | 133 | 137730 |
| Garfunkelux Holdco 3 SA, 9.00%, 09/01/28<sup>(f)</sup> | EUR  | 1643 | 1848430 |
| &nbsp;&nbsp;&nbsp; Glencore Capital Finance DAC, 3.67%, <br> 10/06/32<sup>(f)</sup><br>|  | 3062 | 3575299 |
| Glencore Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.19%, 04/01/30<sup>(a)</sup> | USD  | 2359 | 2424268 |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/01/30<sup>(a)</sup> |  | 4591 | 4206663 |
| &nbsp;&nbsp;&nbsp; 2.85%, 04/27/31<sup>(a)</sup> |  | 6464 | 5962536 |
| &nbsp;&nbsp;&nbsp; 2.63%, 09/23/31<sup>(a)</sup> |  | 2563 | 2310511 |
| Homes By West Bay LLC, 11.00%, 02/06/30<sup>(e)</sup> |  | 21604 | 21848125 |
| Intrum Investments & Financing AB |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 09/11/27<sup>(f)</sup> | EUR  | 946 | 1126206 |
| &nbsp;&nbsp;&nbsp; Series 1, 7.75%, 09/11/28<sup>(a)(f)</sup> |  | 115 | 117340 |
| &nbsp;&nbsp;&nbsp; Lessen LLC, (3-mo. CME Term SOFR + 8.50%), <br> 12.15%, 01/05/28<sup>(a)(b)(e)</sup><br>| USD  | 11328 | 8814336 |
| Minejesa Capital BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/10/37<sup>(f)</sup> |  | 16461 | 16316966 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/10/37<sup>(a)</sup> |  | 200 | 198250 |
| Oceana Australian Fixed Income Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 12.50%, 08/31/26<sup>(e)</sup> | AUD  | 3013 | 2035859 |
| &nbsp;&nbsp;&nbsp; 12.50%, 08/31/27<sup>(e)</sup> |  | 5022 | 3451975 |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/31/28<sup>(e)</sup> |  | 4228 | 2818170 |
| PennyMac Financial Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/15/29<sup>(a)</sup> | USD  | 320 | 340495 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/30<sup>(a)</sup> |  | 283 | 297498 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/31<sup>(a)</sup> |  | 154 | 154743 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/32<sup>(a)</sup> |  | 100 | 104689 |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/33<sup>(a)</sup> |  | 170 | 177472 |
| &nbsp;&nbsp;&nbsp; PRA Group Europe Holding II S.a.r.l., 6.25%, <br> 09/30/32<sup>(f)</sup><br>| EUR  | 973 | 1114883 |
| Resurgent Trade & Invest Ltd., 9.51%, 12/05/27 | USD  | 13653 | 13653000 |
| Rocket Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/29<sup>(a)</sup> |  | 1034 | 1066455 |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/30<sup>(a)</sup> |  | 373 | 385562 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/32<sup>(a)</sup> |  | 199 | 209348 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-<br> Issuer, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/15/26<sup>(a)</sup> |  | 158 | 155695 |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/01/31<sup>(a)</sup> |  | 56 | 53177 |
| SRC Sukuk Ltd., 4.38%, 04/02/29<sup>(f)</sup> |  | 2272 | 2271097 |
| &nbsp;&nbsp;&nbsp; Sun Country Airlines, Series 2022-1A, 4.84%, <br> 03/15/31<sup>(e)</sup><br>|  | 3054 | 3027162 |
| SURA Asset Management SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.35%, 05/13/32<sup>(a)</sup> |  | 1449 | 1545112 |
| &nbsp;&nbsp;&nbsp; 6.35%, 05/13/32<sup>(f)</sup> |  | 1369 | 1459806 |
| United Wholesale Mortgage LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/27<sup>(a)</sup> |  | 399 | 400063 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/29<sup>(a)</sup> |  | 603 | 598678 |
| UWM Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/01/30<sup>(a)</sup> |  | 644 | 652101 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| UWM Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/31<sup>(a)</sup> | USD  | 404 | $403356 |
| Worldline SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.88%, 06/30/27<sup>(f)</sup> | EUR  | 1600 | 1704624 |
| &nbsp;&nbsp;&nbsp; 4.13%, 09/12/28<sup>(f)</sup> |  | 3500 | 3704967 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/27/29<sup>(f)</sup> |  | 1000 | 1037197 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/10/30<sup>(f)</sup> |  | 600 | 615058 |
|  |  |  | 177034723 |
| **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** |
| &nbsp;&nbsp;&nbsp; Chobani LLC/Chobani Finance Corp., Inc., <br> 7.63%, 07/01/29<sup>(a)</sup><br>| USD  | 429 | 447499 |
| Darling Ingredients, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/15/27<sup>(a)</sup> |  | 181 | 180813 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/30<sup>(a)</sup> |  | 286 | 290671 |
| Froneri Lux FinCo S.a.r.l., 4.75%, 08/01/32<sup>(f)</sup> | EUR  | 1244 | 1472927 |
| &nbsp;&nbsp;&nbsp; HLF Financing S.a.r.l. LLC/Herbalife International, <br> Inc., 4.88%, 06/01/29<sup>(a)</sup><br>| USD  | 974 | 914707 |
| &nbsp;&nbsp;&nbsp; Irca SpA, (3-mo. EURIBOR + 3.75%), 5.85%, <br> 12/15/29<sup>(b)(f)</sup><br>| EUR  | 455 | 543368 |
| Lamb Weston Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/31/30<sup>(a)</sup> | USD  | 100 | 96732 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/31/32<sup>(a)</sup> |  | 175 | 166718 |
| Pilgrim's Pride Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/15/31 |  | 183 | 178657 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/32 |  | 252 | 232796 |
| Post Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/15/30<sup>(a)</sup> |  | 454 | 442089 |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/15/32<sup>(a)</sup> |  | 397 | 407908 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/33<sup>(a)</sup> |  | 326 | 329260 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/34<sup>(a)</sup> |  | 112 | 112622 |
| U.S. Foods, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/15/28<sup>(a)</sup> |  | 505 | 522411 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/30<sup>(a)</sup> |  | 115 | 113460 |
|  |  |  | 6452638 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 06/01/28<sup>(a)</sup> |  | 225 | 233269 |
| &nbsp;&nbsp;&nbsp; 9.50%, 06/01/30<sup>(a)</sup> |  | 472 | 502817 |
| EP Infrastructure AS, 4.13%, 02/27/33<sup>(f)</sup> | EUR  | 4020 | 4662274 |
|  |  |  | 5398360 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget Finance, <br> Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/15/31<sup>(a)</sup> | USD  | 451 | 463498 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/15/32<sup>(a)</sup> |  | 714 | 737274 |
| DP World Ltd., 6.85%, 07/02/37<sup>(f)</sup> |  | 5730 | 6480286 |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(f)</sup> | GBP  | 3146 | 4505751 |
| &nbsp;&nbsp;&nbsp; gategroup Finance Luxembourg SA, 3.00%, <br> 02/28/27<sup>(f)</sup><br>| CHF  | 1620 | 2035097 |
| La Poste SA, 5.00% <sup>(f)(n)</sup> | EUR  | 1100 | 1335052 |
| Mobico Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%<sup>(f)(n)</sup> | GBP  | 335 | 265730 |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/26/31<sup>(f)</sup> | EUR  | 1362 | 1267001 |
| &nbsp;&nbsp;&nbsp; Union Pacific Railroad Co. Pass-Through Trust, <br> Series 2014-1, 3.23%, 05/14/26<br>| USD  | 2023 | 2018037 |
| XPO, Inc., 7.13%, 02/01/32<sup>(a)</sup> |  | 222 | 233497 |
|  |  |  | 19341223 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
| Bausch + Lomb Corp., 8.38%, 10/01/28<sup>(a)</sup> |  | 741 | 773419 |
| Becton Dickinson & Co., 4.67%, 06/06/47 |  | 1125 | 979534 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| &nbsp;&nbsp;&nbsp; Becton Dickinson Euro Finance S.a.r.l., 1.21%, <br> 02/12/36<br>| EUR  | 2700 | $2465991 |
| Hologic, Inc., 4.63%, 02/01/28<sup>(a)</sup> | USD  | 100 | 99996 |
| Medline Borrower LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/01/29<sup>(a)</sup> |  | 664 | 648269 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/29<sup>(a)</sup> |  | 147 | 147794 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP/Medline Co-Issuer, Inc., <br> 6.25%, 04/01/29<sup>(a)</sup><br>|  | 705 | 728802 |
| Teleflex, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/27 |  | 307 | 306532 |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/01/28<sup>(a)</sup> |  | 188 | 185110 |
|  |  |  | 6335447 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| Acadia Healthcare Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/28<sup>(a)</sup> |  | 77 | 76531 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/29<sup>(a)</sup> |  | 135 | 129983 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/15/33<sup>(a)</sup> |  | 394 | 397942 |
| Centene Corp., 4.25%, 12/15/27 |  | 3900 | 3877038 |
| CHS/Community Health Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/31<sup>(a)</sup> |  | 786 | 700236 |
| &nbsp;&nbsp;&nbsp; 10.88%, 01/15/32<sup>(a)</sup> |  | 713 | 778197 |
| &nbsp;&nbsp;&nbsp; 9.75%, 01/15/34<sup>(a)</sup> |  | 754 | 791948 |
| Clariane SE, 0.88%, 03/06/27<sup>(f)(p)</sup> | EUR  | 5 | 3180 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/39 | USD  | 1843 | 1911089 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/44 |  | 2670 | 2683121 |
| DaVita, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/30<sup>(a)</sup> |  | 315 | 306303 |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/31<sup>(a)</sup> |  | 100 | 92387 |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/01/32<sup>(a)</sup> |  | 681 | 708898 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/33<sup>(a)</sup> |  | 176 | 182493 |
| Elevance Health, Inc., 5.70%, 02/15/55 |  | 1303 | 1270645 |
| Encompass Health Corp., 4.50%, 02/01/28 |  | 169 | 168707 |
| &nbsp;&nbsp;&nbsp; Global Medical Response, Inc., 7.38%, <br> 10/01/32<sup>(a)</sup><br>|  | 315 | 327403 |
| Gruppo San Donato SpA, 6.50%, 10/31/31<sup>(f)</sup> | EUR  | 252 | 301425 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 | USD  | 2089 | 2176943 |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/30 |  | 3806 | 3660071 |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/31 |  | 6537 | 6822660 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/32 |  | 7671 | 7993705 |
| &nbsp;&nbsp;&nbsp; 4.60%, 11/15/32 |  | 21275 | 21082328 |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/15/34 |  | 10597 | 10904790 |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/35 |  | 16107 | 16906052 |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/15/51 |  | 6432 | 4359632 |
| &nbsp;&nbsp;&nbsp; 5.90%, 06/01/53 |  | 935 | 915420 |
| &nbsp;&nbsp;&nbsp; 6.20%, 03/01/55 |  | 10665 | 10869118 |
| &nbsp;&nbsp;&nbsp; 6.10%, 04/01/64 |  | 4207 | 4167482 |
| LifePoint Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.88%, 08/15/30<sup>(a)</sup> |  | 252 | 271327 |
| &nbsp;&nbsp;&nbsp; 11.00%, 10/15/30<sup>(a)</sup> |  | 423 | 463876 |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/32<sup>(a)</sup> |  | 284 | 308272 |
| Mehilainen Yhtiot Oy, 5.13%, 06/30/32<sup>(f)</sup> | EUR  | 2292 | 2734446 |
| Molina Healthcare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/15/28<sup>(a)</sup> | USD  | 304 | 298967 |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/15/30<sup>(a)</sup> |  | 265 | 245891 |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/15/32<sup>(a)</sup> |  | 344 | 312413 |
| &nbsp;&nbsp;&nbsp; National Mentor Holdings, Inc., 10.50%, <br> 12/15/30<sup>(a)</sup><br>|  | 175 | 175927 |
| Select Medical Corp., 6.25%, 12/01/32<sup>(a)</sup> |  | 854 | 835000 |
| Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/01/27 |  | 259 | 259579 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 | USD  | 680 | $681263 |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/01/29 |  | 339 | 333937 |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 |  | 660 | 675374 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/31 |  | 140 | 145671 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/15/33<sup>(a)</sup> |  | 30 | 30888 |
|  |  |  | 112338558 |
| **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance <br> Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.99%, 10/15/26 | EUR  | 209 | 233325 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/32<sup>(f)</sup> |  | 1078 | 1316455 |
|  |  |  | 1549780 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/01/28<sup>(a)</sup> | USD  | 398 | 398318 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/15/29<sup>(a)</sup> |  | 2068 | 2019367 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/01/30<sup>(a)</sup> |  | 114 | 117009 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 |  | 303 | 301744 |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/15/28<sup>(a)</sup> |  | 131 | 135089 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/29<sup>(a)</sup> |  | 101 | 99994 |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/01/32<sup>(a)</sup> |  | 154 | 159711 |
| RLJ Lodging Trust LP, 4.00%, 09/15/29<sup>(a)</sup> |  | 258 | 244709 |
| Service Properties Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/30/27<sup>(a)(d)</sup> |  | 2220 | 2006117 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 |  | 397 | 390809 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/15/29 |  | 5970 | 6002208 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 |  | 1086 | 920200 |
| &nbsp;&nbsp;&nbsp; 8.88%, 06/15/32 |  | 5390 | 5316981 |
| XHR LP, 4.88%, 06/01/29<sup>(a)</sup> |  | 289 | 284937 |
|  |  |  | 18397193 |
| **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/28<sup>(a)</sup> |  | 100 | 98575 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/28<sup>(a)</sup> |  | 456 | 453125 |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/29<sup>(a)</sup> |  | 394 | 404473 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/15/29<sup>(a)</sup> |  | 233 | 237237 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/30<sup>(a)</sup> |  | 100 | 95240 |
| Allwyn Entertainment Financing UK PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/30/30<sup>(f)</sup> | EUR  | 572 | 706319 |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/15/31<sup>(f)</sup> |  | 2591 | 2999260 |
| &nbsp;&nbsp;&nbsp; Aramark International Finance Sarl, 4.38%, <br> 04/15/33<sup>(f)</sup><br>|  | 1619 | 1901146 |
| Arcos Dorados BV, 6.38%, 01/29/32<sup>(f)</sup> | USD  | 428 | 452897 |
| &nbsp;&nbsp;&nbsp; BCPE Flavor Debt Merger Sub LLC & BCPE <br> Flavor Issuer, Inc., 9.50%, 07/01/32<sup>(a)</sup><br>|  | 1155 | 1103775 |
| Boyd Gaming Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 12/01/27 |  | 110 | 109859 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/31<sup>(a)</sup> |  | 38 | 37126 |
| Bracelet Holdings, Inc., 9.25%, 07/02/28<sup>(a)</sup> |  | 5752 | 5626651 |
| Brightstar Lottery PLC, 5.25%, 01/15/29<sup>(a)</sup> |  | 323 | 322266 |
| Caesars Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/29<sup>(a)</sup> |  | 653 | 626383 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/30<sup>(a)</sup> |  | 385 | 398728 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/32<sup>(a)</sup> |  | 272 | 278643 |
| Churchill Downs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/27<sup>(a)</sup> |  | 244 | 244000 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/28<sup>(a)</sup> |  | 250 | 249071 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/31<sup>(a)</sup> |  | 100 | 103693 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Cirsa Finance International S.a.r.l. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/15/29<sup>(f)</sup> | EUR  | 569 | $695100 |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/15/31<sup>(f)</sup> |  | 365 | 440341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.00%), 5.10%, <br> 10/15/32<sup>(b)(f)</sup><br>|  | 537 | 636681 |
| Deuce Finco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 11/20/31<sup>(f)</sup> | GBP  | 654 | 890339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.50%), 5.55%, <br> 11/20/32<sup>(b)(f)</sup><br>| EUR  | 615 | 733042 |
| Elior Group SA, 5.63%, 03/15/30<sup>(f)</sup> |  | 891 | 1085846 |
| Essendi SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/15/30<sup>(f)</sup> |  | 902 | 1088841 |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/15/32<sup>(f)</sup> |  | 1652 | 1989906 |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co., Inc., 6.75%, 01/15/30<sup>(a)</sup><br>| USD  | 1041 | 989757 |
| Fortune Star BVI Ltd., 5.88%, 11/20/30<sup>(f)</sup> | EUR  | 3385 | 3923354 |
| Full House Resorts, Inc., 8.25%, 02/15/28<sup>(a)</sup> | USD  | 562 | 488237 |
| Hilton Domestic Operating Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/01/29<sup>(a)</sup> |  | 611 | 625539 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/31<sup>(a)</sup> |  | 504 | 482519 |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/32<sup>(a)</sup> |  | 255 | 236711 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton <br> Grand Vacations Borrower, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/29<sup>(a)</sup> |  | 342 | 332194 |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/01/31<sup>(a)</sup> |  | 266 | 248316 |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/32<sup>(a)</sup> |  | 171 | 175273 |
| HR Ottawa LP, 11.00%, 03/31/31<sup>(a)</sup> |  | 23135 | 25443922 |
| &nbsp;&nbsp;&nbsp; Jose Andres Group 1L Notes, 10.00%, <br> 11/14/32<sup>(e)</sup><br>|  | 3914 | 2955070 |
| &nbsp;&nbsp;&nbsp; KFC Holding Co./Pizza Hut Holdings LLC/Taco <br> Bell of America LLC, 4.75%, 06/01/27<sup>(a)</sup><br>|  | 201 | 200701 |
| Light & Wonder International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/01/31<sup>(a)</sup> |  | 242 | 252486 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/33<sup>(a)</sup> |  | 35 | 35434 |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc., 6.50%, <br> 10/01/33<sup>(a)</sup><br>|  | 438 | 420176 |
| Melco Resorts Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/17/27<sup>(f)</sup> |  | 8000 | 7992480 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/21/28<sup>(f)</sup> |  | 8000 | 7990640 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/04/29<sup>(f)</sup> |  | 926 | 915018 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/24/33<sup>(a)</sup> |  | 200 | 200260 |
| MGM China Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 06/26/31<sup>(a)</sup> |  | 853 | 902047 |
| &nbsp;&nbsp;&nbsp; 7.13%, 06/26/31<sup>(f)</sup> |  | 7000 | 7402500 |
| MGM Resorts International |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 |  | 153 | 154362 |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/29 |  | 224 | 230198 |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/32 |  | 350 | 360607 |
| &nbsp;&nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming <br> Finance Corp., 4.88%, 05/01/29<sup>(a)</sup><br>|  | 1349 | 1326921 |
| Minor International PCL, 2.70% <sup>(f)(n)</sup> |  | 500 | 494000 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 11.88%, <br> 04/15/31<sup>(a)</sup><br>|  | 942 | 995405 |
| NCL Corp. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/15/29<sup>(a)</sup> |  | 300 | 319351 |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/31<sup>(a)</sup> |  | 100 | 99622 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/32<sup>(a)</sup> |  | 515 | 527320 |
| NCL Finance Ltd., 6.13%, 03/15/28<sup>(a)</sup> |  | 242 | 248907 |
| REXLot Holdings Ltd., 4.50%, 04/17/19<sup>(e)(f)(h)(o)(p)</sup> | HKD  | 1161 |  |
| Royal Caribbean Cruises Ltd., 5.38%, 01/15/36 | USD  | 4430 | 4448552 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Six Flags Entertainment Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/27<sup>(a)</sup> | USD  | 71 | $70557 |
| &nbsp;&nbsp;&nbsp; 7.25%, 05/15/31<sup>(a)</sup> |  | 704 | 675500 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Canada's <br> Wonderland Co./Magnum Management Corp., <br> 5.25%, 07/15/29<br>|  | 272 | 253652 |
| Station Casinos LLC, 6.63%, 03/15/32<sup>(a)</sup> |  | 172 | 176070 |
| Studio City Co. Ltd., 7.00%, 02/15/27<sup>(f)</sup> |  | 4900 | 4904900 |
| Tabcorp Finance Pty Ltd., 5.99%, 05/28/31<sup>(f)</sup> | AUD  | 2480 | 1633827 |
| TKC Holdings, Inc., 6.88%, 05/15/28<sup>(a)</sup> | USD  | 200 | 201950 |
| Travel + Leisure Co., 6.63%, 07/31/26<sup>(a)</sup> |  | 449 | 452142 |
| Vail Resorts, Inc., 5.63%, 07/15/30<sup>(a)</sup> |  | 211 | 214431 |
| Viking Cruises Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/29<sup>(a)</sup> |  | 107 | 107620 |
| &nbsp;&nbsp;&nbsp; 9.13%, 07/15/31<sup>(a)</sup> |  | 238 | 254860 |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/15/33<sup>(a)</sup> |  | 128 | 129979 |
| VOC Escrow Ltd., 5.00%, 02/15/28<sup>(a)</sup> |  | 137 | 136995 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(a)</sup> |  | 687 | 728990 |
| Wynn Macau Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/27<sup>(a)</sup> |  | 400 | 399136 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/27<sup>(f)</sup> |  | 8000 | 7982720 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/26/28<sup>(a)</sup> |  | 480 | 479050 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/26/28<sup>(f)</sup> |  | 8000 | 7984160 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/34<sup>(a)</sup> |  | 913 | 925837 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital <br> Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/29<sup>(a)</sup> |  | 144 | 144853 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/31<sup>(a)</sup> |  | 284 | 307313 |
| Yum! Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/30<sup>(a)</sup> |  | 249 | 249198 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/32 |  | 100 | 101251 |
|  |  |  | 123941433 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| &nbsp;&nbsp;&nbsp; Ashton Woods U.S.A. LLC/Ashton Woods <br> Finance Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/01/29<sup>(a)</sup> |  | 430 | 409959 |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/01/30<sup>(a)</sup> |  | 1382 | 1319794 |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/01/33<sup>(a)</sup> |  | 772 | 772614 |
| Beazer Homes U.S.A., Inc., 7.25%, 10/15/29 |  | 3721 | 3802933 |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/29<sup>(a)</sup> |  | 742 | 717748 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/30<sup>(a)</sup> |  | 197 | 183496 |
| Century Communities, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/29<sup>(a)</sup> |  | 220 | 209177 |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/15/33<sup>(a)</sup> |  | 100 | 101120 |
| &nbsp;&nbsp;&nbsp; K Hovnanian Enterprises, Inc., 8.00%, <br> 04/01/31<sup>(a)</sup><br>|  | 282 | 287800 |
| LGI Homes, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 12/15/28<sup>(a)</sup> |  | 1568 | 1635531 |
| &nbsp;&nbsp;&nbsp; 7.00%, 11/15/32<sup>(a)</sup> |  | 2417 | 2310343 |
| Mattamy Group Corp., 4.63%, 03/01/30<sup>(a)</sup> |  | 1791 | 1738702 |
| Newell Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/15/27 |  | 100 | 100545 |
| &nbsp;&nbsp;&nbsp; 8.50%, 06/01/28<sup>(a)</sup> |  | 117 | 122681 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/30 |  | 391 | 381835 |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/32 |  | 348 | 337616 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc., 5.13%, <br> 08/01/30<sup>(a)</sup><br>|  | 100 | 100603 |
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC/Weekley Finance Corp., <br> 4.88%, 09/15/28<sup>(a)</sup><br>|  | 1032 | 1017743 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| Whirlpool Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 | USD  | 306 | $305628 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/33 |  | 351 | 340367 |
|  |  |  | 16196235 |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Central Garden & Pet Co., 4.13%, 04/30/31<sup>(a)</sup> |  | 20 | 18866 |
| Energizer Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/31/29<sup>(a)</sup> |  | 403 | 385069 |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/15/33<sup>(a)</sup> |  | 108 | 103594 |
|  |  |  | 507529 |
| **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** |
| Calpine Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/28<sup>(a)</sup> |  | 200 | 200132 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/15/28<sup>(a)</sup> |  | 292 | 292327 |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/01/29<sup>(a)</sup> |  | 100 | 99626 |
| &nbsp;&nbsp;&nbsp; Clean Renewable Power Mauritius Pte Ltd., <br> 4.25%, 03/25/27<sup>(f)</sup><br>|  | 6160 | 6013700 |
| &nbsp;&nbsp;&nbsp; Continuum Energy Pte Ltd., 5.00%, <br> 09/13/27<sup>(a)(e)(m)</sup><br>|  | 10374 | 10335237 |
| Greenko Dutch BV, 3.85%, 03/29/26<sup>(f)</sup> |  | 6920 | 6859450 |
| &nbsp;&nbsp;&nbsp; Greenko Wind Projects Mauritius Ltd., 7.25%, <br> 09/27/28<sup>(f)</sup><br>|  | 4136 | 4176067 |
| India Clean Energy Holdings, 4.50%, 04/18/27<sup>(f)</sup> |  | 14000 | 13580000 |
| India Cleantech Energy, 4.70%, 08/10/26<sup>(f)</sup> |  | 6072 | 5998529 |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(f)</sup> |  | 14000 | 13909840 |
| SCC Power PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.00% Cash or 4.00% Cash and 4.00% PIK), <br> 8.00%, 12/31/28<sup>(a)(m)</sup><br>|  | 696 | 429205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.00% Cash or 4.00% PIK), 4.00%, <br> 05/17/32<sup>(a)(m)</sup><br>|  | 494 | 51837 |
| &nbsp;&nbsp;&nbsp; Star Energy Geothermal Wayang Windu Ltd., <br> 6.75%, 04/24/33<sup>(f)</sup><br>|  | 2556 | 2634020 |
| Stem, Inc., 0.50%, 12/01/28<sup>(a)(p)</sup> |  | 622 | 242580 |
|  |  |  | 64822550 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| Beach Acquisition Bidco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/32<sup>(f)</sup> | EUR  | 1619 | 1936997 |
| &nbsp;&nbsp;&nbsp; 10.00%, 07/15/33<sup>(a)(m)</sup> | USD  | 527 | 581694 |
| Maxam Prill Sarl, 6.00%, 07/15/30<sup>(f)</sup> | EUR  | 3390 | 4070312 |
|  |  |  | 6589003 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/06/30<sup>(a)</sup> | USD  | 538 | 560407 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/01/32<sup>(a)</sup> |  | 385 | 396592 |
| Ageas SA, 5.88% <sup>(f)(n)</sup> | EUR  | 200 | 236445 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings <br> Co-Issuer<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/28<sup>(a)</sup> | USD  | 80 | 81454 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/29<sup>(a)</sup> |  | 330 | 329710 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/31<sup>(a)</sup> |  | 100 | 103747 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/32<sup>(a)</sup> |  | 1055 | 1093897 |
| Ambac Assurance Corp., 5.10% <sup>(a)(n)</sup> |  | 462 | 600863 |
| AmWINS Group, Inc., 6.38%, 02/15/29<sup>(a)</sup> |  | 191 | 196427 |
| Ardonagh Finco Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/31<sup>(f)</sup> | EUR  | 3883 | 4703269 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/15/31<sup>(a)</sup> | USD  | 521 | 546193 |
| BNP Paribas Cardif SA, 6.00% <sup>(f)(n)</sup> | EUR  | 800 | 945699 |
| &nbsp;&nbsp;&nbsp; Howden UK Refinance PLC/Howden UK <br> Refinance 2 PLC/Howden U.S. Refinance LLC, <br> 8.13%, 02/15/32<sup>(a)</sup><br>| USD  | 608 | 627658 |
| HUB International Ltd., 7.25%, 06/15/30<sup>(a)</sup> |  | 916 | 961731 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc., <br> 8.50%, 03/15/30<sup>(a)</sup><br>| USD  | 266 | $278797 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(a)</sup> |  | 478 | 495326 |
| Ryan Specialty LLC, 4.38%, 02/01/30<sup>(a)</sup> |  | 178 | 174696 |
|  |  |  | 12332911 |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
| Alphabet, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 11/15/30 |  | 20280 | 20342239 |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/06/64 | EUR  | 5010 | 5607931 |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/15/75 | USD  | 22219 | 21869065 |
| Arches Buyer, Inc., 4.25%, 06/01/28<sup>(a)</sup> |  | 274 | 268907 |
| Meta Platforms, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 08/15/62 |  | 14091 | 11382497 |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/63 |  | 617 | 592568 |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/64 |  | 10428 | 9672958 |
| Snap, Inc., 6.88%, 03/15/34<sup>(a)</sup> |  | 400 | 411849 |
|  |  |  | 70148014 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| &nbsp;&nbsp;&nbsp; Almaviva-The Italian Innovation Co. SpA, 5.00%, <br> 10/30/30<sup>(f)</sup><br>| EUR  | 1865 | 2209930 |
| Atos SE, 9.36%, 12/18/29<sup>(c)(f)</sup> |  | 2994 | 4031134 |
| Beignet Investor LLC, 6.58%, 05/30/49<sup>(a)</sup> | USD  | 52597 | 55568474 |
| &nbsp;&nbsp;&nbsp; Cedacri SpA, (3-mo. EURIBOR + 4.63%), 6.69%, <br> 05/15/28<sup>(b)(f)</sup><br>| EUR  | 1078 | 1278414 |
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent <br> Finance, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/27<sup>(a)</sup> | USD  | 130 | 130087 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/32<sup>(a)</sup> |  | 595 | 556448 |
| CoreWeave, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/30<sup>(a)</sup> |  | 946 | 879565 |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/31<sup>(a)</sup> |  | 400 | 366608 |
| &nbsp;&nbsp;&nbsp; 1.75%, 12/01/31<sup>(a)(p)</sup> |  | 311 | 294284 |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., 4.50%, <br> 02/15/31<br>|  | 18451 | 18424666 |
| &nbsp;&nbsp;&nbsp; Engineering - Ingegneria Informatica - SpA, <br> 11.13%, 05/15/28<sup>(f)</sup><br>| EUR  | 1791 | 2227989 |
| Foundry JV Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/25/31<sup>(a)</sup> | USD  | 5856 | 6044531 |
| &nbsp;&nbsp;&nbsp; 5.90%, 01/25/33<sup>(a)</sup> |  | 12775 | 13367085 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/25/35<sup>(a)</sup> |  | 2305 | 2444202 |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/25/36<sup>(a)</sup> |  | 815 | 852031 |
| &nbsp;&nbsp;&nbsp; 6.20%, 01/25/37<sup>(a)</sup> |  | 8557 | 8991708 |
| Gartner, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/28<sup>(a)</sup> |  | 36567 | 36448735 |
| &nbsp;&nbsp;&nbsp; 3.63%, 06/15/29<sup>(a)</sup> |  | 29005 | 27957747 |
| &nbsp;&nbsp;&nbsp; 3.75%, 10/01/30<sup>(a)</sup> |  | 3330 | 3157848 |
| &nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., <br> Inc., 5.25%, 12/01/27<sup>(a)</sup><br>|  | 224 | 224610 |
| OVH Groupe SA, 4.75%, 02/05/31<sup>(f)</sup> | EUR  | 579 | 679603 |
| Prime Investment Partners, 11.00%, 05/01/30<sup>(e)</sup> | USD  | 5537 | 5752295 |
| Sabre GLBL, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/15/29<sup>(a)</sup> |  | 1110 | 943864 |
| &nbsp;&nbsp;&nbsp; 10.75%, 03/15/30<sup>(a)</sup> |  | 1780 | 1463748 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance <br> Sub, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/32<sup>(a)</sup> |  | 294 | 303553 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/33<sup>(f)</sup> | EUR  | 2068 | 2488832 |
| &nbsp;&nbsp;&nbsp; Series DEC, 5.50%, 05/15/33<sup>(f)</sup> |  | 634 | 763017 |
| Twilio, Inc., 3.63%, 03/15/29 | USD  | 103 | 99495 |
| United Group BV, 6.25%, 01/31/32<sup>(f)</sup> | EUR  | 587 | 692463 |
|  |  |  | 198642966 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
| Avantor Funding, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/15/28<sup>(a)</sup> | USD  | 263 | $261571 |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/01/29<sup>(a)</sup> |  | 351 | 335646 |
| Charles River Laboratories International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/01/28<sup>(a)</sup> |  | 254 | 251715 |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/15/29<sup>(a)</sup> |  | 100 | 96553 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/31<sup>(a)</sup> |  | 115 | 108963 |
| Ephios Subco 3 Sarl, 7.88%, 01/31/31<sup>(f)</sup> | EUR  | 1617 | 2024962 |
| IQVIA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/26<sup>(a)</sup> | USD  | 600 | 599659 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/27<sup>(a)</sup> |  | 200 | 199945 |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/01/32<sup>(a)</sup> |  | 403 | 421102 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(a)</sup> |  | 918 | 979697 |
|  |  |  | 5279813 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Allison Transmission, Inc., 4.75%, 10/01/27<sup>(a)</sup> |  | 192 | 191738 |
| Dynamo Newco II GmbH, 6.25%, 10/15/31<sup>(f)</sup> | EUR  | 550 | 658346 |
| Terex Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/29<sup>(a)</sup> | USD  | 128 | 127564 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/32<sup>(a)</sup> |  | 191 | 195957 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(a)</sup> |  | 587 | 587138 |
|  |  |  | 1760743 |
| **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** |
| Danaos Corp., 6.88%, 10/15/32<sup>(a)</sup> |  | 275 | 284120 |
| **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** |
| AMC Networks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.25%, 01/15/29<sup>(a)</sup> |  | 1854 | 1944127 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 |  | 2822 | 2507851 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/29<sup>(p)</sup> |  | 1097 | 1118391 |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/15/32<sup>(a)</sup> |  | 671 | 741281 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/27<sup>(a)</sup> |  | 76 | 75895 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/28<sup>(a)</sup> |  | 333 | 330365 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/29<sup>(a)</sup> |  | 565 | 558627 |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/30<sup>(a)</sup> |  | 716 | 683815 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/30<sup>(a)</sup> |  | 338 | 318231 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/31<sup>(a)</sup> |  | 409 | 375810 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31<sup>(a)</sup> |  | 1130 | 1153151 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/32<sup>(a)</sup> |  | 1807 | 1651493 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 |  | 8151 | 7315826 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/33<sup>(a)</sup> |  | 104 | 91037 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/34<sup>(a)</sup> |  | 6914 | 5878797 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.65%, 02/01/34 |  | 1385 | 1459015 |
| &nbsp;&nbsp;&nbsp; 6.55%, 06/01/34 |  | 10519 | 11063416 |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/23/35 |  | 14050 | 14500382 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/42 |  | 693 | 480762 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/48 |  | 8998 | 7675167 |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/50 |  | 15373 | 11548192 |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/01/51 |  | 6020 | 3789180 |
| &nbsp;&nbsp;&nbsp; 3.90%, 06/01/52 |  | 13808 | 8912003 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/53 |  | 4178 | 3304152 |
| &nbsp;&nbsp;&nbsp; 3.85%, 04/01/61 |  | 27437 | 16349989 |
| &nbsp;&nbsp;&nbsp; 4.40%, 12/01/61 |  | 8160 | 5336861 |
| &nbsp;&nbsp;&nbsp; 3.95%, 06/30/62 |  | 13853 | 8335728 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/63 |  | 1142 | 899841 |
| Clear Channel Outdoor Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/01/30<sup>(a)</sup> |  | 1118 | 1177470 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/31<sup>(a)</sup> |  | 585 | 612579 |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/15/33<sup>(a)</sup> |  | 361 | 381321 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Comcast Corp., 2.65%, 08/15/62 | USD  | 4063 | $2046151 |
| CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/27<sup>(a)</sup> |  | 3346 | 2868924 |
| &nbsp;&nbsp;&nbsp; 11.25%, 05/15/28<sup>(a)</sup> |  | 773 | 615049 |
| &nbsp;&nbsp;&nbsp; 11.75%, 01/31/29<sup>(a)</sup> |  | 1731 | 1286042 |
| DirecTV Financing LLC, 8.88%, 02/01/30<sup>(a)</sup> |  | 394 | 398647 |
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-<br> Obligor, Inc., 10.00%, 02/15/31<sup>(a)</sup><br>|  | 1627 | 1662878 |
| Discovery Communications LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/20/28 |  | 39637 | 38933840 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/20/37 |  | 587 | 469670 |
| &nbsp;&nbsp;&nbsp; 6.35%, 06/01/40 |  | 953 | 789329 |
| DISH Network Corp., 3.38%, 08/15/26<sup>(p)</sup> |  | 892 | 858550 |
| EchoStar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/30/29 |  | 290 | 320682 |
| &nbsp;&nbsp;&nbsp; (6.75% PIK), 6.75%, 11/30/30<sup>(m)</sup> |  | 825 | 845187 |
| Gray Media, Inc., 9.63%, 07/15/32<sup>(a)</sup> |  | 1116 | 1158149 |
| iHeartCommunications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.13%, 05/01/29<sup>(a)</sup> |  | 733 | 705960 |
| &nbsp;&nbsp;&nbsp; 7.75%, 08/15/30<sup>(a)</sup> |  | 300 | 262500 |
| Lamar Media Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/15/29 |  | 319 | 318446 |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/01/33<sup>(a)</sup> |  | 100 | 99345 |
| McGraw-Hill Education, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/28<sup>(a)</sup> |  | 23 | 23119 |
| &nbsp;&nbsp;&nbsp; 7.38%, 09/01/31<sup>(a)</sup> |  | 400 | 422023 |
| Nexstar Media, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/27<sup>(a)</sup> |  | 200 | 200538 |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/28<sup>(a)</sup> |  | 200 | 198549 |
| OT Midco, Inc., 10.00%, 02/15/30<sup>(a)</sup> |  | 2393 | 952139 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media <br> Capital Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/27<sup>(a)</sup> |  | 100 | 100145 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/29<sup>(a)</sup> |  | 172 | 167509 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/30<sup>(a)</sup> |  | 28 | 27332 |
| Paramount Global |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 10/04/26 |  | 4155 | 4085257 |
| &nbsp;&nbsp;&nbsp; 2.90%, 01/15/27 |  | 8736 | 8593959 |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/28 |  | 3519 | 3415145 |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/15/31 |  | 9840 | 9462392 |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/15/43 |  | 3414 | 2374633 |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/01/43 |  | 1424 | 1172407 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/44 |  | 4000 | 3019470 |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/15/44 |  | 1052 | 754954 |
| &nbsp;&nbsp;&nbsp; 4.60%, 01/15/45 |  | 1518 | 1052678 |
| Sirius XM Radio LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/27<sup>(a)</sup> |  | 608 | 609481 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/28<sup>(a)</sup> |  | 704 | 688206 |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/01/30<sup>(a)</sup> |  | 352 | 334776 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(a)</sup> |  | 371 | 361780 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/30<sup>(a)</sup> |  | 1819 | 1737145 |
| Summer BC Holdco B S.a.r.l. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/30<sup>(f)</sup> | EUR  | 310 | 335730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.31%, <br> 02/15/30<sup>(b)(f)</sup><br>|  | 3450 | 3800660 |
| Sunrise FinCo I BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/15/31<sup>(a)</sup> | USD  | 257 | 244792 |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/32<sup>(f)</sup> | EUR  | 1431 | 1698578 |
| TEGNA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/28 | USD  | 202 | 199923 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/29 |  | 123 | 121917 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp; Tele Columbus AG, (10.00% PIK), 10.00%, <br> 01/01/29<sup>(f)(m)</sup><br>| EUR  | 1508 | $1165687 |
| Univision Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/15/28<sup>(a)</sup> | USD  | 200 | 207135 |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/30/30<sup>(a)</sup> |  | 206 | 209388 |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/31/31<sup>(a)</sup> |  | 1152 | 1203413 |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/01/32<sup>(a)</sup> |  | 102 | 109631 |
| Versant Media Group, Inc., 7.25%, 01/30/31<sup>(a)</sup> |  | 298 | 307443 |
| &nbsp;&nbsp;&nbsp; Virgin Media O2 Vendor Financing Notes V DAC, <br> 7.88%, 03/15/32<sup>(f)</sup><br>| GBP  | 3229 | 4366131 |
| Virgin Media Secured Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/29<sup>(a)</sup> | USD  | 577 | 568435 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/30<sup>(a)</sup> |  | 467 | 432318 |
| &nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes III DAC, <br> 4.88%, 07/15/28<sup>(f)</sup><br>| GBP  | 182 | 238837 |
| &nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes IV DAC, <br> 5.00%, 07/15/28<sup>(a)</sup><br>| USD  | 200 | 196223 |
| VZ Secured Financing BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/32<sup>(a)</sup> |  | 600 | 542972 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/33<sup>(f)</sup> | EUR  | 2684 | 3092414 |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/15/33<sup>(a)</sup> | USD  | 401 | 406224 |
| Warnermedia Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.76%, 03/15/27 |  | 115187 | 114412022 |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/32 |  | 302 | 265102 |
| WPP Finance 2013, 3.63%, 06/09/31<sup>(f)</sup> | EUR  | 15970 | 18527433 |
| Ziggo Bond Co. BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/28/30<sup>(f)</sup> |  | 146 | 152493 |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/15/32<sup>(f)</sup> |  | 132 | 145895 |
|  |  |  | 366914537 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Alumina Pty Ltd., 6.38%, 09/15/32<sup>(a)</sup> | USD  | 200 | 207685 |
| Arsenal AIC Parent LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 10/01/30<sup>(a)</sup> |  | 204 | 216477 |
| &nbsp;&nbsp;&nbsp; 11.50%, 10/01/31<sup>(a)</sup> |  | 235 | 258630 |
| Cleveland-Cliffs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/29<sup>(a)</sup> |  | 91 | 94250 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/32<sup>(a)</sup> |  | 588 | 602700 |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/01/33<sup>(a)</sup> |  | 342 | 355691 |
| &nbsp;&nbsp;&nbsp; 7.63%, 01/15/34<sup>(a)</sup> |  | 414 | 432639 |
| &nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile, 6.44%, <br> 01/26/36<sup>(f)</sup><br>|  | 419 | 453054 |
| CSN Resources SA, 4.63%, 06/10/31<sup>(f)</sup> |  | 595 | 455651 |
| Fortescue Treasury Pty Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/15/30<sup>(a)</sup> |  | 100 | 102836 |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/01/31<sup>(a)</sup> |  | 125 | 120890 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/15/32<sup>(a)</sup> |  | 173 | 180523 |
| Kaiser Aluminum Corp., 4.50%, 06/01/31<sup>(a)</sup> |  | 103 | 99511 |
| Mineral Resources Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 10/01/28<sup>(a)</sup> |  | 1083 | 1136609 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/01/30<sup>(a)</sup> |  | 862 | 896427 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/01/31<sup>(a)</sup> |  | 92 | 95938 |
| Navoi Mining & Metallurgical Combinat |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.70%, 10/17/28<sup>(a)</sup> |  | 376 | 389160 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/14/30<sup>(f)</sup> |  | 881 | 922345 |
| &nbsp;&nbsp;&nbsp; 6.95%, 10/17/31<sup>(a)</sup> |  | 675 | 719297 |
| Nickel Industries Ltd., 9.00%, 09/30/30<sup>(f)</sup> |  | 1585 | 1640475 |
| Novelis Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/30/30<sup>(a)</sup> |  | 560 | 540210 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/30/30<sup>(a)</sup> |  | 317 | 329157 |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/15/33<sup>(a)</sup> |  | 96 | 97322 |
| Periama Holdings LLC, 5.95%, 04/19/26<sup>(f)</sup> |  | 425 | 425956 |
| Salzgitter AG, 3.38%, 10/22/32<sup>(f)(p)</sup> | EUR  | 500 | 640190 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| &nbsp;&nbsp;&nbsp; Samarco Mineracao SA, (9.50% Cash or 9.00% <br> PIK), 9.50%, 06/30/31<sup>(f)(m)</sup><br>| USD  | 1480 | $1505326 |
| Stillwater Mining Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/16/29<sup>(a)</sup> |  | 200 | 188500 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/16/29<sup>(f)</sup> |  | 980 | 923650 |
| Vale Overseas Ltd., 6.40%, 06/28/54 |  | 474 | 483717 |
| Vedanta Resources Finance II PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.88%, 09/17/29<sup>(a)</sup> |  | 200 | 210812 |
| &nbsp;&nbsp;&nbsp; 10.88%, 09/17/29<sup>(f)</sup> |  | 1309 | 1379768 |
| Volcan Cia Minera SAA, 8.50%, 10/28/32<sup>(a)</sup> |  | 73 | 74907 |
|  |  |  | 16180303 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/27<sup>(a)</sup> |  | 389 | 386404 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/29<sup>(a)</sup> |  | 100 | 98877 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/30 |  | 69 | 70599 |
| Starwood Property Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 07/15/26<sup>(a)</sup> |  | 279 | 277633 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/27<sup>(a)</sup> |  | 100 | 99379 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/30<sup>(a)</sup> |  | 300 | 307921 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/30<sup>(a)</sup> |  | 245 | 255436 |
|  |  |  | 1496249 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| Alstria Office AG |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/29<sup>(f)</sup> | EUR  | 200 | 232243 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/20/31<sup>(f)</sup> |  | 3000 | 3608762 |
|  |  |  | 3841005 |
| **Oil, Gas & Consumable Fuels — 6.8%** | **Oil, Gas & Consumable Fuels — 6.8%** | **Oil, Gas & Consumable Fuels — 6.8%** | **Oil, Gas & Consumable Fuels — 6.8%** |
| 3R Lux S.a.r.l, 9.75%, 02/05/31<sup>(a)</sup> | USD  | 440 | 453477 |
| &nbsp;&nbsp;&nbsp; Aethon United BR LP/Aethon United Finance <br> Corp., 7.50%, 10/01/29<sup>(a)</sup><br>|  | 350 | 366687 |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream <br> Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/28<sup>(a)</sup> |  | 374 | 374716 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/29<sup>(a)</sup> |  | 50 | 50001 |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/01/32<sup>(a)</sup> |  | 11 | 11386 |
| Antero Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.63%, 02/01/29<sup>(a)</sup> |  | 19254 | 19541000 |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/01/30<sup>(a)</sup> |  | 40064 | 40618646 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU <br> Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/30/29<sup>(a)</sup> |  | 210 | 210551 |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/32<sup>(a)</sup> |  | 28 | 28913 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/33<sup>(a)</sup> |  | 154 | 159397 |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance <br> Corp., 7.00%, 07/15/29<sup>(a)</sup><br>|  | 264 | 275329 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc., 5.23%, <br> 11/17/34<br>|  | 11649 | 12017391 |
| Breakwater Energy Holdings S.a.r.l. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 11/15/30<sup>(a)</sup> |  | 700 | 733009 |
| &nbsp;&nbsp;&nbsp; Series DEC, 9.25%, 11/15/30<sup>(f)</sup> |  | 1051 | 1100560 |
| Buckeye Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/01/27 |  | 100 | 98787 |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/01/28<sup>(a)</sup> |  | 100 | 99358 |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/01/29<sup>(a)</sup> |  | 323 | 335988 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/30<sup>(a)</sup> |  | 41 | 43040 |
| California Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/15/29<sup>(a)</sup> |  | 1230 | 1286556 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/34<sup>(a)</sup> |  | 1706 | 1680492 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Cameron LNG LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 01/15/35<sup>(a)</sup> | USD  | 13346 | $11672654 |
| &nbsp;&nbsp;&nbsp; 3.40%, 01/15/38<sup>(a)</sup> |  | 8998 | 7810983 |
| Cheniere Corpus Christi Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/30/27 |  | 18860 | 19042385 |
| &nbsp;&nbsp;&nbsp; 2.74%, 12/31/39 |  | 21789 | 18578562 |
| Cheniere Energy Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/31 |  | 19597 | 19082756 |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 |  | 13588 | 12515014 |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/34 |  | 9908 | 10345120 |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/30/35<sup>(a)</sup> |  | 1084 | 1108258 |
| Cheniere Energy, Inc., 5.65%, 04/15/34 |  | 41227 | 42768064 |
| &nbsp;&nbsp;&nbsp; Chesapeake Energy Corp., 6.13%, <br> 02/15/21<sup>(e)(h)(o)</sup><br>|  | 9090 | 1 |
| Chord Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/30<sup>(a)</sup> |  | 195 | 197391 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/33<sup>(a)</sup> |  | 100 | 103412 |
| Civitas Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/26<sup>(a)</sup> |  | 3557 | 3546549 |
| &nbsp;&nbsp;&nbsp; 8.38%, 07/01/28<sup>(a)</sup> |  | 1810 | 1865011 |
| &nbsp;&nbsp;&nbsp; 8.63%, 11/01/30<sup>(a)</sup> |  | 429 | 449618 |
| CNX Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/15/31<sup>(a)</sup> |  | 114 | 118049 |
| &nbsp;&nbsp;&nbsp; 7.25%, 03/01/32<sup>(a)</sup> |  | 7465 | 7792713 |
| Comstock Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/29<sup>(a)</sup> |  | 777 | 775440 |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/30<sup>(a)</sup> |  | 327 | 318058 |
| &nbsp;&nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook Holdco LLC, <br> 7.50%, 12/15/33<sup>(a)</sup><br>|  | 250 | 267867 |
| Crescent Energy Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/15/33<sup>(a)</sup> |  | 1114 | 1057132 |
| &nbsp;&nbsp;&nbsp; 8.38%, 01/15/34<sup>(a)</sup> |  | 272 | 270188 |
| &nbsp;&nbsp;&nbsp; Crestwood Midstream Partners LP/Crestwood <br> Midstream Finance Corp., 7.38%, 02/01/31<sup>(a)</sup><br>|  | 26362 | 27389128 |
| CVR Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/28<sup>(a)</sup> |  | 221 | 217923 |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/15/29<sup>(a)</sup> |  | 242 | 248739 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP/Delek Logistics <br> Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 06/01/28<sup>(a)</sup> |  | 93 | 93534 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/29<sup>(a)</sup> |  | 412 | 431844 |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/30/33<sup>(a)</sup> |  | 274 | 279603 |
| Diamondback Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 12/01/26 |  | 54757 | 54360434 |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 |  | 42622 | 41346694 |
| &nbsp;&nbsp;&nbsp; 3.13%, 03/24/31 |  | 42090 | 39329409 |
| &nbsp;&nbsp;&nbsp; Energean Israel Finance Ltd., 8.50%, <br> 09/30/33<sup>(a)(f)</sup><br>|  | 856 | 914953 |
| Energean PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/12/31<sup>(f)</sup> | EUR  | 625 | 734496 |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/12/31<sup>(a)</sup> |  | 801 | 941330 |
| Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 05/15/54 | USD  | 5842 | 5536177 |
| &nbsp;&nbsp;&nbsp; 6.05%, 09/01/54 |  | 5582 | 5368301 |
| &nbsp;&nbsp;&nbsp; 6.20%, 04/01/55 |  | 3596 | 3524685 |
| Eni SpA, 4.88% <sup>(f)(n)</sup> | EUR  | 730 | 869692 |
| EQT Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/26<sup>(a)</sup> | USD  | 12370 | 12299338 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/27 |  | 10983 | 11194769 |
| &nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 |  | 39707 | 39526128 |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/28 |  | 14621 | 15088062 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/28 |  | 3998 | 4057070 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| EQT Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 | USD  | 58999 | $59138177 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/29 |  | 22764 | 23060778 |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/01/29 |  | 28074 | 29050440 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/01/30 |  | 41496 | 45070997 |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/30 |  | 52980 | 58276358 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/31 |  | 98188 | 98832461 |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/31<sup>(a)</sup> |  | 56576 | 53203191 |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/34 |  | 7491 | 7825436 |
| Expand Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 08/15/20<sup>(e)(h)(o)</sup> |  | 623 |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/21<sup>(e)(h)(o)</sup> |  | 425 |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/01/29 |  | 18382 | 18382378 |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/01/29<sup>(a)</sup> |  | 4042 | 4042285 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/29<sup>(a)</sup> |  | 15516 | 15606870 |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/15/30 |  | 9615 | 9745654 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 |  | 11947 | 11785794 |
| &nbsp;&nbsp;&nbsp; 5.70%, 01/15/35 |  | 47947 | 49618933 |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP/Genesis Energy Finance <br> Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 |  | 100 | 104388 |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/32 |  | 215 | 224118 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/33 |  | 433 | 449498 |
| Global Partners LP/GLP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/32<sup>(a)</sup> |  | 149 | 156938 |
| &nbsp;&nbsp;&nbsp; 7.13%, 07/01/33<sup>(a)</sup> |  | 100 | 101824 |
| Gran Tierra Energy, Inc., 9.50%, 10/15/29<sup>(a)</sup> |  | 3772 | 2621540 |
| &nbsp;&nbsp;&nbsp; Granite Ridge Resources, Inc., 8.88%, <br> 11/05/29<sup>(a)(e)</sup><br>|  | 8014 | 7723893 |
| &nbsp;&nbsp;&nbsp; Greensaif Pipelines Bidco Sarl, 5.85%, <br> 02/23/36<sup>(f)</sup><br>|  | 435 | 454110 |
| Harvest Midstream I LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/01/28<sup>(a)</sup> |  | 306 | 310575 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/15/32<sup>(a)</sup> |  | 115 | 119874 |
| Hess Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.30%, 08/15/31 |  | 6412 | 7365321 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/40 |  | 1812 | 1955424 |
| Hess Midstream Operations LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/01/29<sup>(a)</sup> |  | 209 | 215834 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/30<sup>(a)</sup> |  | 237 | 239941 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/30<sup>(a)</sup> |  | 139 | 135067 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/31<sup>(a)</sup> |  | 308 | 292794 |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/01/33<sup>(a)</sup> |  | 299 | 305295 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/34<sup>(a)</sup> |  | 349 | 327017 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/35<sup>(a)</sup> |  | 351 | 333581 |
| Howard Midstream Energy Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 07/15/32<sup>(a)</sup> |  | 140 | 147724 |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/34<sup>(a)</sup> |  | 100 | 102733 |
| Ithaca Energy North Sea PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 10/15/29<sup>(a)</sup> |  | 660 | 681808 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/31<sup>(f)</sup> | EUR  | 1619 | 1912419 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(a)</sup> | USD  | 514 | 493261 |
| KazMunayGas National Co. JSC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/19/47<sup>(f)</sup> |  | 200 | 188644 |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/24/48<sup>(f)</sup> |  | 1749 | 1761191 |
| Kinetik Holdings LP, 6.63%, 12/15/28<sup>(a)</sup> |  | 471 | 484978 |
| Matador Resources Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/32<sup>(a)</sup> |  | 152 | 154153 |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/33<sup>(a)</sup> |  | 347 | 347462 |
| &nbsp;&nbsp;&nbsp; MC Brazil Downstream Trading S.a.r.l., 7.25%, <br> 06/30/31<sup>(f)</sup><br>|  | 181 | 158806 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Medco Cypress Tree Pte Ltd., 8.63%, 05/19/30<sup>(a)</sup> | USD  | 1319 | $1391545 |
| Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28<sup>(f)</sup> |  | 7457 | 7479893 |
| NGPL PipeCo LLC, 3.25%, 07/15/31<sup>(a)</sup> |  | 18873 | 17362400 |
| Northern Oil & Gas, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/15/31<sup>(a)</sup> |  | 82 | 82787 |
| &nbsp;&nbsp;&nbsp; 7.88%, 10/15/33<sup>(a)</sup> |  | 1075 | 1046679 |
| NuStar Logistics LP, 5.63%, 04/28/27 |  | 100 | 101082 |
| OEG Finance PLC, 7.25%, 09/27/29<sup>(f)</sup> | EUR  | 3626 | 4454351 |
| Permian Resources Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/15/27<sup>(a)</sup> | USD  | 2171 | 2199354 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/01/29<sup>(a)</sup> |  | 322 | 323887 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/32<sup>(a)</sup> |  | 319 | 332505 |
| Petrobras Global Finance BV, 6.75%, 01/27/41 |  | 143 | 144400 |
| Petroleos de Venezuela SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/15/26<sup>(f)(h)(o)</sup> |  | 954 | 221805 |
| &nbsp;&nbsp;&nbsp; 9.75%, 05/17/35<sup>(f)(h)(o)</sup> |  | 1076 | 278684 |
| Petroleos del Peru SA, 4.75%, 06/19/32<sup>(a)</sup> |  | 200 | 148812 |
| Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/20/26 |  | 22921 | 22978302 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/26/29<sup>(f)</sup> | EUR  | 848 | 1002798 |
| &nbsp;&nbsp;&nbsp; Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, <br> 6.24%, 07/03/36<sup>(a)</sup><br>| USD  | 68 | 72070 |
| &nbsp;&nbsp;&nbsp; PRIO Luxembourg Holding S.a.r.l., 6.75%, <br> 10/15/30<sup>(a)</sup><br>|  | 200 | 194976 |
| &nbsp;&nbsp;&nbsp; Puma International Financing SA, 7.75%, <br> 04/25/29<sup>(f)</sup><br>|  | 7200 | 7405344 |
| Raizen Fuels Finance SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/08/32<sup>(a)</sup> |  | 2178 | 1830609 |
| &nbsp;&nbsp;&nbsp; 6.45%, 03/05/34<sup>(f)</sup> |  | 2216 | 1825430 |
| Repsol E&P Capital Markets U.S. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.81%, 09/16/28<sup>(a)</sup> |  | 2855 | 2881573 |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/16/30<sup>(a)</sup> |  | 3690 | 3742210 |
| &nbsp;&nbsp;&nbsp; 5.98%, 09/16/35<sup>(a)</sup> |  | 7265 | 7409433 |
| Rockies Express Pipeline LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/15/29<sup>(a)</sup> |  | 181 | 180604 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/33<sup>(a)</sup> |  | 100 | 105532 |
| Sabine Pass Liquefaction LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/30/26 |  | 2384 | 2387374 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 |  | 29097 | 29292570 |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 |  | 3370 | 3373314 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/30 |  | 28735 | 28851332 |
| &nbsp;&nbsp;&nbsp; 5.90%, 09/15/37 |  | 9226 | 9692191 |
| SM Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 |  | 100 | 100293 |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/01/29<sup>(a)</sup> |  | 380 | 382790 |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/01/32<sup>(a)</sup> |  | 478 | 469907 |
| Sunoco LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/15/27<sup>(a)</sup> |  | 100 | 100250 |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/01/29<sup>(a)</sup> |  | 99 | 103253 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/29<sup>(a)</sup> |  | 200 | 194932 |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/01/30<sup>(a)</sup> |  | 985 | 956906 |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/31<sup>(a)</sup> |  | 100 | 100733 |
| &nbsp;&nbsp;&nbsp; 6.63%, 08/15/32<sup>(a)</sup> |  | 17 | 17473 |
| Sunoco LP/Sunoco Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/15/28<sup>(a)</sup> |  | 304 | 313581 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/29 |  | 235 | 230715 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/28<sup>(a)</sup> |  | 56 | 56030 |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/15/29<sup>(a)</sup> |  | 162 | 167437 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/31/30<sup>(a)</sup> |  | 570 | 574610 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Targa Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 02/01/33 | USD  | 3609 | $3455111 |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/15/33 |  | 1445 | 1545684 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/28 |  | 3277 | 3277815 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/01/31 |  | 14735 | 14825086 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA, 3.85%, <br> 03/03/45<sup>(f)</sup><br>| EUR  | 1200 | 1292228 |
| &nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd., 8.38%, <br> 02/01/28<sup>(a)</sup><br>| USD  | 1056 | 1078911 |
| Trident Energy Finance PLC, 12.50%, 11/30/29<sup>(f)</sup> |  | 2649 | 2691225 |
| &nbsp;&nbsp;&nbsp; U.S.A. Compression Partners LP/U.S.A. <br> Compression Finance Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 03/15/29<sup>(a)</sup> |  | 274 | 283621 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/33<sup>(a)</sup> |  | 189 | 191266 |
| Var Energi ASA, 7.86%, 11/15/83<sup>(f)</sup> | EUR  | 1888 | 2436079 |
| Venture Global Calcasieu Pass LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/29<sup>(a)</sup> | USD  | 170 | 159365 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/30<sup>(a)</sup> |  | 493 | 499121 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/31<sup>(a)</sup> |  | 402 | 365809 |
| Venture Global Plaquemines LNG LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 12/15/30<sup>(a)</sup> |  | 84 | 85541 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/01/33<sup>(a)</sup> |  | 172 | 185846 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/34<sup>(a)</sup> |  | 406 | 415841 |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/01/35<sup>(a)</sup> |  | 82 | 89786 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/36<sup>(a)</sup> |  | 820 | 839918 |
| Viper Energy Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/01/30 |  | 13287 | 13439402 |
| &nbsp;&nbsp;&nbsp; 5.70%, 08/01/35 |  | 20384 | 20802484 |
| Vista Energy Argentina SAU |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 06/10/33<sup>(a)</sup> |  | 5092 | 5206570 |
| &nbsp;&nbsp;&nbsp; 7.63%, 12/10/35<sup>(a)</sup> |  | 674 | 666842 |
| Vital Energy, Inc., 7.88%, 04/15/32<sup>(a)</sup> |  | 528 | 520230 |
| Wintershall Dea Finance 2 BV, 6.12% <sup>(f)(n)</sup> | EUR  | 1619 | 1941002 |
|  |  |  | 1255290320 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Fedrigoni SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.00%), 6.02%, <br> 01/15/30<sup>(b)(f)</sup><br>|  | 612 | 704376 |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/31<sup>(f)</sup> |  | 579 | 663119 |
| Graphic Packaging International LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/01/30<sup>(a)</sup> | USD  | 71 | 67116 |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/15/32<sup>(a)</sup> |  | 94 | 95755 |
| &nbsp;&nbsp;&nbsp; LD Celulose International GmbH, 7.95%, <br> 01/26/32<sup>(a)</sup><br>|  | 200 | 209750 |
| Magnera Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/29<sup>(a)</sup> |  | 100 | 92458 |
| &nbsp;&nbsp;&nbsp; 7.25%, 11/15/31<sup>(a)</sup> |  | 311 | 305296 |
|  |  |  | 2137870 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Air Canada, 3.88%, 08/15/26<sup>(a)</sup> |  | 100 | 99523 |
| &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust, Series 2017-1, <br> Class B, 3.70%, 01/15/26<sup>(a)</sup><br>|  | 8 | 7864 |
| Allegiant Travel Co., 7.25%, 08/15/27<sup>(a)</sup> |  | 826 | 837536 |
| American Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.53%, 12/15/27<sup>(e)</sup> |  | 2613 | 2597035 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, B, 5.65%, 11/11/34 |  | 740 | 745836 |
| American Airlines, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/28<sup>(a)</sup> |  | 232 | 237174 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/15/29<sup>(a)</sup> |  | 125 | 130737 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP <br> Ltd., 5.75%, 04/20/29<sup>(a)</sup><br>| USD  | 623 | $634425 |
| Avianca Midco 2 PLC, 9.00%, 12/01/28<sup>(a)</sup> |  | 2716 | 2737594 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. Pass-Through Trust, <br> Series 2019-1, AA, 2.75%, 05/15/32<br>|  | 633 | 568053 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(a)</sup><br>|  | 860 | 866417 |
| Latam Airlines Group SA, 7.63%, 01/07/31<sup>(a)</sup> |  | 1738 | 1824900 |
| Spirit Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 04/01/28 |  | 83 | 79676 |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/30 |  | 988 | 929010 |
| &nbsp;&nbsp;&nbsp; 3.65%, 02/15/30 |  | 2591 | 2381098 |
| &nbsp;&nbsp;&nbsp; Turkish Airlines Pass-Through Trust, <br> Series 2015-1, Class A, 4.20%, 03/15/27<sup>(a)</sup><br>|  | 418 | 408546 |
|  |  |  | 15085424 |
| **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** |
| Edgewell Personal Care Co., 4.13%, 04/01/29<sup>(a)</sup> |  | 460 | 439504 |
| Ontex Group NV, 5.25%, 04/15/30<sup>(f)</sup> | EUR  | 429 | 499812 |
|  |  |  | 939316 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Bayer AG |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/25/82<sup>(f)</sup> |  | 1600 | 1929576 |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/25/83<sup>(f)</sup> |  | 2400 | 3099005 |
| Dolcetto Holdco SpA, 5.63%, 07/14/32<sup>(f)</sup> |  | 3318 | 3957739 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(a)</sup> | USD  | 525 | 554894 |
| &nbsp;&nbsp;&nbsp; Gruenenthal GmbH, Series NOV, 4.63%, <br> 11/15/31<sup>(f)</sup><br>| EUR  | 1288 | 1529530 |
| Jazz Securities DAC, 4.38%, 01/15/29<sup>(a)</sup> | USD  | 552 | 544444 |
| Nidda Healthcare Holding GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 10/23/30<sup>(f)</sup> | EUR  | 1078 | 1294609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.25%), 5.28%, <br> 10/15/32<sup>(b)(f)</sup><br>|  | 2253 | 2671630 |
| Opal Bidco SAS |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/31/32<sup>(f)</sup> |  | 1619 | 1962742 |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/32<sup>(a)</sup> | USD  | 272 | 278588 |
| Perrigo Finance Unlimited Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 06/15/30 |  | 231 | 223466 |
| &nbsp;&nbsp;&nbsp; Series USD, 6.13%, 09/30/32 |  | 213 | 207476 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/19/33 |  | 1799 | 1818076 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/19/53 |  | 2157 | 2042412 |
| Prestige Brands, Inc., 5.13%, 01/15/28<sup>(a)</sup> |  | 171 | 170796 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 10/01/26 |  | 950 | 937531 |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/15/29 |  | 228 | 250374 |
|  |  |  | 23472888 |
| **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
| Amentum Holdings, Inc., 7.25%, 08/01/32<sup>(a)</sup> |  | 331 | 348902 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| &nbsp;&nbsp;&nbsp; Adler Financing Sarl, Series 1L, 8.25%, <br> 12/31/28<sup>(m)</sup><br>| EUR  | 4406 | 5670714 |
| Alpha Star Holding IX Ltd., 7.00%, 08/26/28<sup>(f)</sup> | USD  | 200 | 204414 |
| Aroundtown Finance S.a.r.l., 7.88% <sup>(n)</sup> |  | 1016 | 1021134 |
| Aroundtown SA, 1.63% <sup>(f)(n)</sup> | EUR  | 300 | 341165 |
| Citycon Oyj, 3.63% <sup>(f)(n)</sup> |  | 261 | 235608 |
| Citycon Treasury BV, 5.38%, 07/08/31<sup>(f)</sup> |  | 1208 | 1346624 |
| Cushman & Wakefield U.S. Borrower LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/28<sup>(a)</sup> | USD  | 282 | 283497 |
| &nbsp;&nbsp;&nbsp; 8.88%, 09/01/31<sup>(a)</sup> |  | 147 | 157010 |
| &nbsp;&nbsp;&nbsp; DEMIRE Deutsche Mittelstand Real Estate AG, <br> 5.00%, 12/31/27<sup>(c)(f)</sup><br>| EUR  | 793 | 875688 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| Fantasia Holdings Group Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 12/17/21<sup>(f)(h)(o)</sup> | USD  | 465 | $4650 |
| &nbsp;&nbsp;&nbsp; 11.75%, 04/17/22<sup>(f)(h)(o)</sup> |  | 2430 | 24300 |
| &nbsp;&nbsp;&nbsp; 7.95%, 07/05/22<sup>(f)(h)(o)</sup> |  | 530 | 5300 |
| &nbsp;&nbsp;&nbsp; 12.25%, 10/18/22<sup>(f)(h)(o)</sup> |  | 200 | 2000 |
| &nbsp;&nbsp;&nbsp; 10.88%, 01/09/23<sup>(f)(h)(o)</sup> |  | 2657 | 26570 |
| &nbsp;&nbsp;&nbsp; 11.88%, 06/01/23<sup>(f)(h)(o)</sup> |  | 1093 | 10930 |
| Five Point Operating Co. LP, 8.00%, 10/01/30<sup>(a)</sup> |  | 270 | 282091 |
| Forestar Group, Inc., 5.00%, 03/01/28<sup>(a)</sup> |  | 1413 | 1411657 |
| GLP Pte Ltd., 9.75%, 05/20/28<sup>(f)</sup> |  | 1500 | 1531875 |
| Grand City Properties SA, 1.50% <sup>(f)(n)</sup> | EUR  | 2700 | 3123661 |
| Heimstaden Bostad AB |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.63%<sup>(f)(n)</sup> |  | 500 | 570745 |
| &nbsp;&nbsp;&nbsp; 6.25%<sup>(f)(n)</sup> |  | 2117 | 2600156 |
| Howard Hughes Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/01/28<sup>(a)</sup> | USD  | 2725 | 2735153 |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/01/29<sup>(a)</sup> |  | 32 | 31096 |
| New Immo Holding SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/17/28<sup>(f)</sup> | EUR  | 2900 | 3525329 |
| &nbsp;&nbsp;&nbsp; 4.95%, 11/14/30<sup>(f)</sup> |  | 300 | 354596 |
| &nbsp;&nbsp;&nbsp; Resort Communities LoanCo LP, (10.50% Cash <br> and 2.00% PIK), 13.00%, 11/30/28<sup>(a)(e)(m)</sup><br>| USD  | 28966 | 29490527 |
| Store Capital LLC, 5.40%, 04/30/30<sup>(a)</sup> |  | 17338 | 17660841 |
| TAG Immobilien AG, 0.63%, 03/11/31<sup>(f)(p)</sup> | EUR  | 500 | 597918 |
| Vivion Investments S.a.r.l. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%<sup>(f)(n)</sup> |  | 1100 | 1196504 |
| &nbsp;&nbsp;&nbsp; PIK, 6.50%, 02/28/29<sup>(f)(m)</sup> |  | 1914 | 2242819 |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/08/30<sup>(f)</sup> |  | 1110 | 1256368 |
| &nbsp;&nbsp;&nbsp; Vivion Investments Sarl, (6.50% Cash and 1.75% <br> PIK), 8.25%, 08/31/28<sup>(f)(m)</sup><br>|  | 334 | 393253 |
| Vonovia SE, Series B, 0.88%, 05/20/32<sup>(f)(p)</sup> |  | 2500 | 2839577 |
|  |  |  | 82053770 |
| **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** |
| ams-OSRAM AG, 10.50%, 03/30/29<sup>(f)</sup> |  | 489 | 598405 |
| &nbsp;&nbsp;&nbsp; AP Grange Holdings LLC, 6.50%, <br> 03/20/45 (Acquired 06/21/24, cost <br> $12,241,000)<sup>(e)(i)</sup><br>| USD  | 12241 | 13083181 |
| Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 02/15/31 |  | 28982 | 26509211 |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/31 |  | 7915 | 8211410 |
| &nbsp;&nbsp;&nbsp; 4.55%, 02/15/32 |  | 955 | 957663 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/15/32 |  | 11520 | 11951733 |
| &nbsp;&nbsp;&nbsp; 3.42%, 04/15/33 |  | 12299 | 11384751 |
| &nbsp;&nbsp;&nbsp; 3.47%, 04/15/34 |  | 26093 | 23792722 |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/15/34 |  | 17109 | 17141901 |
| &nbsp;&nbsp;&nbsp; 4.93%, 05/15/37<sup>(a)</sup> |  | 2536 | 2503053 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/15/38 |  | 7695 | 7543614 |
| Entegris, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/15/28<sup>(a)</sup> |  | 214 | 212433 |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/29<sup>(a)</sup> |  | 219 | 219478 |
| &nbsp;&nbsp;&nbsp; 5.95%, 06/15/30<sup>(a)</sup> |  | 144 | 146881 |
| Kioxia Holdings Corp., 6.25%, 07/24/30<sup>(a)</sup> |  | 712 | 732531 |
|  |  |  | 124988967 |
| **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** |
| AppLovin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/01/29 |  | 18008 | 18471258 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/01/31 |  | 43172 | 44768065 |
| &nbsp;&nbsp;&nbsp; 5.95%, 12/01/54 |  | 19554 | 19366288 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(a)</sup> |  | 430 | 457025 |
| Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/29<sup>(a)</sup> |  | 465 | 471086 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/29<sup>(a)</sup> |  | 1786 | 1860138 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/32<sup>(a)</sup> | USD  | 769 | $803636 |
| &nbsp;&nbsp;&nbsp; 6.63%, 08/15/33<sup>(a)</sup> |  | 100 | 99106 |
| Core Scientific, Inc., 0.00%, 06/15/31<sup>(a)(d)(p)</sup> |  | 546 | 573682 |
| Fair Isaac Corp., 4.00%, 06/15/28<sup>(a)</sup> |  | 326 | 321518 |
| Gen Digital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/30/27<sup>(a)</sup> |  | 456 | 462793 |
| &nbsp;&nbsp;&nbsp; 7.13%, 09/30/30<sup>(a)</sup> |  | 12 | 12392 |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/33<sup>(a)</sup> |  | 102 | 105186 |
| GoTo Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/28<sup>(a)</sup> |  | 925 | 777000 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/28<sup>(a)</sup> |  | 1925 | 721875 |
| ION Platform Finance S.a.r.l. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/30/30<sup>(f)</sup> | EUR  | 1524 | 1733148 |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/30/32<sup>(f)</sup> |  | 2147 | 2413488 |
| &nbsp;&nbsp;&nbsp; ION Platform Finance U.S., Inc., 7.88%, <br> 09/30/32<sup>(a)</sup><br>| USD  | 500 | 474429 |
| &nbsp;&nbsp;&nbsp; ION Platform Finance U.S., Inc./ION Platform <br> Finance S.a.r.l.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 05/30/29<sup>(a)</sup> |  | 799 | 809146 |
| &nbsp;&nbsp;&nbsp; 9.00%, 08/01/29<sup>(a)</sup> |  | 125 | 123068 |
| IPD 3 BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/31<sup>(f)</sup> | EUR  | 2354 | 2798136 |
| &nbsp;&nbsp;&nbsp; Series NOV, 5.50%, 06/15/31<sup>(f)</sup> |  | 100 | 118251 |
| McAfee Corp., 7.38%, 02/15/30<sup>(a)</sup> | USD  | 1025 | 893879 |
| Microsoft Corp., 2.92%, 03/17/52 |  | 16941 | 11096979 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(a)</sup> |  | 1740 | 1888554 |
| NCR Voyix Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/28<sup>(a)</sup> |  | 100 | 99287 |
| &nbsp;&nbsp;&nbsp; 5.13%, 04/15/29<sup>(a)</sup> |  | 273 | 271079 |
| Open Text Corp., 3.88%, 12/01/29<sup>(a)</sup> |  | 151 | 143304 |
| Open Text Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/15/30<sup>(a)</sup> |  | 434 | 414826 |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/01/31<sup>(a)</sup> |  | 233 | 217366 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 |  | 2418 | 1506198 |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 |  | 1288 | 847452 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/03/55 |  | 5447 | 4803101 |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/26/55 |  | 33488 | 29670844 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/27/64 |  | 5022 | 4007829 |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/03/65 |  | 7491 | 6633976 |
| &nbsp;&nbsp;&nbsp; 6.10%, 09/26/65 |  | 20030 | 17666309 |
| Rocket Software, Inc., 9.00%, 11/28/28<sup>(a)</sup> |  | 180 | 185608 |
| TeamSystem SpA, 5.00%, 07/01/31<sup>(f)</sup> | EUR  | 808 | 958308 |
| UKG, Inc., 6.88%, 02/01/31<sup>(a)</sup> | USD  | 660 | 677961 |
|  |  |  | 179723574 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| Crown Castle, Inc., 5.60%, 06/01/29 |  | 926 | 960866 |
| Extra Space Storage LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/29 |  | 1836 | 1817918 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/30 |  | 8898 | 9261078 |
| &nbsp;&nbsp;&nbsp; 2.20%, 10/15/30 |  | 5163 | 4671001 |
| &nbsp;&nbsp;&nbsp; 5.90%, 01/15/31 |  | 954 | 1011497 |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/15/35 |  | 2440 | 2501356 |
| Iron Mountain, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/28<sup>(a)</sup> |  | 157 | 156800 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/29<sup>(a)</sup> |  | 387 | 397531 |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/15/29<sup>(a)</sup> |  | 100 | 98655 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/30<sup>(a)</sup> |  | 991 | 979014 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/31<sup>(a)</sup> |  | 100 | 95326 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/32<sup>(a)</sup> |  | 200 | 196854 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/34<sup>(f)</sup> | EUR  | 3082 | 3522087 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** | **Specialized REITs (continued)** | **Specialized REITs (continued)** |
| Millrose Properties, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/30<sup>(a)</sup> | USD  | 100 | $102322 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/32<sup>(a)</sup> |  | 381 | 384423 |
| SBA Communications Corp., 3.88%, 02/15/27 |  | 931 | 923986 |
|  |  |  | 27080714 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Advance Auto Parts, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/15/30 |  | 756 | 693989 |
| &nbsp;&nbsp;&nbsp; 7.38%, 08/01/33<sup>(a)</sup> |  | 200 | 200794 |
| Asbury Automotive Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 |  | 179 | 176457 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/32<sup>(a)</sup> |  | 259 | 251696 |
| Bath & Body Works, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/15/29 |  | 100 | 102470 |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/01/30<sup>(a)</sup> |  | 217 | 221860 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(f)</sup> | GBP  | 2488 | 3508953 |
| Gap, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/29<sup>(a)</sup> | USD  | 39 | 36951 |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/01/31<sup>(a)</sup> |  | 115 | 106295 |
| Goldstory SAS, 6.75%, 02/01/30<sup>(f)</sup> | EUR  | 3153 | 3843728 |
| Group 1 Automotive, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/28<sup>(a)</sup> | USD  | 100 | 98022 |
| &nbsp;&nbsp;&nbsp; 6.38%, 01/15/30<sup>(a)</sup> |  | 304 | 312814 |
| &nbsp;&nbsp;&nbsp; LCM Investments Holdings II LLC, 8.25%, <br> 08/01/31<sup>(a)</sup><br>|  | 584 | 617693 |
| Lithia Motors, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/27<sup>(a)</sup> |  | 112 | 111830 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/30<sup>(a)</sup> |  | 456 | 457811 |
| Murphy Oil U.S.A., Inc., 3.75%, 02/15/31<sup>(a)</sup> |  | 261 | 244965 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC/PetSmart Finance Corp., 10.00%, <br> 09/15/33<sup>(a)</sup><br>|  | 1202 | 1237672 |
| Sonic Automotive, Inc., 4.63%, 11/15/29<sup>(a)</sup> |  | 103 | 101099 |
| &nbsp;&nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy <br> Finance Corp., 5.00%, 06/01/31<sup>(a)</sup><br>|  | 147 | 141124 |
| Wayfair LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 10/31/29<sup>(a)</sup> |  | 283 | 295358 |
| &nbsp;&nbsp;&nbsp; 7.75%, 09/15/30<sup>(a)</sup> |  | 152 | 161950 |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/15/32<sup>(a)</sup> |  | 184 | 189167 |
|  |  |  | 13112698 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Apple Inc., 2.65%, 02/08/51 |  | 7821 | 4834725 |
| EquipmentShare.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 05/15/28<sup>(a)</sup> |  | 388 | 403202 |
| &nbsp;&nbsp;&nbsp; 8.63%, 05/15/32<sup>(a)</sup> |  | 448 | 473210 |
| Seagate Data Storage Technology Pte Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 12/15/29<sup>(a)</sup> |  | 1348 | 1429469 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/15/30<sup>(a)</sup> |  | 3400 | 3504944 |
| &nbsp;&nbsp;&nbsp; 9.63%, 12/01/32<sup>(a)</sup> |  | 284 | 322420 |
| Xerox Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.25%, 10/15/30<sup>(a)</sup> |  | 2555 | 2444493 |
| &nbsp;&nbsp;&nbsp; 13.50%, 04/15/31<sup>(a)</sup> |  | 2132 | 1736248 |
|  |  |  | 15148711 |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
| VF Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/07/29 | EUR  | 1780 | 2098894 |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/23/30 | USD  | 185 | 167471 |
|  |  |  | 2266365 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Altria Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 02/04/41 |  | 16847 | 13026759 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/02/43 |  | 6482 | 5529604 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Tobacco (continued)** | **Tobacco (continued)** | **Tobacco (continued)** | **Tobacco (continued)** |
| Altria Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/16/46 | USD  | 7491 | $5629898 |
| &nbsp;&nbsp;&nbsp; 4.45%, 05/06/50 |  | 1835 | 1470846 |
| BAT Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/22/33 |  | 8035 | 7989161 |
| &nbsp;&nbsp;&nbsp; 7.08%, 08/02/43 |  | 800 | 898574 |
| &nbsp;&nbsp;&nbsp; 4.54%, 08/15/47 |  | 7090 | 5881344 |
| &nbsp;&nbsp;&nbsp; 4.76%, 09/06/49 |  | 10088 | 8523449 |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/16/52 |  | 12058 | 11398044 |
| &nbsp;&nbsp;&nbsp; 7.08%, 08/02/53 |  | 15877 | 18000794 |
| Reynolds American, Inc., 5.85%, 08/15/45 |  | 25610 | 25196095 |
|  |  |  | 103544568 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
| Albion Financing 1 S.a.r.l./Aggreko Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/21/30<sup>(f)</sup> | EUR  | 2428 | 2942972 |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/21/30<sup>(a)</sup> | USD  | 493 | 514550 |
| FTAI Aviation Investors LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/28<sup>(a)</sup> |  | 31 | 31027 |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/01/30<sup>(a)</sup> |  | 580 | 616774 |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/01/31<sup>(a)</sup> |  | 184 | 193768 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/32<sup>(a)</sup> |  | 88 | 92510 |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/15/33<sup>(a)</sup> |  | 100 | 101618 |
| Herc Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/29<sup>(a)</sup> |  | 289 | 300011 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/30<sup>(a)</sup> |  | 561 | 590412 |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/33<sup>(a)</sup> |  | 120 | 127246 |
| Park River Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 12/31/30<sup>(a)</sup> |  | 603 | 593201 |
| &nbsp;&nbsp;&nbsp; 8.00%, 03/15/31<sup>(a)</sup> |  | 53 | 54643 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(a)</sup> |  | 315 | 328992 |
|  |  |  | 6487724 |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| Heathrow Finance PLC, 6.63%, 03/01/31<sup>(f)</sup> | GBP  | 2428 | 3290886 |
| Progroup AG, 5.38%, 04/15/31<sup>(f)</sup> | EUR  | 2833 | 3403278 |
| Stena International SA, 7.25%, 01/15/31<sup>(a)</sup> | USD  | 400 | 407763 |
| TAV Havalimanlari Holding AS, 8.50%, 12/07/28<sup>(f)</sup> |  | 5028 | 5241690 |
|  |  |  | 12343617 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp; Thames Water Utilities Finance PLC, 4.00%, <br> 06/19/27<sup>(f)</sup><br>| GBP  | 2796 | 2708331 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Digicel Group Holdings Ltd., Series 2B14, 0.00%, <br> 12/31/30<sup>(a)(d)(e)</sup><br>| USD  | 544 | 32616 |
| Digicel International Finance Ltd./Difl U.S. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 08/01/32<sup>(a)</sup> |  | 200 | 207626 |
| &nbsp;&nbsp;&nbsp; 8.63%, 08/01/32<sup>(f)</sup> |  | 892 | 926012 |
| Fibercop SpA |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/30/30<sup>(f)</sup> | EUR  | 1078 | 1287301 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/30/32<sup>(f)</sup> |  | 268 | 320098 |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/30/34<sup>(a)</sup> | USD  | 343 | 324939 |
| &nbsp;&nbsp;&nbsp; 7.72%, 06/04/38<sup>(a)</sup> |  | 200 | 200280 |
| &nbsp;&nbsp;&nbsp; Liberty Costa Rica Senior Secured Finance, <br> 10.88%, 01/15/31<sup>(a)</sup><br>|  | 200 | 209626 |
| Rogers Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/55 |  | 248 | 259458 |
| &nbsp;&nbsp;&nbsp; 7.13%, 04/15/55 |  | 65 | 68444 |
| SoftBank Group Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/10/29<sup>(f)</sup> | EUR  | 2348 | 2801281 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/10/31<sup>(f)</sup> | USD  | 200 | 200249 |
| &nbsp;&nbsp;&nbsp; 7.00%, 07/08/31<sup>(f)</sup> |  | 7400 | 7476394 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/10/31<sup>(f)</sup> | EUR  | 997 | 1197259 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
| SoftBank Group Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/08/32<sup>(f)</sup> | EUR  | 1314 | $1565586 |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/10/33<sup>(f)</sup> |  | 3116 | 3755576 |
| &nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. II <br> LLC/Sprint Spectrum Co. III LLC, 5.15%, <br> 03/20/28<sup>(a)</sup><br>| USD  | 158 | 158848 |
| T-Mobile U.S.A., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 |  | 13386 | 13163457 |
| &nbsp;&nbsp;&nbsp; 2.70%, 03/15/32 |  | 8659 | 7784647 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 |  | 1464 | 1506561 |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/15/33 |  | 2975 | 3070633 |
| &nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 |  | 15406 | 15163574 |
| Turkcell Iletisim Hizmetleri AS |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.65%, 01/24/32<sup>(a)</sup> |  | 200 | 212104 |
| &nbsp;&nbsp;&nbsp; 7.65%, 01/24/32<sup>(f)</sup> |  | 858 | 909926 |
| VF Ukraine PAT via VFU Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.63%, 02/11/27<sup>(f)</sup> |  | 225 | 217190 |
| &nbsp;&nbsp;&nbsp; 9.63%, 02/11/27<sup>(a)</sup> |  | 1174 | 1133009 |
| Vmed O2 UK Financing I PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/15/31<sup>(a)</sup> |  | 730 | 673946 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/32<sup>(f)</sup> | EUR  | 4279 | 5056000 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/33<sup>(a)</sup> | USD  | 200 | 198207 |
|  |  |  | 70080847 |
| **Total Corporate Bonds — 30.9%** <br>**(Cost: $5,634,535,748)** | **Total Corporate Bonds — 30.9%** <br>**(Cost: $5,634,535,748)** | **Total Corporate Bonds — 30.9%** <br>**(Cost: $5,634,535,748)** | 5682427885 |
| **Fixed Rate Loan Interests** |  |  |  |
| **Banks — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Atos SE, New Money Term Loan, 9.00%, <br> 12/17/30<sup>(e)</sup><br>| EUR  | 1800 | 2160840 |
| **Financial Services — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Aspen Owner LLC, Term Loan (First Lien), 7.27%, <br> 02/09/27<sup>(e)</sup><br>| USD  | 29088 | 29296606 |
| **Total Fixed Rate Loan Interests — 0.2%** <br>**(Cost: $31,315,550)**<br>|  |  | 31457446 |
| **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| &nbsp;&nbsp;&nbsp; Clarios Global LP, Amendment No. 6 Euro Term <br> Loan (First Lien), (1-mo. EURIBOR at 0.00% <br> Floor + 3.25%), 5.16%, 01/28/32<sup>(e)</sup><br>| EUR  | 1000 | 1185883 |
| &nbsp;&nbsp;&nbsp; Median BV, Term Loan, (3-mo. SONIA at 0.20% <br> Floor + 5.93%), 9.77%, 10/14/27<sup>(e)</sup><br>| GBP  | 1000 | 1313294 |
| &nbsp;&nbsp;&nbsp; Mehilainen Yhtiot Oy, Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.52%, <br> 08/05/31<sup>(e)</sup><br>| EUR  | 1000 | 1186846 |
| &nbsp;&nbsp;&nbsp; Nobian Finance BV, 2025 Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.53%, <br> 07/01/30<sup>(e)</sup><br>|  | 1000 | 1121435 |
| &nbsp;&nbsp;&nbsp; Ohio Power Partners LLC, Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), <br> 6.47%, 11/12/32<sup>(e)</sup><br>| USD  | 1335 | 1331318 |
| &nbsp;&nbsp;&nbsp; Rainbow UK Holdco Ltd., Term Loan, (6-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.56%, <br> 02/23/29<sup>(e)</sup><br>| EUR  | 1000 | 1186823 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 675 Mbh, Term <br> Loan, (3-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.26%, 07/15/32<sup>(e)</sup><br>| EUR  | 1000 | $1183003 |
| &nbsp;&nbsp;&nbsp; Tk Elevator Midco GmbH, Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 3.00%), 5.10%, <br> 04/30/30<sup>(e)</sup><br>|  | 1000 | 1184343 |
|  |  |  | 9692945 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| Montage Hotels & Resorts LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 2.00% <br> Floor + 6.00%), 9.69%, 02/16/29<sup>(e)</sup><br>| USD  | 1349 | 1301626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 6.00%), 9.69%, 02/16/29<sup>(e)</sup><br>|  | 6696 | 6461465 |
| &nbsp;&nbsp;&nbsp; Robertshaw U.S. Holding Corp., Fifth-Out Term <br> Loan, (1-mo. CME Term SOFR at 1.00% Floor <br> + 8.00%), 11.79%, 02/28/27<sup>(e)(h)(o)</sup><br>|  | 1795 | 17950 |
|  |  |  | 7781041 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC (aka USAGM <br> Holdco, LLC), Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 6.97%, <br> 08/20/32<br>|  | 3635 | 3651454 |
| &nbsp;&nbsp;&nbsp; Alorica, Inc., Term Loan B (First Lien), (1-mo. <br> CME Term SOFR at 1.00% Floor + 6.88%), <br> 10.59%, 12/21/27<sup>(e)</sup><br>|  | 4804 | 4774544 |
| &nbsp;&nbsp;&nbsp; DRI Holding, Inc., Closing Date Term Loan (First <br> Lien), (1-mo. CME Term SOFR at 0.50% Floor <br> + 5.25%), 9.07%, 12/21/28<sup>(e)</sup><br>|  | 3059 | 2997648 |
| &nbsp;&nbsp;&nbsp; Interface Security Systems LLC, Initial Term Loan, <br> (1-mo. CME Term SOFR at 1.75% Floor + <br> 7.00%), 10.82%, 08/07/28<sup>(e)(h)(o)</sup><br>|  | 9150 | 3111126 |
|  |  |  | 14534772 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cirkul, Inc., Term Loan, (3-mo. CME Term SOFR <br> at 4.00% Floor + 11.00%), (3.50% Cash and <br> 7.50% PIK), 11.59%, 04/23/28<sup>(e)</sup><br>|  | 4191 | 3259478 |
| &nbsp;&nbsp;&nbsp; Flexsys Cayman Holdings LP, Second Out <br> Refinancing Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.25%), 9.08%, <br> 08/01/29<sup>(e)</sup><br>|  | 1962 | 107927 |
| &nbsp;&nbsp;&nbsp; Goodarz Holding Co. S.a.r.l, Term Loan, (1-mo. <br> EURIBOR at 0.00% Floor + 5.50%), 7.40%, <br> 11/20/28<sup>(e)</sup><br>| EUR  | 7499 | 8807836 |
| Houston Center |  |  |  |
| &nbsp;&nbsp;&nbsp; Term Loan A, 5.75%, 05/09/30<sup>(e)</sup> | USD  | 5515 | 5177500 |
| &nbsp;&nbsp;&nbsp; Term Loan B, 5.75%, 05/09/30<sup>(e)</sup> |  | 7132 | 1 |
|  |  |  | 17352742 |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Avaya, Inc., Initial Term Loan, (1-mo. CME Term <br> SOFR at 1.00% Floor + 7.50%), 11.22%, <br> 08/01/28<br>|  | 11 | 9537 |
| &nbsp;&nbsp;&nbsp; Connect Finco S.a.r.l., Amendment No. 4 Term <br> Loan, (1-mo. CME Term SOFR at 0.50% Floor <br> + 4.50%), 8.22%, 09/27/29<br>|  | 2397 | 2390239 |
|  |  |  | 2399776 |
| **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |
| &nbsp;&nbsp;&nbsp; Verifone Systems, Inc., 2025-1 Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 5.25%), <br> 9.35%, 08/18/28<br>|  | 1155 | 1091475 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; CTP-02 Propco LLC, Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 6.93%, <br> 12/06/27<sup>(e)</sup><br>| USD  | 9874 | $9869185 |
| &nbsp;&nbsp;&nbsp; Garfunkelux Holdco 3 SA, Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), <br> 4.75%, 12/31/30<sup>(e)</sup><br>| EUR  | 6275 | 7145774 |
| &nbsp;&nbsp;&nbsp; HP LQ Investment LP, Term Loan (First Lien), <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.82%), 6.57%, 01/09/26<br>| USD  | 1551 | 1551405 |
| &nbsp;&nbsp;&nbsp; Macerich Crabtree LP, Initial Advance, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.17%, 08/06/29<sup>(e)</sup><br>|  | 9300 | 9304685 |
|  |  |  | 27871049 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp; CPV Fairview LLC, Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 0.00%), 6.17%, <br> 08/14/31<br>|  | 1625 | 1630590 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; ECL Entertainment LLC, Term B Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), <br> 6.72%, 08/30/30<br>|  | 5661 | 5639734 |
| &nbsp;&nbsp;&nbsp; ITG Communications LLC, Initial Term Loan, (6-<br> mo. CME Term SOFR at 0.00% Floor + <br> 4.75%), 8.95%, 07/09/31<sup>(e)</sup><br>|  | 4924 | 4751660 |
| &nbsp;&nbsp;&nbsp; Medical Solutions Holdings, Inc., Initial Term Loan <br> (Second Lien), (3-mo. CME Term SOFR at <br> 0.50% Floor + 7.00%), 10.94%, 11/01/29<sup>(e)</sup><br>|  | 1587 | 322161 |
| Peninsula Pacific Entertainment LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.38%), 2.38%, <br> 03/31/26<sup>(e)</sup><br>|  | 816 | 817979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.75%), 8.42%, 10/01/32<sup>(e)</sup><br>|  | 3481 | 3490043 |
| RunItOneTime LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 2.00% <br> Floor + 1.00%), 4.72%, 04/16/26<sup>(e)</sup><br>|  | 1550 | 1514951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 2.00% <br> Floor + 1.00%), 4.72%, 04/16/26<sup>(e)</sup><br>|  | 75 | 73189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 2.00% <br> Floor + 1.00%), 16.22%, 04/16/26<sup>(e)</sup><br>|  | 947 | 947133 |
| &nbsp;&nbsp;&nbsp; Stakeholder Midstream LLC, Initial Term Loan, <br> (6-mo. CME Term SOFR at 0.00% Floor + <br> 4.00%), 8.04%, 01/01/31<sup>(e)</sup><br>|  | 4720 | 4734944 |
| &nbsp;&nbsp;&nbsp; West Deptford Energy Holdings LLC, Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 4.00%), 7.72%, 07/24/32<sup>(e)</sup><br>|  | 1950 | 1933545 |
|  |  |  | 24225339 |
| **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
| &nbsp;&nbsp;&nbsp; Bally's Corp., Term B Facility Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.25%), 7.37%, <br> 10/02/28<br>|  | 8952 | 8816983 |
| &nbsp;&nbsp;&nbsp; Hilton Garden Inn Waikiki, Term Loan (First Lien), <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.30%), 7.17%, 05/31/29<sup>(e)</sup><br>|  | 13200 | 13164702 |
| &nbsp;&nbsp;&nbsp; HRNI Holdings LLC, Term B Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.25%), 8.09%, <br> 12/11/28<br>|  | 7305 | 7048993 |
| &nbsp;&nbsp;&nbsp; Long Point Development, LLC, Refinancing Debt, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 4.35%), 8.05%, 01/01/28<sup>(e)</sup><br>|  | 7500 | 7500000 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| &nbsp;&nbsp;&nbsp; Maverick Gaming LLC, Second Out Term Loan, <br> (3-mo. CME Term SOFR at 1.00% Floor + <br> 9.50%), 15.25%, 06/05/28<sup>(e)(h)(o)</sup><br>| USD  | 2706 | $1488212 |
| &nbsp;&nbsp;&nbsp; Sodalite Tahoe Hotel LLC, Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.90%), 6.69%, <br> 10/25/26<sup>(e)</sup><br>|  | 8244 | 8095657 |
|  |  |  | 46114547 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
| &nbsp;&nbsp;&nbsp; Hunterstown Generation LLC, Incremental Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor <br> + 3.00%), 6.67%, 11/06/31<sup>(e)</sup><br>|  | 1356 | 1355603 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; CoreWeave Compute Acquisition Co. II LLC, <br> Delayed Draw Loan, (3-mo. CME Term SOFR <br> at 0.00% Floor + 9.62%), 13.62%, 07/31/28<sup>(e)</sup><br>|  | 10945 | 10808311 |
| CoreWeave Compute Acquisition Co. IV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Loan, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.25%), 7.90%, <br> 09/29/30<sup>(e)</sup><br>|  | 7715 | 7367951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Loan, (3-mo. CME Term SOFR <br> at 0.00% Floor + 6.50%), 9.91%, <br> 05/16/29<sup>(e)</sup><br>|  | 12955 | 12857503 |
|  |  |  | 31033765 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| &nbsp;&nbsp;&nbsp; J & J Ventures Gaming LLC, 2025 Term Loan, <br> (1-mo. CME Term SOFR at 0.75% Floor + <br> 3.50%), 7.22%, 04/26/30<br>|  | 1856 | 1840533 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Project Midnights, Term Loan, (3-mo. EURIBOR <br> at 0.00% Floor + 3.15%), 5.20%, 08/22/26<sup>(e)</sup><br>| EUR  | 9913 | 11633630 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| &nbsp;&nbsp;&nbsp; Hydrofarm Holdings Group, Inc., Term Loan, (3-<br> mo. CME Term SOFR at 1.00% Floor + <br> 5.50%), 9.60%, 10/25/28<sup>(e)</sup><br>| USD  | 2094 | 1716967 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, September 2019 Initial Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor <br> + 1.50%), 8.25%, 04/15/27<br>|  | 1066 | 929582 |
| DirecTV Financing LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 5.50%), <br> 9.34%, 02/17/31<sup>(e)</sup><br>|  | 3827 | 3816251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.00%), 9.10%, <br> 08/02/27<sup>(e)</sup><br>|  | 90 | 90203 |
|  |  |  | 4836036 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| &nbsp;&nbsp;&nbsp; CVR CHC LP, Initial Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 7.67%, <br> 12/30/27<sup>(e)</sup><br>|  | 1858 | 1859874 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| &nbsp;&nbsp;&nbsp; Usavflow II Ltd., Term Loan B (First Lien), (1-mo. <br> CME Term SOFR at 0.00% Floor + 6.50%), <br> 10.27%, 09/10/29<sup>(e)</sup><br>|  | 1912 | 1924549 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** |
| AI Mansart (Luxembourg) Bidco S.C.S. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (6-mo. CME Term SOFR at 0.00% <br> Floor + 5.25%), 9.12%, 09/01/28<sup>(e)</sup><br>| USD  | 718 | $714305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan A (First Lien), (6-mo. CME Term <br> SOFR at 0.00% Floor + 5.25%), 9.12%, <br> 09/01/28<sup>(e)</sup><br>|  | 1088 | 1082463 |
|  |  |  | 1796768 |
| **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Vaco Holdings LLC, Initial Term Loan, (3-mo. <br> CME Term SOFR at 0.75% Floor + 5.00%), <br> 8.82%, 01/22/29<br>|  | 1603 | 1301968 |
| **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp; Altar Bidco, Inc., Initial Term Loan (Second Lien), <br> (6-mo. CME Term SOFR at 0.50% Floor + <br> 5.60%), 9.28%, 02/01/30<br>|  | 618 | 580778 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp; ConnectWise LLC, Initial Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.50%), 7.43%, <br> 09/29/28<br>|  | 2682 | 2630490 |
| EIS Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, (1-mo. CME Term <br> SOFR at 0.75% Floor + 7.00%), 10.72%, <br> 07/08/28<sup>(e)</sup><br>|  | 12826 | 12297168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolving Loan, (1-mo. CME Term SOFR at <br> 0.75% Floor + 7.00%), 10.72%, 07/10/28<sup>(e)</sup><br>|  | 1283 | 1229717 |
| &nbsp;&nbsp;&nbsp; Finastra U.S.A., Inc., Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 4.50%), 6.60%, <br> 09/15/32<sup>(e)</sup><br>| EUR  | 1000 | 1151696 |
| GoTo Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange First Out Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.75%), <br> 8.79%, 04/28/28<sup>(e)</sup><br>| USD  | 725 | 641639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.75%), 8.79%, <br> 04/28/28<sup>(e)</sup><br>|  | 723 | 278930 |
|  |  |  | 18229640 |
| **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| Redstone Holdco 2 LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Loan (Second Lien), (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.75%), 11.85%, <br> 04/27/29<sup>(e)</sup><br>|  | 4728 | 861914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan (First Lien), (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.75%), 8.85%, <br> 04/27/28<br>|  | 4319 | 1747187 |
| &nbsp;&nbsp;&nbsp; Xerox Corp., Initial Term Loan (First Lien), (6-mo. <br> CME Term SOFR at 0.50% Floor + 4.00%), <br> 7.73%, 11/19/29<sup>(e)</sup><br>|  | 1591 | 1356575 |
|  |  |  | 3965676 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
| &nbsp;&nbsp;&nbsp; Albion Financing 3 S.a r.l. (Albion Financing LLC), <br> 2025-A Refinancing Euro Term Loan, (3-mo. <br> EURIBOR at 0.50% Floor + 3.00%), 5.01%, <br> 05/21/31<sup>(e)</sup><br>| EUR  | 1000 | 1188174 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| One Frio Holdco BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-day SONIA at 0.00% Floor + <br> 0.00%), 6.87%, 08/15/30<sup>(e)</sup><br>| GBP  | 3416 | $4600740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. EURIBOR at 0.00% Floor + <br> 0.00%), 5.17%, 08/15/30<sup>(e)</sup><br>| EUR  | 11247 | 13206215 |
|  |  |  | 17806955 |
| **Total Floating Rate Loan Interests — 1.4%** <br>**(Cost: $278,600,071)** | **Total Floating Rate Loan Interests — 1.4%** <br>**(Cost: $278,600,071)** | **Total Floating Rate Loan Interests — 1.4%** <br>**(Cost: $278,600,071)** | 253765192 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Argentina — 0.0%** | **Argentina — 0.0%** | **Argentina — 0.0%** | **Argentina — 0.0%** |
| YPF SA, 9.50%, 01/17/31<sup>(a)</sup> | USD  | 852 | 907644 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Ecopetrol SA, 7.75%, 02/01/32 |  | 5075 | 5199642 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |
| &nbsp;&nbsp;&nbsp; Magyar Export-Import Bank Zrt, 6.00%, <br> 05/16/29<sup>(f)</sup><br>| EUR  | 100 | 125803 |
| **Kuwait — 0.0%** | **Kuwait — 0.0%** | **Kuwait — 0.0%** | **Kuwait — 0.0%** |
| &nbsp;&nbsp;&nbsp; EQUATE Petrochemical Co. KSC, 4.25%, <br> 11/03/26<sup>(f)</sup><br>| USD  | 200 | 199688 |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** |
| Khazanah Global Sukuk Bhd, 4.69%, 06/01/28<sup>(f)</sup> |  | 895 | 908210 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/02/29 |  | 264 | 282627 |
| &nbsp;&nbsp;&nbsp; 6.84%, 01/23/30 |  | 2883 | 2928840 |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/28/31 |  | 3859 | 3735126 |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/16/32 |  | 297 | 296148 |
| &nbsp;&nbsp;&nbsp; 10.00%, 02/07/33 |  | 258 | 298240 |
| &nbsp;&nbsp;&nbsp; 6.38%, 01/23/45 |  | 2229 | 1789709 |
|  |  |  | 9330690 |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |
| OCP SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/02/34<sup>(a)</sup> |  | 1283 | 1383651 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/02/54<sup>(a)</sup> |  | 200 | 220996 |
|  |  |  | 1604647 |
| **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** |
| NAK Naftogaz Ukraine via Kondor Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 07/19/26<sup>(f)(m)</sup> | EUR  | 1247 | 1216222 |
| &nbsp;&nbsp;&nbsp; 7.63%, 11/08/28<sup>(a)(m)</sup> | USD  | 783 | 599044 |
|  |  |  | 1815266 |
| **Total Foreign Agency Obligations — 0.1%** <br>**(Cost: $19,288,084)** | **Total Foreign Agency Obligations — 0.1%** <br>**(Cost: $19,288,084)** | **Total Foreign Agency Obligations — 0.1%** <br>**(Cost: $19,288,084)** | 20091590 |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Argentina — 0.0%** | **Argentina — 0.0%** | **Argentina — 0.0%** | **Argentina — 0.0%** |
| Republic of Argentina |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 07/09/29 |  | 138 | 122671 |
| &nbsp;&nbsp;&nbsp; 0.75%, 07/09/30<sup>(c)</sup> |  | 33 | 28516 |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/09/35<sup>(c)</sup> |  | 1165 | 866760 |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/09/41<sup>(c)</sup> |  | 1109 | 767428 |
|  |  |  | 1785375 |
| **Barbados — 0.0%** | **Barbados — 0.0%** | **Barbados — 0.0%** | **Barbados — 0.0%** |
| &nbsp;&nbsp;&nbsp; Barbados Government International Bond, 8.00%, <br> 06/26/35<sup>(a)</sup><br>|  | 975 | 1027709 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Benin — 0.0%** | **Benin — 0.0%** | **Benin — 0.0%** | **Benin — 0.0%** |
| Republic of Benin |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/22/35<sup>(f)</sup> | EUR  | 436 | $474117 |
| &nbsp;&nbsp;&nbsp; 7.96%, 02/13/38<sup>(a)</sup> | USD  | 200 | 207812 |
|  |  |  | 681929 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Federative Republic of Brazil |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 04/01/26<sup>(d)</sup> | BRL  | 66 | 11622792 |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/26<sup>(d)</sup> |  | 15 | 2616321 |
| &nbsp;&nbsp;&nbsp; 10.00%, 01/01/27 |  | 49 | 8630690 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/30 |  | 52 | 8964873 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/35 | USD  | 200 | 206200 |
|  |  |  | 32040876 |
| **Cameroon — 0.0%** | **Cameroon — 0.0%** | **Cameroon — 0.0%** | **Cameroon — 0.0%** |
| Republic of Cameroon, 9.50%, 07/31/31<sup>(f)</sup> |  | 822 | 819945 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| Republic of Chile, 4.34%, 03/07/42 |  | 200 | 178600 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| China Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.11%, 08/25/34 | CNY  | 17820 | 2606557 |
| &nbsp;&nbsp;&nbsp; 1.92%, 07/15/45 |  | 10630 | 1426214 |
|  |  |  | 4032771 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Republic of Colombia |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/03/27 | COP  | 39044100 | 9337600 |
| &nbsp;&nbsp;&nbsp; 7.75%, 09/18/30 |  | 44816100 | 9717014 |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/20/33 | USD  | 200 | 215000 |
|  |  |  | 19269614 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |
| Republic of Costa Rica |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.55%, 04/03/34<sup>(f)</sup> |  | 200 | 217710 |
| &nbsp;&nbsp;&nbsp; 7.16%, 03/12/45<sup>(f)</sup> |  | 809 | 896477 |
| &nbsp;&nbsp;&nbsp; 7.30%, 11/13/54<sup>(f)</sup> |  | 739 | 828050 |
|  |  |  | 1942237 |
| **Côte d'Ivoire — 0.0%** | **Côte d'Ivoire — 0.0%** | **Côte d'Ivoire — 0.0%** | **Côte d'Ivoire — 0.0%** |
| Republic of Cote d'Ivoire |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/17/31<sup>(f)</sup> | EUR  | 100 | 118401 |
| &nbsp;&nbsp;&nbsp; 8.08%, 04/01/36<sup>(a)</sup> | USD  | 200 | 216013 |
|  |  |  | 334414 |
| **Czechia — 0.1%** | **Czechia — 0.1%** | **Czechia — 0.1%** | **Czechia — 0.1%** |
| Czech Republic |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 07/23/29 | CZK  | 88510 | 4142445 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/11/32 |  | 74130 | 3642286 |
| &nbsp;&nbsp;&nbsp; 4.20%, 12/04/36<sup>(f)</sup> |  | 27600 | 1295642 |
|  |  |  | 9080373 |
| **Dominican Republic — 0.0%** | **Dominican Republic — 0.0%** | **Dominican Republic — 0.0%** | **Dominican Republic — 0.0%** |
| Dominican Republic |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/30/30<sup>(a)</sup> | USD  | 150 | 146714 |
| &nbsp;&nbsp;&nbsp; 7.05%, 02/03/31<sup>(a)</sup> |  | 150 | 161091 |
| &nbsp;&nbsp;&nbsp; 10.75%, 06/01/36<sup>(a)</sup> | DOP  | 78800 | 1357554 |
| &nbsp;&nbsp;&nbsp; 10.50%, 03/15/37<sup>(a)</sup> |  | 110150 | 1871380 |
|  |  |  | 3536739 |
| **Ecuador — 0.0%** | **Ecuador — 0.0%** | **Ecuador — 0.0%** | **Ecuador — 0.0%** |
| Republic of Ecuador |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.90%, 07/31/35<sup>(c)(f)</sup> | USD  | 566 | 498646 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/31/40<sup>(c)(f)</sup> |  | 1113 | 864488 |
|  |  |  | 1363134 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| Arab Republic of Egypt |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 09/30/27<sup>(f)</sup> | USD  | 217 | $219441 |
| &nbsp;&nbsp;&nbsp; 24.46%, 10/01/27 | EGP  | 94211 | 2002138 |
| &nbsp;&nbsp;&nbsp; 24.44%, 08/05/28 |  | 25744 | 555817 |
| &nbsp;&nbsp;&nbsp; 23.38%, 08/26/28 |  | 71546 | 1513310 |
| &nbsp;&nbsp;&nbsp; 7.60%, 03/01/29<sup>(f)</sup> | USD  | 431 | 458563 |
| &nbsp;&nbsp;&nbsp; 7.63%, 05/29/32<sup>(f)</sup> |  | 200 | 212452 |
| &nbsp;&nbsp;&nbsp; 9.45%, 02/04/33<sup>(a)</sup> |  | 200 | 228886 |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/16/61<sup>(a)</sup> |  | 1483 | 1292879 |
|  |  |  | 6483486 |
| **Ghana — 0.0%** | **Ghana — 0.0%** | **Ghana — 0.0%** | **Ghana — 0.0%** |
| Republic of Ghana |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/03/35<sup>(a)(c)</sup> |  | 868 | 792249 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/03/35<sup>(c)(f)</sup> |  | 537 | 490136 |
|  |  |  | 1282385 |
| **Guatemala — 0.0%** | **Guatemala — 0.0%** | **Guatemala — 0.0%** | **Guatemala — 0.0%** |
| Republic of Guatemala |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/13/28<sup>(f)</sup> |  | 617 | 618351 |
| &nbsp;&nbsp;&nbsp; 7.05%, 10/04/32<sup>(a)</sup> |  | 200 | 219300 |
|  |  |  | 837651 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |
| Hungarian People's Republic |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/16/29<sup>(a)</sup> |  | 200 | 203775 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/25/29<sup>(f)</sup> | EUR  | 652 | 784225 |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/24/35 | HUF  | 805700 | 2496013 |
|  |  |  | 3484013 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| Republic of Indonesia |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/15/27 | IDR  | 76420000 | 4707609 |
| &nbsp;&nbsp;&nbsp; 2.85%, 02/14/30 | USD  | 17370 | 16432020 |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/32 | IDR  | 38370000 | 2355814 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/15/32 |  | 5242000 | 352841 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/33 |  | 76037000 | 4813017 |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/33 |  | 27625000 | 1708329 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/35 |  | 14587000 | 918137 |
| &nbsp;&nbsp;&nbsp; 7.13%, 06/15/38 |  | 47213000 | 3024314 |
| &nbsp;&nbsp;&nbsp; 3.05%, 03/12/51 | USD  | 11595 | 7757751 |
|  |  |  | 42069832 |
| **Japan — 0.4%** | **Japan — 0.4%** | **Japan — 0.4%** | **Japan — 0.4%** |
| Japanese Government Bonds (30 Year) |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.40%, 09/20/52 | JPY  | 707000 | 2948872 |
| &nbsp;&nbsp;&nbsp; 2.30%, 12/20/54 |  | 7782100 | 39893199 |
| &nbsp;&nbsp;&nbsp; 2.40%, 03/20/55 |  | 4241400 | 22239460 |
| &nbsp;&nbsp;&nbsp; 3.20%, 09/20/55 |  | 817400 | 5061159 |
|  |  |  | 70142690 |
| **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** |
| Republic of Kazakhstan, 18.40%, 10/16/28<sup>(f)</sup> | KZT  | 233500 | 477511 |
| **Kenya — 0.0%** | **Kenya — 0.0%** | **Kenya — 0.0%** | **Kenya — 0.0%** |
| Republic of Kenya |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.75%, 02/16/31<sup>(a)</sup> | USD  | 200 | 218500 |
| &nbsp;&nbsp;&nbsp; 8.80%, 10/09/38<sup>(a)</sup> |  | 535 | 540881 |
|  |  |  | 759381 |
| **Kyrgyzstan — 0.0%** | **Kyrgyzstan — 0.0%** | **Kyrgyzstan — 0.0%** | **Kyrgyzstan — 0.0%** |
| &nbsp;&nbsp;&nbsp; Kyrgyz Republic International Bond, 7.75%, <br> 06/03/30<sup>(a)</sup><br>|  | 200 | 205750 |
| **Latvia — 0.0%** | **Latvia — 0.0%** | **Latvia — 0.0%** | **Latvia — 0.0%** |
| Republic of Latvia, 5.13%, 07/30/34<sup>(a)</sup> |  | 200 | 204668 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** |
| Lebanese Republic |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.85%, 03/23/27<sup>(f)(h)(o)</sup> | USD  | 678 | $155940 |
| &nbsp;&nbsp;&nbsp; 6.65%, 11/03/28<sup>(f)(h)(o)</sup> |  | 1713 | 393990 |
|  |  |  | 549930 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| Malaysia Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 04/18/39 | MYR  | 23900 | 6058986 |
| &nbsp;&nbsp;&nbsp; 3.76%, 05/22/40 |  | 2300 | 562550 |
|  |  |  | 6621536 |
| **Mexico — 0.5%** | **Mexico — 0.5%** | **Mexico — 0.5%** | **Mexico — 0.5%** |
| Eagle Funding Luxco S.a.r.l., 5.50%, 08/17/30<sup>(a)</sup> | USD  | 5138 | 5225346 |
| United Mexican States |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/03/26 | MXN  | 1769 | 9812505 |
| &nbsp;&nbsp;&nbsp; 8.50%, 03/01/29 |  | 1019 | 5714964 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/31/29 |  | 23 | 129402 |
| &nbsp;&nbsp;&nbsp; 2.66%, 05/24/31 | USD  | 30379 | 27067689 |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/22/33 |  | 200 | 198146 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/19/33 |  | 1378 | 1322880 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/26/33 | MXN  | 22183 | 11277852 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/12/34 | USD  | 917 | 793205 |
| &nbsp;&nbsp;&nbsp; 6.35%, 02/09/35 |  | 504 | 527300 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/22/35 |  | 200 | 197550 |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/21/36 | MXN  | 394 | 2025722 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/13/37 | USD  | 920 | 982100 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/31/50 |  | 25868 | 19569142 |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/13/55 |  | 1933 | 2079908 |
|  |  |  | 86923711 |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |
| Kingdom of Morocco |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 12/15/27<sup>(f)</sup> |  | 200 | 192000 |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/02/35<sup>(a)</sup> | EUR  | 100 | 119827 |
|  |  |  | 311827 |
| **Mozambique — 0.0%** | **Mozambique — 0.0%** | **Mozambique — 0.0%** | **Mozambique — 0.0%** |
| Republic of Mozambique, 9.00%, 09/15/31<sup>(a)(c)</sup> | USD  | 202 | 172520 |
| **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** |
| Republic of Nigeria |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.38%, 12/09/34<sup>(a)</sup> |  | 200 | 236989 |
| &nbsp;&nbsp;&nbsp; 8.63%, 01/13/36<sup>(a)</sup> |  | 462 | 497025 |
| &nbsp;&nbsp;&nbsp; 9.13%, 01/13/46<sup>(a)</sup> |  | 467 | 501441 |
|  |  |  | 1235455 |
| **Oman — 0.0%** | **Oman — 0.0%** | **Oman — 0.0%** | **Oman — 0.0%** |
| Sultanate of Oman, 6.75%, 01/17/48<sup>(f)</sup> |  | 200 | 220562 |
| **Pakistan — 0.0%** | **Pakistan — 0.0%** | **Pakistan — 0.0%** | **Pakistan — 0.0%** |
| &nbsp;&nbsp;&nbsp; Pakistan Global Sukuk Programme Co. Ltd. <br> (The), 7.95%, 01/31/29<sup>(f)</sup><br>|  | 905 | 925711 |
| **Panama — 0.2%** | **Panama — 0.2%** | **Panama — 0.2%** | **Panama — 0.2%** |
| Republic of Panama |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/17/28 |  | 17669 | 17350958 |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/01/31 |  | 200 | 221700 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/56 |  | 10739 | 8043511 |
|  |  |  | 25616169 |
| **Paraguay — 0.0%** | **Paraguay — 0.0%** | **Paraguay — 0.0%** | **Paraguay — 0.0%** |
| Republic of Paraguay, 2.74%, 01/29/33<sup>(f)</sup> |  | 200 | 178800 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Republic of Peru |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.78%, 01/23/31 |  | 100 | 92550 |
| &nbsp;&nbsp;&nbsp; 1.86%, 12/01/32 |  | 100 | 82625 |
| &nbsp;&nbsp;&nbsp; 6.85%, 08/12/35<sup>(f)</sup> | PEN  | 7801 | 2499826 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Peru (continued)** | **Peru (continued)** | **Peru (continued)** | **Peru (continued)** |
| Republic of Peru |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.85%, 08/12/35<sup>(a)</sup> | PEN  | 5320 | $1704791 |
| &nbsp;&nbsp;&nbsp; 7.60%, 08/12/39<sup>(a)</sup> |  | 2507 | 812830 |
| &nbsp;&nbsp;&nbsp; 7.60%, 08/12/39<sup>(f)</sup> |  | 2517 | 816072 |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/10/51 | USD  | 14265 | 10021163 |
|  |  |  | 16029857 |
| **Philippines — 0.4%** | **Philippines — 0.4%** | **Philippines — 0.4%** | **Philippines — 0.4%** |
| Republic of the Philippines |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/28 |  | 11468 | 11209970 |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/28/29 | PHP  | 139500 | 2416753 |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/27/30 |  | 195170 | 3390818 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/20/30 |  | 1470425 | 25143929 |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/28/35 |  | 531760 | 9247772 |
| &nbsp;&nbsp;&nbsp; 3.20%, 07/06/46 | USD  | 15450 | 11085375 |
|  |  |  | 62494617 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Republic of Poland |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/25/29 | PLN  | 19271 | 5629172 |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/25/29 |  | 10853 | 3075782 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/25/30 |  | 12170 | 3469357 |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/04/33 | USD  | 34 | 34474 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/25/34 | PLN  | 12412 | 3444244 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/25/35 |  | 23207 | 6385238 |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/25/36 |  | 5691 | 1439849 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/04/53 | USD  | 106 | 101151 |
|  |  |  | 23579267 |
| **Romania — 0.0%** | **Romania — 0.0%** | **Romania — 0.0%** | **Romania — 0.0%** |
| Romania |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/25/27<sup>(a)</sup> |  | 30 | 30478 |
| &nbsp;&nbsp;&nbsp; 2.12%, 07/16/31<sup>(f)</sup> | EUR  | 161 | 165971 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/30/32<sup>(f)</sup> |  | 798 | 958268 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/07/33<sup>(a)</sup> |  | 194 | 230269 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/10/34<sup>(a)</sup> |  | 130 | 160511 |
| &nbsp;&nbsp;&nbsp; 6.13%, 10/07/37<sup>(a)</sup> |  | 194 | 229199 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/11/39<sup>(a)</sup> |  | 58 | 70908 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/07/45<sup>(a)</sup> |  | 249 | 290693 |
|  |  |  | 2136297 |
| **Serbia — 0.0%** | **Serbia — 0.0%** | **Serbia — 0.0%** | **Serbia — 0.0%** |
| Republic of Serbia, 6.00%, 06/12/34<sup>(a)</sup> | USD  | 200 | 206500 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| Republic of South Africa |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 01/31/30 | ZAR  | 208461 | 12867928 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/28/31 |  | 284811 | 16814990 |
| &nbsp;&nbsp;&nbsp; 7.10%, 11/19/36<sup>(a)</sup> | USD  | 200 | 214588 |
| &nbsp;&nbsp;&nbsp; 7.10%, 11/19/36<sup>(f)</sup> |  | 1760 | 1888374 |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/31/37 | ZAR  | 180202 | 10810165 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/30/49 | USD  | 200 | 168750 |
| &nbsp;&nbsp;&nbsp; 7.25%, 12/11/55<sup>(a)</sup> |  | 335 | 331650 |
|  |  |  | 43096445 |
| **Spain — 0.0%** | **Spain — 0.0%** | **Spain — 0.0%** | **Spain — 0.0%** |
| Kingdom of Spain, 3.20%, 10/31/35<sup>(a)(f)</sup> | EUR  | 1537 | 1794469 |
| **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** |
| Republic of Sri Lanka |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/28<sup>(f)</sup> | USD  | 138 | 132106 |
| &nbsp;&nbsp;&nbsp; 3.60%, 06/15/35<sup>(c)(f)</sup> |  | 617 | 468022 |
|  |  |  | 600128 |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
| Thailand Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 11/17/29 | THB  | 365620 | 12132015 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Thailand (continued)** | **Thailand (continued)** | **Thailand (continued)** | **Thailand (continued)** |
| Thailand Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.41%, 03/17/35 | THB  | 112196 | $3801416 |
| &nbsp;&nbsp;&nbsp; 2.98%, 06/17/45 |  | 122000 | 4291492 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/17/55 |  | 2606 | 109313 |
|  |  |  | 20334236 |
| **Trinidad and Tobago — 0.0%** | **Trinidad and Tobago — 0.0%** | **Trinidad and Tobago — 0.0%** | **Trinidad and Tobago — 0.0%** |
| Republic of Trinidad and Tobago |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.40%, 06/26/34<sup>(a)</sup> | USD  | 200 | 201400 |
| &nbsp;&nbsp;&nbsp; 6.40%, 06/26/34<sup>(f)</sup> |  | 654 | 658578 |
|  |  |  | 859978 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| Republic of Türkiye |  |  |  |
| &nbsp;&nbsp;&nbsp; 31.08%, 11/08/28 | TRY  | 27901 | 643292 |
| &nbsp;&nbsp;&nbsp; 30.00%, 09/12/29 |  | 35296 | 801466 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/12/32 | USD  | 200 | 211800 |
| &nbsp;&nbsp;&nbsp; 26.20%, 10/05/33 | TRY  | 40080 | 901922 |
|  |  |  | 2558480 |
| **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** |
| Ukraine Government |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/29<sup>(a)(c)</sup> | USD  | 811 | 606222 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/29<sup>(c)(f)</sup> |  | 696 | 520260 |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/01/30<sup>(a)(c)</sup> |  | 32 | 18880 |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/01/35<sup>(a)(c)</sup> |  | 102 | 57630 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/35<sup>(a)(c)</sup> |  | 178 | 105910 |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/01/36<sup>(c)(f)</sup> |  | 938 | 527625 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/36<sup>(a)(c)</sup> |  | 119 | 69615 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/36<sup>(c)(f)</sup> |  | 765 | 447525 |
|  |  |  | 2353667 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
| Oriental Republic of Uruguay |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/27/27 |  | 3949 | 3974340 |
| &nbsp;&nbsp;&nbsp; 9.75%, 07/20/33 | UYU  | 23415 | 673507 |
| &nbsp;&nbsp;&nbsp; 8.00%, 10/29/35 |  | 75859 | 2001507 |
| &nbsp;&nbsp;&nbsp; 5.10%, 06/18/50 | USD  | 10407 | 9829034 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/10/60 |  | 114 | 106484 |
|  |  |  | 16584872 |
| **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** |
| Republic of Uzbekistan |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/29/27<sup>(a)</sup> | EUR  | 684 | 821304 |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/29/27<sup>(f)</sup> |  | 780 | 936575 |
| &nbsp;&nbsp;&nbsp; 7.85%, 10/12/28<sup>(a)</sup> | USD  | 200 | 213996 |
|  |  |  | 1971875 |
| **Venezuela — 0.0%** | **Venezuela — 0.0%** | **Venezuela — 0.0%** | **Venezuela — 0.0%** |
| Republic of Venezuela, 11.95%, 08/05/31<sup>(f)(h)(o)</sup> |  | 1221 | 388278 |
| **Total Foreign Government Obligations — 2.8%** <br>**(Cost: $556,745,435)** | **Total Foreign Government Obligations — 2.8%** <br>**(Cost: $556,745,435)** | **Total Foreign Government Obligations — 2.8%** <br>**(Cost: $556,745,435)** | 519786270 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies**<sup>(q)</sup> | **Investment Companies**<sup>(q)</sup> | **Investment Companies**<sup>(q)</sup> |
| **Fixed-Income Funds — 0.1%** | **Fixed-Income Funds — 0.1%** | **Fixed-Income Funds — 0.1%** |
| iShares AAA CLO Active ETF | 200000 | 10348920 |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate <br> Bond ETF<sup>(l)</sup><br>| 80700 | 8892333 |
|  |  | 19241253 |
| **Total Investment Companies — 0.1%** <br>**(Cost: $19,294,939)** | **Total Investment Companies — 0.1%** <br>**(Cost: $19,294,939)** | 19241253 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **California — 0.2%** | **California — 0.2%** | **California — 0.2%** | **California — 0.2%** |
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority, RB, Series S1, 7.04%, <br> 04/01/50<br>| USD  | 6480 | $7399190 |
| &nbsp;&nbsp;&nbsp; Los Angeles Community College District, GO, <br> 6.60%, 08/01/42<br>|  | 3990 | 4323612 |
| State of California |  |  |  |
| &nbsp;&nbsp;&nbsp; GO, 7.55%, 04/01/39 |  | 4000 | 4854310 |
| &nbsp;&nbsp;&nbsp; GO, Refunding, 4.60%, 04/01/38 |  | 22215 | 22621572 |
| &nbsp;&nbsp;&nbsp; University of California, RB, Series AD, 4.86%, <br> 05/15/2112<br>|  | 2467 | 2047235 |
|  |  |  | 41245919 |
| **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, RB, <br> 6.64%, 04/01/57<br>|  | 3139 | 3394667 |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
| State of Illinois, GO, 5.10%, 06/01/33 |  | 15387 | 15770082 |
| **Louisiana — 0.0%** | **Louisiana — 0.0%** | **Louisiana — 0.0%** | **Louisiana — 0.0%** |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental <br> Facilities & Community Development Authority, <br> RB, Series 2022-ELL, Class A2, 4.15%, <br> 02/01/33<br>|  | 2630 | 2632047 |
| **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series F, <br> 7.41%, 01/01/40<br>|  | 4596 | 5508502 |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
| Metropolitan Transportation Authority |  |  |  |
| &nbsp;&nbsp;&nbsp; RB, 6.67%, 11/15/39 |  | 3060 | 3331403 |
| &nbsp;&nbsp;&nbsp; RB, Series E, 6.81%, 11/15/40 |  | 515 | 574768 |
| New York City Water & Sewer System |  |  |  |
| &nbsp;&nbsp;&nbsp; RB, 6.01%, 06/15/42 |  | 2430 | 2516474 |
| &nbsp;&nbsp;&nbsp; RB, 5.88%, 06/15/44 |  | 1665 | 1692241 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, RB, Series H, <br> 5.39%, 03/15/40<br>|  | 1470 | 1481734 |
| Port Authority of New York & New Jersey |  |  |  |
| &nbsp;&nbsp;&nbsp; RB, 5.65%, 11/01/40 |  | 2780 | 2961912 |
| &nbsp;&nbsp;&nbsp; RB, 4.93%, 10/01/51 |  | 1400 | 1303841 |
| &nbsp;&nbsp;&nbsp; RB, Series 181, 4.96%, 08/01/46 |  | 5020 | 4678964 |
|  |  |  | 18541337 |
| **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., RB, Series B, <br> 8.08%, 02/15/50<br>|  | 3555 | 4469591 |
| **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of San Antonio, TX Electric & Gas Systems <br> Revenue, RB, 5.81%, 02/01/41<br>|  | 4375 | 4511605 |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District, Refunding <br> RB, Series B, 10.00%, 07/01/26<sup>(a)</sup><br>|  | 7045 | 7072445 |
| State of Texas, GO, 5.52%, 04/01/39 |  | 5357 | 5489455 |
|  |  |  | 17073505 |
| **Total Municipal Bonds — 0.6%** <br>**(Cost: $119,775,690)** | **Total Municipal Bonds — 0.6%** <br>**(Cost: $119,775,690)** | **Total Municipal Bonds — 0.6%** <br>**(Cost: $119,775,690)** | 108635650 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations — 7.3%** | **Collateralized Mortgage Obligations — 7.3%** | **Collateralized Mortgage Obligations — 7.3%** | **Collateralized Mortgage Obligations — 7.3%** |
| A&D Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM5, Class A1, 7.05%, <br> 11/25/68<sup>(a)(c)</sup><br>|  | 7246 | 7330163 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| A&D Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A1, 5.70%, <br> 11/25/69<sup>(a)</sup><br>| USD  | 1979 | $1992557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class M1, 6.52%, <br> 11/25/69<sup>(a)(b)</sup><br>|  | 2033 | 2058998 |
| &nbsp;&nbsp;&nbsp; ACRA Trust, Series 2024-NQM1, Class A1, <br> 5.61%, 10/25/64<sup>(a)(c)</sup><br>|  | 3837 | 3854088 |
| &nbsp;&nbsp;&nbsp; Adjustable Rate Mortgage Trust, Series 2005-8, <br> Class 3A1, 4.77%, 11/25/35<sup>(b)</sup><br>|  | 3155 | 2191160 |
| Ajax Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-D, Class B, 0.00%, 12/25/57<sup>(a)(b)</sup> |  | 1 | 502 |
| &nbsp;&nbsp;&nbsp; Series 2020-C, Class C, 0.00%, 09/27/60<sup>(a)</sup> |  | 70 | 1039 |
| &nbsp;&nbsp;&nbsp; Series 2021-C, Class A, 6.12%, 01/25/61<sup>(a)(c)</sup> |  | 6097 | 6097191 |
| &nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 6.72%, 01/25/61<sup>(a)(c)</sup> |  | 3510 | 3477187 |
| &nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 0.00%, 01/25/61<sup>(a)</sup> |  | 8053 | 8354922 |
| &nbsp;&nbsp;&nbsp; Series 2021-D, Class A, 5.00%, 03/25/60<sup>(a)(c)</sup> |  | 12848 | 12844495 |
| &nbsp;&nbsp;&nbsp; Series 2021-D, Class B, 7.00%, 03/25/60<sup>(a)(b)</sup> |  | 6094 | 6712464 |
| &nbsp;&nbsp;&nbsp; Series 2021-D, Class C, 0.00%, 03/25/60<sup>(a)(b)</sup> |  | 8300 | 10272704 |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class A1, 1.74%, 12/25/60<sup>(a)(b)</sup> |  | 18528 | 16390417 |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class A2, 2.69%, 12/25/60<sup>(a)(b)</sup> |  | 4422 | 3425642 |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class B1, 3.73%, 12/25/60<sup>(a)(b)</sup> |  | 2669 | 1881066 |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class B3, 3.90%, 12/25/60<sup>(a)(b)</sup> |  | 7578 | 4113446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class M1, 2.94%, <br> 12/25/60<sup>(a)(b)</sup><br>|  | 1744 | 1260137 |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class SA, 0.00%, 12/25/60<sup>(a)(b)</sup> |  | 47 | 22221 |
| &nbsp;&nbsp;&nbsp; Series 2021-F, Class A, 4.88%, 06/25/61<sup>(a)(c)</sup> |  | 34307 | 34290478 |
| &nbsp;&nbsp;&nbsp; Series 2021-F, Class B, 6.75%, 06/25/61<sup>(a)(c)</sup> |  | 13017 | 12945930 |
| &nbsp;&nbsp;&nbsp; Series 2021-F, Class C, 0.00%, 06/25/61<sup>(a)</sup> |  | 18846 | 18573647 |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 3.50%, 10/25/61<sup>(a)(c)</sup> |  | 10943 | 10693661 |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class A2, 3.00%, 10/25/61<sup>(a)(b)</sup> |  | 1244 | 1159938 |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class A3, 3.00%, 10/25/61<sup>(a)(b)</sup> |  | 664 | 616802 |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class B, 3.00%, 10/25/61<sup>(a)</sup> |  | 4977 | 4006817 |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class C, 3.00%, 10/25/61<sup>(a)</sup> |  | 2345 | 2951096 |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class M1, 3.00%, 10/25/61<sup>(a)</sup> |  | 726 | 671321 |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class M2, 3.00%, 10/25/61<sup>(a)</sup> |  | 3256 | 2714494 |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class M3, 3.00%, 10/25/61<sup>(a)</sup> |  | 208 | 171415 |
| &nbsp;&nbsp;&nbsp; Series 2022-B, Class A1, 3.50%, 03/27/62<sup>(a)(c)</sup> |  | 15956 | 15483358 |
| &nbsp;&nbsp;&nbsp; Series 2022-B, Class A2, 3.00%, 03/27/62<sup>(a)(b)</sup> |  | 937 | 872084 |
| &nbsp;&nbsp;&nbsp; Series 2022-B, Class A3, 3.00%, 03/27/62<sup>(a)(b)</sup> |  | 804 | 745245 |
| &nbsp;&nbsp;&nbsp; Series 2022-B, Class B, 3.00%, 03/27/62<sup>(a)</sup> |  | 4464 | 3616818 |
| &nbsp;&nbsp;&nbsp; Series 2022-B, Class C, 3.00%, 03/27/62<sup>(a)</sup> |  | 4562 | 3631221 |
| &nbsp;&nbsp;&nbsp; Series 2022-B, Class M1, 3.00%, 03/27/62<sup>(a)</sup> |  | 603 | 556280 |
| &nbsp;&nbsp;&nbsp; Series 2022-B, Class M2, 3.00%, 03/27/62<sup>(a)</sup> |  | 2991 | 2658860 |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A1, 3.50%, 07/25/62<sup>(a)(c)</sup> |  | 20278 | 19441829 |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A2, 3.00%, 07/25/62<sup>(a)(b)</sup> |  | 1258 | 1152539 |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 2.50%, 07/25/62<sup>(a)(b)</sup> |  | 713 | 634938 |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class B, 2.50%, 07/25/62<sup>(a)(b)</sup> |  | 4194 | 3251079 |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class C, 2.50%, 07/25/62<sup>(a)(b)</sup> |  | 3458 | 2826214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class M1, 2.50%, <br> 07/25/62<sup>(a)(b)</sup><br>|  | 2160 | 1901506 |
| &nbsp;&nbsp;&nbsp; Series 2023-C, Class A1, 3.50%, 05/25/63<sup>(a)(c)</sup> |  | 20204 | 19629540 |
| &nbsp;&nbsp;&nbsp; Series 2023-C, Class A2, 3.00%, 05/25/63<sup>(a)(b)</sup> |  | 1567 | 1430594 |
| &nbsp;&nbsp;&nbsp; Series 2023-C, Class A3, 2.50%, 05/25/63<sup>(a)(b)</sup> |  | 836 | 741214 |
| &nbsp;&nbsp;&nbsp; Series 2023-C, Class C, 2.50%, 05/25/63<sup>(a)(b)</sup> |  | 7503 | 4039433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class M1, 2.50%, <br> 05/25/63<sup>(a)(b)</sup><br>|  | 731 | 644720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class M2, 2.50%, <br> 05/25/63<sup>(a)(b)</sup><br>|  | 4534 | 3754277 |
| American Home Mortgage Assets Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3, Class 2A11, (12-mo. Federal <br> Reserve Cumulative Average US + 0.94%), <br> 4.97%, 10/25/46<sup>(b)</sup><br>|  | 556 | 368869 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| American Home Mortgage Assets Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A12, (1-mo. CME Term <br> SOFR + 0.32%), 4.06%, 10/25/46<sup>(b)</sup><br>| USD  | 1486 | $740347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class A1, (12-mo. Federal <br> Reserve Cumulative Average US + 0.70%), <br> 4.73%, 02/25/47<sup>(b)</sup><br>|  | 605 | 206140 |
| Angel Oak Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-4, Class A3, 2.81%, 06/25/65<sup>(a)(b)</sup> |  | 389 | 380091 |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 3.35%, 01/25/67<sup>(a)(b)</sup> |  | 364 | 348534 |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class A1, 4.80%, 11/25/67<sup>(a)(c)</sup> |  | 10256 | 10228253 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, 5.21%, 08/25/68<sup>(a)(c)</sup> |  | 1521 | 1523159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10, Class A1, 5.35%, <br> 10/25/69<sup>(a)(c)</sup><br>|  | 1912 | 1920610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11, Class A1, 5.70%, <br> 08/25/69<sup>(a)(c)</sup><br>|  | 3075 | 3102580 |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, 5.64%, 02/25/70<sup>(a)(c)</sup> |  | 6457 | 6516679 |
| &nbsp;&nbsp;&nbsp; Series 2025-8, Class A1, 5.41%, 07/25/70<sup>(a)(c)</sup> |  | 3941 | 3971007 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust LLC, Series 2020-3, <br> Class A3, 2.87%, 04/25/65<sup>(a)(b)</sup><br>|  | 848 | 821437 |
| &nbsp;&nbsp;&nbsp; APS Resecuritization Trust, Series 2016-1, <br> Class 1MZ, 2.97%, 07/31/57<sup>(a)(b)</sup><br>|  | 7852 | 2925930 |
| Atlas Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + <br> 1.55%), 5.34%, 09/20/61<sup>(b)(f)</sup><br>| GBP  | 518 | 704893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + <br> 2.20%), 5.99%, 09/20/61<sup>(b)(f)</sup><br>|  | 343 | 471299 |
| &nbsp;&nbsp;&nbsp; Banc of America Alternative Loan Trust, <br> Series 2006-7, Class A4, 6.50%, 10/25/36<sup>(c)</sup><br>| USD  | 1924 | 494760 |
| Banc of America Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A6, 5.75%, 01/25/37 |  | 19 | 16101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-R2, Class 1C, 0.00%, <br> 11/26/36<sup>(a)(b)</sup><br>|  | 3236 | 1123054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-R3, Class 1A2, 2.63%, <br> 03/27/36<sup>(a)(b)</sup><br>|  | 978 | 838206 |
| Barclays Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class A, 5.00%, <br> 11/25/51<sup>(a)(c)</sup><br>|  | 10101 | 10100197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class B, 7.63%, <br> 11/25/51<sup>(a)(c)</sup><br>|  | 3274 | 3276763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class C, 0.00%, <br> 11/25/51<sup>(a)</sup><br>|  | 6479 | 9070768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 4.55%, <br> 07/25/52<sup>(a)(c)</sup><br>|  | 4441 | 4418450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL1, Class A, 4.25%, <br> 02/25/28<sup>(a)(c)</sup><br>|  | 8764 | 8745427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL1, Class B, 4.25%, <br> 02/25/28<sup>(a)(c)</sup><br>|  | 2105 | 2099974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL1, Class C, 0.00%, <br> 02/25/28<sup>(a)</sup><br>|  | 3527 | 1278644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL1, Class SA, 0.00%, <br> 02/25/28<sup>(a)</sup><br>|  | 17 | 15473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A1, 6.90%, <br> 10/25/63<sup>(a)(c)</sup><br>|  | 26974 | 27277437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A2, 7.36%, <br> 10/25/63<sup>(a)(c)</sup><br>|  | 4297 | 4348862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A3, 7.69%, <br> 10/25/63<sup>(a)(c)</sup><br>|  | 2594 | 2627254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class B1, 7.95%, <br> 10/25/63<sup>(a)(b)</sup><br>|  | 1918 | 1946650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class B2, 7.95%, <br> 10/25/63<sup>(a)(b)</sup><br>|  | 1613 | 1623612 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Barclays Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class B3, 7.95%, <br> 10/25/63<sup>(a)(b)</sup><br>| USD  | 4413 | $4312054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class M1, 7.95%, <br> 10/25/63<sup>(a)(b)</sup><br>|  | 3196 | 3249938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class SA, 0.00%, <br> 10/25/63<sup>(a)(b)</sup><br>|  | 1 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A1, 5.90%, <br> 01/25/64<sup>(a)(c)</sup><br>|  | 3665 | 3691422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A2, 6.11%, <br> 01/25/64<sup>(a)(c)</sup><br>|  | 2499 | 2514399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A3, 6.31%, <br> 01/25/64<sup>(a)(c)</sup><br>|  | 1908 | 1920941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B1, 8.09%, <br> 01/25/64<sup>(a)(b)</sup><br>|  | 1442 | 1466413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B2, 8.65%, <br> 01/25/64<sup>(a)(b)</sup><br>|  | 1322 | 1341878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B3, 8.65%, <br> 01/25/64<sup>(a)(b)</sup><br>|  | 2836 | 2794490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class M1, 6.80%, <br> 01/25/64<sup>(a)(b)</sup><br>|  | 2475 | 2500476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class SA, 0.00%, <br> 01/25/64<sup>(a)(b)</sup><br>|  | 6 | 3831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A1, 6.04%, <br> 06/25/64<sup>(a)(c)</sup><br>|  | 22531 | 22749185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A2, 6.30%, <br> 06/25/64<sup>(a)(c)</sup><br>|  | 1776 | 1793897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A3, 6.50%, <br> 06/25/64<sup>(a)(c)</sup><br>|  | 3100 | 3131315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class B1, 7.50%, <br> 06/25/64<sup>(a)(b)</sup><br>|  | 1983 | 2016541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class B2, 8.01%, <br> 06/25/64<sup>(a)(b)</sup><br>|  | 1816 | 1826057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class B3, 8.01%, <br> 06/25/64<sup>(a)(b)</sup><br>|  | 4970 | 4820531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class M1, 6.41%, <br> 06/25/64<sup>(a)(b)</sup><br>|  | 2891 | 2919220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class SA, 0.00%, <br> 06/25/64<sup>(a)(b)</sup><br>|  | 4 | 3575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A1, 4.79%, <br> 12/26/64<sup>(a)(c)</sup><br>|  | 36197 | 36196218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A2, 5.10%, <br> 12/26/64<sup>(a)(c)</sup><br>|  | 3405 | 3402318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A3, 5.25%, <br> 12/26/64<sup>(a)(c)</sup><br>|  | 3814 | 3816319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class B1, 6.96%, <br> 12/26/64<sup>(a)(b)</sup><br>|  | 1760 | 1772046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class B2, 7.50%, <br> 12/26/64<sup>(a)(b)</sup><br>|  | 1343 | 1344398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class B3, 7.50%, <br> 12/26/64<sup>(a)(b)</sup><br>|  | 3073 | 2964261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class M1, 6.31%, <br> 12/26/64<sup>(a)(b)</sup><br>|  | 2894 | 2930358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class SA, 0.00%, <br> 12/26/64<sup>(a)(b)</sup><br>|  | 6 | 5018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.66%, <br> 01/25/65<sup>(a)(c)</sup><br>|  | 34057 | 34392591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A2, 5.87%, <br> 01/25/65<sup>(a)(c)</sup><br>|  | 3107 | 3141543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A3, 5.97%, <br> 01/25/65<sup>(a)(c)</sup><br>|  | 2959 | 2991797 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Barclays Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class B1, 6.94%, <br> 01/25/65<sup>(a)(b)</sup><br>| USD  | 1955 | $1971536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class B2, 7.78%, <br> 01/25/65<sup>(a)(b)</sup><br>|  | 1700 | 1709921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class B3, 7.78%, <br> 01/25/65<sup>(a)(b)</sup><br>|  | 3768 | 3666564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class M1, 6.49%, <br> 01/25/65<sup>(a)(b)</sup><br>|  | 3144 | 3199250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class SA, 0.00%, <br> 01/25/65<sup>(a)(b)</sup><br>|  | 6 | 6184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.76%, <br> 05/25/65<sup>(a)(c)</sup><br>|  | 28494 | 28984054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A2, 5.94%, <br> 05/25/65<sup>(a)(c)</sup><br>|  | 2256 | 2294941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A3, 6.04%, <br> 05/25/65<sup>(a)(c)</sup><br>|  | 4433 | 4508763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class B1, 7.68%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 1485 | 1527830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class B2, 7.68%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 589 | 589130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class B3, 7.68%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 109 | 98538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class M1, 6.71%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 3013 | 3077162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class SA, 0.00%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 1 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class B1, 7.60%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 710 | 723171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class PT2, 0.00%, <br> 07/25/65<sup>(a)(b)</sup><br>|  | 52159 | 53576698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class PT2, 0.00%, <br> 10/25/55<sup>(a)(b)</sup><br>|  | 49408 | 49179709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class PT2, 5.23%, <br> 12/25/64<sup>(a)(b)</sup><br>|  | 48368 | 49704482 |
| &nbsp;&nbsp;&nbsp; BCAP LLC Trust, Series 2011-RR5, Class 11A5, <br> (1-mo. CME Term SOFR + 0.26%), 3.91%, <br> 05/28/36<sup>(a)(b)</sup><br>|  | 1178 | 1143362 |
| Bear Stearns ALT-A Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 22A1, 4.17%, 03/25/36<sup>(b)</sup> |  | 2980 | 1888122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A1, (1-mo. CME Term <br> SOFR + 0.43%), 4.17%, 01/25/47<sup>(b)</sup><br>|  | 694 | 605621 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AC9, Class A5, 6.25%, <br> 12/25/35<sup>(c)</sup><br>|  | 136 | 134609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AC2, Class 1A1, (1-mo. CME <br> Term SOFR + 0.46%), 4.20%, 03/25/36<sup>(b)</sup><br>|  | 3058 | 769200 |
| Bear Stearns Mortgage Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SL1, Class A1, (1-mo. CME Term <br> SOFR + 0.39%), 4.13%, 08/25/36<sup>(b)</sup><br>|  | 218 | 217626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR2, Class A1, (1-mo. CME Term <br> SOFR + 0.45%), 4.19%, 03/25/37<sup>(b)</sup><br>|  | 171 | 157701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR3, Class 1A1, (1-mo. CME <br> Term SOFR + 0.39%), 4.13%, 03/25/37<sup>(b)</sup><br>|  | 297 | 283048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR4, Class 2A1, (1-mo. CME <br> Term SOFR + 0.32%), 4.06%, 06/25/37<sup>(b)</sup><br>|  | 276 | 262200 |
| &nbsp;&nbsp;&nbsp; BlackRock Capital Finance LP, Series 1997-R2, <br> Class AP, 0.00%, 12/25/35<sup>(a)(e)(q)</sup><br>|  | 1 |  |
| Bletchley Park Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-day SONIA + <br> 1.88%), 5.61%, 01/27/70<sup>(b)(f)</sup><br>| GBP  | 891 | 1205838 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Bletchley Park Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class E, (1-day SONIA + <br> 3.38%), 7.11%, 01/27/70<sup>(b)(f)</sup><br>| GBP  | 1222 | $1648896 |
| BRAVO Residential Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM6, Class B1, 7.98%, <br> 09/25/63<sup>(a)(b)</sup><br>| USD  | 662 | 669358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B1, 8.04%, <br> 12/01/63<sup>(a)</sup><br>|  | 353 | 358827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class B1, 8.10%, <br> 03/25/64<sup>(a)(b)</sup><br>|  | 527 | 539345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM6, Class B2, 8.01%, <br> 08/01/64<sup>(a)(b)</sup><br>|  | 250 | 254595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.68%, <br> 11/25/64<sup>(a)(c)</sup><br>|  | 7876 | 7952702 |
| &nbsp;&nbsp;&nbsp; CAFL Issuer LLC, Series 2024-RTL1, Class A1, <br> 6.75%, 11/28/31<sup>(a)(c)</sup><br>|  | 1281 | 1298267 |
| Castell PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, (1-day SONIA + <br> 1.55%), 5.28%, 01/27/62<sup>(b)(f)</sup><br>| GBP  | 394 | 533977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-day SONIA + <br> 2.00%), 5.73%, 01/27/62<sup>(b)(f)</sup><br>|  | 233 | 318530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class E, (1-day SONIA + <br> 3.50%), 7.23%, 01/27/62<sup>(b)(f)</sup><br>|  | 666 | 909161 |
| CFMT LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HB14, Class M2, 3.00%, <br> 06/25/34<sup>(a)(b)</sup><br>| USD  | 274 | 264409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HB14, Class M3, 3.00%, <br> 06/25/34<sup>(a)(b)</sup><br>|  | 675 | 647146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HB15, Class M2, 4.00%, <br> 08/25/34<sup>(a)(b)</sup><br>|  | 265 | 258953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R1, Class A1, 4.00%, <br> 10/25/54<sup>(a)(c)</sup><br>|  | 1035 | 1023463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R1, Class A2, 4.00%, <br> 10/25/54<sup>(a)(c)</sup><br>|  | 176 | 171291 |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust, Series 2007-S6, <br> Class 1A1, 6.00%, 12/25/37<br>|  | 18856 | 7340435 |
| &nbsp;&nbsp;&nbsp; Cheshire PLC, Series 2025-1, Class C, (1-day <br> SONIA + 1.35%), 5.08%, 06/28/48<sup>(b)(f)</sup><br>| GBP  | 934 | 1258419 |
| &nbsp;&nbsp;&nbsp; CHNGE Mortgage Trust, Series 2022-1, Class A1, <br> 3.01%, 01/25/67<sup>(a)(b)</sup><br>| USD  | 1702 | 1647785 |
| CIM Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-I2, Class A2, 6.85%, 12/25/67<sup>(a)(c)</sup> |  | 2496 | 2507619 |
| &nbsp;&nbsp;&nbsp; Series 2025-I1, Class A1, 5.66%, 10/25/69<sup>(a)(c)</sup> |  | 7635 | 7723191 |
| Citadel PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, (1-day SONIA + <br> 1.45%), 5.18%, 04/28/60<sup>(b)(f)</sup><br>| GBP  | 483 | 656027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + <br> 1.75%), 5.48%, 04/28/60<sup>(b)(f)</sup><br>|  | 506 | 686888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + <br> 2.45%), 6.18%, 04/28/60<sup>(b)(f)</sup><br>|  | 553 | 756685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class E, (1-day SONIA + <br> 3.75%), 7.48%, 04/28/60<sup>(b)(f)</sup><br>|  | 539 | 737279 |
| Citicorp Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 1A14, 6.00%, 05/25/37 | USD  | 598 | 524629 |
| &nbsp;&nbsp;&nbsp; Series 2007-9, Class 1A1, 6.25%, 12/25/37 |  | 845 | 805570 |
| &nbsp;&nbsp;&nbsp; Series 2008-2, Class 1A1, 6.50%, 06/25/38 |  | 2754 | 2369373 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, Series 2007-6, <br> Class 2A1, (1-mo. CME Term SOFR + 0.61%), <br> 4.35%, 05/25/37<sup>(b)</sup><br>|  | 1622 | 1510356 |
| &nbsp;&nbsp;&nbsp; CitiMortgage Alternative Loan Trust, Series 2007-<br> A6, Class 1A11, 6.00%, 06/25/37<br>|  | 410 | 377338 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| COLT Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 1.73%, 11/26/66<sup>(a)(b)</sup> | USD  | 2048 | $1863216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HX1, Class B2, 3.86%, <br> 10/25/66<sup>(a)(b)</sup><br>|  | 1000 | 786587 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B2, 4.10%, 12/27/66<sup>(a)(b)</sup> |  | 316 | 271005 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 4.21%, 02/25/67<sup>(a)(b)</sup> |  | 1000 | 884333 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B2, 4.21%, 02/25/67<sup>(a)(b)</sup> |  | 1300 | 1095981 |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class A1, 5.39%, 11/25/69<sup>(a)(c)</sup> |  | 2695 | 2710041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class A1, 5.05%, <br> 11/25/70<sup>(a)(b)</sup><br>|  | 6480 | 6495855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class B1, 6.90%, <br> 11/25/70<sup>(a)(b)</sup><br>|  | 617 | 618575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-12, Class B1, 6.86%, <br> 01/26/71<sup>(a)(b)</sup><br>|  | 807 | 802706 |
| &nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, 5.47%, 06/25/70<sup>(a)(c)</sup> |  | 4061 | 4101580 |
| &nbsp;&nbsp;&nbsp; Series 2025-8, Class A1, 5.48%, 08/25/70<sup>(a)(c)</sup> |  | 2240 | 2259867 |
| &nbsp;&nbsp;&nbsp; Series 2025-8, Class B1, 7.10%, 08/25/70<sup>(a)(b)</sup> |  | 699 | 706980 |
| Countrywide Alternative Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11CB, Class 2A1, 5.50%, <br> 06/25/35<br>|  | 83 | 66326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11CB, Class 2A6, 5.50%, <br> 06/25/25<br>|  | 453 | 362020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-22T1, Class A1, (1-mo. CME Term <br> SOFR + 0.46%), 4.20%, 06/25/35<sup>(b)</sup><br>|  | 2571 | 2284138 |
| &nbsp;&nbsp;&nbsp; Series 2005-29CB, Class A6, 5.50%, 07/25/35 |  | 291 | 163604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-55CW, Class 2A3, (1-mo. CME <br> Term SOFR + 0.46%), 4.42%, 11/25/35<sup>(b)</sup><br>|  | 558 | 401354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-59, Class 1A1, (1-mo. CME Term <br> SOFR + 0.77%), 4.51%, 11/20/35<sup>(b)</sup><br>|  | 585 | 573636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-76, Class 2A1, (12-mo. Federal <br> Reserve Cumulative Average US + 1.00%), <br> 5.03%, 02/25/36<sup>(b)</sup><br>|  | 378 | 349471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J4, Class B1, (1-mo. CME Term <br> SOFR + 2.14%), 5.87%, 07/25/35<sup>(b)</sup><br>|  | 47 | 46963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-11CB, Class 3A1, 6.50%, <br> 05/25/36<br>|  | 1356 | 601992 |
| &nbsp;&nbsp;&nbsp; Series 2006-15CB, Class A1, 6.50%, 06/25/36 |  | 306 | 136425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A14, 6.25%, <br> 10/25/36<br>|  | 1121 | 531480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6CB, Class 2A10, 6.00%, <br> 05/25/36<br>|  | 221 | 79907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA11, Class A4, (1-mo. CME <br> Term SOFR + 0.49%), 4.23%, 09/25/46<sup>(b)</sup><br>|  | 262 | 249170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA14, Class 1A1, (12-mo. <br> Federal Reserve Cumulative Average US + <br> 1.73%), 5.76%, 11/25/46<sup>(b)</sup><br>|  | 1701 | 1435104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA16, Class A2, (1-mo. CME <br> Term SOFR + 0.49%), 4.23%, 10/25/46<sup>(b)</sup><br>|  | 1918 | 1817711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA16, Class A4C, (1-mo. CME <br> Term SOFR + 0.79%), 4.53%, 10/25/46<sup>(b)</sup><br>|  | 2837 | 2159597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA21, Class A1, (1-mo. CME <br> Term SOFR + 0.30%), 4.04%, 03/20/47<sup>(b)</sup><br>|  | 4156 | 3654933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA8, Class 1A1, (1-mo. CME <br> Term SOFR + 0.49%), 4.23%, 07/25/46<sup>(b)</sup><br>|  | 221 | 202950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OC1, Class 1A1, (1-mo. CME <br> Term SOFR + 0.57%), 4.31%, 03/25/36<sup>(b)</sup><br>|  | 961 | 948700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OC10, Class 2A3, (1-mo. CME <br> Term SOFR + 0.57%), 4.31%, 11/25/36<sup>(b)</sup><br>|  | 1575 | 1449036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OC7, Class 2A3, (1-mo. CME <br> Term SOFR + 0.61%), 4.35%, 07/25/46<sup>(b)</sup><br>|  | 1388 | 1284151 |
| &nbsp;&nbsp;&nbsp; Series 2007-14T2, Class A1, 6.00%, 07/25/37 |  | 2091 | 1067459 |
| &nbsp;&nbsp;&nbsp; Series 2007-3T1, Class 1A1, 6.00%, 04/25/37 |  | 266 | 114707 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Countrywide Alternative Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AL1, Class A1, (1-mo. CME Term <br> SOFR + 0.61%), 4.35%, 06/25/37<sup>(b)</sup><br>| USD  | 3891 | $3298151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA3, Class 1A1, (1-mo. CME <br> Term SOFR + 0.39%), 4.13%, 04/25/47<sup>(b)</sup><br>|  | 527 | 482010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA8, Class 2A1, (1-mo. CME <br> Term SOFR + 0.47%), 4.21%, 06/25/47<sup>(b)</sup><br>|  | 163 | 135582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OH2, Class A2A, (1-mo. CME <br> Term SOFR + 0.59%), 4.33%, 08/25/47<sup>(b)</sup><br>|  | 179 | 166833 |
| &nbsp;&nbsp;&nbsp; Countrywide Home Loan Mortgage Pass-Through <br> Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-29, Class 1A1, (1-mo. CME Term <br> SOFR + 0.65%), 4.39%, 02/25/35<sup>(b)</sup><br>|  | 59 | 57668 |
| &nbsp;&nbsp;&nbsp; Series 2005-16, Class A28, 5.50%, 09/25/35 |  | 2683 | 1608358 |
| &nbsp;&nbsp;&nbsp; Series 2006-17, Class A6, 6.00%, 12/25/36 |  | 265 | 115256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA4, Class A1, (12-mo. Federal <br> Reserve Cumulative Average US + 0.96%), <br> 4.99%, 04/25/46<sup>(b)</sup><br>|  | 1205 | 325617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA5, Class 3A1, (1-mo. CME <br> Term SOFR + 0.51%), 4.25%, 04/25/46<sup>(b)</sup><br>|  | 329 | 302908 |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class A2, 6.00%, 03/25/37 |  | 405 | 174165 |
| &nbsp;&nbsp;&nbsp; Series 2007-15, Class 2A2, 6.50%, 09/25/37 |  | 7345 | 2578428 |
| &nbsp;&nbsp;&nbsp; Series 2007-9, Class A1, 5.75%, 07/25/37 |  | 1274 | 566027 |
| &nbsp;&nbsp;&nbsp; Series 2007-9, Class A11, 5.75%, 07/25/37 |  | 696 | 309322 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Capital Certificates, <br> Series 2009-12R, Class 3A1, 6.50%, <br> 10/27/37<sup>(a)</sup><br>|  | 8101 | 3064804 |
| Credit Suisse Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A3, 6.00%, 05/25/36 |  | 956 | 490594 |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A4, 6.00%, 05/25/36 |  | 723 | 370854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-9R, Class 9A1, (1-mo. CME Term <br> SOFR + 0.23%), 4.31%, 08/27/36<sup>(a)(b)</sup><br>|  | 495 | 414082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-6R, Class 5A2, (1-mo. CME Term <br> SOFR + 0.29%), 3.35%, 03/27/36<sup>(a)(b)</sup><br>|  | 1376 | 1092264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM8, Class M1, 3.26%, <br> 10/25/66<sup>(a)(b)</sup><br>|  | 760 | 585596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL9, Class A1, 3.87%, <br> 02/25/61<sup>(a)(b)</sup><br>|  | 8404 | 8372290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM3, Class A1B, 4.27%, <br> 03/25/67<sup>(a)(b)</sup><br>|  | 3821 | 3796702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM6, Class PT, 8.83%, <br> 12/25/67<sup>(a)(b)</sup><br>|  | 10100 | 10122526 |
| Cross Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H2, Class A1A, 7.14%, <br> 11/25/68<sup>(a)(c)</sup><br>|  | 1745 | 1765978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H7, Class A1, 5.59%, <br> 11/25/69<sup>(a)(b)</sup><br>|  | 4027 | 4057569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H1, Class A1, 5.74%, <br> 02/25/70<sup>(a)(b)</sup><br>|  | 4712 | 4758242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H2, Class A1, 5.36%, <br> 03/25/70<sup>(a)(b)</sup><br>|  | 1742 | 1751515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H8, Class A1A, 5.00%, <br> 11/25/70<sup>(a)(c)</sup><br>|  | 4770 | 4780388 |
| &nbsp;&nbsp;&nbsp; CSFB Mortgage-Backed Pass-Through <br> Certificates, Series 2005-10, Class 10A1, (1-<br> mo. CME Term SOFR + 1.46%), 5.20%, <br> 11/25/35<sup>(b)</sup><br>|  | 1191 | 237945 |
| Deephaven Residential Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class M1, 4.31%, 03/25/67<sup>(a)(b)</sup> |  | 1629 | 1452697 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 5.28%, 07/25/67<sup>(a)(b)</sup> |  | 1716 | 1563963 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class M1, 5.28%, 07/25/67<sup>(a)(b)</sup> |  | 3171 | 3097311 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, 5.74%, 07/25/69<sup>(a)(c)</sup> |  | 1978 | 1993129 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Deephaven Residential Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV1, Class A1, 5.09%, <br> 11/25/60<sup>(a)(c)</sup><br>| USD  | 5574 | $5585082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV1, Class B1, 6.68%, <br> 11/25/60<sup>(a)(b)</sup><br>|  | 773 | 773310 |
| &nbsp;&nbsp;&nbsp; Deutsche Alt-A Securities Mortgage Loan Trust, <br> Series 2007-OA4, Class A2A, (1-mo. CME <br> Term SOFR + 0.45%), 4.19%, 08/25/47<sup>(b)</sup><br>|  | 730 | 683007 |
| Deutsche Alt-B Securities Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AB3, Class A3, 6.51%, <br> 07/25/36<sup>(b)</sup><br>|  | 235 | 206057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AB3, Class A8, 6.36%, <br> 07/25/36<sup>(b)</sup><br>|  | 150 | 131402 |
| &nbsp;&nbsp;&nbsp; Easy Street Mortgage Loan Trust, Series 2025-<br> RTL2, Class A1, 5.61%, 10/25/40<sup>(a)(c)</sup><br>|  | 2081 | 2102360 |
| Ellington Financial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B2, 5.89%, 09/25/67<sup>(a)(b)</sup> |  | 2288 | 2265019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A1A, 5.71%, <br> 11/25/69<sup>(a)(c)</sup><br>|  | 3561 | 3590878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV1, Class A1, 5.63%, <br> 03/25/70<sup>(a)(c)</sup><br>|  | 5242 | 5293024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV3, Class A1, 5.44%, <br> 07/25/70<sup>(a)(c)</sup><br>|  | 5875 | 5926050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1, 0.00%, <br> 11/25/70<sup>(a)(b)</sup><br>|  | 4810 | 4819515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class A1A, 5.00%, <br> 12/25/70<sup>(a)(c)</sup><br>|  | 483 | 484414 |
| Exmoor Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, (1-day SONIA + <br> 1.90%), 5.64%, 03/25/94<sup>(b)(f)</sup><br>| GBP  | 454 | 616795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + <br> 2.80%), 6.54%, 03/25/94<sup>(b)(f)</sup><br>|  | 197 | 268957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-day SONIA + <br> 2.38%), 6.12%, 03/25/95<sup>(b)(f)</sup><br>|  | 532 | 717199 |
| &nbsp;&nbsp;&nbsp; First Horizon Alternative Mortgage Securities <br> Trust, Series 2005-AA12, Class 2A1, 4.84%, <br> 02/25/36<sup>(b)</sup><br>| USD  | 18 | 10602 |
| &nbsp;&nbsp;&nbsp; GAEA Mortgage Loan Trust, Series 2025-A, <br> Class A, 6.75%, 02/25/30<sup>(a)(b)</sup><br>|  | 1699 | 1663814 |
| GCAT Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class B1, 3.47%, <br> 05/25/66<sup>(a)(b)</sup><br>|  | 1642 | 1246975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HX1, Class A1, 2.89%, <br> 12/27/66<sup>(a)(b)</sup><br>|  | 257 | 241704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class B1, 3.92%, <br> 02/25/67<sup>(a)(b)</sup><br>|  | 564 | 429979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class M1, 4.20%, <br> 02/25/67<sup>(a)(b)</sup><br>|  | 853 | 718030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM4, Class A1, 4.25%, <br> 05/25/67<sup>(a)(b)</sup><br>|  | 5563 | 5313297 |
| &nbsp;&nbsp;&nbsp; GreenPoint Mortgage Funding Trust, Series 2006-<br> AR2, Class 4A1, (12-mo. Federal Reserve <br> Cumulative Average US + 2.00%), 6.03%, <br> 03/25/36<sup>(b)</sup><br>|  | 384 | 354789 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series 2019-PJ2, <br> Class B4, 4.36%, 11/25/49<sup>(a)(b)</sup><br>|  | 1344 | 1229792 |
| GS Mortgage-Backed Securities Corp. Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class A1, 0.05%, <br> 11/25/29<sup>(a)(c)</sup><br>|  | 6592 | 6587275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class B1, 6.60%, <br> 11/25/29<sup>(a)(b)</sup><br>|  | 750 | 746977 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| GS Mortgage-Backed Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A4, 4.00%, <br> 05/25/62<sup>(a)(b)</sup><br>| USD  | 560 | $524005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CCM1, Class B1, 7.41%, <br> 08/25/53<sup>(a)(b)</sup><br>|  | 1022 | 1019833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC2, Class A1, 5.04%, <br> 01/25/66<sup>(a)(c)</sup><br>|  | 1886 | 1889305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1, 5.01%, <br> 07/25/65<sup>(a)(c)</sup><br>|  | 3378 | 3381239 |
| GSR Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-1F, Class 2A4, 5.50%, 01/25/37 |  | 16 | 37015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA2, Class 2A1, 2.77%, <br> 06/25/47<sup>(b)</sup><br>|  | 763 | 437447 |
| HarborView Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1, Class 1A, (1-mo. CME Term <br> SOFR + 0.75%), 4.49%, 03/19/35<sup>(b)</sup><br>|  | 917 | 443757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-12, Class 1A1A, (1-mo. CME Term <br> SOFR + 0.52%), 4.26%, 12/19/36<sup>(b)</sup><br>|  | 4959 | 4037016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3, Class 1A1A, (1-mo. CME Term <br> SOFR + 0.51%), 4.25%, 05/19/37<sup>(b)</sup><br>|  | 1464 | 1225313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4, Class 2A2, (1-mo. CME Term <br> SOFR + 0.61%), 4.10%, 07/19/37<sup>(b)</sup><br>|  | 335 | 331202 |
| HOMES Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM2, Class A1, 5.72%, <br> 10/25/69<sup>(a)(c)</sup><br>|  | 3949 | 3982728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AFC4, Class A1A, 5.15%, <br> 11/25/60<sup>(a)(c)</sup><br>|  | 3237 | 3243108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.43%, <br> 02/25/70<sup>(a)(c)</sup><br>|  | 2951 | 2969808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1, 5.03%, <br> 09/25/70<sup>(a)(b)</sup><br>|  | 5390 | 5395816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class B1, 6.79%, <br> 09/25/70<sup>(a)(b)</sup><br>|  | 1500 | 1510040 |
| Impac CMB Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-11, Class 1A2, (1-mo. CME Term <br> SOFR + 0.63%), 4.37%, 03/25/35<sup>(b)</sup><br>|  | 526 | 735988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6, Class 1A1, (1-mo. CME Term <br> SOFR + 0.61%), 4.35%, 10/25/35<sup>(b)</sup><br>|  | 404 | 373518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A, Class A, (1-mo. CME Term <br> SOFR + 0.61%), 4.35%, 05/25/37<sup>(a)(b)</sup><br>|  | 791 | 777267 |
| &nbsp;&nbsp;&nbsp; Impac Secured Assets Trust, Series 2006-3, <br> Class A1, (1-mo. CME Term SOFR + 0.45%), <br> 4.19%, 11/25/36<sup>(b)</sup><br>|  | 1606 | 1483692 |
| IndyMac Index Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR15, Class A1, (1-mo. CME <br> Term SOFR + 0.35%), 4.09%, 07/25/36<sup>(b)</sup><br>|  | 261 | 260835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR35, Class 2A1A, (1-mo. CME <br> Term SOFR + 0.45%), 4.19%, 01/25/37<sup>(b)</sup><br>|  | 515 | 469230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR41, Class A3, (1-mo. CME <br> Term SOFR + 0.47%), 4.21%, 02/25/37<sup>(b)</sup><br>|  | 352 | 343296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR19, Class 3A1, 3.83%, <br> 09/25/37<sup>(b)</sup><br>|  | 2394 | 1546128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FLX5, Class 2A2, (1-mo. CME <br> Term SOFR + 0.59%), 4.33%, 08/25/37<sup>(b)</sup><br>|  | 465 | 433214 |
| JPMorgan Alternative Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1, Class 1A4, (1-mo. CME Term <br> SOFR + 0.53%), 4.27%, 03/25/37<sup>(b)</sup><br>|  | 578 | 485444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A2, Class 2A1, 4.75%, <br> 05/25/37<sup>(b)</sup><br>|  | 141 | 123981 |
| JPMorgan Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class B3, 2.90%, 08/25/51<sup>(a)(b)</sup> |  | 3413 | 2797660 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class B4, 2.90%, 08/25/51<sup>(a)(b)</sup> |  | 265 | 213018 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| JPMorgan Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class B5, 2.90%, 08/25/51<sup>(a)(b)</sup> | USD  | 199 | $157037 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class B6, 2.90%, 08/25/51<sup>(a)(b)</sup> |  | 611 | 265594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class A5A, 2.50%, <br> 12/25/51<sup>(a)(b)</sup><br>|  | 7960 | 6584666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class B4, 3.18%, <br> 12/25/51<sup>(a)(b)</sup><br>|  | 1197 | 1000050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class B5, 3.18%, <br> 12/25/51<sup>(a)(b)</sup><br>|  | 419 | 342735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class B6, 3.07%, <br> 12/25/51<sup>(a)(b)</sup><br>|  | 1436 | 765844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A3A, 2.50%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 20667 | 18694347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A4A, 2.50%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 10539 | 7257746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A5A, 2.50%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 4741 | 3922307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B1, 3.27%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 3042 | 2639675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B2, 3.27%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 714 | 612272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B3, 3.27%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 993 | 842746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B4, 3.27%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 528 | 444212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B5, 3.27%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 217 | 180277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class B6, 3.06%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 710 | 371770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VIS1, Class B2, 8.06%, <br> 07/25/64<sup>(a)(b)</sup><br>|  | 507 | 510450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VIS2, Class B1, 7.71%, <br> 11/25/64<sup>(a)(b)</sup><br>|  | 2216 | 2251423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1LC, 5.02%, <br> 05/25/65<sup>(a)(c)</sup><br>|  | 288 | 287202 |
| &nbsp;&nbsp;&nbsp; Jubilee Place 7 BV, Series 7, Class D, (3-mo. <br> EURIBOR + 1.90%), 3.97%, 09/18/62<sup>(b)(f)</sup><br>| EUR  | 185 | 217419 |
| &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, Series 2021-GS2, <br> Class A1, 5.75%, 04/25/61<sup>(a)(c)</sup><br>| USD  | 13453 | 13457111 |
| Lehman XS Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16N, Class AF2, (1-mo. CME <br> Term SOFR + 2.01%), 5.75%, 09/25/47<sup>(b)</sup><br>|  | 1450 | 2053654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20N, Class A1, (1-mo. CME Term <br> SOFR + 2.41%), 6.15%, 12/25/37<sup>(b)</sup><br>|  | 350 | 354353 |
| &nbsp;&nbsp;&nbsp; MASTR Resecuritization Trust, Series 2008-3, <br> Class A1, 3.96%, 08/25/37<sup>(a)(b)</sup><br>|  | 598 | 179806 |
| MCM Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VFN1, Class Cert, 0.00%, <br> 09/25/31<sup>(d)(e)</sup><br>|  | 18228 | 14691687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VFN1, Class Note, 2.50%, <br> 09/25/31<sup>(e)</sup><br>|  | 22812 | 21873569 |
| &nbsp;&nbsp;&nbsp; Merrill Lynch Alternative Note Asset Trust, <br> Series 2007-OAR2, Class A2, (1-mo. CME <br> Term SOFR + 0.53%), 4.27%, 04/25/37<sup>(b)</sup><br>|  | 850 | 685854 |
| Merrill Lynch Mortgage Investors Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A3, Class 6A1, 5.20%, <br> 05/25/36<sup>(b)</sup><br>|  | 492 | 464106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AF2, Class AV1, (1-mo. CME <br> Term SOFR + 0.43%), 4.17%, 09/25/37<sup>(b)</sup><br>|  | 637 | 314756 |
| MFA Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A3, 3.30%, <br> 08/25/49<sup>(a)(b)</sup><br>|  | 62 | 59732 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| MFA Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class B1, 3.51%, <br> 04/25/65<sup>(a)(b)</sup><br>| USD  | 3310 | $2797067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class B1, 4.27%, <br> 12/25/66<sup>(a)(b)</sup><br>|  | 1000 | 880497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class M1, 4.27%, <br> 12/25/66<sup>(a)(b)</sup><br>|  | 3429 | 3139742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL1, Class A1, 7.09%, <br> 02/25/29<sup>(a)(c)</sup><br>|  | 5663 | 5684545 |
| &nbsp;&nbsp;&nbsp; Miltonia Mortgage Finance Srl, Series 1, Class B, <br> (3-mo. EURIBOR + 1.30%), 3.37%, <br> 04/28/62<sup>(b)(f)</sup><br>| EUR  | 1776 | 2090875 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Resecuritization Trust, <br> Series 2013-R7, Class 1B, (1-mo. CME Term <br> SOFR + 0.27%), 4.39%, 12/26/46<sup>(a)(b)</sup><br>| USD  | 572 | 522689 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class B3, 5.88%, <br> 06/25/44<sup>(a)(b)</sup><br>|  | 323 | 325821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM1, Class B1, 7.36%, <br> 09/25/68<sup>(a)(b)</sup><br>|  | 1402 | 1414497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC2, Class A1, 5.44%, <br> 07/25/70<sup>(a)(b)</sup><br>|  | 7151 | 7220184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.74%, <br> 11/25/69<sup>(a)(b)</sup><br>|  | 7259 | 7334259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class M1, 6.50%, <br> 11/25/69<sup>(a)(b)</sup><br>|  | 1220 | 1236872 |
| &nbsp;&nbsp;&nbsp; Mortgage Loan Resecuritization Trust, <br> Series 2009-RS1, Class A85, (1-mo. CME <br> Term SOFR + 0.45%), 4.33%, 04/16/36<sup>(a)(b)</sup><br>|  | 1142 | 1122571 |
| Mortimer PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MIX, Class C, (1-day SONIA + <br> 1.55%), 5.31%, 09/22/67<sup>(b)(f)</sup><br>| GBP  | 654 | 884528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MIX, Class D, (1-day SONIA + <br> 2.10%), 5.86%, 09/22/67<sup>(b)(f)</sup><br>|  | 357 | 478996 |
| NACC Reperforming Loan REMIC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-R1, Class A1, 6.50%, 03/25/34<sup>(a)</sup> | USD  | 1352 | 1238530 |
| &nbsp;&nbsp;&nbsp; Series 2004-R1, Class A2, 7.50%, 03/25/34<sup>(a)</sup> |  | 310 | 292895 |
| New Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1, 4.25%, <br> 12/25/57<sup>(a)(b)</sup><br>|  | 537 | 529319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RPL1, Class B3, 3.83%, <br> 11/25/59<sup>(a)(b)</sup><br>|  | 6210 | 4904984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class B1, 7.15%, <br> 11/25/64<sup>(a)(b)</sup><br>|  | 781 | 796659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.64%, <br> 01/25/65<sup>(a)(c)</sup><br>|  | 10845 | 10988065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class M1, 6.47%, <br> 01/25/65<sup>(a)(b)</sup><br>|  | 679 | 697063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, 5.35%, <br> 07/25/65<sup>(a)(b)</sup><br>|  | 2799 | 2820975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class B1, 7.02%, <br> 07/25/65<sup>(a)(b)</sup><br>|  | 790 | 789019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1, 5.11%, <br> 08/25/65<sup>(a)(b)</sup><br>|  | 3653 | 3663317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class A1, 5.09%, <br> 10/25/65<sup>(a)(b)</sup><br>|  | 7540 | 7563097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A1LC, 5.16%, <br> 10/26/65<sup>(a)(c)</sup><br>|  | 875 | 877285 |
| New York Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-INV1, Class A1, 5.38%, <br> 06/25/69<sup>(a)(b)</sup><br>|  | 1088 | 1094592 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| New York Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RR1, Class A, 7.38%, <br> 05/25/64<sup>(a)(c)</sup><br>| USD  | 6470 | $6432775 |
| &nbsp;&nbsp;&nbsp; NLT Trust, Series 2021-INV2, Class B1, 3.32%, <br> 08/25/56<sup>(a)(b)</sup><br>|  | 910 | 696831 |
| &nbsp;&nbsp;&nbsp; NMLT Trust, Series 2021-INV1, Class B1, 3.61%, <br> 05/25/56<sup>(a)(b)</sup><br>|  | 1327 | 1048200 |
| &nbsp;&nbsp;&nbsp; Nomura Asset Acceptance Corp. Alternative Loan <br> Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-R1A, Class A, 7.00%, <br> 02/19/30<sup>(a)(b)</sup><br>|  | 211 | 210591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AF1, Class 1A4, 7.13%, <br> 05/25/36<sup>(c)</sup><br>|  | 500 | 87595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2, Class A4, (1-mo. CME Term <br> SOFR + 0.95%), 4.69%, 06/25/37<sup>(b)</sup><br>|  | 218 | 184277 |
| &nbsp;&nbsp;&nbsp; OBX Trust, Series 2025-NQM3, Class A1, 5.65%, <br> 12/01/64<sup>(a)(c)</sup><br>|  | 4505 | 4549327 |
| Pierpont BTL PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, (1-day SONIA + <br> 2.20%), 5.96%, 09/21/61<sup>(b)(f)</sup><br>| GBP  | 322 | 433304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, (1-day SONIA + <br> 1.85%), 5.61%, 03/21/62<sup>(b)(f)</sup><br>|  | 151 | 205535 |
| Preston Ridge Partners Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1A, 5.18%, <br> 10/25/70<sup>(a)(c)</sup><br>| USD  | 4757 | 4767469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class A1, 4.99%, <br> 12/25/70<sup>(a)(b)</sup><br>|  | 727 | 726527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class B1, 6.96%, <br> 12/25/70<sup>(a)(b)</sup><br>|  | 100 | 99403 |
| PRKCM Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AFC2, Class A1, 2.07%, <br> 11/25/56<sup>(a)(b)</sup><br>|  | 1197 | 1072219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AFC1, Class A1A, 4.10%, <br> 04/25/57<sup>(a)(b)</sup><br>|  | 590 | 588992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AFC2, Class A1, 5.34%, <br> 08/25/57<sup>(a)(b)</sup><br>|  | 4139 | 4135031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-AFC1, Class B1, 7.40%, <br> 02/25/58<sup>(a)(b)</sup><br>|  | 2349 | 2341323 |
| PRP Advisors LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class B1, 5.40%, <br> 08/25/67<sup>(a)(b)</sup><br>|  | 471 | 459578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B1, 7.40%, <br> 12/25/68<sup>(a)(b)</sup><br>|  | 1346 | 1358196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.80%, <br> 11/25/69<sup>(a)(c)</sup><br>|  | 3999 | 4032262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class M1A, 6.65%, <br> 11/25/69<sup>(a)(b)</sup><br>|  | 983 | 998564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.61%, <br> 05/25/70<sup>(a)(b)</sup><br>|  | 5850 | 5890921 |
| &nbsp;&nbsp;&nbsp; Rain City Mortgage Trust, Series 2024-RTL1, <br> Class A1, 6.53%, 09/25/29<sup>(a)(b)</sup><br>|  | 1198 | 1211777 |
| RALI Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QA10, Class A2, (1-mo. CME <br> Term SOFR + 0.47%), 4.21%, 12/25/36<sup>(b)</sup><br>|  | 2138 | 1925602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QH9, Class A1, 4.08%, <br> 11/25/37<sup>(b)</sup><br>|  | 427 | 356201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QO2, Class A1, (1-mo. CME Term <br> SOFR + 0.26%), 4.00%, 02/25/47<sup>(b)</sup><br>|  | 221 | 66266 |
| &nbsp;&nbsp;&nbsp; RCKT Mortgage Trust, Series 2024-CES8, <br> Class A1A, 5.49%, 11/25/44<sup>(a)(c)</sup><br>|  | 1672 | 1683598 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Reperforming Loan REMIC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-R2, Class 1AF1, (1-mo. CME <br> Term SOFR + 0.45%), 4.19%, 06/25/35<sup>(a)(b)</sup><br>| USD  | 123 | $119382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-R3, Class AF, (1-mo. CME Term <br> SOFR + 0.51%), 4.25%, 09/25/35<sup>(a)(b)</sup><br>|  | 44 | 36788 |
| Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2, Class B2, 6.04%, 05/25/59<sup>(a)(b)</sup> |  | 2434 | 2417726 |
| &nbsp;&nbsp;&nbsp; Series 2019-3, Class B2, 5.66%, 09/25/59<sup>(a)(b)</sup> |  | 282 | 282607 |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class M1, 3.57%, 05/25/60<sup>(a)(b)</sup> |  | 7854 | 7560666 |
| RFMSI Series Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SA2, Class 2A1, 5.52%, <br> 08/25/36<sup>(b)</sup><br>|  | 4017 | 2654963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SA4, Class 2A1, 5.43%, <br> 11/25/36<sup>(b)</sup><br>|  | 179 | 150994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-SA4, Class 3A1, 5.73%, <br> 10/25/37<sup>(b)</sup><br>|  | 256 | 153956 |
| RMF Buyout Issuance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HB1, Class M3, 3.69%, <br> 11/25/31<sup>(a)(b)</sup><br>|  | 3112 | 2980106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HB1, Class M6, 6.00%, <br> 11/25/31<sup>(a)(b)</sup><br>|  | 2335 | 2096239 |
| Saluda Grade Alternative Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL4, Class A1, 7.50%, <br> 02/25/30<sup>(a)(c)</sup><br>|  | 9935 | 9948863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL5, Class A1, 7.76%, <br> 04/25/30<sup>(a)(c)</sup><br>|  | 5768 | 5809292 |
| &nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, <br> Series 2025-NQM6, Class A1, 5.14%, <br> 11/25/65<sup>(a)(b)</sup><br>|  | 3970 | 3980660 |
| &nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust, <br> Series 2018-1, Class BX, 3.46%, 05/25/57<sup>(b)</sup><br>|  | 518 | 218121 |
| Seasoned Loans Structured Transaction Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class M1, 4.75%, 09/25/60<sup>(a)(b)</sup> |  | 6708 | 6669447 |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class M1, 4.75%, 04/26/60<sup>(a)(b)</sup> |  | 246 | 244393 |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Series 2007-3, <br> Class 2AA1, 4.35%, 07/20/37<sup>(b)</sup><br>|  | 638 | 499598 |
| SG Residential Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 5.35%, 08/25/62<sup>(a)(c)</sup> |  | 983 | 982612 |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class B1, 5.28%, 08/25/62<sup>(a)(b)</sup> |  | 2583 | 2553519 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 5.10%, 12/25/65<sup>(a)(b)</sup> |  | 3764 | 3763536 |
| &nbsp;&nbsp;&nbsp; Spruce Hill Mortgage Loan Trust, Series 2022-<br> SH1, Class A3, 4.10%, 07/25/57<sup>(a)(c)</sup><br>|  | 811 | 781716 |
| &nbsp;&nbsp;&nbsp; Stratton Mortgage Funding PLC, Series 2024-3, <br> Class C, (1-day SONIA + 1.50%), 5.24%, <br> 06/25/49<sup>(b)(f)</sup><br>| GBP  | 492 | 663477 |
| &nbsp;&nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust, <br> Series 2006-3, Class 4A, 4.06%, 04/25/36<sup>(b)</sup><br>| USD  | 484 | 247472 |
| Structured Asset Mortgage Investments II Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR4, Class 3A1, (1-mo. CME <br> Term SOFR + 0.49%), 4.23%, 06/25/36<sup>(b)</sup><br>|  | 1524 | 1363467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 2A1, (1-mo. CME <br> Term SOFR + 0.53%), 4.27%, 05/25/46<sup>(b)</sup><br>|  | 281 | 200942 |
| &nbsp;&nbsp;&nbsp; Thornburg Mortgage Securities Trust, <br> Series 2006-3, Class A1, 3.80%, 06/25/46<sup>(b)</sup><br>|  | 958 | 550321 |
| Together Asset-Backed Securitisation-1 PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE1, Class B, (1-day SONIA + <br> 1.50%), 5.34%, 01/15/57<sup>(b)(f)</sup><br>| GBP  | 860 | 1158875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE1, Class C, (1-day SONIA + <br> 1.80%), 5.64%, 01/15/57<sup>(b)(f)</sup><br>|  | 511 | 698466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE1, Class D, (1-day SONIA + <br> 2.40%), 6.24%, 01/15/57<sup>(b)(f)</sup><br>|  | 223 | 300261 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Toorak Mortgage Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class B1, 3.29%, <br> 07/25/56<sup>(a)(b)</sup><br>| USD  | 937 | $766399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2, Class B1, 4.10%, <br> 11/25/56<sup>(a)(b)</sup><br>|  | 3051 | 2555814 |
| &nbsp;&nbsp;&nbsp; Toorak Mortgage Trust, Series 2024-2, Class A1, <br> 6.33%, 10/25/31<sup>(a)(c)</sup><br>|  | 937 | 941424 |
| TVC DSCR Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 21-1, Class A, 2.38%, 02/01/51<sup>(a)(e)</sup> |  | 12803 | 12099853 |
| &nbsp;&nbsp;&nbsp; Series 21-1, Class CERT, 0.00%, 02/01/51<sup>(e)</sup> |  | 7160 | 6043739 |
| Verus Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B1, 3.20%, 06/25/66<sup>(a)(b)</sup> |  | 1668 | 1279724 |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class B1, 4.05%, 10/25/66<sup>(a)(b)</sup> |  | 291 | 234837 |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class M1, 2.94%, 10/25/66<sup>(a)(b)</sup> |  | 806 | 621413 |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class A1, 2.82%, 11/25/66<sup>(a)(b)</sup> |  | 1868 | 1733065 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 4.01%, 01/25/67<sup>(a)(b)</sup> |  | 1354 | 1079366 |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 4.05%, 02/25/67<sup>(a)(b)</sup> |  | 3879 | 3067863 |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class B1, 7.42%, 03/25/68<sup>(a)(b)</sup> |  | 2041 | 2042290 |
| &nbsp;&nbsp;&nbsp; Series 2023-3, Class B1, 7.71%, 03/25/68<sup>(a)(b)</sup> |  | 543 | 544355 |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class B1, 6.50%, 09/25/69<sup>(a)(b)</sup> |  | 870 | 876658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-12, Class A1LC, 5.11%, <br> 12/25/70<sup>(a)(c)</sup><br>|  | 747 | 749002 |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class A1, 5.43%, 06/25/70<sup>(a)(c)</sup> |  | 4135 | 4167990 |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class A1, 5.42%, 07/25/70<sup>(a)(c)</sup> |  | 9671 | 9752303 |
| Visio Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2, Class B1, 3.91%, 11/25/54<sup>(a)(b)</sup> |  | 906 | 850018 |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class M1, 4.45%, 08/25/55<sup>(a)(b)</sup> |  | 1100 | 1076657 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 5.92%, 08/25/57<sup>(a)(b)</sup> |  | 2429 | 2418758 |
| Vista Point Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class A3, 2.50%, 04/25/65<sup>(a)(b)</sup> |  | 429 | 417590 |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class B1, 4.90%, 04/25/65<sup>(a)(b)</sup> |  | 640 | 628451 |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class B2, 5.16%, 04/25/65<sup>(a)(b)</sup> |  | 500 | 486130 |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class M1, 3.40%, 04/25/65<sup>(a)(b)</sup> |  | 1480 | 1414627 |
| &nbsp;&nbsp;&nbsp; Washington Mutual Mortgage Pass-Through <br> Certificates Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 4CB, 6.50%, 02/25/36 |  | 731 | 592846 |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A1, 6.00%, 04/25/36 |  | 1508 | 1429965 |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 3A1, 7.00%, 05/25/36<sup>(c)</sup> |  | 678 | 599293 |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 3A5, 6.85%, 05/25/36<sup>(c)</sup> |  | 263 | 232371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR10, Class A2A, (1-mo. CME <br> Term SOFR + 0.45%), 4.19%, 12/25/36<sup>(b)</sup><br>|  | 590 | 495391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY3, Class 4A1, 4.95%, <br> 03/25/37<sup>(b)</sup><br>|  | 23 | 20908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA1, Class 2A, (12-mo. Federal <br> Reserve Cumulative Average US + 0.72%), <br> 4.75%, 12/25/46<sup>(b)</sup><br>|  | 215 | 178483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA3, Class 5A, (12-mo. Federal <br> Reserve Cumulative Average US + 1.25%), <br> 5.28%, 04/25/47<sup>(b)</sup><br>|  | 798 | 705885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA5, Class 1A, (12-mo. Federal <br> Reserve Cumulative Average US + 0.75%), <br> 4.78%, 06/25/47<sup>(b)</sup><br>|  | 2038 | 1750685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA5, Class 2A, (12-mo. Federal <br> Reserve Cumulative Average US + 0.80%), <br> 4.83%, 06/25/47<sup>(b)</sup><br>|  | 832 | 704423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OC2, Class A3, (1-mo. CME Term <br> SOFR + 0.73%), 4.47%, 06/25/37<sup>(b)</sup><br>|  | 809 | 778353 |
| Western Alliance Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CL2, Class M1, (SOFR (30-day) + <br> 3.15%), 7.02%, 07/25/59<sup>(a)(b)</sup><br>|  | 5523 | 5763707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CL2, Class M2, (SOFR (30-day) + <br> 3.70%), 7.57%, 07/25/59<sup>(a)(b)</sup><br>|  | 7271 | 7702325 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Winchester PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Class C, (1-day SONIA + 1.55%), <br> 5.48%, 10/21/56<sup>(b)(f)</sup><br>| GBP  | 425 | $575411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Class D, (1-day SONIA + 2.00%), <br> 5.93%, 10/21/56<sup>(b)(f)</sup><br>|  | 393 | 534450 |
|  |  |  | 1349247743 |
| **Commercial Mortgage-Backed Securities — 7.1%** | **Commercial Mortgage-Backed Securities — 7.1%** | **Commercial Mortgage-Backed Securities — 7.1%** | **Commercial Mortgage-Backed Securities — 7.1%** |
| 1211 Avenue of the Americas Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1211, Class C, 4.14%, <br> 08/10/35<sup>(a)(b)</sup><br>| USD  | 600 | 562500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1211, Class D, 4.14%, <br> 08/10/35<sup>(a)(b)</sup><br>|  | 4972 | 4512090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1211, Class E, 4.14%, <br> 08/10/35<sup>(a)(b)</sup><br>|  | 1110 | 999000 |
| 1301 Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1301, Class A, 5.06%, <br> 08/11/42<sup>(a)(b)</sup><br>|  | 1955 | 1979103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1301, Class E, 7.24%, <br> 08/11/42<sup>(a)(b)</sup><br>|  | 1346 | 1356532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1301, Class F, 8.10%, <br> 08/11/42<sup>(a)(b)</sup><br>|  | 16834 | 17227867 |
| 1345 Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AOA, Class A, (1-mo. CME Term <br> SOFR + 1.60%), 5.35%, 06/15/42<sup>(a)(b)</sup><br>|  | 2695 | 2703384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AOA, Class E, (1-mo. CME Term <br> SOFR + 4.50%), 8.25%, 06/15/42<sup>(a)(b)</sup><br>|  | 4620 | 4655295 |
| 245 Park Avenue Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P, Class D, 3.66%, <br> 06/05/37<sup>(a)(b)</sup><br>|  | 480 | 463746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P, Class E, 3.66%, <br> 06/05/37<sup>(a)(b)</sup><br>|  | 2463 | 2357198 |
| 280 Park Avenue Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P, Class A, (1-mo. CME Term <br> SOFR + 1.18%), 4.96%, 09/15/34<sup>(a)(b)</sup><br>|  | 951 | 947893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P, Class B, (1-mo. CME Term <br> SOFR + 1.38%), 5.16%, 09/15/34<sup>(a)(b)</sup><br>|  | 997 | 991056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P, Class D, (1-mo. CME Term <br> SOFR + 1.84%), 5.61%, 09/15/34<sup>(a)(b)</sup><br>|  | 2920 | 2892146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P, Class E, (1-mo. CME Term <br> SOFR + 2.42%), 6.20%, 09/15/34<sup>(a)(b)</sup><br>|  | 7007 | 6923609 |
| &nbsp;&nbsp;&nbsp; 3650R Commercial Mortgage Trust, Series 2022-<br> PF2, Class A5, 5.29%, 11/15/55<sup>(b)</sup><br>|  | 1000 | 1022957 |
| &nbsp;&nbsp;&nbsp; A10 Issuer LLC, Series 2025-FL6, Class A, (1-<br> mo. CME Term SOFR + 1.47%), 5.52%, <br> 05/15/42<sup>(a)(b)</sup><br>|  | 4881 | 4871867 |
| &nbsp;&nbsp;&nbsp; ACRES LLC, Series 2025-FL3, Class A, (1-mo. <br> CME Term SOFR + 1.62%), 5.35%, <br> 08/18/40<sup>(a)(b)</sup><br>|  | 6139 | 6147124 |
| &nbsp;&nbsp;&nbsp; Alen Mortgage Trust, Series 2021-ACEN, <br> Class A, (1-mo. CME Term SOFR + 1.26%), <br> 5.02%, 04/15/34<sup>(a)(b)</sup><br>|  | 1144 | 1089307 |
| Arbor Multifamily Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-MF1, Class E, 1.75%, 05/15/53<sup>(a)</sup> |  | 636 | 524230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF3, Class A5, 2.58%, <br> 10/15/54<sup>(a)</sup><br>|  | 679 | 613047 |
| &nbsp;&nbsp;&nbsp; Arbor Realty Collateralized Loan Obligation Ltd., <br> Series 2025-BTR1, Class A, (1-mo. CME Term <br> SOFR + 1.93%), 5.66%, 01/20/41<sup>(a)(b)</sup><br>|  | 1120 | 1123343 |
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes LLC, <br> Series 2025-FL1, Class A, (1-mo. CME Term <br> SOFR + 1.35%), 5.09%, 01/20/43<sup>(a)(b)</sup><br>|  | 5428 | 5417031 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes Ltd., <br> Series 2022-FL1, Class A, (SOFR (30-day) + <br> 1.45%), 5.43%, 01/15/37<sup>(a)(b)</sup><br>| USD  | 118 | $118224 |
| AREIT CRE Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE7, Class A, (1-mo. CME Term <br> SOFR + 2.24%), 5.98%, 06/17/39<sup>(a)(b)</sup><br>|  | 1512 | 1511816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CRE8, Class A, (1-mo. CME Term <br> SOFR + 2.11%), 5.85%, 08/17/41<sup>(a)(b)</sup><br>|  | 1253 | 1253154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CRE9, Class A, (1-mo. CME Term <br> SOFR + 1.69%), 5.44%, 05/17/41<sup>(a)(b)</sup><br>|  | 6242 | 6240953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE10, Class A, (1-mo. CME <br> Term SOFR + 1.39%), 5.35%, 12/17/29<sup>(a)(b)</sup><br>|  | 1830 | 1828015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE11, Class A, (1-mo. CME <br> Term SOFR + 1.55%), 5.55%, 07/25/43<sup>(a)(b)</sup><br>|  | 9832 | 9846525 |
| ARES Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IND, Class A, (1-mo. CME Term <br> SOFR + 1.69%), 5.44%, 07/15/41<sup>(a)(b)</sup><br>|  | 8860 | 8870947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IND2, Class A, (1-mo. CME Term <br> SOFR + 1.44%), 5.19%, 10/15/34<sup>(a)(b)</sup><br>|  | 10370 | 10376395 |
| &nbsp;&nbsp;&nbsp; Ashford Hospitality Trust, Series 2018-ASHF, <br> Class D, (1-mo. CME Term SOFR + 2.27%), <br> 6.02%, 04/15/35<sup>(a)(b)</sup><br>|  | 1525 | 1513522 |
| Atrium Hotel Portfolio Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-ATRM, Class D, (1-mo. CME Term <br> SOFR + 2.25%), 6.00%, 12/15/36<sup>(a)(b)</sup><br>|  | 3269 | 3105550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ATRM, Class A, 5.41%, <br> 11/10/29<sup>(a)(b)</sup><br>|  | 7110 | 7252472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ATRM, Class E, 9.21%, <br> 11/10/29<sup>(a)(b)</sup><br>|  | 2226 | 2266159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ATRM, Class A, (1-mo. CME Term <br> SOFR + 1.65%), 5.40%, 08/15/42<sup>(a)(b)</sup><br>|  | 2614 | 2616717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ATRM, Class F, (1-mo. CME Term <br> SOFR + 5.50%), 9.25%, 08/15/42<sup>(a)(b)</sup><br>|  | 5549 | 5540379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ATRM, Class G, (1-mo. CME Term <br> SOFR + 6.75%), 10.50%, 08/15/42<sup>(a)(b)</sup><br>|  | 1042 | 1040420 |
| BAHA Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class A, 5.97%, <br> 12/10/41<sup>(a)(b)</sup><br>|  | 27690 | 28659942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class B, 6.84%, <br> 12/10/41<sup>(a)(b)</sup><br>|  | 1001 | 1047602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class C, 7.52%, <br> 12/10/41<sup>(a)(b)</sup><br>|  | 2452 | 2568484 |
| &nbsp;&nbsp;&nbsp; Banc of America Merrill Lynch Commercial <br> Mortgage Securities Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BHP, Class A, (1-mo. CME Term <br> SOFR + 2.35%), 6.10%, 08/15/39<sup>(a)(b)</sup><br>|  | 5800 | 5809577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ASHF, Class A, (1-mo. CME Term <br> SOFR + 1.85%), 5.60%, 02/15/42<sup>(a)(b)</sup><br>|  | 10950 | 10949985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ASHF, Class E, (1-mo. CME Term <br> SOFR + 5.25%), 9.00%, 02/15/42<sup>(a)(b)</sup><br>|  | 4465 | 4465396 |
| &nbsp;&nbsp;&nbsp; BANK, Series 2021-BN35, Class C, 2.90%, <br> 06/15/64<sup>(b)</sup><br>|  | 1583 | 1347458 |
| Bayview Commercial Asset Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3A, Class A1, (1-mo. CME Term <br> SOFR + 0.59%), 4.55%, 11/25/35<sup>(a)(b)</sup><br>|  | 1065 | 1039656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4A, Class A1, (1-mo. CME Term <br> SOFR + 0.56%), 4.52%, 01/25/36<sup>(a)(b)</sup><br>|  | 2145 | 2047465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4A, Class A2, (1-mo. CME Term <br> SOFR + 0.70%), 4.65%, 01/25/36<sup>(a)(b)</sup><br>|  | 32 | 30966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4A, Class M1, (1-mo. CME Term <br> SOFR + 0.79%), 4.74%, 01/25/36<sup>(a)(b)</sup><br>|  | 86 | 82562 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Bayview Commercial Asset Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1A, Class A2, (1-mo. CME Term <br> SOFR + 0.65%), 4.39%, 04/25/36<sup>(a)(b)</sup><br>| USD  | 109 | $103469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2A, Class A2, (1-mo. CME Term <br> SOFR + 0.53%), 4.27%, 07/25/36<sup>(a)(b)</sup><br>|  | 348 | 339644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3A, Class A1, (1-mo. CME Term <br> SOFR + 0.49%), 4.22%, 10/25/36<sup>(a)(b)</sup><br>|  | 134 | 129067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3A, Class A2, (1-mo. CME Term <br> SOFR + 0.56%), 4.30%, 10/25/36<sup>(a)(b)</sup><br>|  | 93 | 89946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4A, Class A1, (1-mo. CME Term <br> SOFR + 0.46%), 4.19%, 12/25/36<sup>(a)(b)</sup><br>|  | 661 | 635997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class A2, (1-mo. CME Term <br> SOFR + 0.52%), 4.25%, 03/25/37<sup>(a)(b)</sup><br>|  | 500 | 478722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-5A, Class A4, (1-mo. CME Term <br> SOFR + 2.36%), 6.10%, 10/25/37<sup>(a)(b)</sup><br>|  | 2681 | 1570276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-6A, Class A4A, (1-mo. CME Term <br> SOFR + 2.36%), 6.32%, 12/25/37<sup>(a)(b)</sup><br>|  | 1224 | 1098196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-2, Class A4A, (1-mo. CME Term <br> SOFR + 3.86%), 7.60%, 04/25/38<sup>(a)(b)</sup><br>|  | 844 | 842060 |
| BBCMS Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SRCH, Class A1, 3.31%, <br> 08/10/35<sup>(a)</sup><br>|  | 745 | 735020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class E, 4.27%, <br> 08/05/38<sup>(a)(b)</sup><br>|  | 640 | 544812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, (1-mo. CME Term <br> SOFR + 0.92%), 4.67%, 03/15/37<sup>(a)(b)</sup><br>|  | 3309 | 3132284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class B, (1-mo. CME Term <br> SOFR + 1.17%), 4.92%, 03/15/37<sup>(a)(b)</sup><br>|  | 1166 | 1050374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5C23, Class D, 7.46%, <br> 12/15/56<sup>(a)(b)</sup><br>|  | 553 | 546440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C35, Class A5, 5.59%, <br> 07/15/58<sup>(b)</sup><br>|  | 2941 | 3092160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C35, Class AS, 5.84%, <br> 07/15/58<sup>(b)</sup><br>|  | 1295 | 1353715 |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class D, 4.50%, 07/15/58<sup>(a)</sup> |  | 1430 | 1183316 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series 2020-B21, <br> Class A5, 1.98%, 12/17/53<br>|  | 890 | 787340 |
| BFLD Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EYP, Class E, (1-mo. CME Term <br> SOFR + 3.81%), 7.57%, 10/15/35<sup>(a)(b)</sup><br>|  | 3978 | 49606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-UNIV, Class A, (1-mo. CME Term <br> SOFR + 1.49%), 5.24%, 11/15/41<sup>(a)(b)</sup><br>|  | 3690 | 3692304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-UNIV, Class E, (1-mo. CME Term <br> SOFR + 3.64%), 7.39%, 11/15/41<sup>(a)(b)</sup><br>|  | 2290 | 2293639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class A, (1-mo. CME Term <br> SOFR + 1.89%), 5.64%, 07/15/41<sup>(a)(b)</sup><br>|  | 4170 | 4188071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5MW, Class F, 9.83%, <br> 10/10/42<sup>(a)(b)</sup><br>|  | 12210 | 12502169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-660F, Class A, (1-mo. CME Term <br> SOFR + 1.50%), 5.25%, 11/15/42<sup>(a)(b)</sup><br>|  | 8849 | 8873880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-660F, Class D, (1-mo. CME Term <br> SOFR + 2.75%), 6.50%, 11/15/42<sup>(a)(b)</sup><br>|  | 792 | 795959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, (1-mo. CME <br> Term SOFR + 1.55%), 5.30%, 06/15/42<sup>(a)(b)</sup><br>|  | 10008 | 10007984 |
| &nbsp;&nbsp;&nbsp; BHMS Commercial Mortgage Trust, Series 2025-<br> ATLS, Class A, (1-mo. CME Term SOFR + <br> 1.85%), 5.60%, 08/15/42<sup>(a)(b)</sup><br>|  | 8353 | 8384397 |
| &nbsp;&nbsp;&nbsp; BMP, Series 2024-MF23, Class E, (1-mo. CME <br> Term SOFR + 3.39%), 7.14%, 06/15/41<sup>(a)(b)</sup><br>|  | 2636 | 2639291 |
| &nbsp;&nbsp;&nbsp; BOCA Commercial Mortgage Trust, Series 2025-<br> BOCA, Class A, (1-mo. CME Term SOFR + <br> 1.60%), 5.45%, 12/15/42<sup>(a)(b)</sup><br>|  | 10170 | 10182701 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; BPR Commercial Mortgage Trust, Series 2024-<br> PARK, Class B, 5.80%, 11/05/39<sup>(a)(b)</sup><br>| USD  | 1500 | $1538728 |
| BPR Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SSP, Class A, (1-mo. CME Term <br> SOFR + 3.00%), 6.75%, 05/15/39<sup>(a)(b)</sup><br>|  | 1270 | 1269999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-STON, Class A, 7.50%, <br> 12/05/39<sup>(a)</sup><br>|  | 1145 | 1187395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PARK, Class A, 5.22%, <br> 11/05/39<sup>(a)(b)</sup><br>|  | 1880 | 1916123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PARK, Class D, 7.00%, <br> 11/05/39<sup>(a)(b)</sup><br>|  | 320 | 332903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PMDW, Class A, 5.36%, <br> 11/05/41<sup>(a)(b)</sup><br>|  | 620 | 634403 |
| BRCK Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-830B, Class A, 4.96%, <br> 12/10/42<sup>(a)(b)</sup><br>|  | 2965 | 2965782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-830B, Class E, 7.51%, <br> 12/10/42<sup>(a)(b)</sup><br>|  | 4218 | 4214028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-830B, Class F, 8.40%, <br> 12/10/42<sup>(a)(b)</sup><br>|  | 1971 | 1971423 |
| &nbsp;&nbsp;&nbsp; BRES Trust, Series 2025-ATCAP, Class A, (1-mo. <br> CME Term SOFR + 1.49%), 5.24%, <br> 11/15/42<sup>(a)(b)</sup><br>|  | 4696 | 4717448 |
| &nbsp;&nbsp;&nbsp; BSPDF Issuer LLC, Series 2025-FL2, Class A, <br> (1-mo. CME Term SOFR + 1.52%), 5.27%, <br> 12/15/42<sup>(a)(b)</sup><br>|  | 1339 | 1338052 |
| &nbsp;&nbsp;&nbsp; BSTN Commercial Mortgage Trust, Series 2025-<br> 1C, Class A, 5.37%, 06/15/44<sup>(a)(b)</sup><br>|  | 1144 | 1174732 |
| BWAY Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515, Class A2, 3.45%, <br> 03/10/33<sup>(a)</sup><br>|  | 1854 | 1755520 |
| &nbsp;&nbsp;&nbsp; Series 2013-1515, Class C, 3.45%, 03/10/33<sup>(a)</sup> |  | 1325 | 1217056 |
| &nbsp;&nbsp;&nbsp; Series 2013-1515, Class D, 3.63%, 03/10/33<sup>(a)</sup> |  | 1400 | 1269851 |
| &nbsp;&nbsp;&nbsp; Series 2013-1515, Class E, 3.72%, 03/10/33<sup>(a)</sup> |  | 250 | 219375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515, Class F, 3.93%, <br> 03/10/33<sup>(a)(b)</sup><br>|  | 599 | 508377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1535, Class A, 6.31%, <br> 05/05/42<sup>(a)(b)</sup><br>|  | 891 | 921613 |
| BX Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV2, Class C, 3.54%, <br> 03/09/44<sup>(a)(b)</sup><br>|  | 2550 | 2393815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV3, Class B, 3.54%, <br> 03/09/44<sup>(a)(b)</sup><br>|  | 3862 | 3659755 |
| &nbsp;&nbsp;&nbsp; Series 2020-VIV4, Class A, 2.84%, 03/09/44<sup>(a)</sup> |  | 4397 | 4084437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CSMO, Class B, (1-mo. CME <br> Term SOFR + 3.14%), 6.89%, 06/15/27<sup>(a)(b)</sup><br>|  | 2784 | 2789159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-XL3, Class A, (1-mo. CME Term <br> SOFR + 1.76%), 5.51%, 12/09/40<sup>(a)(b)</sup><br>|  | 4114 | 4118000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-XL3, Class D, (1-mo. CME Term <br> SOFR + 3.59%), 7.34%, 12/09/40<sup>(a)(b)</sup><br>|  | 5463 | 5474976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIR2, Class A, (1-mo. CME Term <br> SOFR + 1.49%), 5.24%, 10/15/41<sup>(a)(b)</sup><br>|  | 5909 | 5915895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A, (1-mo. CME Term <br> SOFR + 1.69%), 5.44%, 08/15/41<sup>(a)(b)</sup><br>|  | 11351 | 11372535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class B, (1-mo. CME Term <br> SOFR + 2.14%), 5.89%, 08/15/41<sup>(a)(b)</sup><br>|  | 94 | 94083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK, Class A, (1-mo. CME Term <br> SOFR + 2.88%), 6.61%, 10/15/41<sup>(a)(b)</sup><br>|  | 8630 | 8672737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK, Class B, (1-mo. CME Term <br> SOFR + 3.93%), 7.66%, 10/15/41<sup>(a)(b)</sup><br>|  | 2104 | 2117025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GPA3, Class B, (1-mo. CME Term <br> SOFR + 1.64%), 5.39%, 12/15/39<sup>(a)(b)</sup><br>|  | 1404 | 1406893 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| BX Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-KING, Class A, (1-mo. CME Term <br> SOFR + 1.54%), 5.29%, 05/15/34<sup>(a)(b)</sup><br>| USD  | 4333 | $4332957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MDHS, Class A, (1-mo. CME Term <br> SOFR + 1.64%), 5.39%, 05/15/41<sup>(a)(b)</sup><br>|  | 12627 | 12646856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class A, (1-mo. CME Term <br> SOFR + 1.44%), 5.19%, 02/15/39<sup>(a)(b)</sup><br>|  | 1688 | 1689577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class E, (1-mo. CME Term <br> SOFR + 3.74%), 7.49%, 02/15/39<sup>(a)(b)</sup><br>|  | 3385 | 3391853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, (CORRA + <br> 1.90%), 4.16%, 11/15/41<sup>(a)(b)</sup><br>| CAD  | 1288 | 940892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class A, (1-mo. CME Term <br> SOFR + 1.44%), 5.19%, 02/15/39<sup>(a)(b)</sup><br>| USD  | 2710 | 2711531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class D, (1-mo. CME Term <br> SOFR + 3.14%), 6.89%, 02/15/39<sup>(a)(b)</sup><br>|  | 8260 | 8282471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class E, (1-mo. CME Term <br> SOFR + 4.19%), 7.94%, 02/15/39<sup>(a)(b)</sup><br>|  | 4919 | 4948852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL5, Class A, (1-mo. CME Term <br> SOFR + 1.39%), 5.14%, 03/15/41<sup>(a)(b)</sup><br>|  | 156 | 156235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class A, (1-mo. CME Term <br> SOFR + 1.38%), 5.13%, 08/15/42<sup>(a)(b)</sup><br>|  | 3938 | 3942497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class B, (1-mo. CME Term <br> SOFR + 1.55%), 5.30%, 08/15/42<sup>(a)(b)</sup><br>|  | 1033 | 1033031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class C, (1-mo. CME Term <br> SOFR + 1.90%), 5.65%, 08/15/42<sup>(a)(b)</sup><br>|  | 394 | 394347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class E, (1-mo. CME Term <br> SOFR + 3.50%), 7.25%, 08/15/42<sup>(a)(b)</sup><br>|  | 3241 | 3234461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-JDI, Class A, (1-mo. CME Term <br> SOFR + 1.40%), 5.15%, 11/15/42<sup>(a)(b)</sup><br>|  | 8650 | 8658039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-JDI, Class E, (1-mo. CME Term <br> SOFR + 3.40%), 7.15%, 11/15/42<sup>(a)(b)</sup><br>|  | 1952 | 1956844 |
| BX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class D, 3.94%, <br> 12/09/41<sup>(a)(b)</sup><br>|  | 4000 | 3810169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AJV, (1-mo. CME <br> Term SOFR + 0.91%), 4.67%, 02/15/36<sup>(a)(b)</sup><br>|  | 4964 | 4957895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AV, (1-mo. CME Term <br> SOFR + 0.91%), 4.67%, 02/15/36<sup>(a)(b)</sup><br>|  | 964 | 963214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class FJV, (1-mo. CME <br> Term SOFR + 2.51%), 6.27%, 02/15/36<sup>(a)(b)</sup><br>|  | 6390 | 6386139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class FV, (1-mo. CME Term <br> SOFR + 2.51%), 6.27%, 02/15/36<sup>(a)(b)</sup><br>|  | 4055 | 4052822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class GJV, (1-mo. CME <br> Term SOFR + 3.11%), 6.87%, 02/15/36<sup>(a)(b)</sup><br>|  | 1244 | 1242736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class GV, (1-mo. CME Term <br> SOFR + 3.11%), 6.87%, 02/15/36<sup>(a)(b)</sup><br>|  | 4206 | 4201152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VIEW, Class F, (1-mo. CME Term <br> SOFR + 4.04%), 7.79%, 06/15/36<sup>(a)(b)</sup><br>|  | 1482 | 1475479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class D, (1-mo. CME Term <br> SOFR + 2.00%), 5.75%, 01/15/39<sup>(a)(b)</sup><br>|  | 2890 | 2887322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class B, (1-mo. CME Term <br> SOFR + 1.28%), 5.03%, 01/15/39<sup>(a)(b)</sup><br>|  | 673 | 672591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class A, (1-mo. CME Term <br> SOFR + 1.44%), 5.19%, 04/15/41<sup>(a)(b)</sup><br>|  | 4210 | 4213912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class D, (1-mo. CME Term <br> SOFR + 2.69%), 6.44%, 04/15/41<sup>(a)(b)</sup><br>|  | 4621 | 4643666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class E, (1-mo. CME Term <br> SOFR + 3.69%), 7.44%, 04/15/41<sup>(a)(b)</sup><br>|  | 2643 | 2639456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PALM, Class A, (1-mo. CME Term <br> SOFR + 1.54%), 5.29%, 06/15/37<sup>(a)(b)</sup><br>|  | 13906 | 13914545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, (1-mo. CME Term <br> SOFR + 2.09%), 5.84%, 03/15/41<sup>(a)(b)</sup><br>|  | 3750 | 3750000 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| BX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class C, (1-mo. CME Term <br> SOFR + 4.44%), 8.19%, 03/15/41<sup>(a)(b)</sup><br>| USD  | 8022 | $8050738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class D, (1-mo. CME Term <br> SOFR + 5.39%), 9.14%, 03/15/41<sup>(a)(b)</sup><br>|  | 3845 | 3869492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class A, (1-mo. CME Term <br> SOFR + 1.49%), 5.24%, 06/15/41<sup>(a)(b)</sup><br>|  | 17354 | 17348281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class E, (1-mo. CME Term <br> SOFR + 2.89%), 6.64%, 06/15/41<sup>(a)(b)</sup><br>|  | 3100 | 3092300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class F, (1-mo. CME Term <br> SOFR + 3.94%), 7.69%, 06/15/41<sup>(a)(b)</sup><br>|  | 7980 | 7989257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ARIA, Class A, 5.03%, <br> 12/13/42<sup>(a)(b)</sup><br>|  | 9570 | 9656752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LIFE, Class A, 5.88%, <br> 06/13/47<sup>(a)(b)</sup><br>|  | 3018 | 3086278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class A, (1-mo. CME Term <br> SOFR + 1.50%), 5.25%, 06/15/40<sup>(a)(b)</sup><br>|  | 1027 | 1028329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class E, (1-mo. CME Term <br> SOFR + 2.94%), 6.69%, 03/15/30<sup>(a)(b)</sup><br>|  | 10713 | 10659821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TAIL, Class A, (1-mo. CME Term <br> SOFR + 1.40%), 5.15%, 06/15/35<sup>(a)(b)</sup><br>|  | 1136 | 1136000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TAIL, Class E, (1-mo. CME Term <br> SOFR + 3.30%), 7.05%, 06/15/35<sup>(a)(b)</sup><br>|  | 2352 | 2350418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class A, (1-mo. CME Term <br> SOFR + 1.44%), 5.19%, 03/15/42<sup>(a)(b)</sup><br>|  | 4516 | 4510840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VOLT, Class A, (1-mo. CME Term <br> SOFR + 1.70%), 5.45%, 12/15/44<sup>(a)(b)</sup><br>|  | 4161 | 4163588 |
| BXP Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CC, Class D, 3.55%, <br> 08/13/37<sup>(a)(b)</sup><br>|  | 750 | 609906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CC, Class E, 3.55%, <br> 08/13/37<sup>(a)(b)</sup><br>|  | 1450 | 1143379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GM, Class D, 3.43%, <br> 06/13/39<sup>(a)(b)</sup><br>|  | 590 | 571683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GM, Class E, 3.43%, <br> 06/13/39<sup>(a)(b)</sup><br>|  | 1240 | 1188330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-601L, Class D, 2.78%, <br> 01/15/44<sup>(a)(b)</sup><br>|  | 2010 | 1660091 |
| &nbsp;&nbsp;&nbsp; CALI Mortgage Trust, Series 2024-SUN, Class A, <br> (1-mo. CME Term SOFR + 1.89%), 5.67%, <br> 07/15/41<sup>(a)(b)</sup><br>|  | 4289 | 4294299 |
| &nbsp;&nbsp;&nbsp; Cassia SRL, Series 2022-1A, Class A, (3-mo. <br> EURIBOR + 2.50%), 4.55%, 05/22/34<sup>(a)(b)</sup><br>| EUR  | 7562 | 8908261 |
| CD Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-CD3, Class A4, 3.63%, 02/10/50 | USD  | 850 | 829646 |
| &nbsp;&nbsp;&nbsp; Series 2017-CD5, Class B, 3.96%, 08/15/50<sup>(b)</sup> |  | 2091 | 2032084 |
| &nbsp;&nbsp;&nbsp; Series 2017-CD6, Class B, 3.91%, 11/13/50<sup>(b)</sup> |  | 597 | 570547 |
| &nbsp;&nbsp;&nbsp; CENT Trust, Series 2025-CITY, Class A, 4.92%, <br> 07/10/40<sup>(a)(b)</sup><br>|  | 5603 | 5671147 |
| &nbsp;&nbsp;&nbsp; CFK Trust, Series 2019-FAX, Class D, 4.64%, <br> 01/15/39<sup>(a)(b)</sup><br>|  | 2643 | 2551587 |
| &nbsp;&nbsp;&nbsp; CFSP Mortgage Trust, Series 2024-AHP1, <br> Class A, 6.50%, 04/15/37<br>|  | 8574 | 8338743 |
| CHI Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-110W, Class A, 5.10%, <br> 12/13/40<sup>(a)(b)</sup><br>|  | 5140 | 5148311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-110W, Class D, 6.63%, <br> 12/13/40<sup>(a)(b)</sup><br>|  | 2616 | 2625312 |
| CIP Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SBAY, Class A, (1-mo. CME Term <br> SOFR + 1.40%), 5.15%, 10/15/37<sup>(a)(b)</sup><br>|  | 11127 | 11137334 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| CIP Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SBAY, Class E, (1-mo. CME Term <br> SOFR + 3.75%), 7.50%, 10/15/37<sup>(a)(b)</sup><br>| USD  | 6330 | $6339792 |
| Citigroup Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-P1, Class D, 3.23%, 09/15/48<sup>(a)</sup> |  | 124 | 119655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K, Class E, 3.31%, <br> 11/10/42<sup>(a)(b)</sup><br>|  | 1540 | 1338774 |
| COAST Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2HTL, Class A, (1-mo. CME Term <br> SOFR + 2.59%), 6.34%, 08/15/36<sup>(a)(b)</sup><br>|  | 2681 | 2679679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2HTL, Class D, (1-mo. CME Term <br> SOFR + 4.44%), 8.19%, 08/15/36<sup>(a)(b)</sup><br>|  | 4620 | 4614231 |
| Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-667M, Class D, 3.18%, <br> 10/10/36<sup>(a)(b)</sup><br>|  | 147 | 110464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 5.87%, <br> 12/10/41<sup>(a)(b)</sup><br>|  | 830 | 844869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL1, Class A, (1-mo. CME Term <br> SOFR + 1.84%), 5.59%, 06/15/41<sup>(a)(b)</sup><br>|  | 8360 | 8370334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL1, Class B, (1-mo. CME Term <br> SOFR + 2.59%), 6.34%, 06/15/41<sup>(a)(b)</sup><br>|  | 2829 | 2832487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-167G, Class A, 5.50%, <br> 08/10/40<sup>(a)</sup><br>|  | 2062 | 2068077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-167G, Class E, 8.20%, <br> 08/10/40<sup>(a)(b)</sup><br>|  | 1600 | 1599373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-167G, Class F, 9.16%, <br> 08/10/40<sup>(a)(b)</sup><br>|  | 1389 | 1388393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SBX, Class B, 5.55%, <br> 08/10/41<sup>(a)(b)</sup><br>|  | 953 | 956757 |
| CONE Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW1, Class A, (1-mo. CME Term <br> SOFR + 1.64%), 5.39%, 08/15/41<sup>(a)(b)</sup><br>|  | 3280 | 3274887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW1, Class E, (1-mo. CME Term <br> SOFR + 3.89%), 7.64%, 08/15/41<sup>(a)(b)</sup><br>|  | 3244 | 3242636 |
| Credit Suisse Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CALI, Class C, 3.78%, <br> 11/10/32<sup>(a)(b)</sup><br>|  | 1729 | 510090 |
| &nbsp;&nbsp;&nbsp; Series 2017-TIME, Class A, 3.65%, 11/13/39<sup>(a)</sup> |  | 850 | 809128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FACT, Class E, (1-mo. CME Term <br> SOFR + 5.48%), 9.23%, 10/15/37<sup>(a)(b)</sup><br>|  | 2484 | 2251398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BHAR, Class A, (1-mo. CME Term <br> SOFR + 1.26%), 5.02%, 11/15/38<sup>(a)(b)</sup><br>|  | 641 | 636604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BHAR, Class B, (1-mo. CME Term <br> SOFR + 1.61%), 5.37%, 11/15/38<sup>(a)(b)</sup><br>|  | 1150 | 1140680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LION, Class A, (1-mo. CME Term <br> SOFR + 3.44%), 7.19%, 02/15/27<sup>(a)(b)(e)</sup><br>|  | 10100 | 10042855 |
| &nbsp;&nbsp;&nbsp; CRSO Trust, Series 2023-BRND, 7.12%, <br> 07/10/40<sup>(a)</sup><br>|  | 2271 | 2358256 |
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, Series 2018-<br> CX12, Class C, 4.72%, 08/15/51<sup>(b)</sup><br>|  | 570 | 530456 |
| CSTL Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GATE, Class A, 4.76%, <br> 11/10/41<sup>(a)(b)</sup><br>|  | 8300 | 8352799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE2, Class A, 4.56%, <br> 11/10/42<sup>(a)(b)</sup><br>|  | 1290 | 1285919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE2, Class D, 5.63%, <br> 11/10/42<sup>(a)(b)</sup><br>|  | 2030 | 2025409 |
| DBC Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DBC, Class A, (1-mo. CME Term <br> SOFR + 1.35%), 5.10%, 11/15/42<sup>(a)(b)</sup><br>|  | 11387 | 11395794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DBC, Class C, (1-mo. CME Term <br> SOFR + 2.05%), 5.80%, 11/15/42<sup>(a)(b)</sup><br>|  | 3857 | 3856994 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; DBGS Mortgage Trust, Series 2024-SBL, Class A, <br> (1-mo. CME Term SOFR + 1.88%), 5.63%, <br> 08/15/34<sup>(a)(b)</sup><br>| USD  | 5582 | $5582000 |
| &nbsp;&nbsp;&nbsp; DBMS DAC, Series 2025-1X, Class C, (1-day <br> SONIA + 1.80%), 5.53%, 02/18/36<sup>(b)(f)</sup><br>| GBP  | 417 | 562080 |
| &nbsp;&nbsp;&nbsp; DBSG Mortgage Trust, Series 2024-ALTA, <br> Class A, 5.95%, 06/10/37<sup>(a)(b)</sup><br>| USD  | 2584 | 2623313 |
| &nbsp;&nbsp;&nbsp; DBWF Mortgage Trust, Series 2024-LCRS, <br> Class A, (1-mo. CME Term SOFR + 1.74%), <br> 5.49%, 04/15/37<sup>(a)(b)</sup><br>|  | 705 | 704123 |
| DC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class A, 5.73%, <br> 04/13/40<sup>(a)(b)</sup><br>|  | 830 | 840371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class F, 10.31%, <br> 04/13/40<sup>(a)(b)</sup><br>|  | 2180 | 2174863 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank JPMorgan Mortgage Trust, <br> Series 2016-C1, Class A4, 3.28%, 05/10/49<br>|  | 1430 | 1425852 |
| DK Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SPBX, Class A, (1-mo. CME Term <br> SOFR + 1.50%), 5.25%, 03/15/34<sup>(a)(b)</sup><br>|  | 4850 | 4854487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SPBX, Class E, (1-mo. CME Term <br> SOFR + 4.00%), 7.75%, 03/15/34<sup>(a)(b)</sup><br>|  | 13906 | 13936195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LXP, Class A, (1-mo. CME Term <br> SOFR + 1.59%), 5.33%, 08/15/37<sup>(a)(b)</sup><br>|  | 1559 | 1561415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LXP, Class D, (1-mo. CME Term <br> SOFR + 2.89%), 6.63%, 08/15/37<sup>(a)(b)</sup><br>|  | 1397 | 1400464 |
| Durst Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-151, Class A, 5.15%, <br> 08/10/42<sup>(a)(b)</sup><br>|  | 1708 | 1742234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-151, Class D, 6.79%, <br> 08/10/42<sup>(a)(b)</sup><br>|  | 3270 | 3377727 |
| &nbsp;&nbsp;&nbsp; Dwight Issuer LLC, Series 2025-FL1, Class A, <br> (1-mo. CME Term SOFR + 1.66%), 5.40%, <br> 06/18/42<sup>(a)(b)</sup><br>|  | 1148 | 1150263 |
| ELM Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class A10, 5.80%, <br> 06/10/39<sup>(a)(b)</sup><br>|  | 4860 | 4885517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class A15, 5.80%, <br> 06/10/39<sup>(a)(b)</sup><br>|  | 4860 | 4885517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class E10, 7.79%, <br> 06/10/39<sup>(a)(b)</sup><br>|  | 6375 | 6393118 |
| &nbsp;&nbsp;&nbsp; EQT Trust, Series 2024-EXTR, Class A, 5.33%, <br> 07/05/41<sup>(a)(b)</sup><br>|  | 1697 | 1736577 |
| &nbsp;&nbsp;&nbsp; Fashion Show Mall LLC, Series 2024-SHOW, <br> Class A, 5.10%, 10/10/41<sup>(a)(b)</sup><br>|  | 1535 | 1557946 |
| Fontainebleau Miami Beach Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FBLU, Class F, (1-mo. CME Term <br> SOFR + 4.25%), 8.00%, 12/15/39<sup>(a)(b)</sup><br>|  | 422 | 424353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FBLU, Class G, (1-mo. CME Term <br> SOFR + 5.65%), 9.40%, 12/15/39<sup>(a)(b)</sup><br>|  | 2269 | 2293629 |
| FREMF Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KGX1, Class BFX, 3.60%, <br> 10/25/27<sup>(a)(b)</sup><br>|  | 1190 | 1135801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K74, Class B, 4.09%, <br> 02/25/51<sup>(a)(b)</sup><br>|  | 120 | 118653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K80, Class B, 4.24%, <br> 08/25/50<sup>(a)(b)</sup><br>|  | 1043 | 1026632 |
| &nbsp;&nbsp;&nbsp; Grace Trust, Series 2020-GRCE, Class E, 2.68%, <br> 12/10/40<sup>(a)(b)</sup><br>|  | 1489 | 1294873 |
| &nbsp;&nbsp;&nbsp; Great Wolf Trust, Series 2024-WOLF, Class A, <br> (1-mo. CME Term SOFR + 1.54%), 5.29%, <br> 03/15/39<sup>(a)(b)</sup><br>|  | 570 | 570880 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Greystone CRE Notes LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL4, Class A, (1-mo. CME Term <br> SOFR + 1.48%), 5.23%, 01/15/43<sup>(a)(b)</sup><br>| USD  | 2077 | $2083103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HC4, Class A, (1-mo. CME Term <br> SOFR + 1.78%), 5.53%, 10/15/42<sup>(a)(b)</sup><br>|  | 500 | 498988 |
| GS Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GPTX, Class A, 2.86%, <br> 05/10/34<sup>(a)</sup><br>|  | 1943 | 1704121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA1, Class C, 3.80%, <br> 11/10/52<sup>(b)</sup><br>|  | 260 | 237806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FUN, Class A, (1-mo. CME Term <br> SOFR + 2.09%), 5.84%, 03/15/28<sup>(a)(b)</sup><br>|  | 5374 | 5393937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SHIP, Class E, 7.43%, <br> 09/10/38<sup>(a)(b)</sup><br>|  | 15141 | 15201004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVR, Class E, 7.47%, <br> 08/10/41<sup>(a)(b)</sup><br>|  | 1802 | 1800235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-800D, Class A, (1-mo. CME Term <br> SOFR + 2.65%), 6.38%, 11/25/41<sup>(a)(b)</sup><br>|  | 6587 | 6595805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-800D, Class C, (1-mo. CME Term <br> SOFR + 4.70%), 8.43%, 11/25/41<sup>(a)(b)</sup><br>|  | 5849 | 5828327 |
| &nbsp;&nbsp;&nbsp; GSAT Trust, Series 2025-BMF, Class A, (1-mo. <br> CME Term SOFR + 1.50%), 5.25%, <br> 07/15/40<sup>(a)(b)</sup><br>|  | 1936 | 1938419 |
| &nbsp;&nbsp;&nbsp; GWT, Series 2024-WLF2, Class A, (1-mo. CME <br> Term SOFR + 1.69%), 5.44%, 05/15/41<sup>(a)(b)</sup><br>|  | 11320 | 11351519 |
| HIH Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-61P, Class A, (1-mo. CME Term <br> SOFR + 1.84%), 5.59%, 10/15/41<sup>(a)(b)</sup><br>|  | 3281 | 3289056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-61P, Class D, (1-mo. CME Term <br> SOFR + 3.64%), 7.39%, 10/15/41<sup>(a)(b)</sup><br>|  | 1241 | 1246438 |
| &nbsp;&nbsp;&nbsp; HILT Commercial Mortgage Trust, Series 2024-<br> ORL, Class D, (1-mo. CME Term SOFR + <br> 3.19%), 6.94%, 05/15/37<sup>(a)(b)</sup><br>|  | 6057 | 6086981 |
| &nbsp;&nbsp;&nbsp; HLTN Commercial Mortgage Trust, Series 2024-<br> DPLO, Class A, (1-mo. CME Term SOFR + <br> 1.64%), 5.39%, 06/15/41<sup>(a)(b)</sup><br>|  | 3176 | 3181891 |
| &nbsp;&nbsp;&nbsp; HONO Mortgage Trust, Series 2021-LULU, <br> Class A, (1-mo. CME Term SOFR + 1.26%), <br> 5.02%, 10/15/36<sup>(a)(b)</sup><br>|  | 3168 | 3128532 |
| &nbsp;&nbsp;&nbsp; Houston Galleria Mall Trust, Series 2025-HGLR, <br> Class A, 5.46%, 02/05/45<sup>(a)(b)</sup><br>|  | 425 | 440380 |
| HTL Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-T53, Class A, 5.88%, <br> 05/10/39<sup>(a)(b)</sup><br>|  | 1790 | 1812006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-T53, Class E, 10.26%, <br> 05/10/39<sup>(a)(b)</sup><br>|  | 4965 | 5122129 |
| Hudson Yards Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-30HY, Class A, 3.23%, <br> 07/10/39<sup>(a)</sup><br>|  | 195 | 186632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-55HY, Class F, 2.94%, <br> 12/10/41<sup>(a)(b)</sup><br>|  | 2975 | 2560335 |
| &nbsp;&nbsp;&nbsp; ILPT Commercial Mortgage Trust, Series 2025-<br> LPF2, Class A, 5.29%, 07/13/42<sup>(a)(b)</sup><br>|  | 10261 | 10459011 |
| &nbsp;&nbsp;&nbsp; INCREF LLC, Series 2025-FL1, Class A, (1-mo. <br> CME Term SOFR + 1.73%), 5.46%, <br> 10/19/42<sup>(a)(b)</sup><br>|  | 4155 | 4163115 |
| &nbsp;&nbsp;&nbsp; INT Commercial Mortgage Trust, Series 2025-<br> PLAZA, Class A, 4.88%, 11/05/37<sup>(a)(b)</sup><br>|  | 3023 | 3031613 |
| &nbsp;&nbsp;&nbsp; INV Mortgage Trust, Series 2024-IND, Class A, <br> (1-mo. CME Term SOFR + 1.74%), 5.49%, <br> 11/15/41<sup>(a)(b)</sup><br>|  | 4830 | 4793862 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, <br> Series 2015-C33, Class D1, 4.29%, <br> 12/15/48<sup>(a)(b)</sup><br>| USD  | 785 | $716438 |
| &nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, <br> Series 2018-C8, Class AS, 4.42%, 06/15/51<br>|  | 198 | 196025 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NINE, Class B, 2.85%, <br> 09/06/38<sup>(a)(b)</sup><br>|  | 3688 | 3637350 |
| &nbsp;&nbsp;&nbsp; Series 2018-AON, Class A, 4.13%, 07/05/31<sup>(a)</sup> |  | 1819 | 1591607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-PHH, Class A, (1-mo. CME Term <br> SOFR + 1.26%), 5.01%, 06/15/35<sup>(a)(b)</sup><br>|  | 959 | 807056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR5, Class A3, 3.12%, <br> 06/13/52<br>|  | 1700 | 1643549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MFP, Class E, (1-mo. CME Term <br> SOFR + 2.21%), 5.96%, 07/15/36<sup>(a)(b)</sup><br>|  | 1824 | 1399858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class A, (1-mo. CME Term <br> SOFR + 1.16%), 4.92%, 04/15/38<sup>(a)(b)</sup><br>|  | 973 | 973023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class E, (1-mo. CME Term <br> SOFR + 2.81%), 6.57%, 04/15/38<sup>(a)(b)</sup><br>|  | 9318 | 9317952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, (1-mo. CME Term <br> SOFR + 3.31%), 7.07%, 04/15/38<sup>(a)(b)</sup><br>|  | 2750 | 2749983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NLP, Class F, (1-mo. CME Term <br> SOFR + 3.79%), 7.54%, 04/15/37<sup>(a)(b)</sup><br>|  | 4703 | 4507978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-OPO, Class D, 3.45%, <br> 01/05/39<sup>(a)(b)</sup><br>|  | 3034 | 2497119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class A, 5.17%, <br> 11/09/39<sup>(a)(b)</sup><br>|  | 8100 | 8181430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class D, 6.48%, <br> 11/09/39<sup>(a)(b)</sup><br>|  | 2260 | 2266128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class E, 7.25%, <br> 11/09/39<sup>(a)(b)</sup><br>|  | 6887 | 6898952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IGLG, Class F, 8.22%, <br> 11/09/39<sup>(a)(b)</sup><br>|  | 5900 | 5943616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-OMNI, Class A, 5.80%, <br> 10/05/39<sup>(a)(b)</sup><br>|  | 2310 | 2355273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BHR5, Class A, (1-mo. CME Term <br> SOFR + 1.69%), 5.44%, 03/15/40<sup>(a)(b)</sup><br>|  | 2567 | 2570001 |
| JW Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MRCO, Class A, (1-mo. CME <br> Term SOFR + 1.62%), 5.37%, 06/15/39<sup>(a)(b)</sup><br>|  | 3715 | 3720740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MRCO, Class D, (1-mo. CME <br> Term SOFR + 3.19%), 6.94%, 06/15/39<sup>(a)(b)</sup><br>|  | 2904 | 2911252 |
| KSL Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HT2, Class A, (1-mo. CME Term <br> SOFR + 1.54%), 5.29%, 12/15/39<sup>(a)(b)</sup><br>|  | 7848 | 7845393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MAK, Class A, 6.20%, <br> 06/15/42<sup>(a)(b)</sup><br>|  | 1333 | 1331525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MAK, Class E, 8.40%, <br> 06/15/42<sup>(a)(b)</sup><br>|  | 2840 | 2849729 |
| Lagarino European Loan Conduit No. 40 DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 40X, Class B, (3-mo. EURIBOR + <br> 2.15%), 4.15%, 06/22/37<sup>(b)(f)</sup><br>| EUR  | 3268 | 3809382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 40X, Class C, (3-mo. EURIBOR + <br> 2.65%), 4.65%, 06/22/37<sup>(b)(f)</sup><br>|  | 2077 | 2433326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 40X, Class D, (3-mo. EURIBOR + <br> 3.55%), 5.55%, 06/22/37<sup>(b)(f)</sup><br>|  | 5903 | 6937259 |
| &nbsp;&nbsp;&nbsp; Last Mile Logistics Pan Euro Finance DAC, <br> Series 1X, Class E, (3-mo. EURIBOR + <br> 2.70%), 4.76%, 08/17/33<sup>(b)(f)</sup><br>|  | 2618 | 3070614 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| LBA Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7IND, Class A, (1-mo. CME Term <br> SOFR + 1.44%), 5.19%, 10/15/41<sup>(a)(b)</sup><br>| USD  | 5573 | $5576135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7IND, Class D, (1-mo. CME Term <br> SOFR + 2.64%), 6.39%, 10/15/41<sup>(a)(b)</sup><br>|  | 626 | 626474 |
| &nbsp;&nbsp;&nbsp; Lehman Brothers Small Balance Commercial <br> Mortgage Trust, Series 2006-2A, Class M3, <br> (1-mo. CME Term SOFR + 0.56%), 4.30%, <br> 09/25/36<sup>(a)(b)</sup><br>|  | 785 | 747044 |
| LoanCore Issuer Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE7, Class A, (SOFR (30-day) + <br> 1.55%), 5.49%, 01/17/37<sup>(a)(b)</sup><br>|  | 232 | 231568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE8, Class A, (1-mo. CME Term <br> SOFR + 1.39%), 5.12%, 08/17/42<sup>(a)(b)</sup><br>|  | 1750 | 1750232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE9, Class A, (1-mo. CME Term <br> SOFR + 1.45%), 5.18%, 08/18/42<sup>(a)(b)</sup><br>|  | 3988 | 3983108 |
| LQR Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CALI, Class A, (1-mo. CME Term <br> SOFR + 1.60%), 5.33%, 01/15/43<sup>(a)(b)</sup><br>|  | 1859 | 1858995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CALI, Class E, (1-mo. CME Term <br> SOFR + 3.95%), 7.68%, 01/15/43<sup>(a)(b)</sup><br>|  | 5519 | 5518970 |
| &nbsp;&nbsp;&nbsp; LUX, Series 2023-LION, Class A, (1-mo. CME <br> Term SOFR + 2.69%), 6.44%, 08/15/40<sup>(a)(b)</sup><br>|  | 2294 | 2316431 |
| &nbsp;&nbsp;&nbsp; MAC Trust, Series 2025-801B, Class A, (1-mo. <br> CME Term SOFR + 1.70%), 5.45%, <br> 10/15/40<sup>(a)(b)</sup><br>|  | 5199 | 5205473 |
| MCR Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HF1, Class A, (1-mo. CME Term <br> SOFR + 1.79%), 5.54%, 12/15/41<sup>(a)(b)</sup><br>|  | 3432 | 3438243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HTL, Class A, (1-mo. CME Term <br> SOFR + 1.76%), 5.51%, 02/15/37<sup>(a)(b)</sup><br>|  | 276 | 276438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HTL, Class E, (1-mo. CME Term <br> SOFR + 4.65%), 8.41%, 02/15/37<sup>(a)(b)</sup><br>|  | 2415 | 2402109 |
| &nbsp;&nbsp;&nbsp; Series 2024-TWA, Class A, 5.92%, 06/12/39<sup>(a)</sup> |  | 3570 | 3617580 |
| &nbsp;&nbsp;&nbsp; Series 2024-TWA, Class E, 8.73%, 06/12/39<sup>(a)</sup> |  | 2080 | 2108575 |
| MF1 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL14, Class A, (1-mo. CME Term <br> SOFR + 1.74%), 5.47%, 03/19/39<sup>(a)(b)</sup><br>|  | 1770 | 1774417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL19, Class A, (1-mo. CME Term <br> SOFR + 1.49%), 5.22%, 05/18/42<sup>(a)(b)</sup><br>|  | 1786 | 1791037 |
| MHC Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class E, (1-mo. CME Term <br> SOFR + 2.22%), 5.97%, 04/15/38<sup>(a)(b)</sup><br>|  | 63 | 63199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, (1-mo. CME Term <br> SOFR + 2.72%), 6.47%, 04/15/38<sup>(a)(b)</sup><br>|  | 471 | 471709 |
| &nbsp;&nbsp;&nbsp; MHP, Series 2021-STOR, Class G, (1-mo. CME <br> Term SOFR + 2.86%), 6.62%, 07/15/38<sup>(a)(b)</sup><br>|  | 2100 | 2093565 |
| &nbsp;&nbsp;&nbsp; MIC Trust (The), Series 2023-MIC, Class A, <br> 8.44%, 12/05/38<sup>(a)(b)</sup><br>|  | 1550 | 1676875 |
| &nbsp;&nbsp;&nbsp; MIRA Trust, Series 2023-MILE, Class A, 6.76%, <br> 06/10/38<sup>(a)</sup><br>|  | 3432 | 3564365 |
| Morgan Stanley Capital I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-ASHF, Class F, (1-mo. CME Term <br> SOFR + 4.65%), 8.40%, 11/15/34<sup>(a)(b)</sup><br>|  | 1413 | 1345458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-ASHF, Class G, (1-mo. CME Term <br> SOFR + 7.20%), 10.95%, 11/15/34<sup>(a)(b)</sup><br>|  | 1612 | 1466119 |
| &nbsp;&nbsp;&nbsp; Series 2018-MP, Class E, 4.28%, 07/11/40<sup>(a)(b)</sup> |  | 2730 | 2073218 |
| &nbsp;&nbsp;&nbsp; Series 2019-H6, Class D, 3.00%, 06/15/52<sup>(a)</sup> |  | 630 | 519595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-230P, Class B, (1-mo. CME Term <br> SOFR + 1.56%), 5.31%, 12/15/38<sup>(a)(b)</sup><br>|  | 460 | 428975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NSTB, Class A, 3.90%, <br> 09/24/57<sup>(a)(b)</sup><br>|  | 3011 | 2971702 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; MSDB Trust, Series 2017-712F, Class B, 3.45%, <br> 07/11/39<sup>(a)(b)</sup><br>| USD  | 1650 | $1568546 |
| &nbsp;&nbsp;&nbsp; MTN Commercial Mortgage Trust, Series 2022-<br> LPFL, Class A, (1-mo. CME Term SOFR + <br> 1.40%), 5.16%, 03/15/39<sup>(a)(b)</sup><br>|  | 1330 | 1329172 |
| Natixis Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-SOX, Class A, 4.40%, 06/17/38<sup>(a)</sup> |  | 4162 | 4112369 |
| &nbsp;&nbsp;&nbsp; Series 2019-LVL, Class D, 4.44%, 08/15/38<sup>(a)</sup> |  | 1550 | 1425705 |
| NCMF Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MFS, Class A, 4.88%, <br> 06/10/33<sup>(a)(b)</sup><br>|  | 5715 | 5735578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MFS, Class E, 7.53%, <br> 06/10/33<sup>(a)(b)</sup><br>|  | 10742 | 10894178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MFS, Class F, 8.44%, <br> 06/10/33<sup>(a)(b)</sup><br>|  | 11453 | 11659709 |
| &nbsp;&nbsp;&nbsp; NJ Trust, Series 2023-GSP, Class A, 6.48%, <br> 01/06/29<sup>(a)(b)</sup><br>|  | 5050 | 5294474 |
| &nbsp;&nbsp;&nbsp; NY Commercial Mortgage Trust, Series 2025-<br> 299P, Class B, 5.93%, 02/10/47<sup>(a)(b)</sup><br>|  | 908 | 946074 |
| NYC Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11X, Class A, (1-mo. CME Term <br> SOFR + 1.74%), 5.49%, 10/15/40<sup>(a)(b)</sup><br>|  | 4610 | 4624339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-28L, Class A, 4.67%, <br> 11/05/38<sup>(a)(b)</sup><br>|  | 4981 | 4991538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-300P, Class E, 7.39%, <br> 07/13/42<sup>(a)(b)</sup><br>|  | 1738 | 1760571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-77C, Class A, 4.79%, <br> 01/10/38<sup>(a)(b)</sup><br>|  | 11020 | 11066522 |
| NYCT Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3ELV, Class A, (1-mo. CME Term <br> SOFR + 1.99%), 5.74%, 08/15/29<sup>(a)(b)</sup><br>|  | 1348 | 1351773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3ELV, Class D, (1-mo. CME Term <br> SOFR + 3.84%), 7.59%, 08/15/29<sup>(a)(b)</sup><br>|  | 2195 | 2196342 |
| &nbsp;&nbsp;&nbsp; Olympic Tower Mortgage Trust, Series 2017-OT, <br> Class E, 3.95%, 05/10/39<sup>(a)(b)</sup><br>|  | 2910 | 2555334 |
| &nbsp;&nbsp;&nbsp; One Bryant Park Trust, Series 2019-OBP, <br> Class A, 2.52%, 09/15/54<sup>(a)</sup><br>|  | 1888 | 1752489 |
| &nbsp;&nbsp;&nbsp; One Market Plaza Trust, Series 2017-1MKT, <br> Class D, 4.15%, 02/10/32<sup>(a)</sup><br>|  | 1754 | 1616391 |
| One New York Plaza Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1NYP, Class A, (1-mo. CME Term <br> SOFR + 1.06%), 4.82%, 01/15/36<sup>(a)(b)</sup><br>|  | 1815 | 1780282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1NYP, Class AJ, (1-mo. CME <br> Term SOFR + 1.36%), 5.12%, 01/15/36<sup>(a)(b)</sup><br>|  | 1157 | 1108836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1NYP, Class B, (1-mo. CME Term <br> SOFR + 1.61%), 5.37%, 01/15/36<sup>(a)(b)</sup><br>|  | 2345 | 2212206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1NYP, Class D, (1-mo. CME Term <br> SOFR + 2.86%), 6.62%, 01/15/36<sup>(a)(b)</sup><br>|  | 960 | 896133 |
| &nbsp;&nbsp;&nbsp; ONNI Commerical Mortgage Trust, Series 2024-<br> APT, Class A, 5.57%, 07/15/39<sup>(a)(b)</sup><br>|  | 781 | 795906 |
| &nbsp;&nbsp;&nbsp; ORL Trust, Series 2024-GLKS, Class A, (1-mo. <br> CME Term SOFR + 1.49%), 5.24%, <br> 12/15/39<sup>(a)(b)</sup><br>|  | 4150 | 4156425 |
| PENN Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P11, Class A, 5.34%, <br> 08/10/42<sup>(a)(b)</sup><br>|  | 1207 | 1236388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P11, Class C, 6.51%, <br> 08/10/42<sup>(a)(b)</sup><br>|  | 1742 | 1804139 |
| &nbsp;&nbsp;&nbsp; PGA Trust, Series 2024-RSR2, Class A, (1-mo. <br> CME Term SOFR + 1.89%), 5.64%, <br> 06/15/39<sup>(a)(b)</sup><br>|  | 2559 | 2559792 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; PRM5 Trust, Series 2025-PRM5, Class D, 5.62%, <br> 03/10/33<sup>(a)(b)</sup><br>| USD  | 1700 | $1700931 |
| ROCK Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 5.39%, <br> 11/13/41<sup>(a)</sup><br>|  | 800 | 821878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 8.82%, <br> 11/13/41<sup>(a)</sup><br>|  | 2091 | 2224989 |
| Sage AR Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1X, Class C, (1-day SONIA + <br> 2.40%), 6.26%, 05/17/37<sup>(b)(f)</sup><br>| GBP  | 1618 | 2178620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1X, Class D, (1-day SONIA + <br> 3.90%), 7.76%, 05/17/37<sup>(b)(f)</sup><br>|  | 1393 | 1880305 |
| SCG Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DLFN, Class D, (1-mo. CME Term <br> SOFR + 2.15%), 5.90%, 03/15/35<sup>(a)(b)</sup><br>| USD  | 532 | 530012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DLFN, Class E, (1-mo. CME Term <br> SOFR + 2.95%), 6.70%, 03/15/35<sup>(a)(b)</sup><br>|  | 4046 | 4020734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FLWR, Class A, (1-mo. CME Term <br> SOFR + 1.25%), 5.00%, 08/15/42<sup>(a)(b)</sup><br>|  | 1710 | 1711068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FLWR, Class E, (1-mo. CME Term <br> SOFR + 2.75%), 6.50%, 08/15/42<sup>(a)(b)</sup><br>|  | 278 | 278690 |
| &nbsp;&nbsp;&nbsp; SDAL Trust, Series 2025-DAL, Class A, (1-mo. <br> CME Term SOFR + 2.44%), 6.19%, <br> 04/15/42<sup>(a)(b)</sup><br>|  | 1963 | 1975193 |
| SELF Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-STRG, Class A, (1-mo. CME Term <br> SOFR + 1.54%), 5.29%, 11/15/34<sup>(a)(b)</sup><br>|  | 3300 | 3302060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-STRG, Class E, (1-mo. CME Term <br> SOFR + 4.19%), 7.94%, 11/15/34<sup>(a)(b)</sup><br>|  | 3381 | 3389444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-STRG, Class F, (1-mo. CME Term <br> SOFR + 5.19%), 8.94%, 11/15/34<sup>(a)(b)</sup><br>|  | 2890 | 2887199 |
| SG Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PREZ, Class D, 3.48%, <br> 09/15/39<sup>(a)(b)</sup><br>|  | 2200 | 1963056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PREZ, Class E, 3.48%, <br> 09/15/39<sup>(a)(b)</sup><br>|  | 1792 | 1530269 |
| SHR Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-LXRY, Class A, (1-mo. CME Term <br> SOFR + 1.95%), 5.70%, 10/15/41<sup>(a)(b)</sup><br>|  | 9897 | 9917606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-LXRY, Class B, (1-mo. CME Term <br> SOFR + 2.45%), 6.20%, 10/15/41<sup>(a)(b)</sup><br>|  | 2553 | 2559315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-LXRY, Class D, (1-mo. CME Term <br> SOFR + 3.60%), 7.35%, 10/15/41<sup>(a)(b)</sup><br>|  | 1783 | 1793834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-LXRY, Class E, (1-mo. CME Term <br> SOFR + 4.45%), 8.20%, 10/15/41<sup>(a)(b)</sup><br>|  | 440 | 443163 |
| &nbsp;&nbsp;&nbsp; SLG Office Trust, Series 2021-OVA, Class A, <br> 2.59%, 07/15/41<sup>(a)</sup><br>|  | 573 | 512264 |
| SREIT Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP, Class F, (1-mo. CME Term <br> SOFR + 2.74%), 6.49%, 11/15/38<sup>(a)(b)</sup><br>|  | 4530 | 4526938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP2, Class F, (1-mo. CME Term <br> SOFR + 2.73%), 6.48%, 11/15/36<sup>(a)(b)</sup><br>|  | 2091 | 2090660 |
| &nbsp;&nbsp;&nbsp; SV Vanir Logistics Finance S.a.r.l., Series 1X, <br> Class C, (3-mo. EURIBOR + 1.90%), 3.98%, <br> 07/23/37<sup>(b)(f)</sup><br>| EUR  | 891 | 1047119 |
| Taurus UK DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK2X, Class B, (1-day SONIA + <br> 2.00%), 5.85%, 02/18/35<sup>(b)(f)</sup><br>| GBP  | 1696 | 2285703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK2X, Class C, (1-day SONIA + <br> 2.50%), 6.35%, 02/18/35<sup>(b)(f)</sup><br>|  | 2097 | 2826191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK2X, Class D, (1-day SONIA + <br> 3.20%), 7.05%, 02/18/35<sup>(b)(f)</sup><br>|  | 4598 | 6197903 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Taurus UK DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK4, Class B, (1-day SONIA + <br> 1.60%), 5.51%, 08/18/35<sup>(b)(f)</sup><br>| GBP  | 508 | $683979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK4, Class C, (1-day SONIA + <br> 1.95%), 5.91%, 08/18/35<sup>(b)(f)</sup><br>|  | 790 | 1064783 |
| &nbsp;&nbsp;&nbsp; TCO Commercial Mortgage Trust, Series 2024-<br> DPM, Class D, (1-mo. CME Term SOFR + <br> 2.74%), 6.49%, 12/15/39<sup>(a)(b)</sup><br>| USD  | 519 | 519648 |
| &nbsp;&nbsp;&nbsp; THPT Mortgage Trust, Series 2023-THL, Class A, <br> 6.99%, 12/10/34<sup>(a)(b)</sup><br>|  | 1784 | 1806387 |
| &nbsp;&nbsp;&nbsp; Thunder Logistics DAC, Series 2024-1X, Class B, <br> (3-mo. EURIBOR + 2.05%), 4.11%, <br> 11/17/36<sup>(b)(f)</sup><br>| EUR  | 465 | 545414 |
| &nbsp;&nbsp;&nbsp; TYSN Mortgage Trust, Series 2023-CRNR, <br> Class A, 6.58%, 12/10/33<sup>(a)(b)</sup><br>| USD  | 2230 | 2347532 |
| UBS Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-C7, Class A4, 3.68%, 12/15/50 |  | 880 | 872740 |
| &nbsp;&nbsp;&nbsp; Series 2018-C15, Class A4, 4.34%, 12/15/51 |  | 1500 | 1487659 |
| UK Logistics DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1X, Class A, (1-day SONIA + <br> 1.65%), 5.51%, 05/17/34<sup>(b)(f)</sup><br>| GBP  | 750 | 1010562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class C, (1-day SONIA + <br> 2.10%), 5.96%, 02/17/35<sup>(b)(f)</sup><br>|  | 509 | 680799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class D, (1-day SONIA + <br> 3.10%), 6.96%, 02/17/35<sup>(b)(f)</sup><br>|  | 1175 | 1571002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1X, Class D, (1-day SONIA + <br> 4.00%), 7.86%, 05/17/35<sup>(b)(f)</sup><br>|  | 4493 | 6061192 |
| UNIV Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-APTS, Class A, (1-mo. CME Term <br> SOFR + 1.65%), 5.40%, 11/15/42<sup>(a)(b)</sup><br>| USD  | 8745 | 8755786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-APTS, Class B, (1-mo. CME Term <br> SOFR + 2.25%), 6.00%, 11/15/42<sup>(a)(b)</sup><br>|  | 1018 | 1019267 |
| VEGAS Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GCS, Class C, 6.22%, <br> 07/10/36<sup>(a)(b)</sup><br>|  | 7390 | 7436850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GCS, Class D, 6.22%, <br> 07/10/36<sup>(a)(b)</sup><br>|  | 16670 | 16499199 |
| &nbsp;&nbsp;&nbsp; Series 2024-TI, Class A, 5.52%, 11/10/39<sup>(a)</sup> |  | 726 | 735822 |
| Velocity Commercial Capital Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-2, Class M3, 4.24%, 11/25/47<sup>(a)(b)</sup> |  | 212 | 200728 |
| &nbsp;&nbsp;&nbsp; Series 2017-2, Class M4, 5.00%, 11/25/47<sup>(a)(b)</sup> |  | 128 | 117315 |
| &nbsp;&nbsp;&nbsp; Series 2018-1, Class M2, 4.26%, 04/25/48<sup>(a)</sup> |  | 109 | 105152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class AFX, 2.61%, <br> 02/25/50<sup>(a)(b)</sup><br>|  | 2407 | 2246233 |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class M1, 2.80%, 02/25/50<sup>(a)(b)</sup> |  | 433 | 352668 |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class M2, 2.98%, 02/25/50<sup>(a)(b)</sup> |  | 510 | 412055 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A, 2.52%, 12/26/51<sup>(a)(b)</sup> |  | 7843 | 7118208 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class M4, 4.48%, 12/26/51<sup>(a)(b)</sup> |  | 863 | 711458 |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class M4, 5.20%, 02/25/52<sup>(a)(b)</sup> |  | 580 | 494577 |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class M3, 5.73%, 04/25/52<sup>(a)(b)</sup> |  | 1792 | 1731423 |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class M2, 6.97%, 08/25/52<sup>(a)(b)</sup> |  | 752 | 762299 |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class M3, 7.52%, 08/25/52<sup>(a)(b)</sup> |  | 522 | 531936 |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class M4, 7.52%, 08/25/52<sup>(a)(b)</sup> |  | 961 | 932955 |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class A, 6.22%, 05/25/53<sup>(a)(b)</sup> |  | 1967 | 1965103 |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class M1, 7.03%, 05/25/53<sup>(a)(b)</sup> |  | 1322 | 1321945 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A, 6.55%, 01/25/54<sup>(a)(b)</sup> |  | 4607 | 4653558 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M2, 7.23%, 01/25/54<sup>(a)(b)</sup> |  | 534 | 537299 |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M3, 8.44%, 01/25/54<sup>(a)(b)</sup> |  | 525 | 536940 |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A, 5.49%, 10/25/54<sup>(a)(b)</sup> |  | 1701 | 1707582 |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class M2, 5.96%, 10/25/54<sup>(a)(b)</sup> |  | 745 | 742799 |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class M3, 6.76%, 10/25/54<sup>(a)(b)</sup> |  | 1025 | 1027505 |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class M4, 9.53%, 10/25/54<sup>(a)(b)</sup> |  | 708 | 714372 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Velocity Commercial Capital Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class M2, 6.55%, 12/25/54<sup>(a)(b)</sup> | USD  | 432 | $434261 |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class M3, 6.92%, 12/25/54<sup>(a)(b)</sup> |  | 655 | 658156 |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class M4, 9.67%, 12/25/54<sup>(a)(b)</sup> |  | 1190 | 1202763 |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M3, 7.33%, 02/25/55<sup>(a)(b)</sup> |  | 2414 | 2447572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class M4, 10.15%, <br> 02/25/55<sup>(a)(b)</sup><br>|  | 836 | 846216 |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class M3, 7.38%, 06/25/55<sup>(a)(b)</sup> |  | 1600 | 1629166 |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class M2, 6.31%, 12/25/55<sup>(a)(b)</sup> |  | 339 | 339721 |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class M3, 6.70%, 12/25/55<sup>(a)(b)</sup> |  | 1460 | 1460258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MC1, Class A1, 8.16%, <br> 05/25/55<sup>(a)(c)</sup><br>|  | 2674 | 2661326 |
| &nbsp;&nbsp;&nbsp; Series 2025-P2, Class A, 5.46%, 10/25/55<sup>(a)(b)</sup> |  | 8080 | 8064964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P2, Class M1, 6.04%, <br> 10/25/55<sup>(a)(b)</sup><br>|  | 678 | 676454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P2, Class M2, 6.56%, <br> 10/25/55<sup>(a)(b)</sup><br>|  | 758 | 755253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P2, Class M3, 6.85%, <br> 10/25/55<sup>(a)(b)</sup><br>|  | 1326 | 1321648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P2, Class M4, 9.45%, <br> 10/25/55<sup>(a)(b)</sup><br>|  | 788 | 785293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P2, Class M5, 10.21%, <br> 10/25/55<sup>(a)(b)</sup><br>|  | 287 | 261999 |
| &nbsp;&nbsp;&nbsp; VNDO Trust, Series 2016-350P, Class D, 3.90%, <br> 01/10/35<sup>(a)(b)</sup><br>|  | 3390 | 3339212 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C34, Class A3FL, (1-mo. CME <br> Term SOFR + 1.15%), 4.89%, 06/15/49<sup>(a)(b)</sup><br>|  | 1215 | 1213596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1745, Class A, 3.75%, <br> 06/15/36<sup>(a)(b)</sup><br>|  | 472 | 443242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AUS, Class A, 4.06%, <br> 08/17/36<sup>(a)(b)</sup><br>|  | 1680 | 1653710 |
| &nbsp;&nbsp;&nbsp; Series 2019-C49, Class D, 3.00%, 03/15/52<sup>(a)</sup> |  | 514 | 424970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1CHI, Class A, 5.31%, <br> 07/15/35<sup>(a)(b)</sup><br>|  | 2829 | 2853490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class B, 6.22%, <br> 07/15/43<sup>(a)</sup><br>|  | 4292 | 4424958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class C, 6.43%, <br> 07/15/43<sup>(a)</sup><br>|  | 2732 | 2758841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class D, 7.08%, <br> 07/15/43<sup>(a)</sup><br>|  | 1160 | 1169136 |
| &nbsp;&nbsp;&nbsp; WEST Trust, Series 2025-ROSE, Class A, 5.28%, <br> 04/10/35<sup>(a)(b)</sup><br>|  | 2278 | 2313260 |
| WHARF Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DC, Class A, 5.35%, <br> 07/15/40<sup>(a)(b)</sup><br>|  | 4623 | 4750535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DC, Class E, 7.72%, <br> 07/15/40<sup>(a)(b)</sup><br>|  | 2708 | 2767189 |
|  |  |  | 1303877278 |
| **Interest Only Collateralized Mortgage Obligations — 0.1%** | **Interest Only Collateralized Mortgage Obligations — 0.1%** | **Interest Only Collateralized Mortgage Obligations — 0.1%** | **Interest Only Collateralized Mortgage Obligations — 0.1%** |
| &nbsp;&nbsp;&nbsp; Ajax Mortgage Loan Trust, Series 2021-E, <br> Class XS, 0.00%, 12/25/60<sup>(a)(b)</sup><br>|  | 91817 | 3001575 |
| Barclays Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class XS, 0.82%, <br> 10/25/63<sup>(a)(b)</sup><br>|  | 45005 | 317116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class XS, 2.45%, <br> 01/25/64<sup>(a)(b)</sup><br>|  | 30906 | 773083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class XS, 0.00%, <br> 06/25/64<sup>(a)(b)</sup><br>|  | 39068 | 958284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class XS, 0.00%, <br> 12/26/64<sup>(a)(b)</sup><br>|  | 52486 | 1982973 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Interest Only Collateralized Mortgage Obligations (continued)** | **Interest Only Collateralized Mortgage Obligations (continued)** | **Interest Only Collateralized Mortgage Obligations (continued)** | **Interest Only Collateralized Mortgage Obligations (continued)** |
| Barclays Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class XS, 0.00%, <br> 01/25/65<sup>(a)(b)</sup><br>| USD  | 50690 | $1786012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class XS2, 0.00%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 40380 | 1061261 |
| JPMorgan Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class A2X, 0.50%, <br> 12/25/51<sup>(a)(b)</sup><br>|  | 45008 | 1277080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class A5X, 0.50%, <br> 12/25/51<sup>(a)(b)</sup><br>|  | 6428 | 182397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class AX1, 0.18%, <br> 12/25/51<sup>(a)(b)</sup><br>|  | 86993 | 922091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A2X, 0.50%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 23503 | 676258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A3X, 0.50%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 13248 | 239453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A4X, 0.50%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 6756 | 283745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A5X, 0.50%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 2559 | 73632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class AX1, 0.27%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 46066 | 702102 |
| &nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust, <br> Series 2017-3, Class BIO, 1.50%, <br> 07/25/56<sup>(a)(b)</sup><br>|  | 2515 | 288572 |
| &nbsp;&nbsp;&nbsp; Voyager OPTONE Delaware Trust, Series 2009-1, <br> Class SAA7, 1.96%, 02/25/38<sup>(a)(b)</sup><br>|  | 11352 | 2463772 |
|  |  |  | 16989406 |
| **Interest Only Commercial Mortgage-Backed Securities — 0.1%** | **Interest Only Commercial Mortgage-Backed Securities — 0.1%** | **Interest Only Commercial Mortgage-Backed Securities — 0.1%** | **Interest Only Commercial Mortgage-Backed Securities — 0.1%** |
| &nbsp;&nbsp;&nbsp; 245 Park Avenue Trust, Series 2017-245P, <br> Class XA, 0.15%, 06/05/37<sup>(a)(b)</sup><br>|  | 13000 | 28106 |
| &nbsp;&nbsp;&nbsp; BANK, Series 2019-BN20, Class XB, 0.36%, <br> 09/15/62<sup>(b)</sup><br>|  | 39279 | 492146 |
| &nbsp;&nbsp;&nbsp; Bank of America Merrill Lynch Commercial <br> Mortgage Trust, Series 2017-BNK3, Class XB, <br> 0.59%, 02/15/50<sup>(b)</sup><br>|  | 11850 | 59176 |
| BBCMS Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SRCH, Class XA, 0.83%, <br> 08/10/35<sup>(a)(b)</sup><br>|  | 14837 | 137537 |
| &nbsp;&nbsp;&nbsp; Series 2020-C7, Class XB, 0.97%, 04/15/53<sup>(b)</sup> |  | 1596 | 61179 |
| Benchmark Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-B9, Class XA, 1.01%, 03/15/52<sup>(b)</sup> |  | 12114 | 300471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class XB, 0.50%, <br> 03/15/53<sup>(b)</sup><br>|  | 7100 | 122419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23, Class XA, 1.26%, <br> 02/15/54<sup>(b)</sup><br>|  | 27025 | 1226086 |
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust, Series 2023-C5, Class XA, <br> 0.72%, 06/15/56<sup>(b)</sup><br>|  | 14177 | 562997 |
| CFCRE Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3, Class XD, 1.71%, <br> 01/10/48<sup>(a)(b)</sup><br>|  | 5497 | 55 |
| &nbsp;&nbsp;&nbsp; Series 2016-C4, Class XB, 0.69%, 05/10/58<sup>(b)</sup> |  | 5810 | 95 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2020-420K, Class X, 0.80%, <br> 11/10/42<sup>(a)(b)</sup><br>|  | 46500 | 1579075 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Pass-Through Certificates, <br> Series 2018-COR3, Class XD, 1.75%, <br> 05/10/51<sup>(a)(b)</sup><br>|  | 3200 | 110321 |
| CSAIL Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class XB, 0.23%, <br> 11/15/50<sup>(b)</sup><br>|  | 12490 | 66261 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** |
| CSAIL Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class XA, 1.53%, <br> 06/15/52<sup>(b)</sup><br>| USD  | 28939 | $1217520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class XA, 1.31%, <br> 09/15/52<sup>(b)</sup><br>|  | 9112 | 330169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class XB, 0.53%, <br> 09/15/52<sup>(b)</sup><br>|  | 19090 | 321724 |
| &nbsp;&nbsp;&nbsp; DBGS Mortgage Trust, Series 2019-1735, <br> Class X, 0.29%, 04/10/37<sup>(a)(b)</sup><br>|  | 21535 | 192975 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank JPMorgan Mortgage Trust, <br> Series 2017-C6, Class XD, 1.00%, <br> 06/10/50<sup>(a)(b)</sup><br>|  | 5780 | 69625 |
| ELM Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class XP10, 0.23%, <br> 06/10/39<sup>(a)(b)</sup><br>|  | 51484 | 49816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class XP15, 1.56%, <br> 06/10/39<sup>(a)(b)</sup><br>|  | 46635 | 300017 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, Series 2019-KW08, <br> Class X2A, 0.10%, 01/25/29<sup>(a)</sup><br>|  | 139966 | 332293 |
| GS Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA1, Class XA, 0.80%, <br> 11/10/52<sup>(b)</sup><br>|  | 7656 | 192884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GSA2, Class XA, 1.66%, <br> 12/12/53<sup>(a)(b)</sup><br>|  | 17422 | 1066033 |
| JPMBB Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class XA, 0.40%, <br> 09/15/47<sup>(b)</sup><br>|  | 92 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C23, Class XA, 0.34%, <br> 09/15/47<sup>(b)</sup><br>|  | 1568 | 16 |
| &nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, <br> Series 2016-C4, Class XC, 0.75%, <br> 12/15/49<sup>(a)(b)</sup><br>|  | 4940 | 21989 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC11, Class XB, 0.44%, <br> 04/15/46<sup>(b)</sup><br>|  | 2856 | 7385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class XC, 0.75%, <br> 08/15/49<sup>(a)(b)</sup><br>|  | 13040 | 40403 |
| &nbsp;&nbsp;&nbsp; Ladder Capital Commercial Mortgage Trust, <br> Series 2013-GCP, Class XA, 1.13%, <br> 02/15/36<sup>(a)(b)</sup><br>|  | 3406 | 70021 |
| &nbsp;&nbsp;&nbsp; LSTAR Commercial Mortgage Trust, <br> Series 2017-5, Class X, 0.87%, 03/10/50<sup>(a)(b)</sup><br>|  | 2324 | 13157 |
| &nbsp;&nbsp;&nbsp; MCR Mortgage Trust, Series 2024-TWA, <br> Class XA, 0.92%, 06/12/39<sup>(a)</sup><br>|  | 16557 | 135286 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch <br> Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class XF, 1.27%, <br> 12/15/47<sup>(a)(b)</sup><br>|  | 4370 | 49211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C26, Class XD, 1.14%, <br> 10/15/48<sup>(a)(b)</sup><br>|  | 4490 | 20037 |
| Morgan Stanley Capital I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UBS9, Class XD, 1.60%, <br> 03/15/49<sup>(a)(b)</sup><br>|  | 13984 | 267222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1, Class XD, 2.14%, <br> 06/15/50<sup>(a)(b)</sup><br>|  | 3293 | 89266 |
| &nbsp;&nbsp;&nbsp; Series 2019-H6, Class XB, 0.71%, 06/15/52<sup>(b)</sup> |  | 23510 | 525585 |
| &nbsp;&nbsp;&nbsp; Series 2019-L2, Class XA, 0.99%, 03/15/52<sup>(b)</sup> |  | 7970 | 206553 |
| &nbsp;&nbsp;&nbsp; MSWF Commercial Mortgage Trust, <br> Series 2023-2, Class XA, 0.91%, 12/15/56<sup>(b)</sup><br>|  | 56137 | 3144057 |
| &nbsp;&nbsp;&nbsp; Olympic Tower Mortgage Trust, Series 2017-OT, <br> Class XA, 0.38%, 05/10/39<sup>(a)(b)</sup><br>|  | 36697 | 132685 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** | **Interest Only Commercial Mortgage-Backed Securities (continued)** |
| One Market Plaza Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1MKT, Class XCP, 0.00%, <br> 02/10/32<sup>(a)(b)</sup><br>| USD  | 44225 | $137698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1MKT, Class XNCP, 0.09%, <br> 02/10/32<sup>(a)(b)</sup><br>|  | 8845 | 23135 |
| UBS Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class XA, 1.44%, <br> 10/15/52<sup>(b)</sup><br>|  | 18221 | 803453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class XA, 0.98%, <br> 12/15/52<sup>(b)</sup><br>|  | 32634 | 904802 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK1, Class XD, 1.21%, <br> 08/15/49<sup>(a)(b)</sup><br>|  | 4420 | 24541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50, Class XA, 1.40%, <br> 05/15/52<sup>(b)</sup><br>|  | 20914 | 725253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC, Class X, 0.09%, <br> 07/15/43<sup>(a)(b)</sup><br>|  | 33871 | 283209 |
|  |  |  | 16443945 |
| **Principal Only Collateralized Mortgage Obligations — 0.0%** | **Principal Only Collateralized Mortgage Obligations — 0.0%** | **Principal Only Collateralized Mortgage Obligations — 0.0%** | **Principal Only Collateralized Mortgage Obligations — 0.0%** |
| &nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust, <br> Series 2017-3, Class B, 0.00%, 07/25/56<sup>(a)(d)</sup><br>|  | 1493 | 235675 |
| **Total Non-Agency Mortgage-Backed Securities — 14.6%** <br>**(Cost: $2,718,419,887)** | **Total Non-Agency Mortgage-Backed Securities — 14.6%** <br>**(Cost: $2,718,419,887)** | **Total Non-Agency Mortgage-Backed Securities — 14.6%** <br>**(Cost: $2,718,419,887)** | 2686794047 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 0.5%** | **Capital Trusts — 0.5%** | **Capital Trusts — 0.5%** | **Capital Trusts — 0.5%** |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54 |  | 200 | 208601 |
| **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** |
| Barclays PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%<sup>(n)</sup> |  | 462 | 446961 |
| &nbsp;&nbsp;&nbsp; 6.13%<sup>(f)(n)</sup> | EUR  | 500 | 587111 |
| BNP Paribas SA, 4.63%<sup>(a)(n)</sup> | USD  | 462 | 457654 |
| Credit Agricole SA, 5.88%<sup>(f)(n)</sup> | EUR  | 1600 | 1928813 |
| Eurobank SA, 6.25%<sup>(f)(n)</sup> |  | 750 | 869551 |
| Krung Thai Bank PCL, 4.40%<sup>(f)(n)</sup> | USD  | 500 | 498000 |
|  |  |  | 4788090 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
| Rakuten Group, Inc., 8.13%<sup>(a)(n)</sup> |  | 390 | 401689 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| Deutsche Bank AG |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%<sup>(f)(n)</sup> | EUR  | 800 | 960138 |
| &nbsp;&nbsp;&nbsp; 7.38%<sup>(f)(n)</sup> |  | 600 | 758378 |
| UBS Group AG, 4.88%<sup>(a)(n)</sup> | USD  | 483 | 478540 |
|  |  |  | 2197056 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| FMC Corp., 8.45%, 11/01/55 |  | 576 | 455907 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| Cemex SAB de CV, 7.20%<sup>(a)(n)</sup> |  | 5377 | 5604985 |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| Bell Telephone Co. of Canada or Bell Canada |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/15/55 |  | 345 | 355948 |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/15/55 |  | 164 | 172337 |
| &nbsp;&nbsp;&nbsp; British Telecommunications PLC, 4.25%, <br> 11/23/81<sup>(a)</sup><br>|  | 200 | 197474 |
| TELUS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/55 |  | 191 | 194905 |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/15/55 |  | 186 | 193622 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| TELUS Corp. |  |  |  |
|  |  |  | 1114286 |
| **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** |
| AES Corp. (The), 6.95%, 07/15/55 | USD  | 733 | $723705 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc., Series B, 7.00%, <br> 06/01/54<br>|  | 6582 | 7126667 |
| Edison International |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 06/15/54 |  | 8 | 8398 |
| &nbsp;&nbsp;&nbsp; 8.13%, 06/15/53 |  | 377 | 392277 |
| Electricite de France SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%<sup>(f)(n)</sup> | EUR  | 3200 | 3914901 |
| &nbsp;&nbsp;&nbsp; 7.38%<sup>(f)(n)</sup> | GBP  | 500 | 690748 |
| PacifiCorp, 7.38%, 09/15/55 | USD  | 133 | 135560 |
| PG&E Corp., 7.38%, 03/15/55 |  | 36453 | 37965471 |
|  |  |  | 50957727 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| Prysmian SpA, 5.25%<sup>(f)(n)</sup> | EUR  | 673 | 823207 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Venture Global LNG, Inc., 9.00%<sup>(a)(n)</sup> | USD  | 1775 | 1401772 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
| DENTSPLY SIRONA, Inc., 8.38%, 09/12/55 |  | 613 | 573848 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/10/54 |  | 24 | 25065 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/10/55 |  | 521 | 546554 |
|  |  |  | 571619 |
| **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
| American National Group, Inc., 7.00%, 12/01/55 |  | 223 | 223240 |
| Global Atlantic Fin Co., 7.95%, 10/15/54<sup>(a)</sup> |  | 100 | 103247 |
|  |  |  | 326487 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Paramount Global, 6.25%, 02/28/57 |  | 737 | 661023 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/56 |  | 110 | 109636 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/56 |  | 80 | 80305 |
| &nbsp;&nbsp;&nbsp; 7.13%, 10/01/54 |  | 213 | 218545 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/54 |  | 42 | 44833 |
| &nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure Holdings Ltd., <br> 7.50%, 03/01/55<br>|  | 299 | 319592 |
| Sunoco LP, 7.88%<sup>(a)(n)</sup> |  | 1363 | 1400176 |
|  |  |  | 2173087 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Air France-KLM, 5.75%<sup>(f)(n)</sup> | EUR  | 1900 | 2261854 |
| Deutsche Lufthansa AG, 5.25%, 01/15/55<sup>(f)</sup> |  | 2100 | 2561170 |
|  |  |  | 4823024 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| Aroundtown Finance S.a.r.l., 5.25%<sup>(f)(n)</sup> |  | 2880 | 3299053 |
| **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** |
| Unibail-Rodamco-Westfield SE, 4.75%<sup>(f)(n)</sup> |  | 1800 | 2153542 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| Rogers Communications, Inc., 5.25%, 03/15/82<sup>(a)</sup> | USD  | 386 | 385832 |
| Vodafone Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/04/81 |  | 174 | 162464 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/04/79 |  | 449 | 475631 |
|  |  |  | 1023927 |
| **Total Capital Trusts — 0.5%** | **Total Capital Trusts — 0.5%** | **Total Capital Trusts — 0.5%** | 83558930 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| Boeing Co. (The), 6.00%<sup>(p)</sup> | 38550 | $2662263 |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; SCI PH Parent, Inc., Series A, (Acquired <br> 02/10/23, cost $1,875,000), 12.50%<sup>(e)(i)</sup><br>| 1875 | 2498438 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| &nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc. (Preference), <br> 9.00%<sup>(e)(n)</sup><br>| 15124 | 14991665 |
| Lessen Holdings, Inc., Series B, 0.00%<sup>(e)</sup> | 143367 | 1 |
|  |  | 14991666 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Veritas NewCo. |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%<sup>(e)</sup> | 13357 | 313889 |
| &nbsp;&nbsp;&nbsp; 0.00% | 9228 | 212244 |
| X.AI Holdings Corp., Series C, 0.00%<sup>(e)</sup> | 363422 | 24276590 |
|  |  | 24802723 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| Insight M, Inc., 0.00%<sup>(e)</sup> | 3271821 | 1058107 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| &nbsp;&nbsp;&nbsp; Anthropic PBC, Series F, (Acquired 08/18/25, cost <br> $3,919,604), 0.00%<sup>(e)(i)</sup><br>| 27805 | 6767737 |
| &nbsp;&nbsp;&nbsp; Versa Networks, Inc., Series E, (12.66% Cash or <br> 12.66% PIK), (Acquired 10/14/22, cost <br> $12,017,972), 12.00%<sup>(e)(i)(m)</sup><br>| 4118274 | 25121471 |
|  |  | 31889208 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Davidson Homes, Inc., 12.00%<sup>(e)</sup> | 18658 | 20975697 |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
| Cap Hill Brands, 0.00%<sup>(e)</sup> | 2670520 | 27 |
| **Total Preferred Stocks — 0.5%** | **Total Preferred Stocks — 0.5%** | 98878129 |
| **Total Preferred Securities — 1.0%** <br>**(Cost: $149,867,394)** | **Total Preferred Securities — 1.0%** <br>**(Cost: $149,867,394)** | 182437059 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Agency Obligations — 0.0%** | **Agency Obligations — 0.0%** | **Agency Obligations — 0.0%** | **Agency Obligations — 0.0%** |
| Fannie Mae, 6.63%, 11/15/30 | USD  | 1450 | 1634938 |
| **Collateralized Mortgage Obligations — 2.1%** | **Collateralized Mortgage Obligations — 2.1%** | **Collateralized Mortgage Obligations — 2.1%** | **Collateralized Mortgage Obligations — 2.1%** |
| Fannie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W5, Class A, (1-mo. CME Term <br> SOFR + 0.11%), 4.10%, 04/25/33<sup>(b)</sup><br>|  | 1 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-35, Class FC, (SOFR (30-day) + <br> 1.10%), 4.97%, 08/25/53<sup>(b)</sup><br>|  | 9053 | 9078146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-68, Class FB, (SOFR (30-day) + <br> 1.05%), 4.92%, 01/25/54<sup>(b)</sup><br>|  | 9544 | 9568306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-63, Class FH, (SOFR (30-day) + <br> 1.10%), 4.97%, 09/25/54<sup>(b)</sup><br>|  | 6904 | 6923144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-88, Class FC, (SOFR (30-day) + <br> 1.40%), 5.27%, 12/25/54<sup>(b)</sup><br>|  | 5658 | 5700498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-95, Class FC, (SOFR (30-day) + <br> 1.40%), 5.27%, 12/25/54<sup>(b)</sup><br>|  | 1921 | 1937015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-96, Class FA, (SOFR (30-day) + <br> 1.40%), 5.27%, 12/25/54<sup>(b)</sup><br>|  | 9913 | 9990568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class FX, (SOFR (30-day) + <br> 1.35%), 5.22%, 02/25/55<sup>(b)</sup><br>|  | 6652 | 6699918 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Fannie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-13, Class FB, (SOFR (30-day) + <br> 1.30%), 5.17%, 03/25/55<sup>(b)</sup><br>| USD  | 7004 | $7047569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18, Class FH, (SOFR (30-day) + <br> 1.40%), 5.27%, 08/25/54<sup>(b)</sup><br>|  | 3426 | 3454185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class FG, (SOFR (30-day) + <br> 1.45%), 5.32%, 02/25/55<sup>(b)</sup><br>|  | 11931 | 12039630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-35, Class FJ, (SOFR (30-day) + <br> 1.60%), 5.47%, 05/25/55<sup>(b)</sup><br>|  | 7929 | 8016746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-42, Class FA, (SOFR (30-day) + <br> 1.50%), 5.37%, 06/25/55<sup>(b)</sup><br>|  | 4743 | 4788939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-42, Class FE, (SOFR (30-day) + <br> 1.55%), 5.42%, 06/25/55<sup>(b)</sup><br>|  | 8655 | 8748819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-63, Class DF, (SOFR (30-day) + <br> 1.40%), 5.27%, 08/25/55<sup>(b)</sup><br>|  | 4423 | 4463530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-9, Class FG, (SOFR (30-day) + <br> 1.35%), 5.22%, 03/25/55<sup>(b)</sup><br>|  | 3702 | 3727741 |
| Freddie Mac |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5468, Class WF, (SOFR (30-day) + <br> 1.10%), 4.97%, 11/25/54<sup>(b)</sup><br>|  | 7371 | 7386996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5478, Class FD, (SOFR (30-day) + <br> 1.40%), 5.27%, 02/25/54<sup>(b)</sup><br>|  | 4941 | 4979663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5479, Class FB, (SOFR (30-day) + <br> 1.40%), 5.27%, 12/25/54<sup>(b)</sup><br>|  | 3981 | 4012216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5482, Class FB, (SOFR (30-day) + <br> 1.50%), 5.37%, 12/25/54<sup>(b)</sup><br>|  | 7898 | 7975770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5500, Class DF, (SOFR (30-day) + <br> 1.35%), 5.22%, 10/25/54<sup>(b)</sup><br>|  | 6073 | 6117224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5502, Class EF, (SOFR (30-day) + <br> 1.40%), 5.27%, 02/25/55<sup>(b)</sup><br>|  | 4856 | 4897272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5503, Class FB, (SOFR (30-day) + <br> 1.35%), 5.22%, 02/25/55<sup>(b)</sup><br>|  | 5557 | 5599253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5508, Class FE, (SOFR (30-day) + <br> 1.60%), 5.47%, 02/25/55<sup>(b)</sup><br>|  | 6702 | 6774066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5513, Class FD, (SOFR (30-day) + <br> 1.35%), 5.22%, 01/25/55<sup>(b)</sup><br>|  | 48728 | 49082743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5515, Class FB, (SOFR (30-day) + <br> 1.40%), 5.27%, 03/25/55<sup>(b)</sup><br>|  | 4886 | 4927235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5516, Class FC, (SOFR (30-day) + <br> 1.40%), 5.27%, 03/25/55<sup>(b)</sup><br>|  | 117029 | 117941646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5539, Class FC, (SOFR (30-day) + <br> 1.50%), 5.37%, 05/25/55<sup>(b)</sup><br>|  | 6556 | 6621045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5543, Class FC, (SOFR (30-day) + <br> 1.50%), 5.37%, 06/25/55<sup>(b)</sup><br>|  | 5020 | 5068901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5543, Class FG, (SOFR (30-day) + <br> 1.50%), 5.37%, 06/25/55<sup>(b)</sup><br>|  | 5066 | 5115746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5543, Class FH, (SOFR (30-day) + <br> 1.50%), 5.37%, 06/25/55<sup>(b)</sup><br>|  | 6599 | 6665995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5543, Class FM, (SOFR (30-day) + <br> 1.50%), 5.37%, 06/25/55<sup>(b)</sup><br>|  | 6714 | 6780035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5563, Class FA, (SOFR (30-day) + <br> 1.35%), 5.22%, 08/25/55<sup>(b)</sup><br>|  | 11461 | 11553248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5570, Class FA, (SOFR (30-day) + <br> 1.40%), 5.27%, 05/25/55<sup>(b)</sup><br>|  | 7216 | 7277897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5574, Class FB, (SOFR (30-day) + <br> 1.35%), 5.22%, 09/25/55<sup>(b)</sup><br>|  | 5427 | 5470538 |
| &nbsp;&nbsp;&nbsp; Ginnie Mae, Series 2025-9, Class FE, (SOFR <br> (30-day) + 1.25%), 5.17%, 01/20/55<sup>(b)</sup><br>|  | 5395 | 5418420 |
|  |  |  | 381851302 |
| **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** |
| &nbsp;&nbsp;&nbsp; Fannie Mae, Series 2006-M2, Class A2A, 5.27%, <br> 10/25/32<sup>(b)</sup><br>|  | 91 | 90871 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Freddie Mac |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P015, Class A1, 4.30%, <br> 11/25/32<sup>(b)</sup><br>| USD  | 1194 | $1191207 |
| &nbsp;&nbsp;&nbsp; Series KJ48, Class A2, 5.03%, 10/25/31 |  | 2327 | 2396734 |
| Ginnie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-118, Class BA, 3.75%, 05/16/65<sup>(b)</sup> |  | 1352 | 1232365 |
| &nbsp;&nbsp;&nbsp; Series 2023-119, Class AD, 2.25%, 04/16/65 |  | 2460 | 1973451 |
| &nbsp;&nbsp;&nbsp; Series 2023-50, Class AC, 3.25%, 09/16/63<sup>(b)</sup> |  | 1087 | 983366 |
| &nbsp;&nbsp;&nbsp; Series 2025-126, Class AD, 5.00%, 05/16/65 |  | 1903 | 1905393 |
| &nbsp;&nbsp;&nbsp; Series 2025-128, Class AD, 5.00%, 10/16/56 |  | 4530 | 4563179 |
| &nbsp;&nbsp;&nbsp; Series 2025-128, Class AG, 4.75%, 07/16/66 |  | 4501 | 4431124 |
| &nbsp;&nbsp;&nbsp; Series 2025-129, Class AB, 4.75%, 09/16/54 |  | 1394 | 1391052 |
| &nbsp;&nbsp;&nbsp; Series 2025-130, Class AL, 4.75%, 08/16/56 |  | 1395 | 1390964 |
| &nbsp;&nbsp;&nbsp; Series 2025-88, Class AT, 5.00%, 06/16/58 |  | 2251 | 2261842 |
|  |  |  | 23811548 |
| **Interest Only Collateralized Mortgage Obligations — 0.2%** | **Interest Only Collateralized Mortgage Obligations — 0.2%** | **Interest Only Collateralized Mortgage Obligations — 0.2%** | **Interest Only Collateralized Mortgage Obligations — 0.2%** |
| &nbsp;&nbsp;&nbsp; Freddie Mac, Series 5112, Class KI, 3.50%, <br> 06/25/51<br>|  | 18374 | 3428709 |
| Ginnie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-58, Class IY, 3.00%, 02/20/51 |  | 34326 | 5765160 |
| &nbsp;&nbsp;&nbsp; Series 2021-67, Class QI, 3.00%, 04/20/51 |  | 3097 | 525034 |
| &nbsp;&nbsp;&nbsp; Series 2021-76, Class JI, 3.00%, 08/20/50 |  | 3182 | 537853 |
| &nbsp;&nbsp;&nbsp; Series 2021-78, Class IP, 3.00%, 05/20/51 |  | 31716 | 5261057 |
| &nbsp;&nbsp;&nbsp; Series 2021-83, Class PI, 3.00%, 05/20/51 |  | 8167 | 1357383 |
| &nbsp;&nbsp;&nbsp; Series 2021-96, Class MI, 3.00%, 06/20/51 |  | 5555 | 941312 |
| &nbsp;&nbsp;&nbsp; Series 2021-97, Class LI, 3.00%, 08/20/50 |  | 40944 | 6947362 |
| &nbsp;&nbsp;&nbsp; Series 2022-78, Class IO, 3.00%, 08/20/51 |  | 5045 | 819690 |
| &nbsp;&nbsp;&nbsp; Series 2022-85, Class IK, 3.00%, 05/20/51 |  | 20329 | 3302315 |
|  |  |  | 28885875 |
| **Interest Only Commercial Mortgage-Backed Securities — 0.0%** | **Interest Only Commercial Mortgage-Backed Securities — 0.0%** | **Interest Only Commercial Mortgage-Backed Securities — 0.0%** | **Interest Only Commercial Mortgage-Backed Securities — 0.0%** |
| Freddie Mac |  |  |  |
| &nbsp;&nbsp;&nbsp; Series K121, Class X1, 1.01%, 10/25/30<sup>(b)</sup> |  | 13443 | 523780 |
| &nbsp;&nbsp;&nbsp; Series KL06, Class XFX, 1.36%, 12/25/29<sup>(b)</sup> |  | 6585 | 295711 |
| &nbsp;&nbsp;&nbsp; Series KW09, Class X1, 0.78%, 05/25/29<sup>(b)</sup> |  | 32499 | 641058 |
| Ginnie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-30, Class IO, 0.53%, 09/16/53<sup>(b)</sup> |  | 2311 | 33269 |
| &nbsp;&nbsp;&nbsp; Series 2016-36, Class IO, 0.66%, 08/16/57<sup>(b)</sup> |  | 568 | 15728 |
| &nbsp;&nbsp;&nbsp; Series 2016-96, Class IO, 0.77%, 12/16/57<sup>(b)</sup> |  | 3002 | 112360 |
|  |  |  | 1621906 |
| **Mortgage-Backed Securities — 57.4%** | **Mortgage-Backed Securities — 57.4%** | **Mortgage-Backed Securities — 57.4%** | **Mortgage-Backed Securities — 57.4%** |
| Fannie Mae Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 12/01/35 - 03/01/51<sup>(r)</sup> |  | 208123 | 174390607 |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/01/31 - 04/01/52 |  | 558319 | 466875781 |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/01/27 - 02/01/52 |  | 402917 | 352095793 |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/28 - 05/01/52 |  | 117758 | 108691708 |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/01/28 - 01/01/51 |  | 68447 | 64517860 |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/31 - 04/01/52 |  | 84359 | 81494524 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/26 - 07/01/52 |  | 113591 | 113233012 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/32 - 04/01/53 |  | 51028 | 51577533 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/32 - 03/01/54 |  | 163328 | 166590388 |
| &nbsp;&nbsp;&nbsp; 5.81%, 06/01/31 |  | 5495 | 5708660 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/34 - 08/01/55 |  | 122076 | 126371453 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/01/40 - 07/01/54 |  | 64434 | 67116166 |
| Freddie Mac Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 04/01/36 - 10/01/50 |  | 33377 | 28142349 |
| &nbsp;&nbsp;&nbsp; 2.00%, 09/01/35 - 02/01/52 |  | 271889 | 229450256 |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/01/27 - 04/01/52 |  | 167775 | 145422541 |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/27 - 08/01/52 |  | 224456 | 203088012 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/01/31 - 06/01/50 |  | 58991 | 56505972 |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/40 - 06/01/52 |  | 94550 | 91678445 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/39 - 08/01/52 |  | 67437 | 66869385 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Freddie Mac Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/35 - 11/01/53 | USD  | 105544 | $106042690 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/35 - 01/01/55 |  | 75396 | 77087680 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/52 - 05/01/55 |  | 90606 | 93741994 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/53 - 09/01/53 |  | 4227 | 4404360 |
| Ginnie Mae Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/20/50 - 01/15/56<sup>(s)</sup> |  | 182799 | 151412071 |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/20/51 - 01/15/56<sup>(s)</sup> |  | 183337 | 158216676 |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/20/44 - 01/15/56<sup>(s)</sup> |  | 131897 | 118685411 |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/15/42 - 01/15/56<sup>(s)</sup> |  | 104162 | 96176965 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/20/39 - 01/15/56<sup>(s)</sup> |  | 75895 | 72306302 |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/20/39 - 01/15/56<sup>(s)</sup> |  | 88522 | 86354486 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/33 - 01/15/56<sup>(s)</sup> |  | 122181 | 122178859 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/56<sup>(s)</sup> |  | 142015 | 143392033 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/56<sup>(s)</sup> |  | 86083 | 87720595 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/56<sup>(s)</sup> |  | 71432 | 73798470 |
| Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/01/41 - 01/01/56<sup>(s)</sup> |  | 105078 | 85042057 |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/01/41 - 01/01/56<sup>(s)</sup> |  | 65474 | 56048176 |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/01/41 - 01/01/56<sup>(s)</sup> |  | 1857 | 1648263 |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/01/41 - 01/01/56<sup>(s)</sup> |  | 3402413 | 3140083776 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/41 - 01/01/56<sup>(s)</sup> |  | 8824 | 8553110 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/01/41 - 01/01/56<sup>(s)</sup> |  | 362509 | 354576167 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/56<sup>(s)</sup> |  | 22775 | 22710945 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/56<sup>(s)</sup> |  | 2782740 | 2821650345 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/01/56<sup>(s)</sup> |  | 16255 | 16689455 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/01/56<sup>(s)</sup> |  | 78405 | 81481658 |
|  |  |  | 10579822989 |
| **Total U.S. Government Sponsored Agency Securities — 59.8%** <br>**(Cost: $11,199,401,286)** | **Total U.S. Government Sponsored Agency Securities — 59.8%** <br>**(Cost: $11,199,401,286)** | **Total U.S. Government Sponsored Agency Securities — 59.8%** <br>**(Cost: $11,199,401,286)** | 11017628558 |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
| U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/39<sup>(t)</sup> |  | 7196 | 7208468 |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/40 - 11/15/44 |  | 33498 | 33077378 |
| &nbsp;&nbsp;&nbsp; 1.13%, 05/15/40 - 08/15/40 |  | 13672 | 8630717 |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/40 - 02/15/43<sup>(t)(u)</sup> |  | 89067 | 80341156 |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/40 - 08/15/50 |  | 32593 | 17101185 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/40 |  | 24557 | 23693475 |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/41 - 11/15/51 |  | 125473 | 76868129 |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/41 - 11/15/43 |  | 61703 | 54768242 |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/42 - 05/15/51 |  | 67364 | 45060672 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/42 - 08/15/52<sup>(t)(u)</sup> |  | 276420 | 204721550 |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/15/43 - 05/15/53 |  | 146720 | 120562599 |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/15/44 - 05/15/48 |  | 59739 | 46458462 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/44 - 08/15/53<sup>(u)</sup> |  | 118707 | 106825765 |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/45 |  | 77505 | 54889283 |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 |  | 77894 | 55490347 |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/49 |  | 25757 | 18477629 |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/49 - 02/15/52 |  | 70457 | 43600975 |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/15/50 |  | 26916 | 14131110 |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/51 |  | 25757 | 14754938 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Indexed Notes, 1.63%, <br> 04/15/30<br>|  | 207037 | 208052124 |
| U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/26 |  | 31501 | 31560025 |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/15/26 - 08/31/28 |  | 26800 | 27366968 |
| &nbsp;&nbsp;&nbsp; 2.38%, 05/15/27 - 03/31/29<sup>(r)</sup> |  | 51464 | 49909017 |
| &nbsp;&nbsp;&nbsp; 0.50%, 05/31/27 |  | 2 | 1918 |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/27 |  | 15187 | 14891565 |
| &nbsp;&nbsp;&nbsp; 4.13%, 09/30/27 |  | 50734 | 51277012 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/29/28 - 02/15/34 |  | 132909 | 133726353 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 03/31/28 - 09/30/28 | USD  | 113480 | $107232446 |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/31/28 |  | 44333 | 41647043 |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/31/28 - 05/31/30 |  | 87134 | 87452295 |
| &nbsp;&nbsp;&nbsp; 2.88%, 04/30/29 - 05/15/32 |  | 48870 | 47638711 |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/29<sup>(t)</sup> |  | 51849 | 51258092 |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/30/29 |  | 27032 | 27257971 |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/31/30 |  | 32419 | 32232546 |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/30 |  | 23763 | 21826687 |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/31/30 |  | 24671 | 25916009 |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/30/31 |  | 29986 | 30664961 |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/30/31 |  | 30400 | 30096000 |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/31/31 |  | 29412 | 30436514 |
| **Total U.S. Treasury Obligations — 11.3%** <br>**(Cost: $2,275,421,145)** | **Total U.S. Treasury Obligations — 11.3%** <br>**(Cost: $2,275,421,145)** | **Total U.S. Treasury Obligations — 11.3%** <br>**(Cost: $2,275,421,145)** | 2077106337 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Warrants**<sup>(h)</sup> | **Warrants**<sup>(h)</sup> | **Warrants**<sup>(h)</sup> |
| **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** |
| &nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc., <br> (Issued/Exercisable 03/07/24, 1 Share for <br> 3 Warrant, Expires 12/31/49, Strike Price <br> USD 2,489.86) (Acquired 03/07/24, cost <br> $0)<sup>(e)(i)</sup><br>| 948 | 2261445 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| &nbsp;&nbsp;&nbsp; Cirkul, (Issued/Exercisable 05/01/25, 1 Share for <br> 1 Warrant, Expires 04/25/35, Strike Price USD <br> 35.41)<sup>(e)</sup><br>| 11359 |  |
| &nbsp;&nbsp;&nbsp; Cirkul, (Issued/Exercisable 05/01/25, 1 Share for <br> 1 Warrant, Expires 04/25/35, Strike Price USD <br> 0.01)<sup>(e)</sup><br>| 11075 |  |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| &nbsp;&nbsp;&nbsp; Crown PropTech Acquisitions, <br> (Issued/Exercisable 01/25/21, 1 Share for <br> 1 Warrant, Expires 02/01/26, Strike Price USD <br> 11.50)<sup>(e)</sup><br>| 214560 | 46752 |
| &nbsp;&nbsp;&nbsp; Crown PropTech Acquisitions, <br> (Issued/Exercisable 12/25/21 01/25/21, <br> 1 Share for 1 Warrant, Expires 12/31/27, Strike <br> Price USD 11.50)<sup>(e)</sup><br>| 128396 | 26 |
|  |  | 46778 |
| **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** |
| &nbsp;&nbsp;&nbsp; Jose Andres Group Penny Warrants, <br> (Issued/Exercisable 11/14/25, 1 Share for <br> 1 Warrant, Expires 11/13/35, Strike Price USD <br> 0.01)<sup>(e)</sup><br>| 29355 | 855111 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (Issued/Exercisable <br> 04/11/25, 1 Share for 1 Warrant, Expires <br> 04/11/30, Strike Price USD 1.00)<sup>(e)</sup><br>| 262154 | 3 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (Issued/Exercisable <br> 12/30/24, 1 Share for 1 Warrant, Expires <br> 12/30/29, Strike Price USD 0.01)<sup>(e)</sup><br>| 26279 |  |
|  |  | 855114 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| &nbsp;&nbsp;&nbsp; Palladyne AI Corp., (Issued/Exercisable 01/11/22, <br> 1 Share for 1 Warrant, Expires 01/31/26, Strike <br> Price USD 69.00)<br>| 72998 | $4475 |
| &nbsp;&nbsp;&nbsp; Palladyne AI Corp., (Issued/Exercisable <br> 12/21/20 12/21/20, 1 Share for 1 Warrant, <br> Expires 06/15/27, Strike Price USD 11.50)<br>| 267474 | 16396 |
|  |  | 20871 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., (Issued/Exercisable <br> 02/09/21 02/09/21, 1 Share for 1 Warrant, <br> Expires 02/09/26, Strike Price USD 29.99)<br>| 962 | 95517 |
| &nbsp;&nbsp;&nbsp; Insight M, Inc., (Issued/Exercisable 01/25/24, <br> 1 Share for 1 Warrant, Expires 12/31/49, Strike <br> Price USD 0.34)<sup>(e)</sup><br>| 3390177 | 34 |
|  |  | 95551 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| &nbsp;&nbsp;&nbsp; Volato Group, Inc., (Issued/Exercisable 12/08/23, <br> 1 Share for 1 Warrant, Expires 12/03/28, Strike <br> Price USD 11.50) (Acquired 12/03/21, cost <br> $73,612)<sup>(i)</sup><br>| 73612 | 662 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| &nbsp;&nbsp;&nbsp; Offerpad Solutions, Inc., (Issued <br> 10/13/20/Exercisable 10/23/21 10/23/21, <br> 1 Share for 1 Warrant, Expires 09/01/26, Strike <br> Price USD 11.50)<br>| 111610 | 1563 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| &nbsp;&nbsp;&nbsp; Aurora Innovation, Inc., (Issued <br> 05/04/21/Exercisable 05/04/22 05/04/22, <br> 1 Share for 1 Warrant, Expires 12/31/28, Strike <br> Price USD 11.50)<br>| 16026 | 3649 |
| &nbsp;&nbsp;&nbsp; Latch, Inc., (Issued 12/29/20/Exercisable <br> 11/13/21 11/13/21, 1 Share for 1 Warrant, <br> Expires 06/04/26, Strike Price USD 11.50)<sup>(e)</sup><br>| 49166 | 5 |
| &nbsp;&nbsp;&nbsp; Versa Networks, Inc., Series E, <br> (Issued/Exercisable 10/05/22, 1 Share for <br> 1 Warrant, Expires 10/07/32, Strike Price USD <br> 0.01) (Acquired 10/14/22, cost $0)<sup>(e)(i)</sup><br>| 507586 | 2441489 |
|  |  | 2445143 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| &nbsp;&nbsp;&nbsp; Davidson Homes, Inc., (Issued/Exercisable <br> 05/16/24, 1 Share for 1 Warrant, Expires <br> 05/16/34, Strike Price USD 8.47) - Class A<sup>(e)</sup><br>| 129494 | 292657 |
| &nbsp;&nbsp;&nbsp; EVgo, Inc., (Issued 11/10/20/Exercisable <br> 10/02/21 10/02/21, 1 Share for 1 Warrant, <br> Expires 07/01/26, Strike Price USD 11.50)<br>| 75790 | 5684 |
|  |  | 298341 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
| &nbsp;&nbsp;&nbsp; Lavoro Ltd., (Issued 12/27/22/Exercisable <br> 12/27/23 12/27/23, 1 Share for 1 Warrant, <br> Expires 12/27/27, Strike Price USD 11.50)<br>| 79561 | 867 |
| **Total Warrants — 0.0%** <br>**(Cost: $1,533,061)** | **Total Warrants — 0.0%** <br>**(Cost: $1,533,061)** | 6026335 |
| **Total Long-Term Investments — 136.6%** <br>**(Cost: $25,614,719,659)** | **Total Long-Term Investments — 136.6%** <br>**(Cost: $25,614,719,659)** | 25160221881 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Borrowed Bond Agreements — 0.0%** | **Borrowed Bond Agreements — 0.0%** | **Borrowed Bond Agreements — 0.0%** | **Borrowed Bond Agreements — 0.0%** |
| &nbsp;&nbsp;&nbsp; Bank of America N.A., 1.75%, <br> 03/04/26 (Purchased on 12/12/25 to be <br> repurchased at $198,973, collateralized by <br> Clear Channel Outdoor Holdings, Inc., 7.50% <br> due 06/01/29, par and fair value of USD <br> 200,000 and $198,590, respectively)<br>| USD  | 199 | $198500 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank N.A., 3.41%, <br> 01/30/26 (Purchased on 12/12/25 to be <br> repurchased at $769,493, collateralized by <br> OneMain Finance Corp. 6.50% due 03/15/33, <br> par and fair value of USD 750,000 and <br> $756,488, respectively)<br>|  | 766 | 765937 |
|  |  |  | 964437 |
| **Money Market Funds — 2.0%** | **Money Market Funds — 2.0%** | **Money Market Funds — 2.0%** | **Money Market Funds — 2.0%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.89%<sup>(q)(v)(w)</sup><br>|  | 20237000 | 20247119 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 3.65%<sup>(q)(v)</sup><br>|  | 350556897 | 350556897 |
|  |  |  | 370804016 |
| **Total Short-Term Securities — 2.0%** <br>**(Cost: $371,768,376)** | **Total Short-Term Securities — 2.0%** <br>**(Cost: $371,768,376)** | **Total Short-Term Securities — 2.0%** <br>**(Cost: $371,768,376)** | 371768453 |
| **Options Purchased — 0.0%** <br>**(Cost: $4,265,576)** | **Options Purchased — 0.0%** <br>**(Cost: $4,265,576)** | **Options Purchased — 0.0%** <br>**(Cost: $4,265,576)** | 1957142 |
| **Total Investments Before Options Written, Borrowed Bonds** <br> **and TBA Sale Commitments — 138.6%** <br>**(Cost: $25,990,753,611)** | **Total Investments Before Options Written, Borrowed Bonds** <br> **and TBA Sale Commitments — 138.6%** <br>**(Cost: $25,990,753,611)** | **Total Investments Before Options Written, Borrowed Bonds** <br> **and TBA Sale Commitments — 138.6%** <br>**(Cost: $25,990,753,611)** | 25533947476 |
| **Borrowed Bonds**  | **Borrowed Bonds**  | **Borrowed Bonds**  | **Borrowed Bonds**  |
| **Corporate Bonds — (0.0)%** | **Corporate Bonds — (0.0)%** | **Corporate Bonds — (0.0)%** | **Corporate Bonds — (0.0)%** |
| **Banks — (0.0)%** | **Banks — (0.0)%** | **Banks — (0.0)%** | **Banks — (0.0)%** |
| OneMain Finance Corp., 6.50%, 03/15/33 |  | (750)<br>| (756488)<br>|
| **Media — (0.0)%** | **Media — (0.0)%** | **Media — (0.0)%** | **Media — (0.0)%** |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 7.50%, <br> 06/01/29<sup>(a)</sup><br>|  | (200)<br>| (198590)<br>|
| **Total Borrowed Bonds — (0.0)%** <br>**(Proceeds: $(926880))** | **Total Borrowed Bonds — (0.0)%** <br>**(Proceeds: $(926880))** | **Total Borrowed Bonds — (0.0)%** <br>**(Proceeds: $(926880))** | (955078)<br>|
| **TBA Sale Commitments**<sup>(s)</sup> | **TBA Sale Commitments**<sup>(s)</sup> | **TBA Sale Commitments**<sup>(s)</sup> | **TBA Sale Commitments**<sup>(s)</sup> |
| **Mortgage-Backed Securities — (23.5)%** | **Mortgage-Backed Securities — (23.5)%** | **Mortgage-Backed Securities — (23.5)%** | **Mortgage-Backed Securities — (23.5)%** |
| Ginnie Mae Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/15/56 |  | (1601)<br>| (1325572)<br>|
| &nbsp;&nbsp;&nbsp; 2.50%, 01/15/56 |  | (1413)<br>| (1218602)<br>|
| &nbsp;&nbsp;&nbsp; 3.00%, 01/15/56 |  | (1506)<br>| (1352988)<br>|
| &nbsp;&nbsp;&nbsp; 3.50%, 01/15/56 |  | (688)<br>| (625999)<br>|
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/56 |  | (691)<br>| (652644)<br>|
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/56 |  | (1028)<br>| (1001176)<br>|
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/56 |  | (1184)<br>| (1181202)<br>|
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/56 |  | (4362)<br>| (4404296)<br>|
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/56 |  | (4117)<br>| (4195320)<br>|
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/56 |  | (36309)<br>| (37531592)<br>|
| Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/01/41 |  | (7425)<br>| (6716725)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/01/41 - 01/01/56 | USD  | (18541)<br>| $(16574258)<br>|
| &nbsp;&nbsp;&nbsp; 2.50%, 01/01/41 - 01/01/56 |  | (3758)<br>| (3207069)<br>|
| &nbsp;&nbsp;&nbsp; 3.00%, 01/01/41 - 01/01/56 |  | (44524)<br>| (39582725)<br>|
| &nbsp;&nbsp;&nbsp; 3.50%, 01/01/41 - 01/01/56 |  | (1972209)<br>| (1822451047)<br>|
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/41 - 01/01/56 |  | (121810)<br>| (115531168)<br>|
| &nbsp;&nbsp;&nbsp; 4.50%, 01/01/41 - 01/01/56 |  | (360491)<br>| (351920728)<br>|
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/56 |  | (1273204)<br>| (1269623114)<br>|
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/56 |  | (2658)<br>| (2695166)<br>|
| &nbsp;&nbsp;&nbsp; 6.00%, 01/01/56 |  | (387409)<br>| (397763382)<br>|
| &nbsp;&nbsp;&nbsp; 6.50%, 01/01/56 |  | (246173)<br>| (255832971)<br>|
| **Total TBA Sale Commitments — (23.5)%** <br>**(Proceeds: $(4317482747))** | **Total TBA Sale Commitments — (23.5)%** <br>**(Proceeds: $(4317482747))** | **Total TBA Sale Commitments — (23.5)%** <br>**(Proceeds: $(4317482747))** | (4335387744)<br>|
| **Options Written — (0.2)%** <br>**(Premiums Received: $(30348077))** | **Options Written — (0.2)%** <br>**(Premiums Received: $(30348077))** | **Options Written — (0.2)%** <br>**(Premiums Received: $(30348077))** | (26636825)<br>|
| **Total Investments Net of Options Written, Borrowed Bonds and** <br> **TBA Sale Commitments — 114.9%** <br>**(Cost: $21,641,995,907)** | **Total Investments Net of Options Written, Borrowed Bonds and** <br> **TBA Sale Commitments — 114.9%** <br>**(Cost: $21,641,995,907)** | **Total Investments Net of Options Written, Borrowed Bonds and** <br> **TBA Sale Commitments — 114.9%** <br>**(Cost: $21,641,995,907)** | 21170967829 |
| **Liabilities in Excess of Other Assets — (14.9)%** | **Liabilities in Excess of Other Assets — (14.9)%** | **Liabilities in Excess of Other Assets — (14.9)%** | (2746204094)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $18424763735 |

---

&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> 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>(d)</sup> Zero-coupon bond.

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

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

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

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

<sup>(i)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $105,241,988, representing 0.6% of its net assets as of period end, and an original cost of $72,837,131. 

<sup>(j)</sup> All or a portion of the security is held by a wholly-owned subsidiary.

<sup>(k)</sup> Investment does not issue shares.

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

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

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

<sup>(o)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(p)</sup> Convertible security.

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

<sup>(r)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments. 

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

<sup>(t)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(u)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives. 

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

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

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended December 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>*09/30/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Par/Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Capital Finance <br> LP, Series 1997-R2, <br> Class AP<br>| &nbsp;&nbsp; $—<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; 830 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; 9939055<br>| &nbsp;&nbsp; 10307494 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; (640)<br>| &nbsp;&nbsp; 20247119 | &nbsp;&nbsp; 20237000 | &nbsp;&nbsp; 8187 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, <br> T-Fund, Institutional <br> Shares<br>| &nbsp;&nbsp; 174293234<br>| &nbsp;&nbsp; 176263663 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 350556897 | &nbsp;&nbsp; 350556897 | &nbsp;&nbsp; 2086139 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares AAA CLO Active <br> ETF<br>| &nbsp;&nbsp; 10393000<br>| &nbsp;&nbsp; 10352000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (10396080)<br>| &nbsp;&nbsp; 10348920 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 179315 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment <br> Grade Corporate Bond <br> ETF<br>| &nbsp;&nbsp; 6075115<br>| &nbsp;&nbsp; 25484493 | &nbsp;&nbsp; (22555398)<br>| &nbsp;&nbsp; (39169)<br>| &nbsp;&nbsp; (72708)<br>| &nbsp;&nbsp; 8892333 | &nbsp;&nbsp; 80700 | &nbsp;&nbsp; 114940 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(37959)<br>| &nbsp;&nbsp; $(10469428)<br>| &nbsp;&nbsp; $390045269 |  | &nbsp;&nbsp; $2388581 | &nbsp;&nbsp; $— |

---

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

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Euro-BTP Italian Government Bond | 12 | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; $1695 | &nbsp;&nbsp;&nbsp;&nbsp; $(2432)<br>|
| &nbsp;&nbsp;&nbsp; Euro-Bund | 751 | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 112590 | &nbsp;&nbsp;&nbsp;&nbsp; 94287 |
| &nbsp;&nbsp;&nbsp; Japanese Government Bonds (10 Year) | 20 | 03/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 16906 | &nbsp;&nbsp;&nbsp;&nbsp; (147390)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year Australian Treasury Bonds | 1086 | 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 79348 | &nbsp;&nbsp;&nbsp;&nbsp; (103972)<br>|
| &nbsp;&nbsp;&nbsp; 3-Year Australian Treasury Bonds | 2726 | 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 191008 | &nbsp;&nbsp;&nbsp;&nbsp; (133620)<br>|
| &nbsp;&nbsp;&nbsp; 3-month SOFR | 81 | 03/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 19503 | &nbsp;&nbsp;&nbsp;&nbsp; 14032 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds (30 Year) | 2552 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 294995 | &nbsp;&nbsp;&nbsp;&nbsp; (347534)<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (10 Year) | 2126 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 239042 | &nbsp;&nbsp;&nbsp;&nbsp; (210453)<br>|
| &nbsp;&nbsp;&nbsp; U.S. Ultra Treasury Bonds | 820 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 96760 | &nbsp;&nbsp;&nbsp;&nbsp; (154475)<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (2 Year) | 9416 | 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1965958 | &nbsp;&nbsp;&nbsp;&nbsp; 793172 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (5 Year) | 19995 | 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2185547 | &nbsp;&nbsp;&nbsp;&nbsp; (2407741)<br>|
| &nbsp;&nbsp;&nbsp; 30-Day Federal Funds | 23 | 07/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 9269 | &nbsp;&nbsp;&nbsp;&nbsp; 5717 |
| &nbsp;&nbsp;&nbsp; 3-month SOFR | 592 | 09/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 143101 | &nbsp;&nbsp;&nbsp;&nbsp; 154691 |
| &nbsp;&nbsp;&nbsp; 90-Day Bank Accepted Bills | 289 | 12/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; 190925 | &nbsp;&nbsp;&nbsp;&nbsp; 22996 |
| &nbsp;&nbsp;&nbsp; 3-month SOFR | 148 | 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 35833 | &nbsp;&nbsp;&nbsp;&nbsp; 62864 |
| &nbsp;&nbsp;&nbsp; 3-month SOFR | 8071 | 03/16/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1954998 | &nbsp;&nbsp;&nbsp;&nbsp; 816194 |
| &nbsp;&nbsp;&nbsp; 3-month EURIBOR | 328 | 12/13/27 | &nbsp;&nbsp;&nbsp;&nbsp; 94078 | &nbsp;&nbsp;&nbsp;&nbsp; 50726 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1492938)<br>|
| Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Euro-Bobl | 357 | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 48735 | &nbsp;&nbsp;&nbsp;&nbsp; 123059 |
| &nbsp;&nbsp;&nbsp; Euro-Buxl | 41 | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5306 | &nbsp;&nbsp;&nbsp;&nbsp; 59042 |
| &nbsp;&nbsp;&nbsp; Euro-OAT | 12 | 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1701 | &nbsp;&nbsp;&nbsp;&nbsp; 4924 |
| &nbsp;&nbsp;&nbsp; 3-month CORRA | 109 | 03/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 19405 | &nbsp;&nbsp;&nbsp;&nbsp; (21025)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of*<br> *Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Short Contracts (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Canadian Government Bonds (10 Year)  | 15 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; $1321 | &nbsp;&nbsp;&nbsp;&nbsp; $(2863)<br>|
| &nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | 20 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10183 | &nbsp;&nbsp;&nbsp;&nbsp; 4498 |
| &nbsp;&nbsp;&nbsp; Russell 2000 E-Mini Index | 158 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 19734 | &nbsp;&nbsp;&nbsp;&nbsp; 594096 |
| &nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 39 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 13440 | &nbsp;&nbsp;&nbsp;&nbsp; (6311)<br>|
| &nbsp;&nbsp;&nbsp; U.S. Ultra Treasury Notes (10 Year) | 500 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 57508 | &nbsp;&nbsp;&nbsp;&nbsp; (134404)<br>|
| &nbsp;&nbsp;&nbsp; Long Gilt | 79 | 03/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 9730 | &nbsp;&nbsp;&nbsp;&nbsp; (40038)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 580978 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(911960)<br>|

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Settlement* <br>*Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| BRL | 18716148 | USD | 3363492 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $47552 |
| BRL | 94428112 | USD | 16915022 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294630 |
| USD | 11610684 | BRL | 62883695 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150045 |
| USD | 3504634 | BRL | 18716148 | Deutsche Bank AG | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93591 |
| USD | 5906752 | BRL | 31544417 | Deutsche Bank AG | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157739 |
| USD | 1846802 | BRL | 10063224 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12766 |
| USD | 923000 | BRL | 5029427 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6380 |
| AUD | 6399000 | USD | 4227405 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43327 |
| AUD | 4269000 | USD | 2820209 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28947 |
| AUD | 1414000 | USD | 928237 | Goldman Sachs International | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15475 |
| AUD | 681191 | USD | 447393 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7238 |
| CHF | 734362 | USD | 922000 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6608 |
| CHF | 1104616 | USD | 1386858 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9940 |
| CHF | 1104715 | USD | 1385000 | UBS AG | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11923 |
| CHF | 866385 | USD | 1086243 | UBS AG | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9310 |
| CLP | 1281421925 | USD | 1382034 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41511 |
| CLP | 853951200 | USD | 921000 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27663 |
| CLP | 3095885183 | USD | 3329410 | Goldman Sachs International | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109841 |
| CLP | 855471200 | USD | 920000 | Goldman Sachs International | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30352 |
| CLP | 647955000 | USD | 693000 | Standard Chartered Bank | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26820 |
| CLP | 1286214000 | USD | 1389000 | UBS AG | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39869 |
| CLP | 1716015974 | USD | 1853149 | UBS AG | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53191 |
| CNH | 106966365 | USD | 15088366 | Deutsche Bank AG | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259767 |
| CNH | 39008876 | USD | 5502000 | State Street Bank and Trust Co. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95212 |
| CZK | 235775848 | USD | 11310695 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161247 |
| CZK | 88301072 | USD | 4236000 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60389 |
| EUR | 1201342 | HUF | 461789618 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2215 |
| EUR | 4010000 | USD | 4715550 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351 |
| EUR | 3156000 | USD | 3710390 | JPMorgan Chase Bank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1177 |
| EUR | 3928000 | USD | 4618001 | JPMorgan Chase Bank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1465 |
| EUR | 987000 | USD | 1144871 | State Street Bank and Trust Co. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15875 |
| GBP | 1322000 | USD | 1733597 | Commonwealth Bank of Australia | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48358 |
| HUF | 2050886466 | USD | 6186379 | State Street Bank and Trust Co. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78358 |
| HUF | 575878831 | USD | 1737000 | State Street Bank and Trust Co. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22107 |
| IDR | 57201914130 | USD | 3413000 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14267 |
| IDR | 296555555542 | USD | 17694235 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73965 |
| KRW | 1345380777 | USD | 920000 | Goldman Sachs International | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13324 |
| KRW | 2695248534 | USD | 1843031 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26730 |
| MXN | 135420574 | USD | 7349000 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160356 |
| MXN | 360839945 | USD | 19465300 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544034 |
| MXN | 24865269 | USD | 1372710 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6121 |
| MXN | 24798066 | USD | 1369000 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6105 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Settlement*<br> *Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MYR | 76399702 | USD | 18431329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Corporate & Investment <br> Bank<br>| 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $413582 |
| MYR | 15925474 | USD | 3842000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Corporate & Investment <br> Bank<br>| 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86211 |
| PEN | 3888493 | USD | 1153000 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3245 |
| PEN | 6220981 | USD | 1844620 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5191 |
| PHP | 54346976 | USD | 920000 | Societe Generale | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1730 |
| PHP | 107788130 | USD | 1824666 | Societe Generale | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3431 |
| PLN | 34556687 | USD | 9454409 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170400 |
| PLN | 3044544 | USD | 833000 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14974 |
| PLN | 3366873 | USD | 923000 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14749 |
| PLN | 6754685 | USD | 1851740 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29590 |
| RON | 11949377 | USD | 2708168 | Goldman Sachs International | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46371 |
| THB | 29328820 | USD | 922000 | Nomura International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9785 |
| THB | 44115953 | USD | 1386858 | Nomura International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14718 |
| THB | 140334300 | USD | 4338000 | Standard Chartered Bank | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120459 |
| THB | 611519749 | USD | 18903238 | Standard Chartered Bank | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524910 |
| USD | 921000 | COP | 3488748000 | Societe Generale | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5072 |
| USD | 347529 | EUR | 294500 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1187 |
| USD | 571193 | EUR | 484035 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1950 |
| USD | 2322462 | JPY | 361422372 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12035 |
| USD | 1393000 | JPY | 216779161 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7219 |
| USD | 1383000 | JPY | 215115000 | NatWest Markets PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7857 |
| USD | 2312099 | THB | 72750195 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806 |
| ZAR | 15754721 | USD | 922000 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28363 |
| ZAR | 23698005 | USD | 1386858 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42663 |
| ZAR | 243467154 | USD | 14122971 | Goldman Sachs International | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563562 |
| ZAR | 81594652 | USD | 4732000 | UBS AG | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189988 |
| EGP | 65779494 | USD | 1357804 | Citibank N.A. | 01/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12234 |
| EGP | 39434637 | USD | 814000 | Citibank N.A. | 01/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7334 |
| JPY | 285000000 | USD | 1818296 | Morgan Stanley & Co. International PLC | 01/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4568 |
| USD | 1842028 | JPY | 285000000 | Morgan Stanley & Co. International PLC | 01/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19164 |
| USD | 3018198 | JPY | 467600405 | UBS AG | 01/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27420 |
| ARS | 838100540 | USD | 533822 | Citibank N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18694 |
| MXN | 63790334 | USD | 3531705 | Goldman Sachs International | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1856 |
| PEN | 8633888 | USD | 2556977 | Goldman Sachs International | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9230 |
| PLN | 31990204 | USD | 8829753 | Deutsche Bank AG | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79548 |
| TRY | 37437484 | USD | 853743 | Barclays Bank PLC | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1254 |
| USD | 11361663 | COP | 42600555575 | Citibank N.A. | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250577 |
| NGN | 748298900 | USD | 505000 | Citibank N.A. | 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12791 |
| NGN | 1314968617 | USD | 887425 | Citibank N.A. | 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22478 |
| BRL | 2589741 | USD | 462000 | Barclays Bank PLC | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6523 |
| BRL | 15084698 | USD | 2691053 | Barclays Bank PLC | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37997 |
| BRL | 80210563 | USD | 14262952 | Citibank N.A. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248353 |
| MXN | 11343752 | USD | 626216 | Goldman Sachs International | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 |
| USD | 3119829 | IDR | 52119239209 | Morgan Stanley & Co. International PLC | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2903 |
| CHF | 4880000 | EUR | 5239499 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32019 |
| MXN | 100771226 | USD | 5537976 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15374 |
| MXN | 510443035 | USD | 27702024 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427719 |
| USD | 3344891 | EUR | 2831348 | Bank of New York Mellon | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5340 |
| USD | 45759880 | EUR | 38731637 | BNP Paribas S.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76251 |
| USD | 536440 | EUR | 454000 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 951 |
| USD | 154785039 | EUR | 131007283 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263089 |
| USD | 134595687 | EUR | 113919377 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228773 |
| USD | 134595686 | EUR | 113919376 | The Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228773 |
| USD | 117039727 | EUR | 99060327 | The Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198933 |
| USD | 142848 | HKD | 1109000 | The Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | 69534892 | JPY | 10696551000 | BNP Paribas S.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 788290 |
| USD | 39287540 | JPY | 6083707000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187630 |
| USD | 264960 | JPY | 41000000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1453 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Settlement*<br> *Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 484298 | JPY | 74564000 | The Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5076 |
| USD | 3238106 | JPY | 497778000 | The Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38893 |
| USD | 12293286 | PHP | 727320000 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8045 |
| USD | 7620339 | PHP | 449600000 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26096 |
| ZAR | 94054769 | USD | 5537976 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110369 |
| ZAR | 475040818 | USD | 27702024 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825974 |
| IDR | 19880497983 | USD | 1182483 | Royal Bank of Canada | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5333 |
| USD | 4754916 | BRL | 26405000 | JPMorgan Chase Bank N.A. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42393 |
| USD | 6720909 | BRL | 37472429 | State Street Bank and Trust Co. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33172 |
| MXN | 211403974 | USD | 11226623 | Morgan Stanley & Co. International PLC | 08/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233930 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9683212 |
| BRL | 12159252 | USD | 2245053 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29013)<br>|
| BRL | 69801124 | USD | 12887900 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (166550)<br>|
| BRL | 2509214 | USD | 462000 | BNP Paribas S.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4692)<br>|
| BRL | 7486760 | USD | 1372710 | BNP Paribas S.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8238)<br>|
| BRL | 7466526 | USD | 1369000 | BNP Paribas S.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8215)<br>|
| BRL | 9889407 | USD | 1849144 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46786)<br>|
| USD | 462000 | BRL | 2570799 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6532)<br>|
| USD | 2691053 | BRL | 14974364 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38045)<br>|
| USD | 14262952 | BRL | 79622930 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (248435)<br>|
| COP | 6388678410 | GBP | 1301000 | BNP Paribas S.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76380)<br>|
| COP | 26443731945 | USD | 7043210 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (100730)<br>|
| COP | 1986130500 | USD | 529000 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7566)<br>|
| EUR | 2793000 | USD | 3284785 | Standard Chartered Bank | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119)<br>|
| HUF | 453447092 | USD | 1386858 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1737)<br>|
| INR | 366913170 | USD | 4134000 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57478)<br>|
| INR | 1733976880 | USD | 19536667 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (271631)<br>|
| JPY | 213916362 | USD | 1371000 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3520)<br>|
| JPY | 148193329 | USD | 949778 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2438)<br>|
| JPY | 213518484 | USD | 1372684 | State Street Bank and Trust Co. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7747)<br>|
| PLN | 8195631 | USD | 2283599 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (933)<br>|
| PLN | 4967051 | USD | 1384000 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (565)<br>|
| PLN | 4895440 | USD | 1366430 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2941)<br>|
| PLN | 6527252 | USD | 1821906 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3921)<br>|
| USD | 1386725 | AUD | 2090000 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8153)<br>|
| USD | 1390292 | AUD | 2095375 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8174)<br>|
| USD | 442020 | AUD | 681191 | JPMorgan Chase Bank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12611)<br>|
| USD | 922000 | CHF | 731998 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3619)<br>|
| USD | 1086243 | CHF | 868911 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12504)<br>|
| USD | 1385000 | CHF | 1107894 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15943)<br>|
| USD | 1386858 | CHF | 1100519 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4759)<br>|
| USD | 1371491 | COP | 5329614026 | Societe Generale | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27734)<br>|
| USD | 923000 | COP | 3586778000 | Societe Generale | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18665)<br>|
| USD | 534699 | EUR | 459885 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6142)<br>|
| USD | 1374101 | EUR | 1173000 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5389)<br>|
| USD | 5103930 | EUR | 4400000 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70624)<br>|
| USD | 858136 | EUR | 738115 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9913)<br>|
| USD | 703458 | GBP | 525824 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5312)<br>|
| USD | 1179835 | GBP | 882176 | JPMorgan Chase Bank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9271)<br>|
| USD | 1821906 | HUF | 598222835 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5454)<br>|
| USD | 1366430 | HUF | 448667291 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4091)<br>|
| USD | 3689239 | PEN | 12457084 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14880)<br>|
| USD | 2306000 | PEN | 7786440 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9301)<br>|
| USD | 608222 | PHP | 36043236 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3075)<br>|
| USD | 306667 | PHP | 18173086 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1550)<br>|
| USD | 1845126 | SGD | 2397426 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21866)<br>|
| USD | 1381000 | SGD | 1794375 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16367)<br>|
| USD | 760000 | TRY | 33677500 | Nomura International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15606)<br>|
| USD | 1383928 | ZAR | 24163314 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73662)<br>|
| USD | 921000 | ZAR | 16080614 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49022)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Settlement*<br> *Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 1846802 | ZAR | 31571819 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(57687)<br>|
| USD | 923000 | ZAR | 15779054 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28831)<br>|
| USD | 11481177 | MXN | 211403974 | Morgan Stanley & Co. International PLC | 01/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (235970)<br>|
| USD | 832269 | PEN | 2801419 | Citibank N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (382)<br>|
| USD | 1498879 | PHP | 88813051 | Bank of America N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4978)<br>|
| USD | 1500177 | PHP | 88829968 | Bank of America N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3966)<br>|
| USD | 2711056 | PHP | 160692414 | Bank of America N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9922)<br>|
| USD | 4051946 | CNH | 28705426 | HSBC Bank PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69926)<br>|
| USD | 3595385 | CZK | 74968177 | Deutsche Bank AG | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52981)<br>|
| USD | 2458351 | HUF | 814890620 | NatWest Markets PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28784)<br>|
| USD | 10514026 | IDR | 176198254221 | Citibank N.A. | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35229)<br>|
| USD | 28821425 | MXN | 535216772 | Societe Generale | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (823173)<br>|
| USD | 3160762 | PEN | 10702973 | UBS AG | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20307)<br>|
| USD | 12144629 | PHP | 717845343 | Societe Generale | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8752)<br>|
| USD | 25047936 | PLN | 91643260 | Morgan Stanley & Co. International PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (474617)<br>|
| USD | 5866739 | THB | 189841799 | JPMorgan Chase Bank N.A. | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (169040)<br>|
| USD | 9643341 | THB | 312048874 | JPMorgan Chase Bank N.A. | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (277857)<br>|
| USD | 660794 | UYU | 26494534 | Goldman Sachs International | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15711)<br>|
| USD | 26558607 | ZAR | 461184043 | Goldman Sachs International | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1237559)<br>|
| COP | 5245360000 | USD | 1384000 | Citibank N.A. | 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18881)<br>|
| COP | 3482531822 | USD | 923014 | Citibank N.A. | 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16676)<br>|
| USD | 16791101 | BRL | 94428112 | Citibank N.A. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (292374)<br>|
| USD | 1194519 | TRY | 54012620 | Goldman Sachs International | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30654)<br>|
| USD | 7824521 | COP | 30399438942 | Citibank N.A. | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55696)<br>|
| USD | 5412124 | CZK | 112501542 | Goldman Sachs International | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65342)<br>|
| USD | 795717 | EUR | 680110 | Deutsche Bank AG | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5697)<br>|
| USD | 1038570 | EUR | 887680 | Standard Chartered Bank | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7436)<br>|
| USD | 489394 | EUR | 418295 | Standard Chartered Bank | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3508)<br>|
| USD | 1802228 | EUR | 1540402 | Standard Chartered Bank | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12919)<br>|
| USD | 1634898 | EUR | 1397381 | Standard Chartered Bank | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11720)<br>|
| USD | 4247241 | MXN | 76940583 | UBS AG | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1652)<br>|
| USD | 1691373 | PEN | 5704520 | Barclays Bank PLC | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2285)<br>|
| USD | 834019 | PEN | 2811060 | Citibank N.A. | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (578)<br>|
| USD | 6869032 | PLN | 24921241 | Bank of America N.A. | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70416)<br>|
| USD | 11067251 | ZAR | 189148181 | Bank of America N.A. | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (308974)<br>|
| USD | 3317760 | BRL | 18716148 | Barclays Bank PLC | 03/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49283)<br>|
| BRL | 40798638 | USD | 7383968 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73739)<br>|
| BRL | 205290466 | USD | 36936032 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (152441)<br>|
| EUR | 10420000 | JPY | 1913018220 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4646)<br>|
| JPY | 942000000 | AUD | 9148804 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51580)<br>|
| JPY | 949640141 | EUR | 5210000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41825)<br>|
| JPY | 947626060 | EUR | 5210000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54768)<br>|
| JPY | 6418661940 | USD | 41524158 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (271497)<br>|
| USD | 7001569 | AUD | 10524000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22022)<br>|
| USD | 1553199 | AUD | 2337000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6487)<br>|
| USD | 181693 | AUD | 275000 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1839)<br>|
| USD | 918988 | AUD | 1384000 | The Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4677)<br>|
| USD | 71073 | AUD | 107000 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (337)<br>|
| USD | 964792 | EUR | 818000 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32)<br>|
| USD | 9813486 | EUR | 8322000 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2240)<br>|
| USD | 922378 | EUR | 786000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4702)<br>|
| USD | 919599 | EUR | 787000 | NatWest Markets PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8661)<br>|
| USD | 9548080 | EUR | 8164000 | The Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81286)<br>|
| USD | 3340315 | EUR | 2856000 | The Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28312)<br>|
| USD | 982489 | EUR | 833000 | The Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
| USD | 29417 | EUR | 25000 | The Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70)<br>|
| USD | 86698358 | GBP | 64766000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (584920)<br>|
| USD | 582437 | MXN | 10582000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (721)<br>|
| USD | 6765834 | MYR | 27700000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86908)<br>|
| USD | 3038445 | PHP | 181167260 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21671)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Settlement*<br> *Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 4239438 | THB | 134500000 | BNP Paribas S.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(54478)<br>|
| USD | 6954290 | IDR | 116487840372 | Bank of America N.A. | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5603)<br>|
| USD | 46131145 | HKD | 356400000 | Citibank N.A. | 12/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16598)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(7619750)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2063462 |

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 55.00 | USD | 584 | &nbsp;&nbsp;&nbsp;&nbsp; $3738 |
| &nbsp;&nbsp;&nbsp; Lionsgate Studios Corp. | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 9.00 | USD | 53 | &nbsp;&nbsp;&nbsp;&nbsp; 3480 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. | &nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 205.00 | USD | 2137 | &nbsp;&nbsp;&nbsp;&nbsp; 1914 |
| &nbsp;&nbsp;&nbsp; Paramount Skydance Corp. | &nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 16.00 | USD | 192 | &nbsp;&nbsp;&nbsp;&nbsp; 572 |
| &nbsp;&nbsp;&nbsp; Sabre Corp. | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 2.00 | USD | 16 | &nbsp;&nbsp;&nbsp;&nbsp; 575 |
| &nbsp;&nbsp;&nbsp; Sabre Corp. | &nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 2.50 | USD | 59 | &nbsp;&nbsp;&nbsp;&nbsp; 2165 |
| &nbsp;&nbsp;&nbsp; Lionsgate Studios Corp. | &nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 10.00 | USD | 263 | &nbsp;&nbsp;&nbsp;&nbsp; 25200 |
| &nbsp;&nbsp;&nbsp; Sabre Corp. | &nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp; 04/17/26 | USD | 2.00 | USD | 35 | &nbsp;&nbsp;&nbsp;&nbsp; 3225 |
| &nbsp;&nbsp;&nbsp; Lionsgate Studios Corp. | &nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/26 | USD | 12.00 | USD | 116 | &nbsp;&nbsp;&nbsp;&nbsp; 10795 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $51664 |
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 80.00 | USD | 806 | &nbsp;&nbsp;&nbsp;&nbsp; $751 |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 245.00 | USD | 1846 | &nbsp;&nbsp;&nbsp;&nbsp; 21289 |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 01/30/26 | USD | 80.00 | USD | 806 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $23940 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $75604 |

---

**OTC Barrier Options Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp;&nbsp; *Type of* <br>*Option*<br>| *Counterparty* | &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp; *Barrier* <br>*Price/Range* | &nbsp;&nbsp; *Barrier* <br>*Price/Range* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; USD Currency | Under-and-In | &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp; 01/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; JPY | 158.00 | &nbsp;&nbsp;&nbsp; JPY | 160.25 | &nbsp;&nbsp;&nbsp; USD | 35867 | &nbsp;&nbsp;&nbsp; $9585 |
| &nbsp;&nbsp;&nbsp; USD Currency | One-Touch | &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; CAD | 1.36 | &nbsp;&nbsp;&nbsp; CAD | 1.36 | &nbsp;&nbsp;&nbsp; USD | 232 | &nbsp;&nbsp;&nbsp; 55693 |
| &nbsp;&nbsp;&nbsp; EUR Currency | One-Touch | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 02/05/26 | &nbsp;&nbsp;&nbsp;&nbsp; CZK | 23.85 | &nbsp;&nbsp;&nbsp; CZK | 23.85 | &nbsp;&nbsp;&nbsp; EUR | 318 | &nbsp;&nbsp;&nbsp; 23648 |
| &nbsp;&nbsp;&nbsp; USD Currency | One-Touch | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 02/05/26 | &nbsp;&nbsp;&nbsp;&nbsp; CZK | 20.00 | &nbsp;&nbsp;&nbsp; CZK | 20.00 | &nbsp;&nbsp;&nbsp; USD | 278 | &nbsp;&nbsp;&nbsp; 24142 |
| &nbsp;&nbsp;&nbsp; USD Currency | One-Touch | Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; INR | 88.15 | &nbsp;&nbsp;&nbsp; INR | 88.15 | &nbsp;&nbsp;&nbsp; USD | 556 | &nbsp;&nbsp;&nbsp; 36620 |
|  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $149688 |

---

**OTC Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | *Notional* <br>*Amount* <br>*(000)* | *Notional* <br>*Amount* <br>*(000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AUD Currency | Deutsche Bank AG | 01/08/26 | USD | 0.67 | AUD | 7624 | $8266 |
| &nbsp;&nbsp;&nbsp; EUR Currency | Societe Generale | 01/08/26 | HUF | 388.00 | EUR | 2794 | 4557 |
| &nbsp;&nbsp;&nbsp; EUR Currency | Deutsche Bank AG | 01/16/26 | USD | 1.18 | EUR | 3114 | 11210 |
| &nbsp;&nbsp;&nbsp; USD Currency | Barclays Bank PLC | 02/06/26 | BRL | 5.55 | USD | 5540 | 84006 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**OTC Options Purchased (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp;&nbsp; *Exercise* <br> *Price* | &nbsp;&nbsp;&nbsp; *Exercise* <br> *Price* | *Notional*<br> *Amount*<br> *(000)* | *Notional*<br> *Amount*<br> *(000)* | *Value* |
| &nbsp;&nbsp;&nbsp; GBP Currency | JPMorgan Chase Bank N.A. | 02/13/26 | USD | 1.35 | GBP | 1408 | $17961 |
| &nbsp;&nbsp;&nbsp; USD Currency | UBS AG | 05/27/26 | COP | 3920.00 | USD | 6021 | 221386 |
|  |  |  |  |  |  |  | 347386 |
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; USD Currency | Goldman Sachs International | 01/09/26 | MXN | 18.30 | USD | 2767 | $44510 |
| &nbsp;&nbsp;&nbsp; EUR Currency | Morgan Stanley & Co. International PLC | 01/14/26 | USD | 1.17 | EUR | 3913 | 7991 |
| &nbsp;&nbsp;&nbsp; USD Currency | UBS AG | 01/23/26 | TRY | 44.00 | USD | 1382 | 17385 |
|  |  |  |  |  |  |  | 69886 |
|  |  |  |  |  |  |  | $417272 |

---

**OTC Credit Default Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Price* | *Notional* <br>*Amount* <br>*(000)* | *Notional* <br>*Amount* <br>*(000)* | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bought Protection on 5-Year Credit Default <br> Swap,12/20/30<br>| ITRAXX.XO.44.V1 | Quarterly | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 01/21/26 | 287.50 | EUR | 5729 | $3552 |

---

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, <br> 02/07/36<br>| 1-day SOFR, 3.87% | Annual | 3.57% | Annual | Deutsche Bank AG | 02/05/26 | 3.57<br> %<br>| USD | 31195 | $37001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30-Year Interest Rate Swap, <br> 02/07/56<br>| 1-day SOFR, 3.87% | Annual | 3.77% | Annual | Deutsche Bank AG | 02/05/26 | 3.77<br> %<br>| USD | 20773 | 12009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30-Year Interest Rate Swap, <br> 05/02/56<br>| 1-day SOFR, 3.87% | Annual | 3.55% | Annual | Bank of America N.A. | 04/30/26 | 3.55<br> %<br>| USD | 157151 | 354198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, <br> 06/10/27<br>| 1-day SOFR, 3.87% | Annual | 3.00% | Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 06/08/26 | 3.00<br> %<br>| USD | 785769 | 819918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, <br> 12/16/27<br>| 1-day SOFR, 3.87% | Annual | 2.85% | Annual | Bank of America N.A. | 12/15/26 | 2.85<br> %<br>| KRW | 82000000 | 87900 |
|  |  |  |  |  |  |  |  |  |  | $1311026 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp;&nbsp;&nbsp; *Exercise* <br>*Price* | &nbsp;&nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 60.00 | USD | 584 | &nbsp;&nbsp;&nbsp;&nbsp; $(690)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 12442 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 81.00 | USD | 100320 | &nbsp;&nbsp;&nbsp;&nbsp; (95748)<br>|
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. | &nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 215.00 | USD | 2137 | &nbsp;&nbsp;&nbsp;&nbsp; (638)<br>|
| &nbsp;&nbsp;&nbsp; Paramount Skydance Corp. | &nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 20.00 | USD | 192 | &nbsp;&nbsp;&nbsp;&nbsp; (215)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 8295 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 82.00 | USD | 66883 | &nbsp;&nbsp;&nbsp;&nbsp; (15398)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(112689)<br>|
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 225.00 | USD | 1846 | &nbsp;&nbsp;&nbsp;&nbsp; (988)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 8295 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 78.00 | USD | 66883 | &nbsp;&nbsp;&nbsp;&nbsp; (114372)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(115360)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(228049)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**OTC Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount* <br>*(000)* | *Notional* <br>*Amount* <br>*(000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; EUR Currency | Societe Generale | 01/08/26 | HUF | 395.00 | EUR | 3992 | $(1026) |
| &nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | 01/16/26 | CLP | 940.00 | USD | 921 | (583) |
| &nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | 01/16/26 | CLP | 940.00 | USD | 924 | (585) |
| &nbsp;&nbsp;&nbsp; USD Currency | UBS AG | 01/23/26 | TRY | 46.00 | USD | 691 | (2525) |
| &nbsp;&nbsp;&nbsp; USD Currency | Barclays Bank PLC | 02/06/26 | BRL | 5.75 | USD | 8310 | (50905) |
| &nbsp;&nbsp;&nbsp; USD Currency | UBS AG | 05/27/26 | COP | 4200.00 | USD | 4170 | (64400) |
| &nbsp;&nbsp;&nbsp; USD Currency | UBS AG | 05/27/26 | COP | 4200.00 | USD | 4629 | (71496) |
|  |  |  |  |  |  |  | (191520) |
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | 01/16/26 | CLP | 920.00 | USD | 921 | $(22405) |
| &nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | 01/16/26 | CLP | 920.00 | USD | 924 | (22468) |
| &nbsp;&nbsp;&nbsp; GBP Currency | JPMorgan Chase Bank N.A. | 02/13/26 | USD | 1.32 | GBP | 1408 | (3159) |
| &nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. | 03/12/26 | ZAR | 16.35 | USD | 33240 | (251071) |
| &nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. | 03/12/26 | MXN | 17.65 | USD | 33240 | (108237) |
| &nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. | 03/12/26 | BRL | 5.25 | USD | 44320 | (138815) |
|  |  |  |  |  |  |  | (546155) |
|  |  |  |  |  |  |  | $(737675) |

---

**OTC Credit Default Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Price*<br>| *Notional* <br>*Amount* <br>*(000)* | *Notional* <br>*Amount* <br>*(000)* | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bought Protection on <br> 5-Year Credit Default <br> Swap,12/20/30<br>| 5.00% | Quarterly | ITRAXX.XO.44.V1 | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 01/21/26 | 325.00 | EUR | 8184 | $(2274)<br>|

---

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest <br> Rate Swap, <br> 02/19/36<br>| 3.60% | Annual | 1-day SOFR, 3.87% | Annual | &nbsp;&nbsp;&nbsp; Nomura Securities <br> International Inc.<br>| 02/17/26 | 3.60<br> %<br>| USD | 40779 | $(91460)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest <br> Rate Swap, <br> 02/20/36<br>| 3.40% | Annual | 1-day SOFR, 3.87% | Annual | Citibank N.A. | 02/18/26 | 3.40<br> %<br>| USD | 62450 | (39273)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest <br> Rate Swap, <br> 02/27/36<br>| 3.25% | Annual | 1-day SOFR, 3.87% | Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 02/25/26 | 3.25<br> %<br>| USD | 132966 | (44974)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5-Year Interest <br> Rate Swap, <br> 02/27/31<br>| 2.90% | Annual | 1-day SOFR, 3.87% | Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 02/25/26 | 2.90<br> %<br>| USD | 247545 | (72944)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30-Year Interest <br> Rate Swap, <br> 03/04/56<br>| 4.20% | Annual | 1-day SOFR, 3.87% | Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 03/04/26 | 4.20<br> %<br>| GBP | 12558 | (79971)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest <br> Rate Swap, <br> 03/13/36<br>| 3.50% | Annual | 1-day SOFR, 3.87% | Annual | Citibank N.A. | 03/11/26 | 3.50<br> %<br>| USD | 61404 | (129497)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30-Year Interest <br> Rate Swap, <br> 05/02/56<br>| 3.25% | Annual | 1-day SOFR, 3.87% | Annual | Bank of America N.A. | 04/30/26 | 3.25<br> %<br>| USD | 157151 | (105481)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**OTC Interest Rate Swaptions Written (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date*<br>| *Exercise*<br> *Rate*<br>| &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest <br> Rate Swap, <br> 06/10/27<br>| 2.50% | Annual | 1-day SOFR, 3.87% | Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 06/08/26 | 2.50<br> %<br>| USD | 785769 | $(257808)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest <br> Rate Swap, <br> 12/16/27<br>| 2.45% | Annual | 1-day SOFR, 3.87% | Annual | Bank of America N.A. | 12/15/26 | 2.45<br> %<br>| KRW | 82000000 | (36309)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest <br> Rate Swap, <br> 12/18/36<br>| 3.20% | Annual | 1-day SOFR, 3.87% | Annual | Citibank N.A. | 12/16/26 | 3.20<br> %<br>| USD | 30672 | (182613)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest <br> Rate Swap, <br> 11/10/37<br>| 3.87% | Annual | 1-day SOFR, 3.87% | Annual | Bank of America N.A. | 11/08/27 | 3.87<br> %<br>| USD | 80370 | (2157479)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest <br> Rate Swap, <br> 11/28/37<br>| 3.86% | Annual | 1-day SOFR, 3.87% | Annual | Deutsche Bank AG | 11/26/27 | 3.86<br> %<br>| USD | 34842 | (917699)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest <br> Rate Swap, <br> 12/18/37<br>| 4.03% | Annual | 1-day SOFR, 3.87% | Annual | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/16/27 | 4.03<br> %<br>| USD | 79708 | (2632644)<br>|
|  |  |  |  |  |  |  |  |  |  | $(6748152)<br>|
| Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest <br> Rate Swap, <br> 02/04/36<br>| 1-day SOFR, 3.87% | Annual | 3.96% | Annual | Bank of America N.A. | 02/02/26 | 3.96<br> %<br>| USD | 56101 | (106397)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30-Year Interest <br> Rate Swap, <br> 02/04/56<br>| 1-day SOFR, 3.87% | Annual | 4.30% | Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 02/02/26 | 4.30<br> %<br>| USD | 24807 | (109735)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest <br> Rate Swap, <br> 02/19/36<br>| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | &nbsp;&nbsp;&nbsp; Nomura Securities <br> International Inc.<br>| 02/17/26 | 4.00<br> %<br>| USD | 40779 | (95989)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest <br> Rate Swap, <br> 02/22/28<br>| 1-day SOFR, 3.87% | Annual | 3.58% | Annual | Bank of America N.A. | 02/20/26 | 3.58<br> %<br>| USD | 143269 | (28563)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest <br> Rate Swap, <br> 04/25/36<br>| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank <br> N.A.<br>| 04/23/26 | 4.00<br> %<br>| USD | 146270 | (1019089)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest <br> Rate Swap, <br> 06/10/27<br>| 1-day SOFR, 3.87% | Annual | 3.50% | Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 06/08/26 | 3.50<br> %<br>| USD | 785769 | (506378)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest <br> Rate Swap, <br> 12/18/36<br>| 1-day SOFR, 3.87% | Annual | 4.60% | Annual | Citibank N.A. | 12/16/26 | 4.60<br> %<br>| USD | 30672 | (226756)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest <br> Rate Swap, <br> 09/22/29<br>| 1-day SOFR, 3.87% | Annual | 4.30% | Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 09/20/27 | 4.30<br> %<br>| USD | 814759 | (2207506)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest <br> Rate Swap, <br> 10/06/29<br>| 1-day SOFR, 3.87% | Annual | 4.05% | Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 10/04/27 | 4.05<br> %<br>| USD | 1090440 | (4210681)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest <br> Rate Swap, <br> 11/10/37<br>| 1-day SOFR, 3.87% | Annual | 3.87% | Annual | Bank of America N.A. | 11/08/27 | 3.87<br> %<br>| USD | 80370 | (3245778)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest <br> Rate Swap, <br> 11/28/37<br>| 1-day SOFR, 3.87% | Annual | 3.86% | Annual | Deutsche Bank AG | 11/26/27 | 3.86<br> %<br>| USD | 34842 | (1456777)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest <br> Rate Swap, <br> 12/10/29<br>| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | &nbsp;&nbsp;&nbsp; Nomura Securities <br> International Inc.<br>| 12/08/27 | 4.00<br> %<br>| USD | 330850 | (1549278)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**OTC Interest Rate Swaptions Written (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date*<br>| *Exercise*<br> *Rate*<br>| &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest <br> Rate Swap, <br> 12/18/37<br>| 1-day SOFR, 3.87% | Annual | 4.03% | Annual | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/16/27 | 4.03<br> %<br>| USD | 79708 | $(2834585)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest <br> Rate Swap, <br> 12/18/29<br>| 1-day SOFR, 3.87% | Annual | 4.50% | Annual | Deutsche Bank AG | 12/16/27 | 4.50<br> %<br>| USD | 494839 | (1323163)<br>|
|  |  |  |  |  |  |  |  |  |  | $(18920675)<br>|
|  |  |  |  |  |  |  |  |  |  | $(25668827)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate* <br>*Paid by* <br>*the* <br>*Fund*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Brazilian Government International Bond | 1.00<br> % <br>| Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | USD | 8712 | &nbsp;&nbsp;&nbsp;&nbsp; $145181 | &nbsp;&nbsp;&nbsp;&nbsp; $156282 | &nbsp;&nbsp;&nbsp;&nbsp; $(11101)<br>|
| Colombia Government International Bond | 1.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | USD | 981 | &nbsp;&nbsp;&nbsp;&nbsp; 46078 | &nbsp;&nbsp;&nbsp;&nbsp; 35558 | &nbsp;&nbsp;&nbsp;&nbsp; 10520 |
| ITRAXX.EUR.44.V1 | 1.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | EUR | 17284 | &nbsp;&nbsp;&nbsp;&nbsp; (474798)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (421594)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53204)<br>|
| ITRAXX.FINSR.44.V1 | 1.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | EUR | 54428 | &nbsp;&nbsp;&nbsp;&nbsp; (1381051)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1208682)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (172369)<br>|
| ITRAXX.XO.44.V1 | 5.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | EUR | 6582 | &nbsp;&nbsp;&nbsp;&nbsp; (866921)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (774426)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92495)<br>|
| Mexico Government International Bond | 1.00 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | USD | 4296 | &nbsp;&nbsp;&nbsp;&nbsp; (20933)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7677)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13256)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(2552444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2220539)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(331905)<br>|

---

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination* <br>*Date* | *Notional* <br>*Amount* <br>*(000)* | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Termination* <br>*Date* | *Notional* <br>*Amount* <br>*(000)* | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 2.43% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers NAS <br> (CPURNSA)<br>| At Termination | 04/15/30 | USD | 57750 | $(92617)<br>| $— | $(92617)<br>|
| 2.43% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers NAS <br> (CPURNSA)<br>| At Termination | 04/15/30 | USD | 28448 | (46977)<br>|  | (46977)<br>|
| 2.63% | At Termination | &nbsp;&nbsp;&nbsp; U.S. CPI Urban <br> Consumers NAS <br> (CPURNSA)<br>| At Termination | 09/09/30 | USD | 107639 | (1063898)<br>|  | (1063898)<br>|
|  |  |  |  |  |  |  | $(1203492)<br>| $— | $(1203492)<br>|

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date*<br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 3.68% | At Termination | &nbsp;&nbsp;&nbsp; 1-day Overnight Fed <br> Funds Effective <br> Rate, 3.64%<br>| At Termination | N/A | 01/28/26 | USD | 1442819 | &nbsp;&nbsp; $(65559)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(65559)<br>|
| 3.79% | At Termination | &nbsp;&nbsp;&nbsp; 1-day Overnight Fed <br> Funds Effective <br> Rate, 3.64%<br>| At Termination | N/A | 01/28/26 | USD | 2891902 | &nbsp;&nbsp; (559968)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (559968)<br>|
| &nbsp;&nbsp;&nbsp; 1-day Overnight Fed <br> Funds Effective <br> Rate, 3.64%<br>| At Termination | 3.59% | At Termination | 01/28/26<sup>(a)</sup> <br>| 03/18/26 | USD | 1436468 | &nbsp;&nbsp; (8229)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8229)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date*<br>| &nbsp;&nbsp; *Termination*<br> *Date*<br>| &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; 1-day Overnight Fed <br> Funds Effective <br> Rate, 3.64%<br>| At Termination | 3.59% | At Termination | 01/28/26<sup>(a)</sup> <br>| 03/18/26 | USD | 2824416 | &nbsp;&nbsp; $(10459)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10459)<br>|
| &nbsp;&nbsp;&nbsp; 1-day Overnight Fed <br> Funds Effective <br> Rate, 3.64%<br>| At Termination | 3.62% | At Termination | 01/28/26<sup>(a)</sup> <br>| 03/18/26 | USD | 1645191 | &nbsp;&nbsp; 49454 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49454 |
| 1-day SOFR, 3.87% | At Termination | 3.80% | At Termination | N/A | 05/16/26 | USD | 369112 | &nbsp;&nbsp; (925402)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (925402)<br>|
| 1-day SOFR, 3.87% | At Termination | 3.90% | At Termination | N/A | 05/16/26 | USD | 283259 | &nbsp;&nbsp; (424562)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (424562)<br>|
| 3.79% | At Termination | 1-day SOFR, 3.87% | At Termination | N/A | 05/16/26 | USD | 369112 | &nbsp;&nbsp; 948848 | &nbsp;&nbsp; — | &nbsp;&nbsp; 948848 |
| 3.81% | At Termination | 1-day SOFR, 3.87% | At Termination | N/A | 05/16/26 | USD | 283259 | &nbsp;&nbsp; 670176 | &nbsp;&nbsp; 65397 | &nbsp;&nbsp; 604779 |
| &nbsp;&nbsp;&nbsp; 28-day MXIBTIIE, <br> 7.38%<br>| Monthly | 6.98% | Monthly | N/A | 11/05/26 | MXN | 68859 | &nbsp;&nbsp; (413)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (413)<br>|
| 4.00% | Semi-Annual | &nbsp;&nbsp;&nbsp; 6-month WIBOR, <br> 3.87%<br>| At Termination | N/A | 12/17/26 | PLN | 20705 | &nbsp;&nbsp; (17496)<br>| &nbsp;&nbsp; (2153)<br>| &nbsp;&nbsp; (15343)<br>|
| 6.66% | Quarterly | &nbsp;&nbsp;&nbsp; 3-month JIBAR, <br> 6.75%<br>| Quarterly | N/A | 12/17/26 | ZAR | 278697 | &nbsp;&nbsp; (20888)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (20888)<br>|
| 6.72% | Quarterly | &nbsp;&nbsp;&nbsp; 3-month JIBAR, <br> 6.75%<br>| Quarterly | N/A | 12/17/26 | ZAR | 205790 | &nbsp;&nbsp; (22874)<br>| &nbsp;&nbsp; (6302)<br>| &nbsp;&nbsp; (16572)<br>|
| 13.86% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BROIS, <br> 0.06%<br>| At Termination | N/A | 01/04/27 | BRL | 5423 | &nbsp;&nbsp; 592 | &nbsp;&nbsp; — | &nbsp;&nbsp; 592 |
| 13.88% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BROIS, <br> 0.06%<br>| At Termination | N/A | 01/04/27 | BRL | 46076 | &nbsp;&nbsp; 3437 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3437 |
| 1.00% | At Termination | 1-day TONA, 0.73% | At Termination | 03/12/26<sup>(a)</sup> <br>| 03/12/27 | JPY | 25830724 | &nbsp;&nbsp; (10312)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (10312)<br>|
| 1.02% | At Termination | 1-day TONA, 0.73% | At Termination | 03/12/26<sup>(a)</sup> <br>| 03/12/27 | JPY | 58560835 | &nbsp;&nbsp; (100860)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (100860)<br>|
| 1.03% | At Termination | 1-day TONA, 0.73% | At Termination | 03/12/26<sup>(a)</sup> <br>| 03/12/27 | JPY | 63212579 | &nbsp;&nbsp; (140953)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (140953)<br>|
| 0.68% | At Termination | 1-day TONA, 0.73% | At Termination | 04/21/26<sup>(a)</sup> <br>| 04/21/27 | JPY | 23843630 | &nbsp;&nbsp; 549566 | &nbsp;&nbsp; — | &nbsp;&nbsp; 549566 |
| 0.69% | At Termination | 1-day TONA, 0.73% | At Termination | 04/21/26<sup>(a)</sup> <br>| 04/21/27 | JPY | 24122377 | &nbsp;&nbsp; 552950 | &nbsp;&nbsp; — | &nbsp;&nbsp; 552950 |
| 0.70% | At Termination | 1-day TONA, 0.73% | At Termination | 05/11/26<sup>(a)</sup> <br>| 05/11/27 | JPY | 19040597 | &nbsp;&nbsp; 454756 | &nbsp;&nbsp; — | &nbsp;&nbsp; 454756 |
| &nbsp;&nbsp;&nbsp; 3-month KWCDC, <br> 2.81%<br>| Quarterly | 2.87% | Quarterly | 06/17/26<sup>(a)</sup> <br>| 06/17/27 | KRW | 93921340 | &nbsp;&nbsp; 7497 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7497 |
| 1-day TONA, 0.73% | At Termination | 1.01% | At Termination | 09/11/26<sup>(a)</sup> <br>| 09/11/27 | JPY | 13296780 | &nbsp;&nbsp; (204168)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (204168)<br>|
| 3.27% | Annual | 1-day SOFR, 3.87% | Annual | N/A | 12/01/27 | USD | 14452 | &nbsp;&nbsp; 20071 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20071 |
| 1-day SOFR, 3.87% | At Termination | 3.23% | At Termination | 12/11/26<sup>(a)</sup> <br>| 12/11/27 | USD | 386606 | &nbsp;&nbsp; 158594 | &nbsp;&nbsp; — | &nbsp;&nbsp; 158594 |
| &nbsp;&nbsp;&nbsp; 1-day MIBOR, <br> 5.67%<br>| At Termination | 5.60% | At Termination | 12/16/26<sup>(a)</sup> <br>| 12/16/27 | INR | 2197078 | &nbsp;&nbsp; (34901)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (34901)<br>|
| &nbsp;&nbsp;&nbsp; 1-day MIBOR, <br> 5.67%<br>| At Termination | 5.60% | At Termination | 12/16/26<sup>(a)</sup> <br>| 12/16/27 | INR | 4394155 | &nbsp;&nbsp; (71101)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (71101)<br>|
| 3.35% | Annual | 1-day SOFR, 3.87% | Annual | N/A | 12/16/27 | USD | 26520 | &nbsp;&nbsp; (11483)<br>| &nbsp;&nbsp; 4787 | &nbsp;&nbsp; (16270)<br>|
| 3.88% | Semi-Annual | &nbsp;&nbsp;&nbsp; 6-month WIBOR, <br> 3.87%<br>| Annual | N/A | 12/17/27 | PLN | 40701 | &nbsp;&nbsp; (68873)<br>| &nbsp;&nbsp; (4759)<br>| &nbsp;&nbsp; (64114)<br>|
| 3.95% | Semi-Annual | &nbsp;&nbsp;&nbsp; 6-month WIBOR, <br> 3.87%<br>| Annual | N/A | 12/17/27 | PLN | 23249 | &nbsp;&nbsp; (47927)<br>| &nbsp;&nbsp; (5583)<br>| &nbsp;&nbsp; (42344)<br>|
| 6.55% | Quarterly | &nbsp;&nbsp;&nbsp; 3-month JIBAR, <br> 6.75%<br>| Quarterly | N/A | 12/17/27 | ZAR | 71619 | &nbsp;&nbsp; (15444)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (15444)<br>|
| &nbsp;&nbsp;&nbsp; 6-month BUBOR, <br> 6.39%<br>| Semi-Annual | 6.25% | Annual | N/A | 12/17/27 | HUF | 2909711 | &nbsp;&nbsp; 50211 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50211 |
| &nbsp;&nbsp;&nbsp; 3-month KWCDC, <br> 2.81%<br>| Quarterly | 3.06% | Quarterly | 09/17/27<sup>(a)</sup> <br>| 09/17/28 | KRW | 174806480 | &nbsp;&nbsp; (196804)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (196804)<br>|
| &nbsp;&nbsp;&nbsp; 3-month KWCDC, <br> 2.81%<br>| Quarterly | 2.69% | Quarterly | N/A | 12/17/28 | KRW | 24462088 | &nbsp;&nbsp; (164210)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (164210)<br>|
| &nbsp;&nbsp;&nbsp; 7-day China Fixing <br> Repo Rates, <br> 1.80%<br>| Quarterly | 1.54% | Quarterly | N/A | 12/17/28 | CNY | 56107 | &nbsp;&nbsp; 2009 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2009 |
| &nbsp;&nbsp;&nbsp; 7-day China Fixing <br> Repo Rates, <br> 1.80%<br>| Quarterly | 1.54% | Quarterly | N/A | 12/17/28 | CNY | 37634 | &nbsp;&nbsp; 557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp; 1-day BROIS, <br> 0.06%<br>| At Termination | 13.02% | At Termination | N/A | 01/02/29 | BRL | 21780 | &nbsp;&nbsp; (18116)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (18116)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date*<br>| &nbsp;&nbsp; *Termination*<br> *Date*<br>| &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; 6-month EURIBOR, <br> 2.11%<br>| Semi-Annual | 2.31% | Annual | N/A | 02/03/30 | EUR | 6083 | &nbsp;&nbsp; $(49069)<br>| &nbsp;&nbsp; $1477 | &nbsp;&nbsp; $(50546)<br>|
| &nbsp;&nbsp;&nbsp; 28-day MXIBTIIE, <br> 7.38%<br>| Monthly | 7.28% | Monthly | N/A | 10/31/30 | MXN | 148598 | &nbsp;&nbsp; (140662)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (140662)<br>|
| &nbsp;&nbsp;&nbsp; 28-day MXIBTIIE, <br> 7.38%<br>| Monthly | 7.32% | Monthly | N/A | 11/05/30 | MXN | 27753 | &nbsp;&nbsp; (23881)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (23881)<br>|
| 3.45% | Annual | 1-day SOFR, 3.87% | Annual | N/A | 12/16/30 | USD | 17089 | &nbsp;&nbsp; 13163 | &nbsp;&nbsp; 15316 | &nbsp;&nbsp; (2153)<br>|
| &nbsp;&nbsp;&nbsp; 1-day MIBOR, <br> 5.67%<br>| Semi-Annual | 5.71% | Semi-Annual | N/A | 12/17/30 | INR | 437998 | &nbsp;&nbsp; (36540)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (36540)<br>|
| &nbsp;&nbsp;&nbsp; 3-month KWCDC, <br> 2.81%<br>| Quarterly | 2.91% | Quarterly | N/A | 12/17/30 | KRW | 7286911 | &nbsp;&nbsp; (54694)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (54694)<br>|
| &nbsp;&nbsp;&nbsp; 3-month KWCDC, <br> 2.81%<br>| Quarterly | 2.94% | Quarterly | N/A | 12/17/30 | KRW | 3043899 | &nbsp;&nbsp; (20574)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (20574)<br>|
| &nbsp;&nbsp;&nbsp; 3-month KWCDC, <br> 2.81%<br>| Quarterly | 2.95% | Quarterly | N/A | 12/17/30 | KRW | 7246497 | &nbsp;&nbsp; (46626)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (46626)<br>|
| 4.00% | Semi-Annual | &nbsp;&nbsp;&nbsp; 6-month WIBOR, <br> 3.87%<br>| Annual | N/A | 12/17/30 | PLN | 616 | &nbsp;&nbsp; (1994)<br>| &nbsp;&nbsp; (189)<br>| &nbsp;&nbsp; (1805)<br>|
| 4.05% | Semi-Annual | &nbsp;&nbsp;&nbsp; 6-month WIBOR, <br> 3.87%<br>| Annual | N/A | 12/17/30 | PLN | 18412 | &nbsp;&nbsp; (70126)<br>| &nbsp;&nbsp; (1744)<br>| &nbsp;&nbsp; (68382)<br>|
| 6.86% | Quarterly | &nbsp;&nbsp;&nbsp; 3-month JIBAR, <br> 6.75%<br>| Quarterly | N/A | 12/17/30 | ZAR | 210942 | &nbsp;&nbsp; (136712)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (136712)<br>|
| 6.87% | Quarterly | &nbsp;&nbsp;&nbsp; 3-month JIBAR, <br> 6.75%<br>| Quarterly | N/A | 12/17/30 | ZAR | 99472 | &nbsp;&nbsp; (65752)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (65752)<br>|
| &nbsp;&nbsp;&nbsp; 6-month BUBOR, <br> 6.39%<br>| Semi-Annual | 6.29% | Annual | N/A | 12/17/30 | HUF | 428610 | &nbsp;&nbsp; 10706 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10706 |
| &nbsp;&nbsp;&nbsp; 6-month PRIBOR, <br> 3.54%<br>| Semi-Annual | 3.89% | Annual | N/A | 12/17/30 | CZK | 380985 | &nbsp;&nbsp; 58597 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58597 |
| &nbsp;&nbsp;&nbsp; 6-month PRIBOR, <br> 3.54%<br>| Semi-Annual | 3.91% | Annual | N/A | 12/17/30 | CZK | 251960 | &nbsp;&nbsp; 50086 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50086 |
| &nbsp;&nbsp;&nbsp; 7-day China Fixing <br> Repo Rates, <br> 1.80%<br>| Quarterly | 1.58% | Quarterly | N/A | 12/17/30 | CNY | 45361 | &nbsp;&nbsp; (1731)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1731)<br>|
| &nbsp;&nbsp;&nbsp; 7-day China Fixing <br> Repo Rates, <br> 1.80%<br>| Quarterly | 1.58% | Quarterly | N/A | 12/17/30 | CNY | 32736 | &nbsp;&nbsp; (1473)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1473)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BROIS, <br> 0.06%<br>| At Termination | 13.24% | At Termination | N/A | 01/02/31 | BRL | 13815 | &nbsp;&nbsp; (8636)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8636)<br>|
| 1.62% | Quarterly | &nbsp;&nbsp;&nbsp; 7-day China Fixing <br> Repo Rates, <br> 1.80%<br>| Quarterly | 03/18/26<sup>(a)</sup> <br>| 03/18/31 | CNY | 128770 | &nbsp;&nbsp; (24594)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (24594)<br>|
| &nbsp;&nbsp;&nbsp; 28-day MXIBTIIE, <br> 7.38%<br>| Monthly | 8.27% | Monthly | N/A | 12/05/35 | MXN | 42733 | &nbsp;&nbsp; 15457 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15457 |
| 3.77% | Annual | 1-day SOFR, 3.87% | Annual | N/A | 12/16/35 | USD | 4087 | &nbsp;&nbsp; 9696 | &nbsp;&nbsp; 4997 | &nbsp;&nbsp; 4699 |
| &nbsp;&nbsp;&nbsp; 6-month BBSW, <br> 4.12%<br>| Semi-Annual | 4.97% | Semi-Annual | 12/18/30<sup>(a)</sup> <br>| 12/18/35 | AUD | 25890 | &nbsp;&nbsp; (107793)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (107793)<br>|
| &nbsp;&nbsp;&nbsp; 1-day SONIA, <br> 3.73%<br>| Annual | 4.45% | Annual | N/A | 12/04/55 | GBP | 12558 | &nbsp;&nbsp; (12993)<br>| &nbsp;&nbsp; (218)<br>| &nbsp;&nbsp; (12775)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $(318429)<br>| &nbsp;&nbsp; $71026 | &nbsp;&nbsp; $(389455)<br>|

---

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

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

**OTC Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate* <br>*Paid* <br>*by the* <br>*Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Xerox Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> % <br>| Quarterly | Barclays Bank PLC | 12/20/26 | USD | 115 | &nbsp;&nbsp; $23885 | &nbsp;&nbsp; $27819 | &nbsp;&nbsp; $(3934)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**OTC Credit Default Swaps — Buy Protection (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing*<br> *Rate*<br> *Paid*<br> *by the*<br> *Fund*<br>| &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Counterparty* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | &nbsp;&nbsp; *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> % <br>| Quarterly | Deutsche Bank AG | 06/20/27 | USD | 4300 | &nbsp;&nbsp; $(57493)<br>| &nbsp;&nbsp; $(30327)<br>| &nbsp;&nbsp; $(27166)<br>|
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | BNP Paribas S.A. | 12/20/27 | USD | 1000 | &nbsp;&nbsp; (15635)<br>| &nbsp;&nbsp; 5465 | &nbsp;&nbsp; (21100)<br>|
| Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Bank of America N.A. | 12/20/27 | USD | 620 | &nbsp;&nbsp; (217)<br>| &nbsp;&nbsp; 64792 | &nbsp;&nbsp; (65009)<br>|
| Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Citibank N.A. | 12/20/27 | USD | 250 | &nbsp;&nbsp; (87)<br>| &nbsp;&nbsp; 26870 | &nbsp;&nbsp; (26957)<br>|
| Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Citibank N.A. | 12/20/27 | USD | 380 | &nbsp;&nbsp; (133)<br>| &nbsp;&nbsp; 42081 | &nbsp;&nbsp; (42214)<br>|
| Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Goldman Sachs Bank USA | 12/20/27 | USD | 780 | &nbsp;&nbsp; (230)<br>| &nbsp;&nbsp; 107138 | &nbsp;&nbsp; (107368)<br>|
| Republic of Argentina | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | USD | 184 | &nbsp;&nbsp; 1944 | &nbsp;&nbsp; 4090 | &nbsp;&nbsp; (2146)<br>|
| Simon Property Group LP | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Goldman Sachs Bank USA | 12/20/27 | USD | 3640 | &nbsp;&nbsp; (55861)<br>| &nbsp;&nbsp; 22265 | &nbsp;&nbsp; (78126)<br>|
| Credit Suisse Group AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Barclays Bank PLC | 06/20/28 | EUR | 1350 | &nbsp;&nbsp; (28936)<br>| &nbsp;&nbsp; 43770 | &nbsp;&nbsp; (72706)<br>|
| Credit Suisse Group AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 3500 | &nbsp;&nbsp; (75020)<br>| &nbsp;&nbsp; 62535 | &nbsp;&nbsp; (137555)<br>|
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | BNP Paribas S.A. | 06/20/28 | EUR | 4400 | &nbsp;&nbsp; (93801)<br>| &nbsp;&nbsp; 181786 | &nbsp;&nbsp; (275587)<br>|
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Goldman Sachs Bank USA | 06/20/28 | EUR | 4400 | &nbsp;&nbsp; (93801)<br>| &nbsp;&nbsp; 126658 | &nbsp;&nbsp; (220459)<br>|
| Boeing Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Deutsche Bank AG | 12/20/28 | USD | 4700 | &nbsp;&nbsp; (73261)<br>| &nbsp;&nbsp; (13636)<br>| &nbsp;&nbsp; (59625)<br>|
| Boeing Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | USD | 4700 | &nbsp;&nbsp; (78031)<br>| &nbsp;&nbsp; 39095 | &nbsp;&nbsp; (117126)<br>|
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Bank of America N.A. | 12/20/29 | USD | 39219 | &nbsp;&nbsp; (1075325)<br>| &nbsp;&nbsp; (865811)<br>| &nbsp;&nbsp; (209514)<br>|
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Goldman Sachs Bank USA | 12/20/29 | USD | 19990 | &nbsp;&nbsp; (573116)<br>| &nbsp;&nbsp; (450367)<br>| &nbsp;&nbsp; (122749)<br>|
| Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Goldman Sachs Bank USA | 12/20/29 | USD | 19396 | &nbsp;&nbsp; (496587)<br>| &nbsp;&nbsp; (414717)<br>| &nbsp;&nbsp; (81870)<br>|
| Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | USD | 580 | &nbsp;&nbsp; (96018)<br>| &nbsp;&nbsp; (89690)<br>| &nbsp;&nbsp; (6328)<br>|
| American Airlines Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | Quarterly | Bank of America N.A. | 12/20/30 | USD | 175 | &nbsp;&nbsp; (6853)<br>| &nbsp;&nbsp; 3639 | &nbsp;&nbsp; (10492)<br>|
| Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Deutsche Bank AG | 12/20/30 | EUR | 1649 | &nbsp;&nbsp; (49429)<br>| &nbsp;&nbsp; (43305)<br>| &nbsp;&nbsp; (6124)<br>|
| CMA CGM SA | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | Quarterly | Deutsche Bank AG | 12/20/30 | EUR | 834 | &nbsp;&nbsp; (87072)<br>| &nbsp;&nbsp; (94886)<br>| &nbsp;&nbsp; 7814 |
| &nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive <br> PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | EUR | 1155 | &nbsp;&nbsp; (157082)<br>| &nbsp;&nbsp; (149687)<br>| &nbsp;&nbsp; (7395)<br>|
| LANXESS AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/20/30 | EUR | 760 | &nbsp;&nbsp; 29703 | &nbsp;&nbsp; 28886 | &nbsp;&nbsp; 817 |
| Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Barclays Bank PLC | 12/20/30 | EUR | 1649 | &nbsp;&nbsp; (50129)<br>| &nbsp;&nbsp; (40885)<br>| &nbsp;&nbsp; (9244)<br>|
| Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Deutsche Bank AG | 12/20/30 | USD | 2315 | &nbsp;&nbsp; (4029)<br>| &nbsp;&nbsp; 6149 | &nbsp;&nbsp; (10178)<br>|
| Stellantis NV | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | Quarterly | Deutsche Bank AG | 12/20/30 | EUR | 1318 | &nbsp;&nbsp; (258403)<br>| &nbsp;&nbsp; (238826)<br>| &nbsp;&nbsp; (19577)<br>|
| Suedzucker AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Barclays Bank PLC | 12/20/30 | EUR | 858 | &nbsp;&nbsp; 28645 | &nbsp;&nbsp; 15279 | &nbsp;&nbsp; 13366 |
| ThyssenKrupp AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Barclays Bank PLC | 12/20/30 | EUR | 1248 | &nbsp;&nbsp; (12031)<br>| &nbsp;&nbsp; (15401)<br>| &nbsp;&nbsp; 3370 |
| United Group BV | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | Quarterly | Goldman Sachs Bank USA | 12/20/30 | EUR | 874 | &nbsp;&nbsp; (83287)<br>| &nbsp;&nbsp; (56258)<br>| &nbsp;&nbsp; (27029)<br>|
| Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Deutsche Bank AG | 12/20/30 | EUR | 764 | &nbsp;&nbsp; (4112)<br>| &nbsp;&nbsp; 2838 | &nbsp;&nbsp; (6950)<br>|
| Volvo Car AB | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | Quarterly | Barclays Bank PLC | 12/20/30 | EUR | 1638 | &nbsp;&nbsp; (291121)<br>| &nbsp;&nbsp; (226848)<br>| &nbsp;&nbsp; (64273)<br>|
| Warnermedia Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Bank of America N.A. | 12/20/30 | USD | 365 | &nbsp;&nbsp; 22927 | &nbsp;&nbsp; 16310 | &nbsp;&nbsp; 6617 |
| Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | Quarterly | Deutsche Bank AG | 12/20/30 | USD | 290 | &nbsp;&nbsp; 19378 | &nbsp;&nbsp; 18957 | &nbsp;&nbsp; 421 |
| CMBX.NA.9.AAA | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | Monthly | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 09/17/58 | USD | 89 | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; 863 | &nbsp;&nbsp; (870)<br>|
| CMBX.NA.9.AAA | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | Monthly | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 09/17/58 | USD | 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 | &nbsp;&nbsp; (20)<br>|
| CMBX.NA.9.BBB- | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | Monthly | Citigroup Global Markets, Inc. | 09/17/58 | USD | 1648 | &nbsp;&nbsp; 409181 | &nbsp;&nbsp; 48280 | &nbsp;&nbsp; 360901 |
| CMBX.NA.9.BBB- | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | Monthly | Goldman Sachs Bank USA | 09/17/58 | USD | 2808 | &nbsp;&nbsp; 697181 | &nbsp;&nbsp; 193860 | &nbsp;&nbsp; 503321 |
| CMBX.NA.9.BBB- | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | Monthly | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 09/17/58 | USD | 162 | &nbsp;&nbsp; 40131 | &nbsp;&nbsp; 7753 | &nbsp;&nbsp; 32378 |
| CMBX.NA.6.AAA | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | Monthly | Deutsche Bank AG | 05/11/63 | USD | 7 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 1 |
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(2544133)<br>| &nbsp;&nbsp; $(1633448)<br>| &nbsp;&nbsp; $(910685)<br>|

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate* <br>*Received* <br>*by* <br>*the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Credit* <br>*Rating*<sup>(a)</sup> <br>| *Notional* <br>*Amount* <br>*(000)*<sup>(b)</sup>  | *Notional* <br>*Amount* <br>*(000)*<sup>(b)</sup>  | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Altice France SA | 5.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | CCC+ | EUR | 697 | $25891 | $16911 | $8980 |
| PacifiCorp | 1.56 | Monthly | JPMorgan Chase Bank N.A. | 09/29/27 | BBB+ | USD | 6915 | (4027)<br>| (3150)<br>| (877)<br>|
| Altice France SA | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC+ | EUR | 534 | 25058 | 11255 | 13803 |
| Ziggo Bond Co. BV | 5.00 | Quarterly | Deutsche Bank AG | 12/20/28 | B- | EUR | 357 | 26994 | 28478 | (1484)<br>|
| ITRAXX.XO.42.V3 | 5.00 | Quarterly | BNP Paribas S.A. | 12/20/29 | BB- | EUR | 2718 | 163283 | 211182 | (47899)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**OTC Credit Default Swaps — Sell Protection (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing*<br> *Rate*<br> *Received*<br> *by*<br> *the Fund*<br>| &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Counterparty* | *Termination*<br> *Date*<br>| *Credit*<br> *Rating*<sup>(a)</sup><br>| *Notional*<br> *Amount*<br> *(000)*<sup>(b)</sup> | *Notional*<br> *Amount*<br> *(000)*<sup>(b)</sup> | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| ITRAXX.XO.42.V3 | 5.00<br> % <br>| Quarterly | BNP Paribas S.A. | 12/20/29 | BB- | EUR | 5250 | $315392 | $395922 | $(80530)<br>|
| ITRAXX.XO.44.V1 | 5.00 | Quarterly | Bank of America N.A. | 12/20/30 | BB- | EUR | 21620 | 5091965 | 4798087 | 293878 |
| ITRAXX.XO.44.V1 | 5.00 | Quarterly | BNP Paribas S.A. | 12/20/30 | BB- | EUR | 7127 | 1678558 | 1593288 | 85270 |
| ITRAXX.XO.44.V1 | 5.00 | Quarterly | Citibank N.A. | 12/20/30 | BB- | EUR | 7000 | 1148194 | 1059572 | 88622 |
| ITRAXX.XO.44.V1 | 5.00 | Quarterly | Goldman Sachs Bank USA | 12/20/30 | BB- | EUR | 2718 | 445828 | 417677 | 28151 |
| Worldline SA | 5.00 | Quarterly | Deutsche Bank AG | 12/20/30 | BB | EUR | 50 | (10027)<br>| (12214)<br>| 2187 |
| Worldline SA | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | BB | EUR | 50 | (10227)<br>| (13081)<br>| 2854 |
| ZF Europe Finance BV | 5.00 | Quarterly | Goldman Sachs Bank USA | 12/20/30 | BB- | EUR | 1000 | 85242 | 47008 | 38234 |
| CMBX.N.A.9.BBB- | 3.00 | Monthly | J.P. Morgan Securities LLC | 09/17/58 | N/R | USD | 96 | (23803)<br>| (18739)<br>| (5064)<br>|
| CMBX.N.A.9.BBB- | 3.00 | Monthly | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 09/17/58 | N/R | USD | 792 | (196721)<br>| (180888)<br>| (15833)<br>|
| CMBX.NA.9.BBB- | 3.00 | Monthly | Deutsche Bank AG | 09/17/58 | N/R | USD | 718 | (178230)<br>| (71198)<br>| (107032)<br>|
| CMBX.NA.9.BBB- | 3.00 | Monthly | Goldman Sachs Bank USA | 09/17/58 | N/R | USD | 1038 | (257705)<br>| (100258)<br>| (157447)<br>|
| CMBX.NA.9.BBB- | 3.00 | Monthly | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 09/17/58 | N/R | USD | 183 | (45443)<br>| (9217)<br>| (36226)<br>|
| CMBX.NA.9.BBB- | 3.00 | Monthly | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 09/17/58 | N/R | USD | 840 | (208525)<br>| (35180)<br>| (173345)<br>|
| CMBX.NA.9.BBB- | 3.00 | Monthly | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 09/17/58 | N/R | USD | 951 | (236066)<br>| (1023)<br>| (235043)<br>|
| CMBX.NA.10.BBB- | 3.00 | Monthly | J.P. Morgan Securities LLC | 11/17/59 | BBB- | USD | 60 | (13163)<br>| (4292)<br>| (8871)<br>|
|  |  |  |  |  |  |  |  | $7822468 | $8130140 | $(307672)<br>|

---

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

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of agreement.

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)* | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 4.44% | Semi-Annual | 1-day CLOIS, 4.50% | Semi-Annual | Bank of America N.A. | 12/17/27 | CLP | &nbsp;&nbsp; 6845692 | &nbsp;&nbsp; $(1315)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1315)<br>|
| 4.44% | Semi-Annual | 1-day CLOIS, 4.50% | Semi-Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank <br> USA<br>| 12/17/27 | CLP | &nbsp;&nbsp; 6890422 | &nbsp;&nbsp; (1323)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1323)<br>|
| &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.31% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank <br> USA<br>| 12/17/27 | COP | &nbsp;&nbsp; 7451528 | &nbsp;&nbsp; (54558)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (54558)<br>|
| 1-day COOIS | Quarterly | 9.31% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank <br> USA<br>| 12/17/27 | COP | &nbsp;&nbsp; 6871229 | &nbsp;&nbsp; (50309)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (50309)<br>|
| &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.37% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank <br> USA<br>| 12/17/27 | COP | &nbsp;&nbsp; 7396965 | &nbsp;&nbsp; (52059)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (52059)<br>|
| &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.37% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank <br> USA<br>| 12/17/27 | COP | &nbsp;&nbsp; 6820908 | &nbsp;&nbsp; (48005)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (48005)<br>|
| &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.54% | Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| 12/17/27 | COP | &nbsp;&nbsp; 13542021 | &nbsp;&nbsp; (84422)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (84422)<br>|
| &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.54% | Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| 12/17/27 | COP | &nbsp;&nbsp; 14685711 | &nbsp;&nbsp; (91594)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (91594)<br>|
| 9.36% | Quarterly | 1-day COOIS, 8.75% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank <br> USA<br>| 12/17/29 | COP | &nbsp;&nbsp; 4136961 | &nbsp;&nbsp; 50803 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50803 |
| 9.36% | Quarterly | 1-day COOIS, 8.75% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank <br> USA<br>| 12/17/29 | COP | &nbsp;&nbsp; 3811283 | &nbsp;&nbsp; 46803 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46803 |
| 9.42% | Quarterly | 1-day COOIS, 8.75% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank <br> USA<br>| 12/17/29 | COP | &nbsp;&nbsp; 4124830 | &nbsp;&nbsp; 48550 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48550 |
| 9.42% | Quarterly | 1-day COOIS, 8.75% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank <br> USA<br>| 12/17/29 | COP | &nbsp;&nbsp; 3800106 | &nbsp;&nbsp; 44728 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44728 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**OTC Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Termination*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| 9.54% | Quarterly | 1-day COOIS, 8.75% | Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| 12/17/29 | COP | &nbsp;&nbsp; 7452320 | &nbsp;&nbsp; $80114 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $80114 |
| 9.54% | Quarterly | 1-day COOIS, 8.75% | Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| 12/17/29 | COP | &nbsp;&nbsp; 8089134 | &nbsp;&nbsp; 86998 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86998 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $(25589)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(25589)<br>|

---

**OTC Total Return Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)* | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield <br> Corporate Bond <br> ETF<br>| At Termination | 1-day SOFR, 3.87% | At Termination | &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank <br> N.A.<br>| 03/20/26 | USD | 24108 | &nbsp;&nbsp; $(56055)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(56055)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield <br> Corporate Bond <br> ETF<br>| At Termination | 1-day SOFR, 3.87% | At Termination | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 03/20/26 | USD | 505384 | &nbsp;&nbsp; (1175098)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1175098)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $(1231153)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1231153)<br>|

---

**Equity Swap Contracts** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| 3i Group PLC | Barclays Bank PLC | USD  | 336287 | &nbsp;&nbsp; 09/14/26 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $1349 |
| Accenture PLC, Class A | Barclays Bank PLC |  | 406005 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3555)<br>|
| Ackermans & van Haaren NV | Barclays Bank PLC |  | 788630 | &nbsp;&nbsp; 09/14/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1225)<br>|
| Admiral Group PLC | Barclays Bank PLC |  | 318197 | &nbsp;&nbsp; 09/14/26 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1641)<br>|
| Adobe, Inc. | Merrill Lynch International |  | 667185 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2204)<br>|
| Aegon Ltd. | JPMorgan Chase Bank N.A. |  | 334977 | &nbsp;&nbsp; 02/11/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (13038)<br>|
| Aena SME SA | Merrill Lynch International |  | 753019 | &nbsp;&nbsp; 02/15/28 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1410)<br>|
| Airbnb, Inc., Class A | Barclays Bank PLC |  | 725835 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6519)<br>|
| Airtac International Group | Merrill Lynch International |  | 246463 | &nbsp;&nbsp; 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10686)<br>|
| Akamai Technologies, Inc. | Merrill Lynch International |  | 294202 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2448 |
| Albemarle Corp. | Citibank N.A. |  | 232608 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6304)<br>|
| Alibaba Group Holding Ltd. | JPMorgan Chase Bank N.A. |  | 478962 | &nbsp;&nbsp; 02/10/26 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (32791)<br>|
| Align Technology, Inc. | Citibank N.A. |  | 366344 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7199)<br>|
| Alps Alpine Co. Ltd. | JPMorgan Chase Bank N.A. |  | 631298 | &nbsp;&nbsp; 02/10/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (30092)<br>|
| Altria Group, Inc. | Citibank N.A. |  | 890872 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (14440)<br>|
| Amadeus IT Group SA | Merrill Lynch International |  | 345211 | &nbsp;&nbsp; 02/15/28 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2641 |
| Amazon.com, Inc. | Barclays Bank PLC |  | 411174 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4302 |
| AMC Networks, Inc., Class A | Barclays Bank PLC |  | 436383 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4985)<br>|
| AMC Networks, Inc., Class A | JPMorgan Chase Bank N.A. |  | 936242 | &nbsp;&nbsp; 02/09/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 18043 |
| America Movil SAB de CV, Class B | JPMorgan Chase Bank N.A. |  | 229370 | &nbsp;&nbsp; 02/10/26 | 0.50<br> %<br>| TIIEFONDEO | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 741 |
| ANTA Sports Products Ltd. | JPMorgan Chase Bank N.A. |  | 488584 | &nbsp;&nbsp; 02/10/26 | 0.15<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2586)<br>|
| Asahi Intecc Co. Ltd. | Citibank N.A. |  | 373399 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2238)<br>|
| ASM International NV | JPMorgan Chase Bank N.A. |  | 120818 | &nbsp;&nbsp; 02/11/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 261 |
| Aspen Pharmacare Holdings Ltd. | Merrill Lynch International |  | 452010 | &nbsp;&nbsp; 02/15/28 | 0.85<br> %<br>| 1M JIBAR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 106551 |
| Astellas Pharma, Inc. | Barclays Bank PLC |  | 384497 | &nbsp;&nbsp; 08/14/26 | 0.24<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 148 |
| Atlas Arteria Ltd. | JPMorgan Chase Bank N.A. |  | 622675 | &nbsp;&nbsp; 02/10/26 | 0.25<br> %<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (791)<br>|
| Atlas Copco AB, A Shares | Barclays Bank PLC |  | 537821 | &nbsp;&nbsp; 09/14/26 | 0.26<br> %<br>| 1D STIBOR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1963)<br>|
| Auto Trader Group PLC | Citibank N.A. |  | 482830 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (8680)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Automatic Data Processing, Inc. | Merrill Lynch International | USD  | 999025 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $(21551)<br>|
| Baidu, Inc., Class A | JPMorgan Chase Bank N.A. |  | 405718 | &nbsp;&nbsp; 02/10/26 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 7057 |
| Banco Bilbao Vizcaya Argentaria SA | Merrill Lynch International |  | 255055 | &nbsp;&nbsp; 02/15/28 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2974 |
| Banco BPM SpA | Citibank N.A. |  | 302474 | &nbsp;&nbsp; 02/26/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2744 |
| Banco Bradesco SA, Preference Shares, NVS | JPMorgan Chase Bank N.A. |  | 818623 | &nbsp;&nbsp; 02/10/26 | 0.40<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (13910)<br>|
| Barrick Mining Corp. | Merrill Lynch International |  | 321491 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| CABROVER | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 863 |
| Beijer Ref AB | Citibank N.A. |  | 290286 | &nbsp;&nbsp; 02/26/26 | 0.26<br> %<br>| TN STIBOR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 180 |
| Best Buy Co., Inc. | Merrill Lynch International |  | 814206 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (64590)<br>|
| Bilibili, Inc., Class Z | JPMorgan Chase Bank N.A. |  | 224226 | &nbsp;&nbsp; 02/10/26 | 0.15<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7032)<br>|
| Booking Holdings, Inc. | Citibank N.A. |  | 1081398 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10332)<br>|
| Bridgestone Corp. | Citibank N.A. |  | 774763 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (14287)<br>|
| British Land Co. PLC (The) | Barclays Bank PLC |  | 1016673 | &nbsp;&nbsp; 09/14/26 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 30080 |
| Canadian National Railway Co. | JPMorgan Chase Bank N.A. |  | 564734 | &nbsp;&nbsp; 02/09/26 | 0.20<br> %<br>| COBRO | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (984)<br>|
| Capgemini SE | JPMorgan Chase Bank N.A. |  | 323618 | &nbsp;&nbsp; 02/11/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (8126)<br>|
| Carvana Co. | Citibank N.A. |  | 303513 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (8099)<br>|
| CGI, Inc. | Merrill Lynch International |  | 356088 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| CABROVER | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4148 |
| Charter Communications, Inc., Class A | Barclays Bank PLC |  | 494448 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6552 |
| China Galaxy Securities Co. Ltd., Class H | Merrill Lynch International |  | 233408 | &nbsp;&nbsp; 02/15/28 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (9038)<br>|
| China Hongqiao Group Ltd. | Merrill Lynch International |  | 246238 | &nbsp;&nbsp; 02/15/28 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5745 |
| China Overseas Land & Investment Ltd. | Merrill Lynch International |  | 472201 | &nbsp;&nbsp; 02/15/28 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7900)<br>|
| CITIC Ltd. | Merrill Lynch International |  | 514279 | &nbsp;&nbsp; 02/15/28 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6082)<br>|
| Coca-Cola Bottlers Japan Holdings, Inc. | Citibank N.A. |  | 527697 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5720 |
| Coca-Cola Co. (The) | Citibank N.A. |  | 659974 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2820)<br>|
| Coloplast A/S, Class B | Merrill Lynch International |  | 622870 | &nbsp;&nbsp; 02/15/28 | 0.26<br> %<br>| 1W CIBOR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (14149)<br>|
| Comstock Resources, Inc. | JPMorgan Chase Bank N.A. |  | 224385 | &nbsp;&nbsp; 02/09/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 716 |
| Constellation Software, Inc./Canada | Merrill Lynch International |  | 972205 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| CABROVER | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10083)<br>|
| Convatec Group PLC | Merrill Lynch International |  | 672762 | &nbsp;&nbsp; 02/15/28 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 35725 |
| Cosmo Energy Holdings Co. Ltd. | Barclays Bank PLC |  | 999265 | &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; - | 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (9711)<br>|
| Costco Wholesale Corp. | Barclays Bank PLC |  | 765000 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 11106 |
| CTP NV | Barclays Bank PLC |  | 449313 | &nbsp;&nbsp; 09/14/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3302 |
| Daiwa Securities Group, Inc. | Citibank N.A. |  | 770386 | &nbsp;&nbsp; 02/26/26 | 0.15<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6087 |
| Danske Bank A/S | Merrill Lynch International |  | 467475 | &nbsp;&nbsp; 02/15/28 | 0.26<br> %<br>| 1W CIBOR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 16907 |
| Dassault Systemes SE | JPMorgan Chase Bank N.A. |  | 331547 | &nbsp;&nbsp; 02/11/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3712 |
| Deckers Outdoor Corp. | Barclays Bank PLC |  | 264966 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4576 |
| Delta Air Lines, Inc. | Barclays Bank PLC |  | 461184 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (17024)<br>|
| Deutsche Lufthansa AG, Registered Shares | Barclays Bank PLC |  | 346006 | &nbsp;&nbsp; 09/14/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7080)<br>|
| Deutsche Telekom AG, Registered Shares | Barclays Bank PLC |  | 640789 | &nbsp;&nbsp; 09/14/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6976 |
| Devon Energy Corp. | Merrill Lynch International |  | 1068866 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 11719 |
| Diploma PLC | Barclays Bank PLC |  | 596320 | &nbsp;&nbsp; 09/14/26 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (12905)<br>|
| Dollar General Corp. | Merrill Lynch International |  | 358911 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (432)<br>|
| Eagle Bancorp, Inc. | JPMorgan Chase Bank N.A. |  | 342127 | &nbsp;&nbsp; 02/09/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 11217 |
| Eaton Corp. PLC | Merrill Lynch International |  | 622760 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (17591)<br>|
| ENEOS Holdings, Inc. | Barclays Bank PLC |  | 982509 | &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; - | 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 10835 |
| EQT Corp. | JPMorgan Chase Bank N.A. |  | 230586 | &nbsp;&nbsp; 02/09/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (12273)<br>|
| Estee Lauder Cos., Inc. (The), Class A | Merrill Lynch International |  | 370626 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6366 |
| Eurazeo SE | Merrill Lynch International |  | 464498 | &nbsp;&nbsp; 02/15/28 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2703 |
| EXEO Group, Inc. | Citibank N.A. |  | 525532 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 25689 |
| EXOR NV | Citibank N.A. |  | 537143 | &nbsp;&nbsp; 02/26/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1994)<br>|
| Experian PLC | Barclays Bank PLC |  | 305076 | &nbsp;&nbsp; 09/14/26 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2996)<br>|
| FactSet Research Systems, Inc. | Citibank N.A. |  | 669162 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1725)<br>|
| Far EasTone Telecommunications Co. Ltd. | Merrill Lynch International |  | 509619 | &nbsp;&nbsp; 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4259 |
| FinecoBank Banca Fineco SpA | Citibank N.A. |  | 309346 | &nbsp;&nbsp; 02/26/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1022)<br>|
| First Quantum Minerals Ltd. | Barclays Bank PLC |  | 228759 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| CABROVER | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4500 |
| FirstRand Ltd. | Merrill Lynch International |  | 693157 | &nbsp;&nbsp; 02/15/28 | 0.85<br> %<br>| 1M JIBAR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 25818 |
| Flagstar Bank N.A. | JPMorgan Chase Bank N.A. |  | 3169240 | &nbsp;&nbsp; 02/09/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (71357)<br>|
| Flughafen Zurich AG, Registered Shares | Barclays Bank PLC |  | 348567 | &nbsp;&nbsp; 09/14/26 | 0.26<br> %<br>| SSARON | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (346)<br>|
| Fomento Economico Mexicano SAB de CV | JPMorgan Chase Bank N.A. |  | 383653 | &nbsp;&nbsp; 02/10/26 | 0.50<br> %<br>| TIIEFONDEO | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3571)<br>|
| Ford Motor Co. | Merrill Lynch International |  | 1060226 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (40802)<br>|
| Formosa Chemicals & Fibre Corp. | JPMorgan Chase Bank N.A. |  | 17 | &nbsp;&nbsp; 02/10/26 | 0.35<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1)<br>|
| Fortinet, Inc. | Citibank N.A. |  | 359656 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10252)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Fortis, Inc./Canada | Citibank N.A. | USD  | 984935 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D CORRA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $13289 |
| Freeport-McMoRan, Inc. | Citibank N.A. |  | 450696 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1335 |
| Fresnillo PLC | Barclays Bank PLC |  | 307406 | &nbsp;&nbsp; 09/14/26 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4727 |
| Garmin Ltd. | Merrill Lynch International |  | 579751 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (11771)<br>|
| Gecina SA | Merrill Lynch International |  | 475885 | &nbsp;&nbsp; 02/15/28 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 8475 |
| Geely Automobile Holdings Ltd. | Merrill Lynch International |  | 567541 | &nbsp;&nbsp; 02/15/28 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 29181 |
| Genius Electronic Optical Co. Ltd. | Merrill Lynch International |  | 322337 | &nbsp;&nbsp; 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 19991 |
| Gildan Activewear, Inc. | Barclays Bank PLC |  | 507202 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| CABROVER | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7169)<br>|
| Haleon PLC | Citibank N.A. |  | 417687 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4270 |
| Harmony Gold Mining Co. Ltd. | Merrill Lynch International |  | 338818 | &nbsp;&nbsp; 02/15/28 | 0.85<br> %<br>| 1M JIBAR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7793)<br>|
| Haseko Corp. | Merrill Lynch International |  | 771498 | &nbsp;&nbsp; 03/15/28 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 9315 |
| Henderson Land Development Co. Ltd. | JPMorgan Chase Bank N.A. |  | 514372 | &nbsp;&nbsp; 02/10/26 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (11013)<br>|
| Hermes International SCA | Barclays Bank PLC |  | 490881 | &nbsp;&nbsp; 09/14/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5689 |
| Hikma Pharmaceuticals PLC | JPMorgan Chase Bank N.A. |  | 649099 | &nbsp;&nbsp; 02/11/26 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5495 |
| Hino Motors Ltd. | JPMorgan Chase Bank N.A. |  | 264503 | &nbsp;&nbsp; 02/10/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 7071 |
| Hitachi Construction Machinery Co. Ltd. | Barclays Bank PLC |  | 556670 | &nbsp;&nbsp; 08/14/26 | 0.23<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6859)<br>|
| Holcim AG | Citibank N.A. |  | 399389 | &nbsp;&nbsp; 02/26/26 | 0.10<br> %<br>| SSARON | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (253)<br>|
| Honeywell International, Inc. | Merrill Lynch International |  | 908270 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10856)<br>|
| Hoshizaki Corp. | Barclays Bank PLC |  | 437879 | &nbsp;&nbsp; 08/14/26 | 0.15<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (8192)<br>|
| House Foods Group, Inc. | Merrill Lynch International |  | 346745 | &nbsp;&nbsp; 03/15/28 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3104)<br>|
| Huntington Bancshares, Inc./OH | Citibank N.A. |  | 878080 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (27930)<br>|
| ICG PLC | Merrill Lynch International |  | 271332 | &nbsp;&nbsp; 02/15/28 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1085)<br>|
| Idemitsu Kosan Co. Ltd. | Citibank N.A. |  | 514551 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6353 |
| Illinois Tool Works, Inc. | JPMorgan Chase Bank N.A. |  | 919131 | &nbsp;&nbsp; 02/09/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7821)<br>|
| Indutrade AB | Barclays Bank PLC |  | 279928 | &nbsp;&nbsp; 09/14/26 | 0.26<br> %<br>| 1D STIBOR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 17 |
| INFRONEER Holdings, Inc. | Barclays Bank PLC |  | 424151 | &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; - | 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 13109 |
| Inpex Corp. | Barclays Bank PLC |  | 426032 | &nbsp;&nbsp; 08/14/26 | 0.15<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (8021)<br>|
| Intertek Group PLC | Citibank N.A. |  | 470502 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5377)<br>|
| Intuitive Surgical, Inc. | Merrill Lynch International |  | 290161 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6981)<br>|
| Isetan Mitsukoshi Holdings Ltd. | Merrill Lynch International |  | 305674 | &nbsp;&nbsp; 03/15/28 | 0.15<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (19530)<br>|
| Italgas SpA | Merrill Lynch International |  | 688078 | &nbsp;&nbsp; 02/15/28 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 19060 |
| J Sainsbury PLC | JPMorgan Chase Bank N.A. |  | 478480 | &nbsp;&nbsp; 02/11/26 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 25755 |
| Jabil, Inc. | JPMorgan Chase Bank N.A. |  | 225420 | &nbsp;&nbsp; 02/09/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2600 |
| Japan Exchange Group, Inc. | Barclays Bank PLC |  | 295765 | &nbsp;&nbsp; 08/14/26 | 0.15<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 960 |
| Japan Post Bank Co. Ltd. | Barclays Bank PLC |  | 354538 | &nbsp;&nbsp; 08/14/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 14281 |
| Japan Post Insurance Co. Ltd. | Barclays Bank PLC |  | 535763 | &nbsp;&nbsp; 08/14/26 | 0.16<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (454)<br>|
| JB Hi-Fi Ltd. | JPMorgan Chase Bank N.A. |  | 259030 | &nbsp;&nbsp; 02/10/26 | 0.25<br> %<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3420 |
| JD.com, Inc., Class A | JPMorgan Chase Bank N.A. |  | 353854 | &nbsp;&nbsp; 02/10/26 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (13066)<br>|
| JD.com, Inc., Class A | Merrill Lynch International |  | 535357 | &nbsp;&nbsp; 02/15/28 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4763)<br>|
| JTEKT Corp. | Merrill Lynch International |  | 418513 | &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; - | 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4022)<br>|
| Kajima Corp. | Merrill Lynch International |  | 262277 | &nbsp;&nbsp; 03/15/28 | 0.15<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1264)<br>|
| Kakaku.com, Inc. | Barclays Bank PLC |  | 280701 | &nbsp;&nbsp; 08/14/26 | 0.15<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 12660 |
| Kamigumi Co. Ltd. | Barclays Bank PLC |  | 310603 | &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; - | 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (162)<br>|
| KBC Group NV | Citibank N.A. |  | 459856 | &nbsp;&nbsp; 02/26/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4030)<br>|
| Kerry Properties Ltd. | JPMorgan Chase Bank N.A. |  | 288522 | &nbsp;&nbsp; 02/10/26 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (8317)<br>|
| Keurig Dr. Pepper, Inc. | Barclays Bank PLC |  | 528088 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4301)<br>|
| KeyCorp | Barclays Bank PLC |  | 676599 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (18183)<br>|
| Kinross Gold Corp. | Citibank N.A. |  | 541456 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D CORRA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (23192)<br>|
| Kraftia Corp. | Merrill Lynch International |  | 360386 | &nbsp;&nbsp; 03/15/28 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1364)<br>|
| KT&G Corp. | JPMorgan Chase Bank N.A. |  | 303426 | &nbsp;&nbsp; 02/10/26 | 0.35<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2367 |
| Kuaishou Technology | JPMorgan Chase Bank N.A. |  | 246422 | &nbsp;&nbsp; 02/10/26 | 1.00<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (14135)<br>|
| Kyushu Financial Group, Inc. | Merrill Lynch International |  | 464894 | &nbsp;&nbsp; 03/15/28 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5725)<br>|
| Las Vegas Sands Corp. | Citibank N.A. |  | 314477 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (8554)<br>|
| Legrand SA | Barclays Bank PLC |  | 837447 | &nbsp;&nbsp; 09/14/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4936)<br>|
| Lendlease Corp. Ltd. | JPMorgan Chase Bank N.A. |  | 425621 | &nbsp;&nbsp; 02/10/26 | 0.25<br> %<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4560 |
| Lionsgate Studios Corp. | JPMorgan Chase Bank N.A. |  | 316642 | &nbsp;&nbsp; 02/09/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 66335 |
| Lockheed Martin Corp. | Citibank N.A. |  | 773712 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 160 |
| Lojas Renner SA | Merrill Lynch International |  | 245315 | &nbsp;&nbsp; 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (17791)<br>|
| Lululemon Athletica, Inc. | Citibank N.A. |  | 488451 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10488)<br>|
| Mabuchi Motor Co. Ltd. | JPMorgan Chase Bank N.A. |  | 416200 | &nbsp;&nbsp; 02/10/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6855 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Macquarie Group Ltd. | JPMorgan Chase Bank N.A. | USD  | 695754 | &nbsp;&nbsp; 02/10/26 | 0.25<br> %<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $20436 |
| Magellan Financial Group Ltd. | Merrill Lynch International |  | 689773 | &nbsp;&nbsp; 02/15/28 | 0.25<br> %<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 32397 |
| Marui Group Co. Ltd. | Barclays Bank PLC |  | 499570 | &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; - | 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5805 |
| Marvell Technology, Inc. | Merrill Lynch International |  | 185372 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1584 |
| Match Group, Inc. | Barclays Bank PLC |  | 265437 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3888)<br>|
| MercadoLibre, Inc. | Citibank N.A. |  | 398730 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4122 |
| Metaplanet, Inc. | Barclays Bank PLC |  | 216450 | &nbsp;&nbsp; 08/14/26 | 0.15<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (30313)<br>|
| MGM China Holdings Ltd. | Merrill Lynch International |  | 260358 | &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; - | HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (45329)<br>|
| MGM Resorts International | Citibank N.A. |  | 488150 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (13780)<br>|
| Mirvac Group | JPMorgan Chase Bank N.A. |  | 304189 | &nbsp;&nbsp; 02/10/26 | 0.25<br> %<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7309)<br>|
| MISUMI Group, Inc. | JPMorgan Chase Bank N.A. |  | 388241 | &nbsp;&nbsp; 02/10/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 17495 |
| Mitsubishi Materials Corp. | Citibank N.A. |  | 633955 | &nbsp;&nbsp; 02/26/26 | 0.19<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 30259 |
| Moderna, Inc. | Barclays Bank PLC |  | 631690 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (97921)<br>|
| Morinaga Milk Industry Co. Ltd. | Merrill Lynch International |  | 355619 | &nbsp;&nbsp; 03/15/28 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5753 |
| Motorola Solutions, Inc. | Merrill Lynch International |  | 328356 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 16632 |
| Mr. Price Group Ltd. | JPMorgan Chase Bank N.A. |  | 290741 | &nbsp;&nbsp; 02/11/26 | 0.40<br> %<br>| 1D RAONON | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (50883)<br>|
| MSCI, Inc. | Merrill Lynch International |  | 442808 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 16176 |
| Naturgy Energy Group SA | Merrill Lynch International |  | 702535 | &nbsp;&nbsp; 02/15/28 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 40405 |
| NatWest Group PLC | Barclays Bank PLC |  | 454545 | &nbsp;&nbsp; 09/14/26 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3368 |
| Nemetschek SE | Barclays Bank PLC |  | 299535 | &nbsp;&nbsp; 09/14/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7421)<br>|
| NetEase, Inc. | JPMorgan Chase Bank N.A. |  | 367708 | &nbsp;&nbsp; 02/10/26 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4375)<br>|
| Newmont Corp. | Citibank N.A. |  | 471960 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (22635)<br>|
| NIDEC Corp. | Citibank N.A. |  | 289675 | &nbsp;&nbsp; 02/26/26 | 0.17<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4968 |
| Ningbo Joyson Electronic Corp., Class H | JPMorgan Chase Bank N.A. |  | 111594 | &nbsp;&nbsp; 02/10/26 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 11757 |
| Nippon Kayaku Co. Ltd. | Citibank N.A. |  | 478437 | &nbsp;&nbsp; 02/26/26 | 0.19<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1531 |
| Nippon Shinyaku Co. Ltd. | Citibank N.A. |  | 262609 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10368)<br>|
| Nissan Chemical Corp. | Citibank N.A. |  | 688066 | &nbsp;&nbsp; 02/26/26 | 0.18<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (11119)<br>|
| Nomura Real Estate Holdings, Inc. | Citibank N.A. |  | 324940 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5952 |
| NSK Ltd. | Citibank N.A. |  | 430523 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (614)<br>|
| NVIDIA Corp. | Barclays Bank PLC |  | 385749 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5901 |
| Obic Co. Ltd. | Citibank N.A. |  | 327656 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1925 |
| Omnicom Group, Inc. | Citibank N.A. |  | 416676 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5808 |
| ONEOK, Inc. | JPMorgan Chase Bank N.A. |  | 233301 | &nbsp;&nbsp; 02/09/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (968)<br>|
| Orkla ASA | Merrill Lynch International |  | 450095 | &nbsp;&nbsp; 02/15/28 | 0.26<br> %<br>| NOWA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4243 |
| Otis Worldwide Corp. | JPMorgan Chase Bank N.A. |  | 1356689 | &nbsp;&nbsp; 02/09/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 14706 |
| Partners Group Holding AG | Merrill Lynch International |  | 728847 | &nbsp;&nbsp; 02/15/28 | 0.26<br> %<br>| SSARON | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 7342 |
| Pearson PLC | Merrill Lynch International |  | 298196 | &nbsp;&nbsp; 02/15/28 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1551 |
| PepsiCo, Inc. | Citibank N.A. |  | 588200 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (14120)<br>|
| Petroleo Brasileiro SA - Petrobras, NVS | Merrill Lynch International |  | 526429 | &nbsp;&nbsp; 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (15604)<br>|
| Pinnacle West Capital Corp. | Barclays Bank PLC |  | 1139970 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 13130 |
| Powszechny Zaklad Ubezpieczen SA | Merrill Lynch International |  | 670663 | &nbsp;&nbsp; 02/15/28 | 0.45<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4323)<br>|
| Procter & Gamble Co. (The) | Citibank N.A. |  | 1184327 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5146 |
| Prologis, Inc. | Barclays Bank PLC |  | 650709 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 357 |
| Prudential Financial, Inc. | Merrill Lynch International |  | 597561 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (21873)<br>|
| Qube Holdings Ltd. | Merrill Lynch International |  | 464473 | &nbsp;&nbsp; 02/15/28 | 0.25<br> %<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6327 |
| Rational AG | Barclays Bank PLC |  | 232161 | &nbsp;&nbsp; 09/14/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (533)<br>|
| REA Group Ltd. | Merrill Lynch International |  | 370962 | &nbsp;&nbsp; 02/15/28 | 0.25<br> %<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5247)<br>|
| RELX PLC | JPMorgan Chase Bank N.A. |  | 92140 | &nbsp;&nbsp; 02/11/26 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 519 |
| Renault SA | Citibank N.A. |  | 695002 | &nbsp;&nbsp; 02/26/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (16168)<br>|
| ResMed, Inc. | Merrill Lynch International |  | 502257 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (20517)<br>|
| Rheinmetall AG | JPMorgan Chase Bank N.A. |  | 253380 | &nbsp;&nbsp; 02/11/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1614)<br>|
| Rocket Cos., Inc., Class A | Barclays Bank PLC |  | 301911 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2041 |
| RWE AG | Barclays Bank PLC |  | 327486 | &nbsp;&nbsp; 09/14/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6331 |
| Sage Group PLC (The) | Merrill Lynch International |  | 577563 | &nbsp;&nbsp; 02/15/28 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4510)<br>|
| Salesforce, Inc. | Barclays Bank PLC |  | 344019 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 364 |
| Sanofi SA | Citibank N.A. |  | 652798 | &nbsp;&nbsp; 02/26/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5138 |
| Santen Pharmaceutical Co. Ltd. | Merrill Lynch International |  | 551894 | &nbsp;&nbsp; 03/15/28 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 9268 |
| Santos Ltd. | Merrill Lynch International |  | 347614 | &nbsp;&nbsp; 02/15/28 | 0.25<br> %<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3432)<br>|
| Sany Heavy Industry Co. Ltd., Class H | JPMorgan Chase Bank N.A. |  | 345085 | &nbsp;&nbsp; 02/10/26 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 17318 |
| Schroders PLC | Merrill Lynch International |  | 416764 | &nbsp;&nbsp; 02/15/28 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 17273 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Scout24 SE | Barclays Bank PLC | USD  | 192028 | &nbsp;&nbsp; 09/14/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $(1192)<br>|
| Segro PLC | Citibank N.A. |  | 344243 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 8405 |
| ServiceNow, Inc. | Citibank N.A. |  | 830404 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (18497)<br>|
| Shenzhou International Group Holdings Ltd. | JPMorgan Chase Bank N.A. |  | 220249 | &nbsp;&nbsp; 02/10/26 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5916)<br>|
| Shikoku Electric Power Co., Inc. | Merrill Lynch International |  | 420923 | &nbsp;&nbsp; 03/15/28 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 13326 |
| Shimizu Corp. | Citibank N.A. |  | 301989 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1923 |
| Siemens Energy AG | Citibank N.A. |  | 350356 | &nbsp;&nbsp; 02/26/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 365 |
| Singapore Technologies Engineering Ltd. | JPMorgan Chase Bank N.A. |  | 309658 | &nbsp;&nbsp; 02/10/26 | 0.30<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 7899 |
| Skyworks Solutions, Inc. | Merrill Lynch International |  | 457953 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (20424)<br>|
| SMC Corp. | Citibank N.A. |  | 241496 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 704 |
| Socionext, Inc. | Merrill Lynch International |  | 171921 | &nbsp;&nbsp; 03/15/28 | 0.15<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1811 |
| SSE PLC | JPMorgan Chase Bank N.A. |  | 199284 | &nbsp;&nbsp; 02/11/26 | 0.25<br> %<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2599 |
| Stryker Corp. | Merrill Lynch International |  | 1137682 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (12979)<br>|
| Subaru Corp. | Barclays Bank PLC |  | 452119 | &nbsp;&nbsp; 08/14/26 | 0.15<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (21495)<br>|
| Sumitomo Mitsui Financial Group, Inc. | Citibank N.A. |  | 352385 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1826)<br>|
| Sun Life Financial, Inc. | Citibank N.A. |  | 665987 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D CORRA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1949 |
| Suncorp Group Ltd. | Merrill Lynch International |  | 465245 | &nbsp;&nbsp; 02/15/28 | 0.25<br> %<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3145 |
| Sunny Optical Technology Group Co. Ltd. | JPMorgan Chase Bank N.A. |  | 251909 | &nbsp;&nbsp; 02/10/26 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10392)<br>|
| Sweco AB, B Shares | Merrill Lynch International |  | 351302 | &nbsp;&nbsp; 02/15/28 | 0.26<br> %<br>| 1D STIBOR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4353 |
| Swedbank AB, A Shares | Barclays Bank PLC |  | 329506 | &nbsp;&nbsp; 09/14/26 | 0.26<br> %<br>| 1D STIBOR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3566 |
| Swire Properties Ltd. | JPMorgan Chase Bank N.A. |  | 839912 | &nbsp;&nbsp; 02/10/26 | 0.24<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3316)<br>|
| Symrise AG | Merrill Lynch International |  | 496425 | &nbsp;&nbsp; 02/15/28 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 14011 |
| Synchrony Financial | Barclays Bank PLC |  | 497930 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (14036)<br>|
| Techtronic Industries Co. Ltd. | Merrill Lynch International |  | 446272 | &nbsp;&nbsp; 02/15/28 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (9153)<br>|
| Teijin Ltd. | Barclays Bank PLC |  | 450523 | &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; - | 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 9566 |
| Telefonica Brasil SA | Merrill Lynch International |  | 449098 | &nbsp;&nbsp; 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (12627)<br>|
| Tenaris SA | Citibank N.A. |  | 484711 | &nbsp;&nbsp; 02/26/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1544 |
| Tencent Holdings Ltd. | JPMorgan Chase Bank N.A. |  | 458645 | &nbsp;&nbsp; 02/10/26 | 1.00<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5859)<br>|
| Terumo Corp. | Citibank N.A. |  | 296217 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2606)<br>|
| Toei Animation Co. Ltd. | Citibank N.A. |  | 562476 | &nbsp;&nbsp; 02/26/26 | 0.25<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 7399 |
| Tractor Supply Co. | Citibank N.A. |  | 491340 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (16245)<br>|
| TransDigm Group, Inc. | Barclays Bank PLC |  | 520716 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 11224 |
| Transurban Group | Merrill Lynch International |  | 638017 | &nbsp;&nbsp; 02/15/28 | 0.25<br> %<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10581)<br>|
| Trelleborg AB, B Shares | Citibank N.A. |  | 339382 | &nbsp;&nbsp; 02/26/26 | 0.26<br> %<br>| TN STIBOR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3018 |
| Trip.com Group Ltd. | JPMorgan Chase Bank N.A. |  | 244870 | &nbsp;&nbsp; 02/10/26 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6085 |
| Tyler Technologies, Inc. | Citibank N.A. |  | 464970 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (11020)<br>|
| UOL Group Ltd. | JPMorgan Chase Bank N.A. |  | 542709 | &nbsp;&nbsp; 02/10/26 | 0.30<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 10130 |
| Venture Corp. Ltd. | JPMorgan Chase Bank N.A. |  | 959021 | &nbsp;&nbsp; 02/10/26 | 0.30<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3321 |
| Verisk Analytics, Inc. | JPMorgan Chase Bank N.A. |  | 394128 | &nbsp;&nbsp; 02/09/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 8514 |
| Verizon Communications, Inc. | Barclays Bank PLC |  | 1223388 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 22950 |
| Vertex Pharmaceuticals, Inc. | Barclays Bank PLC |  | 368248 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5560)<br>|
| Viatris, Inc. | Barclays Bank PLC |  | 710992 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 26048 |
| Voltronic Power Technology Corp. | Merrill Lynch International |  | 283976 | &nbsp;&nbsp; 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6931)<br>|
| Vonovia SE | Barclays Bank PLC |  | 299345 | &nbsp;&nbsp; 09/14/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5717 |
| VZ Holding AG | Citibank N.A. |  | 571140 | &nbsp;&nbsp; 02/26/26 | 0.26<br> %<br>| SSARON | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (8142)<br>|
| Walt Disney Co. (The) | Merrill Lynch International |  | 454902 | &nbsp;&nbsp; 02/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 11555 |
| Warehouses De Pauw CVA | Merrill Lynch International |  | 577805 | &nbsp;&nbsp; 02/15/28 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 31630 |
| WH Group Ltd. | JPMorgan Chase Bank N.A. |  | 454896 | &nbsp;&nbsp; 02/10/26 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 30814 |
| Winbond Electronics Corp. | Merrill Lynch International |  | 199131 | &nbsp;&nbsp; 02/15/28 | 0.40<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 32387 |
| Wolters Kluwer NV | Barclays Bank PLC |  | 455207 | &nbsp;&nbsp; 09/14/26 | 0.26<br> %<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (9828)<br>|
| Worley Ltd. | Merrill Lynch International |  | 496480 | &nbsp;&nbsp; 02/15/28 | 0.25<br> %<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3733 |
| WSP Global, Inc. | Citibank N.A. |  | 490330 | &nbsp;&nbsp; 02/24/28 | 0.20<br> %<br>| 1D CORRA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1456)<br>|
| Wynn Resorts Ltd. | Barclays Bank PLC |  | 541714 | &nbsp;&nbsp; 09/14/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (24295)<br>|
| Xiaomi Corp., Class B | JPMorgan Chase Bank N.A. |  | 387354 | &nbsp;&nbsp; 02/10/26 | 0.30<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (30039)<br>|
| XPeng, Inc., A Shares | JPMorgan Chase Bank N.A. |  | 219487 | &nbsp;&nbsp; 02/10/26 | 0.15<br> %<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3190 |
| Yamaha Corp. | Citibank N.A. |  | 460752 | &nbsp;&nbsp; 02/26/26 | 0.17<br> %<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 942 |
| Zeon Corp. | Barclays Bank PLC |  | 786221 | &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; - | 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3389)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Zoetis, Inc., Class A | JPMorgan Chase Bank N.A. | USD  | 887776 | &nbsp;&nbsp; 02/09/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $55874 |
| Zurich Insurance Group AG | Merrill Lynch International |  | 597641 | &nbsp;&nbsp; 02/15/28 | 0.26<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 7721 |
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  | &nbsp;&nbsp; (150746)<br>|
| Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> |
| 3M Co. | JPMorgan Chase Bank N.A. |  | (427189)<br>| &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 10929 |
| AGC, Inc. | Barclays Bank PLC |  | (886685)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.19)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 11163 |
| Aica Kogyo Co. Ltd. | Barclays Bank PLC |  | (40034)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.18)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (422)<br>|
| Aica Kogyo Co. Ltd. | Merrill Lynch International |  | (435623)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (11636)<br>|
| Alexandria Real Estate Equities, Inc. | Merrill Lynch International |  | (673222)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (21726)<br>|
| Allegro.eu SA | JPMorgan Chase Bank N.A. |  | (427577)<br>| &nbsp;&nbsp; 02/11/26 | &nbsp;&nbsp; (0.50)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1472)<br>|
| ALS Ltd. | JPMorgan Chase Bank N.A. |  | (449260)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.25)%<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 981 |
| Amcor PLC | Citibank N.A. |  | (297856)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (716)<br>|
| American Tower Corp. | Barclays Bank PLC |  | (310554)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5472)<br>|
| Amgen, Inc. | Barclays Bank PLC |  | (430807)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5304 |
| Ansell Ltd. | JPMorgan Chase Bank N.A. |  | (614669)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.25)%<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 19547 |
| ARC Resources Ltd. | Citibank N.A. |  | (439621)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.20)%<br>| 1D CORRA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5007)<br>|
| Ares Management Corp., Class A | Citibank N.A. |  | (544928)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 27712 |
| Arkema SA | Barclays Bank PLC |  | (496287)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3451)<br>|
| Arthur J Gallagher & Co. | Citibank N.A. |  | (335725)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (702)<br>|
| Associated British Foods PLC | Citibank N.A. |  | (408979)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.25)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2333)<br>|
| Avery Dennison Corp. | Barclays Bank PLC |  | (289648)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1360)<br>|
| Baker Hughes Co. | JPMorgan Chase Bank N.A. |  | (387583)<br>| &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 14155 |
| Banco do Brasil SA | Merrill Lynch International |  | (302451)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.40)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1904 |
| Bank of New York Mellon Corp. (The) | Merrill Lynch International |  | (888896)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6612 |
| Barratt Redrow PLC | Citibank N.A. |  | (672395)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.25)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (19071)<br>|
| Barry Callebaut AG, Registered Shares | Barclays Bank PLC |  | (318394)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.26)%<br>| SSARON | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (8588)<br>|
| Baxter International, Inc. | JPMorgan Chase Bank N.A. |  | (755456)<br>| &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (39520)<br>|
| Beazley PLC | Citibank N.A. |  | (297435)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.25)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3332 |
| Bechtle AG | Citibank N.A. |  | (475427)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1739 |
| Becton Dickinson & Co. | Barclays Bank PLC |  | (373806)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5073 |
| BioMerieux | Citibank N.A. |  | (534352)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3833 |
| BKW AG | Barclays Bank PLC |  | (575692)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.26)%<br>| SSARON | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2993 |
| Block, Inc., Class A | JPMorgan Chase Bank N.A. |  | (305200)<br>| &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (20250)<br>|
| BNP Paribas SA | Barclays Bank PLC |  | (472364)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (672)<br>|
| Builders FirstSource, Inc. | Citibank N.A. |  | (248760)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1824 |
| Bunge Global SA | Citibank N.A. |  | (314265)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2485 |
| BXP, Inc. | Citibank N.A. |  | (625050)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 17730 |
| Camden Property Trust | Citibank N.A. |  | (444932)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6396)<br>|
| Cboe Global Markets, Inc. | Barclays Bank PLC |  | (277013)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 913 |
| Cellnex Telecom SA | Merrill Lynch International |  | (592529)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (41844)<br>|
| Cencora, Inc. | Barclays Bank PLC |  | (884078)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5928 |
| CF Industries Holdings, Inc. | Citibank N.A. |  | (542010)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 630 |
| CH Robinson Worldwide, Inc. | Barclays Bank PLC |  | (362978)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 9306 |
| Chailease Holding Co. Ltd. | JPMorgan Chase Bank N.A. |  | (464991)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.52)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (19897)<br>|
| Challenger Ltd. | JPMorgan Chase Bank N.A. |  | (650905)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.25)%<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (20960)<br>|
| Charles River Laboratories International, Inc. | Barclays Bank PLC |  | (324832)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5664 |
| China Construction Bank Corp., Class H | Merrill Lynch International |  | (374459)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.15)%<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7608)<br>|
| China Merchants Bank Co. Ltd., Class H | JPMorgan Chase Bank N.A. |  | (412659)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.30)%<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (9121)<br>|
| Cigna Group (The) | Barclays Bank PLC |  | (496080)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 666 |
| Cloudflare, Inc., Class A | Citibank N.A. |  | (343502)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 8347 |
| CME Group, Inc. | Merrill Lynch International |  | (435488)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1440)<br>|
| Comcast Corp., Class A | Barclays Bank PLC |  | (523754)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (11277)<br>|
| Comfort Systems U.S.A., Inc. | Citibank N.A. |  | (285237)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5250 |
| Commerzbank AG | Barclays Bank PLC |  | (1170123)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (11606)<br>|
| Community Financial System, Inc. | JPMorgan Chase Bank N.A. |  | (397921)<br>| &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 13130 |
| Continental AG | Citibank N.A. |  | (500022)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7901)<br>|
| CoreWeave, Inc., Class A | JPMorgan Chase Bank N.A. |  | (203568)<br>| &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 32993 |
| Cosan SA | Merrill Lynch International |  | (591591)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; - | 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 47488 |
| CPFL Energia SA | Merrill Lynch International |  | (267428)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.40)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (8572)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Croda International PLC | Barclays Bank PLC | USD  | (542381)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.25)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $16352 |
| CTF Services Ltd. | Merrill Lynch International |  | (369748)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; - | HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (792)<br>|
| CVB Financial Corp. | JPMorgan Chase Bank N.A. |  | (354000)<br>| &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 18233 |
| Daicel Corp. | Barclays Bank PLC |  | (441039)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3916)<br>|
| Daito Trust Construction Co. Ltd. | Merrill Lynch International |  | (633926)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2076)<br>|
| Danaher Corp. | Barclays Bank PLC |  | (615627)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2457)<br>|
| Dassault Aviation SA | Citibank N.A. |  | (447544)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1304)<br>|
| Datadog, Inc., Class A | Citibank N.A. |  | (269496)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 11115 |
| DCC PLC | Citibank N.A. |  | (545769)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.40)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 10000 |
| Deere & Co. | Merrill Lynch International |  | (536811)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 24684 |
| Delivery Hero SE | Citibank N.A. |  | (284415)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2908)<br>|
| Demant A/S | Merrill Lynch International |  | (417345)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.26)%<br>| 1W CIBOR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3836)<br>|
| Dentsu Soken, Inc. | Merrill Lynch International |  | (550562)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (26261)<br>|
| Dollarama, Inc. | Citibank N.A. |  | (550734)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.20)%<br>| 1D CORRA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2264)<br>|
| Dow, Inc. | Barclays Bank PLC |  | (288066)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 492 |
| Dr Ing hc F Porsche AG, NVS | Citibank N.A. |  | (231419)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.75)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 420 |
| DuPont de Nemours, Inc. | Barclays Bank PLC |  | (365024)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 11264 |
| Elevance Health, Inc. | Merrill Lynch International |  | (324603)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 9108 |
| Endesa SA | Merrill Lynch International |  | (768393)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5270 |
| Engie Brasil Energia SA | Merrill Lynch International |  | (315920)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (2.10)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3955)<br>|
| Entain PLC | Barclays Bank PLC |  | (540461)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.25)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (8451)<br>|
| Equifax, Inc. | Citibank N.A. |  | (462966)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 7308 |
| Equinix, Inc. | Barclays Bank PLC |  | (378960)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4120)<br>|
| Equinor ASA | Barclays Bank PLC |  | (39045)<br>| &nbsp;&nbsp; 09/18/26 | &nbsp;&nbsp; (0.26)%<br>| NOWA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1045)<br>|
| Equinor ASA | Citibank N.A. |  | (301452)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.50)%<br>| NOWA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (9828)<br>|
| Expand Energy Corp. | Citibank N.A. |  | (431360)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10080)<br>|
| Extra Space Storage, Inc. | Barclays Bank PLC |  | (353052)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1458 |
| Exxon Mobil Corp. | Citibank N.A. |  | (649825)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (12045)<br>|
| Ferrovial SE | Merrill Lynch International |  | (505956)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 20025 |
| Food & Life Cos. Ltd. | Merrill Lynch International |  | (301794)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5925)<br>|
| Fortum Oyj | Citibank N.A. |  | (317216)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1323)<br>|
| Franco-Nevada Corp. | Merrill Lynch International |  | (489844)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.20)%<br>| CABROVER | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 13087 |
| Galaxy Digital, Inc., Class A | JPMorgan Chase Bank N.A. |  | (159227)<br>| &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; (0.52)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 22764 |
| Gen Digital, Inc. | Citibank N.A. |  | (670824)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 12826 |
| Genting Singapore Ltd. | Merrill Lynch International |  | (520759)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (9.50)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3018)<br>|
| Hang Seng Bank Ltd. | JPMorgan Chase Bank N.A. |  | (427509)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.15)%<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (520)<br>|
| Hasbro, Inc. | Citibank N.A. |  | (742196)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4004)<br>|
| Heiwa Corp. | Barclays Bank PLC |  | (947690)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (21373)<br>|
| Holmen AB, B Shares | Citibank N.A. |  | (814590)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.26)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (13955)<br>|
| Horizon Robotics | JPMorgan Chase Bank N.A. |  | (207052)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (1.50)%<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1541 |
| Hormel Foods Corp. | Barclays Bank PLC |  | (349740)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6090 |
| HUB24 Ltd. | JPMorgan Chase Bank N.A. |  | (382176)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.25)%<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4697 |
| HUTCHMED China Ltd. | JPMorgan Chase Bank N.A. |  | (24427)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.34)%<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1478 |
| HUTCHMED China Ltd. | Merrill Lynch International |  | (193949)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; - | HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1761 |
| IDEX Corp. | Citibank N.A. |  | (538560)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4740 |
| IDEXX Laboratories, Inc. | Barclays Bank PLC |  | (491484)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 17913 |
| Iluka Resources Ltd. | JPMorgan Chase Bank N.A. |  | (248208)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.25)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 18705 |
| IMCD NV | Barclays Bank PLC |  | (457747)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5142)<br>|
| IMI PLC | Citibank N.A. |  | (696897)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.25)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3073 |
| Imperial Oil Ltd. | Citibank N.A. |  | (529364)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.20)%<br>| 1D CORRA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6279)<br>|
| Infrastrutture Wireless Italiane SpA | Merrill Lynch International |  | (777401)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (30490)<br>|
| InPost SA | Merrill Lynch International |  | (646581)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1035)<br>|
| Intercontinental Exchange, Inc. | Barclays Bank PLC |  | (516640)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1632)<br>|
| International Business Machines Corp. | Barclays Bank PLC |  | (454185)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 9870 |
| International Paper Co. | Barclays Bank PLC |  | (70564)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.75)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1242 |
| International Paper Co. | JPMorgan Chase Bank N.A. |  | (604887)<br>| &nbsp;&nbsp; 02/11/26 | &nbsp;&nbsp; (0.50)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 20824 |
| International Paper Co. | Merrill Lynch International |  | (721820)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (14773)<br>|
| Investment AB Latour, B Shares | Citibank N.A. |  | (640358)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.26)%<br>| TN STIBOR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5882)<br>|
| IQVIA Holdings, Inc. | Citibank N.A. |  | (403866)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1872)<br>|
| Iron Mountain, Inc. | Barclays Bank PLC |  | (283570)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6755)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| iShares iBoxx $ High Yield Corporate Bond ETF | Citibank N.A. | USD  | (10312493)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.45)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $(25643)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate <br> Bond ETF<br>| JPMorgan Chase Bank N.A. |  | (12663042)<br>| &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; (0.30)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 50364 |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate <br> Bond ETF<br>| Merrill Lynch International |  | (9483815)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 9458 |
| iShares Preferred & Income Securities ETF | Merrill Lynch International |  | (13548960)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.50)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 34920 |
| Izumi Co. Ltd. | Barclays Bank PLC |  | (538812)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.16)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5002)<br>|
| J Front Retailing Co. Ltd. | Barclays Bank PLC |  | (399497)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1367 |
| Jack Henry & Associates, Inc. | Citibank N.A. |  | (481858)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 7410 |
| JD Sports Fashion PLC | Citibank N.A. |  | (338048)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.25)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2224)<br>|
| JDE Peet's NV | Citibank N.A. |  | (366470)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (30)<br>|
| Johnson Controls International PLC | Barclays Bank PLC |  | (599800)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1050 |
| Kadokawa Corp. | Merrill Lynch International |  | (243301)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7769)<br>|
| Kawasaki Kisen Kaisha Ltd. | Barclays Bank PLC |  | (403409)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (8630)<br>|
| KE Holdings, Inc., Class A | Merrill Lynch International |  | (297537)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.15)%<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 18809 |
| Kering SA | Barclays Bank PLC |  | (466196)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 11927 |
| Keysight Technologies, Inc. | Citibank N.A. |  | (407420)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1040 |
| Kintetsu Group Holdings Co. Ltd. | Merrill Lynch International |  | (391704)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (9910)<br>|
| Kirin Holdings Co. Ltd. | Barclays Bank PLC |  | (457222)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5158 |
| KKR & Co., Inc. | Citibank N.A. |  | (946224)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 28368 |
| Klabin SA | Merrill Lynch International |  | (274906)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.40)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4111 |
| Kose Corp. | Barclays Bank PLC |  | (344060)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5937 |
| Kroger Co. (The) | Citibank N.A. |  | (317679)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (969)<br>|
| Kusuri no Aoki Holdings Co. Ltd. | Barclays Bank PLC |  | (222338)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.18)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (61547)<br>|
| Kusuri no Aoki Holdings Co. Ltd. | Merrill Lynch International |  | (38713)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (9099)<br>|
| Kyowa Kirin Co. Ltd. | Barclays Bank PLC |  | (404206)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 228 |
| Kyushu Railway Co. | Merrill Lynch International |  | (341545)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1770)<br>|
| Leidos Holdings, Inc. | Merrill Lynch International |  | (371900)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 11100 |
| Lennar Corp., Class A | Barclays Bank PLC |  | (427960)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 16760 |
| Lennox International, Inc. | Barclays Bank PLC |  | (346836)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6930 |
| Li Auto, Inc., Class A | Merrill Lynch International |  | (260455)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.30)%<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (346)<br>|
| Lottery Corp. Ltd. (The) | JPMorgan Chase Bank N.A. |  | (537350)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.25)%<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 13366 |
| Lowe's Cos., Inc. | Barclays Bank PLC |  | (653589)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2457 |
| Lynas Rare Earths Ltd. | JPMorgan Chase Bank N.A. |  | (463475)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.25)%<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 17317 |
| M&G PLC | JPMorgan Chase Bank N.A. |  | (728725)<br>| &nbsp;&nbsp; 02/11/26 | &nbsp;&nbsp; (0.25)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (34307)<br>|
| M3, Inc. | Barclays Bank PLC |  | (372168)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7201)<br>|
| Macnica Holdings, Inc. | Barclays Bank PLC |  | (451829)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 7289 |
| Marathon Petroleum Corp. | Barclays Bank PLC |  | (346017)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4494 |
| Marriott International, Inc., Class A | Barclays Bank PLC |  | (596125)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6669 |
| MEIJI Holdings Co. Ltd. | Merrill Lynch International |  | (435766)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (17631)<br>|
| Meituan, Class B | Merrill Lynch International |  | (510807)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.15)%<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (11329)<br>|
| Merck KGaA | Barclays Bank PLC |  | (508109)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5694)<br>|
| Mettler-Toledo International, Inc. | Barclays Bank PLC |  | (282482)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3644 |
| Mid-America Apartment Communities, Inc. | Merrill Lynch International |  | (504260)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (23598)<br>|
| MINEBEA MITSUMI, Inc. | Merrill Lynch International |  | (453677)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; - | 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 19051 |
| Mitsubishi Chemical Group Corp. | Barclays Bank PLC |  | (134261)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (373)<br>|
| Mitsubishi Chemical Group Corp. | Merrill Lynch International |  | (333186)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3983)<br>|
| Mitsubishi Corp. | Barclays Bank PLC |  | (377439)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2327 |
| Mitsubishi Estate Co. Ltd. | Barclays Bank PLC |  | (375955)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1810 |
| Mitsubishi HC Capital, Inc. | Barclays Bank PLC |  | (740976)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10223)<br>|
| Mitsubishi Motors Corp. | Barclays Bank PLC |  | (328698)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6319 |
| Molina Healthcare, Inc. | Barclays Bank PLC |  | (278256)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (16762)<br>|
| Moncler SpA | Citibank N.A. |  | (471932)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 18099 |
| Mondi PLC | Merrill Lynch International |  | (308947)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.25)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10698)<br>|
| Money Forward, Inc. | Barclays Bank PLC |  | (417899)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (28362)<br>|
| Mosaic Co. (The) | Citibank N.A. |  | (437760)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4140 |
| MTR Corp. Ltd. | Merrill Lynch International |  | (635019)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.30)%<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 10740 |
| NEC Corp. | Merrill Lynch International |  | (369257)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 10601 |
| NEXTDC Ltd. | JPMorgan Chase Bank N.A. |  | (699816)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.25)%<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 66210 |
| Nibe Industrier AB, B Shares | Merrill Lynch International |  | (683446)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.26)%<br>| 1D STIBOR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 9560 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Nikkon Holdings Co. Ltd. | Barclays Bank PLC | USD  | (408290)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $5377 |
| Nikon Corp. | Barclays Bank PLC |  | (429256)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5041)<br>|
| NIPPON EXPRESS HOLDINGS, Inc. | Barclays Bank PLC |  | (370803)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3743)<br>|
| Nippon Sanso Holdings Corp. | Barclays Bank PLC |  | (481643)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 671 |
| Nippon Yusen KK | Barclays Bank PLC |  | (514677)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (19784)<br>|
| NiSource, Inc. | Barclays Bank PLC |  | (563720)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4216)<br>|
| Nissin Foods Holdings Co. Ltd. | Barclays Bank PLC |  | (349139)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (319)<br>|
| Norfolk Southern Corp. | Merrill Lynch International |  | (1070320)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 30928 |
| Northern Star Resources Ltd. | JPMorgan Chase Bank N.A. |  | (438476)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.25)%<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6744)<br>|
| Northern Trust Corp. | Citibank N.A. |  | (392728)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 10276 |
| Norwegian Cruise Line Holdings Ltd. | Barclays Bank PLC |  | (473265)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 38025 |
| Occidental Petroleum Corp. | Citibank N.A. |  | (318133)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6715)<br>|
| OKUMA Corp. | Barclays Bank PLC |  | (625425)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.19)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2555)<br>|
| Open Text Corp. | Citibank N.A. |  | (670795)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.20)%<br>| 1D CORRA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 25966 |
| Orlen SA | JPMorgan Chase Bank N.A. |  | (648105)<br>| &nbsp;&nbsp; 02/11/26 | &nbsp;&nbsp; (0.50)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (27322)<br>|
| Orsted AS | Merrill Lynch International |  | (316435)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.26)%<br>| 1W CIBOR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 37730 |
| PACCAR, Inc. | Citibank N.A. |  | (428678)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 12540 |
| Panasonic Holdings Corp. | Merrill Lynch International |  | (284651)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 16296 |
| Phillips 66 | Barclays Bank PLC |  | (309576)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (120)<br>|
| Pirelli & C SpA | Citibank N.A. |  | (604626)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 968 |
| Pool Corp. | Barclays Bank PLC |  | (394910)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6035 |
| Postal Savings Bank of China Co. Ltd., Class H | Merrill Lynch International |  | (289514)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.30)%<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4680)<br>|
| Public Service Enterprise Group, Inc. | Citibank N.A. |  | (427816)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2226 |
| Quanta Services, Inc. | Barclays Bank PLC |  | (606242)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 15358 |
| Rakuten Bank Ltd. | Barclays Bank PLC |  | (218410)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2081 |
| Reckitt Benckiser Group PLC | Barclays Bank PLC |  | (664076)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.25)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 537 |
| Rentokil Initial PLC | Barclays Bank PLC |  | (589312)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.25)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2209 |
| Resona Holdings, Inc. | Merrill Lynch International |  | (257611)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 11102 |
| Restaurant Brands International, Inc. | Citibank N.A. |  | (584758)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.20)%<br>| 1D CORRA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 18383 |
| Rexel SA | Citibank N.A. |  | (819349)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.14)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4316)<br>|
| Roche Holding AG, NVS | JPMorgan Chase Bank N.A. |  | (885100)<br>| &nbsp;&nbsp; 02/11/26 | &nbsp;&nbsp; (0.26)%<br>| SSARON | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (23434)<br>|
| ROCKWOOL A/S, B Shares | Merrill Lynch International |  | (384744)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.26)%<br>| 1W CIBOR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1728)<br>|
| Round One Corp. | Merrill Lynch International |  | (250732)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5597)<br>|
| RTL Group SA | Citibank N.A. |  | (335703)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (1.25)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2448)<br>|
| Salmar ASA | Merrill Lynch International |  | (585079)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.26)%<br>| NOWA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7767)<br>|
| Sawai Group Holdings Co. Ltd. | Barclays Bank PLC |  | (475254)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.17)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3287)<br>|
| SBA Communications Corp. | Citibank N.A. |  | (743457)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10920)<br>|
| SBI Holdings, Inc. | Barclays Bank PLC |  | (455793)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7532)<br>|
| SBI Holdings, Inc. | Merrill Lynch International |  | (54500)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2779 |
| SCOR SE | Citibank N.A. |  | (406610)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4075)<br>|
| Seagate Technology Holdings PLC | Citibank N.A. |  | (424275)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 11190 |
| Seatrium Ltd. | JPMorgan Chase Bank N.A. |  | (268716)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.75)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5740)<br>|
| Sekisui Chemical Co. Ltd. | Barclays Bank PLC |  | (454101)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6692)<br>|
| Sekisui House Ltd. | Barclays Bank PLC |  | (481148)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (9744)<br>|
| Sembcorp Industries Ltd. | Merrill Lynch International |  | (572292)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.30)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 119 |
| SGH Ltd. | JPMorgan Chase Bank N.A. |  | (441082)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.25)%<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (274)<br>|
| Shandong Gold Mining Co. Ltd., Class H | Merrill Lynch International |  | (296488)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; - | HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1808)<br>|
| Shiseido Co. Ltd. | Barclays Bank PLC |  | (281742)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 9602 |
| Shopify, Inc., Class A | Citibank N.A. |  | (493098)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.20)%<br>| 1D CORRA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 26157 |
| SIG Group AG | Barclays Bank PLC |  | (384861)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.26)%<br>| SSARON | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (31646)<br>|
| Sigma Foods SAB de CV, Class A | Merrill Lynch International |  | (279249)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.50)%<br>| TIIEFONDEO | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1068)<br>|
| Singapore Airlines Ltd. | JPMorgan Chase Bank N.A. |  | (413008)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.30)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4050)<br>|
| Sino Land Co. Ltd. | Merrill Lynch International |  | (890452)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; - | HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 26911 |
| SKY Perfect JSAT Holdings, Inc. | Barclays Bank PLC |  | (131524)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4999 |
| SKY Perfect JSAT Holdings, Inc. | Merrill Lynch International |  | (144681)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 9210 |
| SLC Agricola SA | Merrill Lynch International |  | (320520)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.40)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 8036 |
| Smiths Group PLC | Barclays Bank PLC |  | (378189)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.25)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 8115 |
| Smurfit WestRock PLC | Citibank N.A. |  | (247585)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3770)<br>|
| SoftBank Group Corp. | Barclays Bank PLC |  | (374194)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3890 |
| Standard Bank Group Ltd. | Merrill Lynch International |  | (1255091)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.35)%<br>| 1M JIBAR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (44659)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Standard Chartered PLC | Citibank N.A. | USD  | (703899)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.25)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $(6154)<br>|
| Steadfast Group Ltd. | JPMorgan Chase Bank N.A. |  | (323278)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.25)%<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (11816)<br>|
| Sugi Holdings Co. Ltd. | Barclays Bank PLC |  | (328013)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (8164)<br>|
| Swiss Re AG | JPMorgan Chase Bank N.A. |  | (428355)<br>| &nbsp;&nbsp; 02/11/26 | &nbsp;&nbsp; (0.26)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4778)<br>|
| Swisscom AG, Registered Shares | Barclays Bank PLC |  | (788789)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.26)%<br>| SSARON | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10204)<br>|
| Syensqo SA | Citibank N.A. |  | (335637)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (775)<br>|
| Synopsys, Inc. | Barclays Bank PLC |  | (384992)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 9216 |
| Taiwan Mobile Co. Ltd. | JPMorgan Chase Bank N.A. |  | (585772)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (19010)<br>|
| Targa Resources Corp. | Barclays Bank PLC |  | (292256)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2944)<br>|
| Teledyne Technologies, Inc. | Merrill Lynch International |  | (668577)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4628 |
| Telstra Group Ltd. | JPMorgan Chase Bank N.A. |  | (436914)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.25)%<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6685 |
| Temenos AG, Registered Shares | Citibank N.A. |  | (329958)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.26)%<br>| SSARON | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1767 |
| THK Co. Ltd. | Barclays Bank PLC |  | (357489)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6783 |
| TIS, Inc. | Barclays Bank PLC |  | (327897)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.17)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1340)<br>|
| Tohoku Electric Power Co., Inc. | Merrill Lynch International |  | (353289)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10043)<br>|
| TOPPAN Holdings, Inc. | Barclays Bank PLC |  | (106771)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.19)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5700 |
| TOPPAN Holdings, Inc. | Merrill Lynch International |  | (420033)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 21695 |
| Tourmaline Oil Corp. | Citibank N.A. |  | (819996)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.20)%<br>| 1D CORRA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (14364)<br>|
| Toyota Industries Corp. | Barclays Bank PLC |  | (651366)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.20)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5177 |
| TS Tech Co. Ltd. | Barclays Bank PLC |  | (343242)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1591)<br>|
| TS Tech Co. Ltd. | Merrill Lynch International |  | (203396)<br>| &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4916)<br>|
| UDR, Inc. | Barclays Bank PLC |  | (653591)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10317)<br>|
| Unilever PLC | Barclays Bank PLC |  | (906941)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.25)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1246)<br>|
| UNITE Group PLC (The) | Citibank N.A. |  | (932431)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.25)%<br>| 1D SONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (16200)<br>|
| United Overseas Bank Ltd. | Merrill Lynch International |  | (741120)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.30)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5134)<br>|
| &nbsp;&nbsp;&nbsp; Vanguard Intermediate-Term Corporate Bond <br> ETF<br>| JPMorgan Chase Bank N.A. |  | (8597920)<br>| &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; (0.47)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 7180 |
| Vicinity Ltd. | JPMorgan Chase Bank N.A. |  | (350374)<br>| &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; (0.25)%<br>| 1D AONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1361 |
| W R Berkley Corp. | Barclays Bank PLC |  | (617936)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 880 |
| Wartsila Oyj Abp | Citibank N.A. |  | (433134)<br>| &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; (0.26)%<br>| 1D ESTR | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1198 |
| Waters Corp. | Citibank N.A. |  | (422554)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4741 |
| Western Digital Corp. | Citibank N.A. |  | (335844)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 8531 |
| Wharf Holdings Ltd. (The) | Merrill Lynch International |  | (313804)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.30)%<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 17715 |
| Wharf Real Estate Investment Co. Ltd. | Merrill Lynch International |  | (429165)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.30)%<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3835)<br>|
| Whitecap Resources, Inc. | Merrill Lynch International |  | (403133)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.20)%<br>| CABROVER | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3475 |
| Willis Towers Watson PLC | Citibank N.A. |  | (797760)<br>| &nbsp;&nbsp; 02/24/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 9120 |
| WW Grainger, Inc. | Barclays Bank PLC |  | (413948)<br>| &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 10328 |
| XPeng, Inc., A Shares | Merrill Lynch International |  | (343296)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.30)%<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (31898)<br>|
| Yakult Honsha Co. Ltd. | Barclays Bank PLC |  | (759187)<br>| &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; (0.18)%<br>| 1D P TONA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (8221)<br>|
| Zijin Mining Group Co. Ltd., Class H | Merrill Lynch International |  | (405497)<br>| &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; (0.15)%<br>| HONIA | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6563)<br>|
| Total short positions of equity swaps | Total short positions of equity swaps | Total short positions of equity swaps | Total short positions of equity swaps | Total short positions of equity swaps |  |  |  | &nbsp;&nbsp; 184154 |
| Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps |  |  |  | &nbsp;&nbsp; 33408 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  | &nbsp;&nbsp; (375988)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  | &nbsp;&nbsp; $(342580)<br>|

---

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

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

<sup>(b)</sup> The Fund pays the total return on a reference entity and receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

**Fair Value Hierarchy as of Period End**

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

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

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

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

&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; $2389621715 | &nbsp;&nbsp; $66600542 | &nbsp;&nbsp; $2456222257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16789080 | &nbsp;&nbsp; 16789080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp; 12541668 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12541668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp; 7678 | &nbsp;&nbsp; 974094 | &nbsp;&nbsp; 163904 | &nbsp;&nbsp; 1145676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp; 1607139 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1607139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp; 2183069 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2183069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp; 1193863 | &nbsp;&nbsp; 297945 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1491808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16908481 | &nbsp;&nbsp; 16908481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp; 8673346 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8673801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp; 5917680 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5917680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp; — | &nbsp;&nbsp; 2025572 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2025572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp; 10461679 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10461679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp; 1259233 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1259233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 56173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11328505 | &nbsp;&nbsp; 11384678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6145861 | &nbsp;&nbsp; 6145861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 66577 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds  | &nbsp;&nbsp; — | &nbsp;&nbsp; 5488701446 | &nbsp;&nbsp; 193726439 | &nbsp;&nbsp; 5682427885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31457446 | &nbsp;&nbsp; 31457446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 40860948 | &nbsp;&nbsp; 212904244 | &nbsp;&nbsp; 253765192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 20091590 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20091590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 519786270 | &nbsp;&nbsp; — | &nbsp;&nbsp; 519786270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies  | &nbsp;&nbsp; 19241253 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19241253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 108635650 | &nbsp;&nbsp; — | &nbsp;&nbsp; 108635650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 2622042344 | &nbsp;&nbsp; 64751703 | &nbsp;&nbsp; 2686794047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 83558930 | &nbsp;&nbsp; — | &nbsp;&nbsp; 83558930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 2662263 | &nbsp;&nbsp; 212244 | &nbsp;&nbsp; 96003622 | &nbsp;&nbsp; 98878129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 11017628558 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11017628558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2077106337 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2077106337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2261445 | &nbsp;&nbsp; 2261445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46778 | &nbsp;&nbsp; 46778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 855114 | &nbsp;&nbsp; 855114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp; 16396 | &nbsp;&nbsp; 4475 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 95517 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 95551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 662 | &nbsp;&nbsp; — | &nbsp;&nbsp; 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp; 1563 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp; 3649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2441494 | &nbsp;&nbsp; 2445143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp; 5684 | &nbsp;&nbsp; — | &nbsp;&nbsp; 292657 | &nbsp;&nbsp; 298341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp; 867 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 867 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowed Bond Agreements | &nbsp;&nbsp; $— | &nbsp;&nbsp; $964437 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $964437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 370804016 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 370804016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 3552 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 75604 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 75604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 566960 | &nbsp;&nbsp; — | &nbsp;&nbsp; 566960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1311026 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1311026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests <sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 193657 | &nbsp;&nbsp; 193657 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowed Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; (955078)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (955078)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sale Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; (4335387744)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4335387744)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (50438)<br>| &nbsp;&nbsp; (50438)<br>|
|  | &nbsp;&nbsp; $436808340 | &nbsp;&nbsp; $20038118965 | &nbsp;&nbsp; $722820568 | &nbsp;&nbsp; $21197747873 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1501505 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1501505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 598594 | &nbsp;&nbsp; 2819733 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3418327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 9683212 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9683212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 2201704 | &nbsp;&nbsp; 3900862 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6102566 |
| &nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (3054041)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3054041)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; (234360)<br>| &nbsp;&nbsp; (4393466)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4627826)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (8357425)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8357425)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (3705947)<br>| &nbsp;&nbsp; (29984733)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (33690680)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (1203492)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1203492)<br>|
|  | &nbsp;&nbsp; $(1140009)<br>| &nbsp;&nbsp; $(29087845)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(30227854)<br>|

---

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

<sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

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

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Asset-Backed* <br>*Securities*<br>| &nbsp;&nbsp; *Common* <br>*Stocks*<br>| &nbsp;&nbsp; *Corporate* <br>*Bonds*<br>| &nbsp;&nbsp; *Fixed Rate* <br>*Loan Interests*<br>| &nbsp;&nbsp; *Floating Rate* <br>*Loan Interests*<br>|
| **Assets** |  |  |  |  |  |
| Opening Balance, as of September 30, 2025 | &nbsp;&nbsp; $61311112 | &nbsp;&nbsp;&nbsp;&nbsp; $39429790 | &nbsp;&nbsp;&nbsp;&nbsp; $190634979 | &nbsp;&nbsp;&nbsp;&nbsp; $31588083 | &nbsp;&nbsp;&nbsp;&nbsp; $175993714 |
| Transfers into Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3679999 | &nbsp;&nbsp;&nbsp;&nbsp; 3139367 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40654978 |
| Transfers out of Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15100000)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp; (7503)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3506593)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2472 | &nbsp;&nbsp;&nbsp;&nbsp; (6434861)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (46297)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68210 | &nbsp;&nbsp;&nbsp;&nbsp; 8679 | &nbsp;&nbsp;&nbsp;&nbsp; (394818)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)</sup> | &nbsp;&nbsp; 874304 | &nbsp;&nbsp;&nbsp;&nbsp; 5683760 | &nbsp;&nbsp;&nbsp;&nbsp; (7447182)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (153170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1699957)<br>|
| Purchases | &nbsp;&nbsp; 6377375 | &nbsp;&nbsp;&nbsp;&nbsp; 2542282 | &nbsp;&nbsp;&nbsp;&nbsp; 11771458 | &nbsp;&nbsp;&nbsp;&nbsp; 2236022 | &nbsp;&nbsp;&nbsp;&nbsp; 52278854 |
| Sales | &nbsp;&nbsp; (1908449)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (933800)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2224640)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32393666)<br>|
| Closing Balance, as of December 31, 2025 | &nbsp;&nbsp; $66600542 | &nbsp;&nbsp;&nbsp;&nbsp; $51335831 | &nbsp;&nbsp;&nbsp;&nbsp; $193726439 | &nbsp;&nbsp;&nbsp;&nbsp; $31457446 | &nbsp;&nbsp;&nbsp;&nbsp; $212904244 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments still held at <br> December 31, 2025<sup>(a)</sup><br>| &nbsp;&nbsp; $874304 | &nbsp;&nbsp;&nbsp;&nbsp; $5683760 | &nbsp;&nbsp;&nbsp;&nbsp; $(7449283)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(143782)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1844344)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Non-Agency* <br>*Mortgage-Backed* <br>*Securities*<br>| &nbsp;&nbsp; *Preferred* <br>*Securities*<br>| *Warrants* | &nbsp;&nbsp; *Unfunded* <br>*Floating Rate* <br>*Loan Interests*<br>| *Total* |
| **Assets** |  |  |  |  |  |
| Opening Balance, as of September 30, 2025 | &nbsp;&nbsp; $58668048 | &nbsp;&nbsp;&nbsp;&nbsp; $80704176 | &nbsp;&nbsp;&nbsp;&nbsp; $5723255 | &nbsp;&nbsp;&nbsp;&nbsp; $218894 | &nbsp;&nbsp;&nbsp;&nbsp; $644272051 |
| Transfers into Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47474372 |
| Transfers out of Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (209936)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15309936)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp; 71450 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9875035)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (364226)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)</sup> | &nbsp;&nbsp; 1194519 | &nbsp;&nbsp;&nbsp;&nbsp; 15509382 | &nbsp;&nbsp;&nbsp;&nbsp; 174239 | &nbsp;&nbsp;&nbsp;&nbsp; (25237)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14110658 |
| Purchases | &nbsp;&nbsp; 5297385 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80503376 |
| Sales | &nbsp;&nbsp; (479699)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (37940254)<br>|
| Closing Balance, as of December 31, 2025 | &nbsp;&nbsp; $64751703 | &nbsp;&nbsp;&nbsp;&nbsp; $96003622 | &nbsp;&nbsp;&nbsp;&nbsp; $5897522 | &nbsp;&nbsp;&nbsp;&nbsp; $193657 | &nbsp;&nbsp;&nbsp;&nbsp; $722871006 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments still held at <br> December 31, 2025<sup>(a)</sup><br>| &nbsp;&nbsp; $1194519 | &nbsp;&nbsp;&nbsp;&nbsp; $15509382 | &nbsp;&nbsp;&nbsp;&nbsp; $174239 | &nbsp;&nbsp;&nbsp;&nbsp; $(25237)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13973558 |

---

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

---

| | |
|:---|:---|
|  | *Unfunded* <br>*Floating Rate* <br>*Loan Interests*<br>|
| **Liabilities** |  |
| Opening Balance, as of September 30, 2025 | &nbsp;&nbsp; $(79168)<br>|
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Accrued discounts/premiums | &nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation)<sup>(a)</sup> | &nbsp;&nbsp; 28730 |
| Purchases | &nbsp;&nbsp; — |
| Sales | &nbsp;&nbsp; — |
| Closing Balance, as of December 31, 2025 | &nbsp;&nbsp; $(50438)<br>|
| Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025<sup>(a)</sup> | &nbsp;&nbsp; $28730 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Fund's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $178,151,732. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | *Valuation Approach* | &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted Average of* <br>*Unobservable Inputs* <br>*Based on Fair Value*<br>|
| **Assets** |  |  |  |  |  |
| Asset Backed Securities | &nbsp;&nbsp; $20977150 | Income | Discount Rate | 7% |  |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; 10042855 | Income | Discount Rate | 8% |  |
| Common Stocks | &nbsp;&nbsp; 51093016 | &nbsp;&nbsp;&nbsp;&nbsp; Market <br>Income<br>| &nbsp;&nbsp;&nbsp;&nbsp; Volatility <br>Time to Exit <br>EBITDA Multiple <br>Discount for lack of marketability <br>Discount Rate<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75% <br>&nbsp;&nbsp;&nbsp;&nbsp; 5.2 years <br>10.25x - 42.67x <br>6% - 10% <br>10% - 15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br>— <br>30.37x <br>10% <br>13%<br>|
| Corporate Bonds<sup>(b)</sup> <br>| &nbsp;&nbsp; 177155588 | Income | Discount Rate | 5% - 16% | 10% |
| Floating Rate Loan Interests | &nbsp;&nbsp; 156484888 | &nbsp;&nbsp;&nbsp;&nbsp; Income <br>Market<br>| &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate <br>EBITDA Multiple<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5% - 21% <br>9.75x<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9% <br>—<br>|
| Fixed Rate Loan Interests | &nbsp;&nbsp; 29296605 | Income | Discount Rate | 11% |  |
| Preferred Stock | &nbsp;&nbsp; 94576392 | &nbsp;&nbsp;&nbsp;&nbsp; Income <br>Market<br>| &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate <br>Revenue Multiple<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10% - 15% <br>5.40x - 52.50x<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13% <br>30.54x<br>|
| Warrants | &nbsp;&nbsp; 5042342 | &nbsp;&nbsp;&nbsp;&nbsp; Market <br>Income<br>| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Multiple <br>Volatility <br>Time to Exit <br>EBITDA Multiple <br>Discount for lack of marketability <br>Discount Rate<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.75x - 10.50x <br>55% - 75% <br>&nbsp;&nbsp;&nbsp;&nbsp; 5.2 years <br>12.00x <br>6% <br>15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.31x <br>55% <br>— <br>— <br>— <br>—<br>|
|  | &nbsp;&nbsp; $544668836 |  |  |  |  |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

A significant change in unobservable input could result in a correlated or inverse change in value.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

For the period end December 31, 2025, the valuation technique for investments classified as Corporate Bonds amounting to $13,083,181 changed to an income approach. The investments were previously valued utilizing a hybrid approach. The change was due to consideration of the information that was available at the time the investments were valued.

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| ARS | Argentine Peso |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan Offshore |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DOP | Dominican Peso |
| EGP | Egyptian Pound |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| KZT | Kazakhstani Tenge |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| PEN | Peruvian Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| RON | Romanian New Leu |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| USD | United States Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D AONIA | AUD - 1D Overnight Reserve Bank of Australia Rate |
| 1D CORRA | CAD - 1D Overnight Bank of Canada Repo Rate |
| 1D ESTR | EUR - 1D Euro Short-Term Rate |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| 1D P TONA | JPY - Provisional 1D Overnight Tokyo Average Rate |
| 1D RAONON | ZAR - 1D Rand Overnight Interest Rate Fixing |
| 1D SONIA | GBP - 1D Sterling Overnight Index Average |
| 1D STIBOR | SEK - 1D Overnight Stockholm Interbank Offer Rate |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Total Return Fund**

---

| | |
|:---|:---|
| 1M JIBAR | ZAR - 1M Johannesburg Interbank Agreed Rate |
| 1W CIBOR | DKK - 1W Copenhagen Interbank Swap Rate |
| ABS | Asset-Backed Security |
| AKA | Also Known As |
| BBSW | Bank Bill Swap Rate |
| CABROVER | Bank of Canada Overnight Rate Target |
| CLO | Collateralized Loan Obligation |
| CLOIS | Chile Monetary Policy Rate (TPM) |
| CME | Chicago Mercantile Exchange |
| COBRO | CAD - Overnight Interbank Rate Overnight |
| COOIS | Colombia Overnight Interbank Reference Rate |
| CORRA | Canadian OvernightRepo Rate Average |
| CVR | Contingent Value Rights |
| DAC | Designated Activity Co. |
| EBITDA | Earnings Before Interest, Taxes, Depreciation and Amortization |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| GO | General Obligation Bonds |
| HONIA | HKD - Overnight Index Average |
| IO | Interest Only |
| JIBAR | Johannesburg Interbank Average Rate |
| KWCDC | KRW Certificate of Deposit |
| LP | Limited Partnership |
| MIBOR | Mumbai Interbank Offered Rate |
| MTN | Medium-Term Note |
| MXIBTIIE | Mexico Interbank TIIE 28-Day |
| NOWA | NOK - Norwegian Overnight Weighted Average |
| NVS | Non-Voting Shares |
| OTC | Over-the-Counter |
| PIK | Payment-in-Kind |
| PRIBOR | Prague Interbank Offered Rate |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SSARON | CHF - Swiss Average Rate O/N |
| TBA | To-be-Announced |
| TIIEFONDEO | MXN - Overnight TIIE Funding Rate |
| TN STIBOR | SEK - TN Stockholm Interbank Offer Rate |
| TONA | Tokyo Overnight Average Rate |
| WIBOR | Warsaw Interbank Offer Rate |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BlackRock Bond Fund, Inc.

- **b. Investment Company Act file number:** 811-02857

- **c. CIK number of Registrant:** 0000276463

- **d. LEI of Registrant:** 54930030AVOSLSPZTH36

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

  - **Street Address 1:** 100 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** BlackRock Total Return Fund

- **b. EDGAR series identifier (if any):** S000004071

- **c. LEI of Series:** 549300WQF7SM1NEFDT68

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $30165551832.75

**Total Liabilities:** $11760615589.06

**Net Assets:** $18404936243.69

**Delayed Delivery Securities:** $2212700.88

**Stand-by Commitments:** $7181685871.08

**Cash Not Reported:** $115595175.42

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 612931.11000000 | **1-Year:** 57797.79000000 | **5-Year:** 4526309.52000000 | **10-Year:** 619308.13000000 | **30-Year:** 1292234.28000000

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

- **3-Month:** 372283.25000000 | **1-Year:** 147302.66000000 | **5-Year:** 570643.62000000 | **10-Year:** 34877.11000000 | **30-Year:** 200758.04000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000011387 | 0.58%                | 0.66%                | -0.13%               |
| Class ID C000011390 | 0.61%                | 0.59%                | -0.10%               |
| Class ID C000011391 | 0.56%                | 0.64%                | -0.15%               |
| Class ID C000037618 | 0.59%                | 0.68%                | -0.12%               |
| Class ID C000037620 | 0.52%                | 0.61%                | -0.19%               |
| Class ID C000052630 | 0.58%                | 0.66%                | -0.23%               |
| Class ID C000052631 | 0.61%                | 0.60%                | -0.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-22365686.01            | $42108622.02                               |
| Month 2  | $35672843.49             | $9002410.25                                |
| Month 3  | $-5660569.71             | $-46838370.99                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CITIBANK, NATIONAL ASSOCIATION                                | TRS CFD EQUITY BASKET                                                            | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               | CORP              | US        |            1 | NC      | $-214323.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank, National Association                                | USD/BRL FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-292373.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                                            | AUD/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-337.48        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | JP Morgan Mortgage Trust 2021-4                                                  | CUSIP: 46652VCB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       198951 | PA      | $157037.46      | 0.00%             | 2051-08-25      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XHHS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12968001 | PA      | $10519625.32    | 0.06%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                                           | Travel + Leisure Co                                                              | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |       449000 | PA      | $452142.10      | 0.00%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133D1CR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       824784 | PA      | $847819.26      | 0.00%             | 2054-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                          | BlueMountain CLO 2018-2 Ltd                                                      | CUSIP: 09629VAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1095000 | PA      | $1096437.95     | 0.01%             | 2031-08-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Medical Solutions Holdings Inc                                | Medical Solutions Holdings Inc                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1587000 | PA      | $322161.00      | 0.00%             | 2029-11-01      | Floating      | 10.94%                | No            |                  3 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                                      | Viper Energy Partners LLC                                                        | CUSIP: 92764MAB0<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |     20384000 | PA      | $20802483.52    | 0.11%             | 2035-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WJXW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2201886 | PA      | $2014250.18     | 0.01%             | 2047-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFLJ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       264791 | PA      | $260317.99      | 0.00%             | 2030-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                        | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       538000 | PA      | $560406.84      | 0.00%             | 2030-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                  | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-8393.21       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                              | Trinitas CLO XIV Ltd                                                             | CUSIP: 89641QBC3<br>LEI: 549300095MXHZZMH2053 | Long             | ABS-CBDO         | CORP              | KY        |      3460000 | PA      | $3465247.78     | 0.02%             | 2034-01-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31416WEW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         3484 | PA      | $3511.34        | 0.00%             | 2040-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                                      | Viper Energy Partners LLC                                                        | CUSIP: 92764MAA2<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |     13287000 | PA      | $13439401.89    | 0.07%             | 2030-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417YNF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         4835 | PA      | $5017.71        | 0.00%             | 2040-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                           | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |       997000 | PA      | $1197259.28     | 0.01%             | 2031-07-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2017-I Ltd                                                          | CUSIP: 17181PAC3<br>LEI: 549300X1SKS4LNS5LQ62 | Long             | ABS-CBDO         | CORP              | KY        |      6190000 | PA      | $6211844.51     | 0.03%             | 2037-04-21      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                       | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     18303000 | PA      | $18341080.49    | 0.10%             | 2029-05-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                         | GFL Environmental Inc                                                            | CUSIP: 36168QAP9<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |       100000 | PA      | $98332.71       | 0.00%             | 2029-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TECHEM VERWALTUNGSGESELL                                      | TECHEM VERWALTUNGSGESELLSCHAFT 675 MBH                                           | CUSIP: 000000000<br>LEI: 529900N0M7FQHNAV1A41 | Long             | LON              | CORP              | DE        |      1000000 | PA      | $1183003.33     | 0.01%             | 2032-07-16      | Floating      | 5.25%                 | No            |                  3 | On Loan: No      |
| ORACLE CORP                                                   | Oracle Corp                                                                      | CUSIP: 68389XDB8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      5447000 | PA      | $4803101.31     | 0.03%             | 2055-08-03      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | ISHARES RUSSELL 2000 ETF                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |           75 | NC      | $21289.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31335BCD6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1500730 | PA      | $1416732.74     | 0.01%             | 2047-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                                    | DaVita Inc                                                                       | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |       681000 | PA      | $708897.85      | 0.00%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     28669500 | PA      | $17394323.20    | 0.09%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV5                                             | CUSIP: 46653XAR1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     86992944 | PA      | $922090.41      | 0.01%             | 2051-12-25      | Variable      | 0.18%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                         | Melco Resorts Finance Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |      8000000 | PA      | $7992480.00     | 0.04%             | 2027-07-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LendingClub Rated Notes Issuer                                | LendingClub Rated Notes Issuer Trust Series 2025-P1                              | CUSIP: 525943AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1740000 | PA      | $1758264.78     | 0.01%             | 2031-06-16      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corpor                                | Banc of America Funding 2007-1 Trust                                             | CUSIP: 05951FBG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        18780 | PA      | $16100.51       | 0.00%             | 2037-01-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CIRKUL COM 0.01 WARR                                          | CIRKUL COM 0.01 WARR                                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        11075 | NC      | $0.11           | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| LAMB WESTON HLD                                               | Lamb Weston Holdings Inc                                                         | CUSIP: 513272AD6<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |       100000 | PA      | $96731.57       | 0.00%             | 2030-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                        | RR 29 LTD                                                                        | CUSIP: 74989VAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       300000 | PA      | $301194.03      | 0.00%             | 2039-07-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                              | E-MINI RUSS 2000                                                                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |         -158 | NC      | $594095.74      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132HNDN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        51263 | PA      | $49463.65       | 0.00%             | 2042-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2006-OC1                                                  | CUSIP: 12668BJD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       961000 | PA      | $948699.66      | 0.01%             | 2036-03-25      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Home Equity Asset Trust                                       | Home Equity Asset Trust 2006-3                                                   | CUSIP: 437084UT1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2440000 | PA      | $2338478.19     | 0.01%             | 2036-07-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                       | United Rentals North America Inc                                                 | CUSIP: 911365BP8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |       386000 | PA      | $362141.03      | 0.00%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                                      | Connect Finco SARL / Connect US Finco LLC                                        | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |      1786000 | PA      | $1894480.23     | 0.01%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128M7CL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       288436 | PA      | $291267.39      | 0.00%             | 2039-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J9Y96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       706187 | PA      | $717768.65      | 0.00%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                | Upgrade Master Pass-Thru Trust Series 2025-ST6                                   | CUSIP: 91533QAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2394710 | PA      | $2398957.61     | 0.01%             | 2032-10-15      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Recei                                | Santander Mortgage Asset Receivable Trust 2025-NQM6                              | CUSIP: 80265DAA1<br>LEI: 2549003RXF6LNJ2GP990 | Long             | ABS-MBS          | CORP              | US        |      3969712 | PA      | $3980659.80     | 0.02%             | 2065-11-25      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                          | Bank of America Corp                                                             | CUSIP: 06051GHS1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      2296000 | PA      | $1928826.73     | 0.01%             | 2050-03-15      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | FREEPORT-MCMORAN INC                                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |         -115 | NC      | $-690.00        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TRINIDAD & TOBAGO                                             | Trinidad & Tobago Government International Bond                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |       654000 | PA      | $658578.00      | 0.00%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO I Ltd                                            | Whitebox CLO III Ltd                                                             | CUSIP: 96467HAU0<br>LEI: 549300JXCQSPB1A61C68 | Long             | ABS-CBDO         | CORP              | KY        |      1250000 | PA      | $1256216.13     | 0.01%             | 2035-10-15      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132VMPG4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       599311 | PA      | $598045.93      | 0.00%             | 2049-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                                | Golub Capital Partners Clo 44M Ltd                                               | CUSIP: 38180NAA9<br>LEI: 254900KERZS5XFEN4I27 | Long             | ABS-CBDO         | CORP              | KY        |      8730000 | PA      | $8730336.11     | 0.05%             | 2038-10-21      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DVL52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     34178639 | PA      | $29527909.87    | 0.16%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HLD                                               | Lamb Weston Holdings Inc                                                         | CUSIP: 513272AE4<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |       175000 | PA      | $166718.48      | 0.00%             | 2032-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                              | TRINITAS CLO IV LTD                                                              | CUSIP: 89640XBM7<br>LEI: 635400UFTIJ9NEWTCB16 | Long             | ABS-CBDO         | CORP              | KY        |       463583 | PA      | $463704.15      | 0.00%             | 2031-10-18      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128PY3W2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         6453 | PA      | $6387.02        | 0.00%             | 2027-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PBU9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     10740000 | PA      | $9541254.26     | 0.05%             | 2031-11-19      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                    | Apidos CLO XXXVII                                                                | CUSIP: 03769HAA5<br>LEI: 549300OGB01ASKLNI660 | Long             | ABS-CBDO         | CORP              | KY        |       450000 | PA      | $450450.09      | 0.00%             | 2034-10-22      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                       | UYU/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-15710.52      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417GAX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1514631 | PA      | $1400188.17     | 0.01%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132D6NY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5787402 | PA      | $5371715.57     | 0.03%             | 2036-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PENINSULA PACIFIC ENTERT                                      | PENINSULA PACIFIC ENTERTAINMENT DEVELOPMENT LLC                                  | CUSIP: 70715SAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       815939 | PA      | $817978.82      | 0.00%             | 2032-10-01      | Floating      | 2.38%                 | No            |                  3 | On Loan: No      |
| LendingClub Rated Notes Issuer                                | LendingClub Rated Notes Issuer Trust Series 2025-P1                              | CUSIP: 525943AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       707000 | PA      | $715101.44      | 0.00%             | 2031-06-16      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2016-12 Ltd                                                              | CUSIP: 67092RBC1<br>LEI: 254900U8BS6KLMI9K654 | Long             | ABS-CBDO         | CORP              | KY        |      1960000 | PA      | $1965837.08     | 0.01%             | 2037-10-18      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810TF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     24631000 | PA      | $18130725.16    | 0.10%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu                                | JPMBB Commercial Mortgage Securities Trust 2014-C22                              | CUSIP: 46642NBF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        91596 | PA      | $0.92           | 0.00%             | 2047-09-15      | Variable      | 0.40%                 | No            |                  2 | On Loan: No      |
| NCL FINANCE LTD                                               | NCL Finance Ltd                                                                  | CUSIP: 62888HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       242000 | PA      | $248906.83      | 0.00%             | 2028-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31335BKV7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2042141 | PA      | $1945761.50     | 0.01%             | 2047-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                      | Celanese US Holdings LLC                                                         | CUSIP: 15089QAX2<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |       349000 | PA      | $367733.14      | 0.00%             | 2030-11-15      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC             | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 5493003GCX71N8988W38 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-35582.88      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138X54U8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       204482 | PA      | $201978.31      | 0.00%             | 2043-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE LUFTHANSA AG                                         | Deutsche Lufthansa AG                                                            | CUSIP: 000000000<br>LEI: 529900PH63HYJ86ASW55 | Long             | DBT              | CORP              | DE        |      2100000 | PA      | $2561170.36     | 0.01%             | 2055-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO XVIII Ltd                                            | CUSIP: 08186PAU7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      6260000 | PA      | $6269987.83     | 0.03%             | 2038-10-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                                  | ARES XLIV CLO Ltd                                                                | CUSIP: 04016NBR3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1650000 | PA      | $1654959.57     | 0.01%             | 2034-04-15      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XPDE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        10949 | PA      | $10839.96       | 0.00%             | 2029-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PBR6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      5021000 | PA      | $4896576.41     | 0.03%             | 2028-06-01      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| EMERA INC                                                     | Emera Inc                                                                        | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |       600000 | PA      | $602746.20      | 0.00%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO I, Ltd                                           | Owl Rock CLO III Ltd                                                             | CUSIP: 69120DAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       430000 | PA      | $430654.03      | 0.00%             | 2036-04-20      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Tower Bridge Funding                                          | Tower Bridge Funding 2024-3 PLC                                                  | CUSIP: 000000000<br>LEI: 635400XMA28GDAPK1E69 | Long             | ABS-MBS          | CORP              | GB        |       333913 | PA      | $450888.19      | 0.00%             | 2066-12-20      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| LendingClub Rated Notes Issuer                                | LendingClub Rated Notes Issuer Trust Series 2025-P1                              | CUSIP: 525943AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1378000 | PA      | $1393687.29     | 0.01%             | 2031-06-16      | Fixed         | 9.28%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                               | CDS ITRAXX.EU.44.V1                                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-475361.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                                  | Voya CLO 2024-1 Ltd                                                              | CUSIP: 92920DAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250853.35      | 0.00%             | 2037-04-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS CARDIF                                            | BNP Paribas Cardif SA                                                            | CUSIP: 000000000<br>LEI: 969500VRSFWX7S1P2M29 | Long             | DBT              | CORP              | FR        |       800000 | PA      | $945699.42      | 0.01%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO II Ltd.                                           | Elmwood CLO II Ltd                                                               | CUSIP: 29001LBE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250904.05      | 0.00%             | 2037-10-20      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                      | Celanese US Holdings LLC                                                         | CUSIP: 15089QAW4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |        96000 | PA      | $100429.95      | 0.00%             | 2028-11-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                    | BFLD Commercial Mortgage Trust 2025-660F                                         | CUSIP: 05556QAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       792000 | PA      | $795958.81      | 0.00%             | 2042-11-15      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV5                                             | CUSIP: 46653XAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6428167 | PA      | $182397.32      | 0.00%             | 2051-12-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3131Y9RK1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1134480 | PA      | $1121872.06     | 0.01%             | 2049-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                   | Southern Co/The                                                                  | CUSIP: 842587DR5<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      2145000 | PA      | $2203833.42     | 0.01%             | 2033-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solu                                | GoodLeap Home Improvement Solutions Trust 2024-1                                 | CUSIP: 381935AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12212126 | PA      | $12369258.92    | 0.07%             | 2046-10-20      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Exmoor Funding PLC                                            | Exmoor Funding 2025-1 PLC                                                        | CUSIP: 000000000<br>LEI: 635400YFBIYXOQAEON61 | Long             | ABS-MBS          | CORP              | GB        |       531989 | PA      | $717199.16      | 0.00%             | 2095-03-25      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                   | US 10YR ULTRA                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         -882 | NC      | $-316964.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LendingClub Rated Notes Issuer                                | LendingClub Rated Notes Issuer Trust Series 2025-P1                              | CUSIP: 525943AF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       458000 | PA      | $463604.59      | 0.00%             | 2038-06-16      | Fixed         | 13.31%                | No            |                  2 | On Loan: No      |
| Household Capital                                             | Household Capital 2025-1 RMBS                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | AU        |      3480186 | PA      | $2318623.72     | 0.01%             | 2087-07-21      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2018-1                                    | CUSIP: 92257AAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       109384 | PA      | $105151.57      | 0.00%             | 2048-04-25      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| SPLT_24-1                                                     | SPLT_24-1                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       162328 | PA      | $2768377.42     | 0.02%             | 2031-02-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418DKW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1458655 | PA      | $1437380.50     | 0.01%             | 2050-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                                     | PG&E Corp                                                                        | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     45126000 | PA      | $44806387.88    | 0.24%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CMC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     29411700 | PA      | $30436513.92    | 0.17%             | 2031-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WINTERSHALL DEA FIN 2BV                                       | Wintershall Dea Finance 2 BV                                                     | CUSIP: 000000000<br>LEI: 529900DV88FUQZSVVL48 | Long             | DBT              | CORP              | NL        |      1619000 | PA      | $1941002.39     | 0.01%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BXP Trust                                                     | BXP Trust 2017-GM                                                                | CUSIP: 056083AL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       590000 | PA      | $571683.27      | 0.00%             | 2039-06-13      | Variable      | 3.42%                 | 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        |       231306 | PA      | $273661.51      | 0.00%             | 2042-10-27      | Floating      | 3.73%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | USD/GBP FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-5312.33       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Banc of America Funding Corpor                                | Banc of America Funding Corp                                                     | CUSIP: 05990QAB9<br>LEI: 54930023UHZHF7UJ8596 | Long             | ABS-MBS          | CORP              | US        |       977548 | PA      | $838205.87      | 0.00%             | 2036-03-27      | Variable      | 2.63%                 | No            |                  2 | On Loan: No      |
| Elm CLO Ltd                                                   | ELM Trust 2024-ELM                                                               | CUSIP: 26860XAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4860000 | PA      | $4885517.43     | 0.03%             | 2039-06-10      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                                  | Novelis Corp                                                                     | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |       317000 | PA      | $329157.27      | 0.00%             | 2030-01-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J7S63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       566762 | PA      | $556779.74      | 0.00%             | 2032-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                          | Raizen Fuels Finance SA                                                          | CUSIP: 000000000<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |      2216000 | PA      | $1825430.00     | 0.01%             | 2034-03-05      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV5                                             | CUSIP: 46653XAP5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7959556 | PA      | $6584666.40     | 0.04%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                          | Targa Resources Corp                                                             | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |      3609000 | PA      | $3455110.94     | 0.02%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QS5E4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        29101 | PA      | $28168.87       | 0.00%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                | Upgrade Master Pass-Thru Trust Series 2025-ST8                                   | CUSIP: 91535UAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2648000 | PA      | $2653523.46     | 0.01%             | 2033-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REYNOLDS AMERICAN INC                                         | Reynolds American Inc                                                            | CUSIP: 761713BB1<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |     25610000 | PA      | $25196095.53    | 0.14%             | 2045-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24                        | AUST 10Y BOND                                                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |         1086 | NC      | $-103971.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | PEN/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $8436.14        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140X8KC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       535870 | PA      | $475342.39      | 0.00%             | 2040-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AGL CLO 6 LTD                                                 | AGL CLO 6 LTD                                                                    | CUSIP: 00119VAY5<br>LEI: 5493008ZSC34VKNPZN79 | Long             | ABS-CBDO         | CORP              | KY        |      3980000 | PA      | $3991940.00     | 0.02%             | 2038-04-20      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV5                                             | CUSIP: 46653XAV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1196831 | PA      | $1000050.39     | 0.01%             | 2051-12-25      | Variable      | 3.18%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                                | GOTO GROUP INC                                                                   | CUSIP: 38349FAD8<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |       723160 | PA      | $278930.00      | 0.00%             | 2028-04-28      | Floating      | 8.79%                 | No            |                  3 | On Loan: No      |
| KSLCMT_25-MAK                                                 | KSLCMT_25-MAK                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1333000 | PA      | $1331525.04     | 0.01%             | 2042-06-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                                  | Novelis Corp                                                                     | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |       560000 | PA      | $540209.60      | 0.00%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                       | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |       194000 | PA      | $229199.42      | 0.00%             | 2037-10-07      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                      | Targa Resources Partners LP / Targa Resources Partners Finance Corp              | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14735000 | PA      | $14825085.66    | 0.08%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                                          | SCG Commercial Mortgage Trust 2025-FLWR                                          | CUSIP: 78438AAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       278000 | PA      | $278689.77      | 0.00%             | 2042-08-15      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                      | Benchmark 2020-B21 Mortgage Trust                                                | CUSIP: 08163LAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       890000 | PA      | $787339.92      | 0.00%             | 2053-12-17      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | USD CALL VERSUS EUR PUT                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              | CORP              | GB        |      3913000 | NC      | $7990.77        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QQYS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        33020 | PA      | $31994.39       | 0.00%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ICELAND BONDCO PLC                                            | Iceland Bondco PLC                                                               | CUSIP: 000000000<br>LEI: 2138002DRBYIA8QXHO36 | Long             | DBT              | CORP              | GB        |       504000 | PA      | $717655.87      | 0.00%             | 2027-12-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QVP21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       199669 | PA      | $193099.14      | 0.00%             | 2046-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                                        | Energizer Holdings Inc                                                           | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |       403000 | PA      | $385068.77      | 0.00%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AECOM                                                         | AECOM                                                                            | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |       200000 | PA      | $204972.00      | 0.00%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BXP Trust                                                     | BXP Trust 2017-GM                                                                | CUSIP: 056083AN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1240000 | PA      | $1188330.44     | 0.01%             | 2039-06-13      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV5                                             | CUSIP: 46653XAW0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       418916 | PA      | $342735.00      | 0.00%             | 2051-12-25      | Variable      | 3.18%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                              | Trinitas CLO XXI Ltd                                                             | CUSIP: 89640JAY3<br>LEI: 254900S6ZHFKMFCQD992 | Long             | ABS-CBDO         | CORP              | BM        |      1140000 | PA      | $1138509.79     | 0.01%             | 2038-04-20      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140X7YB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1154781 | PA      | $1023493.31     | 0.01%             | 2040-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                         | Mexico Government International Bond                                             | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     30379000 | PA      | $27067689.00    | 0.15%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                       | USD/AUD FORWARD                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |            1 | NC      | $15474.99       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LIONS GATE CAPITAL HOL 1                                      | Starz Capital Holdings 1 Inc                                                     | CUSIP: 535939AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1819000 | PA      | $1737145.00     | 0.01%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VAR ENERGI ASA                                                | Var Energi ASA                                                                   | CUSIP: 000000000<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |      1888000 | PA      | $2436079.33     | 0.01%             | 2083-11-15      | Fixed         | 7.86%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XGWN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     54143227 | PA      | $46218477.46    | 0.25%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                                     | College Ave Student Loans Trust 2024-A                                           | CUSIP: 19424RAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7430214 | PA      | $7536389.22     | 0.04%             | 2054-06-25      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                    | BFLD Commercial Mortgage Trust 2025-660F                                         | CUSIP: 05556QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8849000 | PA      | $8873879.85     | 0.05%             | 2042-11-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Elm CLO Ltd                                                   | ELM Trust 2024-ELM                                                               | CUSIP: 26860XAW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     51484000 | PA      | $49815.92       | 0.00%             | 2039-06-10      | Variable      | 0.23%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                      | Benchmark 2020-B17 Mortgage Trust                                                | CUSIP: 08162MBA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7100000 | PA      | $122418.91      | 0.00%             | 2053-03-15      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                      | Celanese US Holdings LLC                                                         | CUSIP: 15089QAP9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |        98000 | PA      | $101981.18      | 0.00%             | 2032-07-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                    | Verus Securitization Trust 2025-6                                                | CUSIP: 92540YAA7<br>LEI: 213800KZO2G8SSFFDH61 | Long             | ABS-MBS          | CORP              | US        |      9671092 | PA      | $9752303.01     | 0.05%             | 2070-07-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| COREWEAVE 2ND ABL:TL                                          | COREWEAVE 2ND ABL:TL                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     12954663 | PA      | $12857503.12    | 0.07%             | 2029-05-16      | Floating      | 9.86%                 | No            |                  3 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | CDS CMBX.NA.BBB-.9                                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-257618.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TELUS CORP                                                    | TELUS Corp                                                                       | CUSIP: 87971MCL5<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |       191000 | PA      | $194904.61      | 0.00%             | 2055-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                      | Angel Oak Mortgage Trust 2024-11                                                 | CUSIP: 03463QAA4<br>LEI: 2549009VFCBSE99NTJ29 | Long             | ABS-MBS          | CORP              | US        |      3074735 | PA      | $3102580.14     | 0.02%             | 2069-08-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                | Morgan Stanley Capital I Trust 2017-ASHF                                         | CUSIP: 61691KAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1413000 | PA      | $1345458.46     | 0.01%             | 2034-11-15      | Floating      | 8.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418CZ98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2622827 | PA      | $2523795.49     | 0.01%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                                    | DaVita Inc                                                                       | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |       176000 | PA      | $182493.16      | 0.00%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                       | Starwood Property Trust Inc                                                      | CUSIP: 85571BAY1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |       100000 | PA      | $99378.70       | 0.00%             | 2027-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2016-12 Ltd                                                              | CUSIP: 67092RBG2<br>LEI: 254900U8BS6KLMI9K654 | Long             | ABS-CBDO         | CORP              | KY        |      1250000 | PA      | $1255937.63     | 0.01%             | 2037-10-18      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                          | Diameter Capital CLO 10 Ltd                                                      | CUSIP: 25290BAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      9667000 | PA      | $9696810.13     | 0.05%             | 2038-04-20      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132A4RV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         2789 | PA      | $2650.68        | 0.00%             | 2045-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                                        | Energizer Holdings Inc                                                           | CUSIP: 29272WAG4<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |       108000 | PA      | $103594.08      | 0.00%             | 2033-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association                                | USD/PEN FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-578.37        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PG&E CORP                                                     | PG&E Corp                                                                        | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     36453000 | PA      | $37965471.42    | 0.21%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit                                | Bain Capital Credit CLO 2021-3 Ltd                                               | CUSIP: 05683NAG7<br>LEI: 254900XV68IP5ZAT0548 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $244751.45      | 0.00%             | 2034-07-24      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR MIDCO GMBH                                        | TK ELEVATOR MIDCO GMBH                                                           | CUSIP: 000000000<br>LEI: 254900K869UN2ZWVB351 | Long             | LON              | CORP              | DE        |      1000000 | PA      | $1184343.06     | 0.01%             | 2030-04-30      | Floating      | 5.33%                 | No            |                  3 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PBN5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      1970000 | PA      | $1337798.26     | 0.01%             | 2051-04-22      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                       | United Rentals North America Inc                                                 | CUSIP: 911365BN3<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |       419000 | PA      | $406169.51      | 0.00%             | 2030-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50346700 | PA      | $27828352.01    | 0.15%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                                       | Turkiye Government Bond                                                          | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     40080000 | PA      | $901921.39      | 0.00%             | 2033-10-05      | Fixed         | 26.20%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132VNJR5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       361198 | PA      | $359241.78      | 0.00%             | 2049-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Dwight 2025-FL1 Issuer LLC                                    | Dwight 2025-FL1 Issuer LLC                                                       | CUSIP: 233636AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      1148000 | PA      | $1150263.40     | 0.01%             | 2042-06-18      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                                              | Ziggo Bond Co BV                                                                 | CUSIP: 000000000<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |       146000 | PA      | $152492.72      | 0.00%             | 2030-02-28      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | SABRE CORP                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |          258 | NC      | $3225.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31410GBT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       274009 | PA      | $281059.74      | 0.00%             | 2035-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Asset-Backed                                | Washington Mutural Asset-Backed Certificates WMABS Series 2007-HE1 Trust         | CUSIP: 93935KAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1998044 | PA      | $628310.38      | 0.00%             | 2036-11-25      | Floating      | 3.73%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WKLB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       453257 | PA      | $437440.20      | 0.00%             | 2032-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MEHILAINEN YHTIOT OY                                          | MEHILAINEN YHTIOT OY                                                             | CUSIP: 000000000<br>LEI: 2138006X78HGYRHS5865 | Long             | LON              | CORP              | FI        |      1000000 | PA      | $1186846.23     | 0.01%             | 2031-08-25      | Floating      | 5.52%                 | No            |                  3 | On Loan: No      |
| GCAT                                                          | GCAT 2022-NQM1 Trust                                                             | CUSIP: 36168VAH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       564000 | PA      | $429979.44      | 0.00%             | 2067-02-25      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pas                                | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OA3 Trust | CUSIP: 939355AE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       798495 | PA      | $705884.73      | 0.00%             | 2047-04-25      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMR49<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12679372 | PA      | $12400506.86    | 0.07%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERSANT MEDIA GROUP INC                                       | Versant Media Group Inc                                                          | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |       298000 | PA      | $307443.42      | 0.00%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trus                                | Residential Mortgage Loan Trust 2019-2                                           | CUSIP: 76119DAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2434000 | PA      | $2417726.03     | 0.01%             | 2059-05-25      | Variable      | 6.04%                 | No            |                  2 | On Loan: No      |
| TAG IMMOBILIEN AG                                             | TAG Immobilien AG                                                                | CUSIP: 000000000<br>LEI: 529900TAE68USJNXLR59 | Long             | DBT              | CORP              | DE        |       500000 | PA      | $597918.26      | 0.00%             | 2031-03-11      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                  | USD/BRL FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-49282.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DNTW3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13568019 | PA      | $13670739.15    | 0.07%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| One Bryant Park Trust                                         | One Bryant Park Trust 2019-OBP                                                   | CUSIP: 68236JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1888000 | PA      | $1752488.80     | 0.01%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| FR BONDCO SAS                                                 | FR Bondco SAS                                                                    | CUSIP: 000000000<br>LEI: 9695005XHXDZWSFICJ23 | Long             | DBT              | CORP              | FR        |       225000 | PA      | $265345.11      | 0.00%             | 2032-10-31      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                                | GOTO GROUP INC                                                                   | CUSIP: 38349FAC0<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |       725016 | PA      | $641639.15      | 0.00%             | 2028-04-28      | Floating      | 8.79%                 | No            |                  3 | On Loan: No      |
| ALTICE FRANCE LUX 3 EQUITY                                    | ALTICE FRANCE LUX 3 EQUITY                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |        11320 | NS      | $199362.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AIR CANADA 2017-1B PTT                                        | Air Canada 2017-1 Class B Pass Through Trust                                     | CUSIP: 00908PAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |         7870 | PA      | $7863.80        | 0.00%             | 2026-01-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                | Morgan Stanley Capital I Trust 2017-ASHF                                         | CUSIP: 61691KAS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1612000 | PA      | $1466119.16     | 0.01%             | 2034-11-15      | Floating      | 10.95%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31415W3G6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         5629 | PA      | $5820.81        | 0.00%             | 2038-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XLE95<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4769704 | PA      | $4854237.54     | 0.03%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING CO                                       | Five Point Operating Co LP                                                       | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       270000 | PA      | $282090.60      | 0.00%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                         | THB/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | N/A              | DFE              | CORP              | US        |            1 | NC      | $24502.28       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140JR7K1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5692786 | PA      | $4695983.03     | 0.03%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Asset-Backed                                | Washington Mutural Asset-Backed Certificates WMABS Series 2007-HE1 Trust         | CUSIP: 93935KAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       225070 | PA      | $70499.12       | 0.00%             | 2036-11-25      | Floating      | 3.73%                 | No            |                  2 | On Loan: No      |
| GREENKO DUTCH BV                                              | Greenko Dutch BV                                                                 | CUSIP: 000000000<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |      6920000 | PA      | $6859450.00     | 0.04%             | 2026-03-29      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                                      | Live Nation Entertainment Inc                                                    | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |       200000 | PA      | $200407.40      | 0.00%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Conseco Financial Corp                                        | Conseco Finance Corp                                                             | CUSIP: 393505XH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        44354 | PA      | $45057.36       | 0.00%             | 2029-01-15      | Variable      | 7.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140HH6H3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       200285 | PA      | $199453.35      | 0.00%             | 2048-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-E                                                  | CUSIP: 009740AD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2669000 | PA      | $1881065.83     | 0.01%             | 2060-12-25      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                       | Energean Israel Finance Ltd                                                      | CUSIP: 29290WAA5<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |       855846 | PA      | $914952.86      | 0.00%             | 2033-09-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| DAVIDSON HOMES WARRANTS                                       | DAVIDSON HOMES WARRANTS                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       129494 | NC      | $292656.44      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418CYN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1267330 | PA      | $1258730.00     | 0.01%             | 2048-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                       | MXN/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |            1 | NC      | $1855.88        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WOM MOBILE SA                                                 | WOM Mobile SA                                                                    | CUSIP: 97810LAA7<br>LEI: 549300T600VUO0QJ3063 | Long             | DBT              | CORP              | CL        |       209931 | PA      | $206862.29      | 0.00%             | 2031-04-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31306XQR7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         5948 | PA      | $5882.20        | 0.00%             | 2027-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| RENEW POWER PVT LTD                                           | ReNew Pvt Ltd                                                                    | CUSIP: 000000000<br>LEI: 335800BITJZHVZ1CN475 | Long             | DBT              | CORP              | IN        |     14000000 | PA      | $13909840.00    | 0.08%             | 2027-03-05      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132JAST3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       202519 | PA      | $193809.78      | 0.00%             | 2043-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ACRA Trust 2024-NQM1                                          | ACRA Trust 2024-NQM1                                                             | CUSIP: 00112EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3837463 | PA      | $3854088.19     | 0.02%             | 2064-10-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2006-OA14                                                 | CUSIP: 02146SAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1701041 | PA      | $1435103.92     | 0.01%             | 2046-11-25      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31402QPQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       107236 | PA      | $105814.04      | 0.00%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132G5AU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        63802 | PA      | $63174.81       | 0.00%             | 2028-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                                       | Summer BC Holdco B SARL                                                          | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |       310000 | PA      | $335729.78      | 0.00%             | 2030-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Panorama Auto Trust                                           | Panorama Auto Trust 2025-1                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |       732000 | PA      | $489755.65      | 0.00%             | 2033-03-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                     | GBP CALL VERSUS USD PUT                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |      1408000 | NC      | $17960.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| APCOA HOLDINGS GMBH                                           | APCOA Group GmbH                                                                 | CUSIP: 000000000<br>LEI: 529900H8FIYAOV5FUW68 | Long             | DBT              | CORP              | DE        |      2428000 | PA      | $2904111.43     | 0.02%             | 2031-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128M7U87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         2431 | PA      | $2536.27        | 0.00%             | 2039-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                                      | Thailand Government Bond                                                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    112196000 | PA      | $3801416.29     | 0.02%             | 2035-03-17      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2016-12 Ltd                                                              | CUSIP: 67092RAW8<br>LEI: 254900U8BS6KLMI9K654 | Long             | ABS-CBDO         | CORP              | KY        |      1680000 | PA      | $1680016.63     | 0.01%             | 2037-10-18      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FEH5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        35757 | PA      | $36015.64       | 0.00%             | 2040-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-E                                                  | CUSIP: 009740AF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7578085 | PA      | $4113446.17     | 0.02%             | 2060-12-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     58173500 | PA      | $47097811.27    | 0.26%             | 2053-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138A5V66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        71992 | PA      | $74454.57       | 0.00%             | 2041-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ZAYO GROUP HOLDINGS INC                                       | Zayo Group Holdings Inc                                                          | CUSIP: 98919VAC9<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |       324711 | PA      | $308475.45      | 0.00%             | 2030-03-09      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                                  | Voya CLO 2014-4 Ltd                                                              | CUSIP: 92914RAY8<br>LEI: 549300JHU3YI1LLL3V27 | Long             | ABS-CBDO         | CORP              | KY        |        33557 | PA      | $33558.06       | 0.00%             | 2031-07-14      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                    | EUR/JPY FORWARD                                                                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-96592.75      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                  | USD/ZAR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $71026.69       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31371KWH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       113109 | PA      | $117324.79      | 0.00%             | 2032-12-01      | Fixed         | 5.50%                 | 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        |       250000 | PA      | $250468.55      | 0.00%             | 2038-01-19      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140X9MV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       326910 | PA      | $312991.93      | 0.00%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FVH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       319177 | PA      | $327824.23      | 0.00%             | 2041-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EURO PARFUMS FZE UPSIZE: TL LOAN/TERM                         | EURO PARFUMS FZE UPSIZE: TL LOAN/TERM                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |       717895 | PA      | $714305.53      | 0.00%             | 2028-09-01      | Floating      | 9.12%                 | No            |                  3 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                       | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    218259900 | PA      | $11277852.34    | 0.06%             | 2033-05-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST LP                                          | RLJ Lodging Trust LP                                                             | CUSIP: 74965LAB7<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              | CORP              | US        |       258000 | PA      | $244708.82      | 0.00%             | 2029-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PBJ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      9912000 | PA      | $9998155.10     | 0.05%             | 2031-03-24      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| GSAT Trust 2025-BMF                                           | GSAT Trust 2025-BMF                                                              | CUSIP: 36271XAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1936000 | PA      | $1938419.42     | 0.01%             | 2040-07-15      | Floating      | 5.25%                 | 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        |      1130000 | PA      | $1153150.93     | 0.01%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | CDS AMERICAN ELECTRIC POWER CO INC                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-1076414.59    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                          | Diameter Capital Clo 2 Ltd                                                       | CUSIP: 25255LAS1<br>LEI: 2549008BUJNKS7JJUU65 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250940.23      | 0.00%             | 2037-10-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                                         | Qnity Electronics Inc                                                            | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |       100000 | PA      | $102244.60      | 0.00%             | 2032-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                                      | Suburban Propane Partners LP/Suburban Energy Finance Corp                        | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       147000 | PA      | $141124.01      | 0.00%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                      | Celanese US Holdings LLC                                                         | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |       541000 | PA      | $538161.54      | 0.00%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2021-B                                                 | CUSIP: 64034QAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1499000 | PA      | $1361482.49     | 0.01%             | 2062-04-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Mill City Solar Loan 2019-2 Lt                                | Mill City Solar Loan 2019-2 Ltd                                                  | CUSIP: 59982VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |      3327809 | PA      | $3033213.66     | 0.02%             | 2043-07-20      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC                                              | Pitney Bowes Inc                                                                 | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |      6435000 | PA      | $6439189.19     | 0.03%             | 2027-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TELUS CORP                                                    | TELUS Corp                                                                       | CUSIP: 87971MCM3<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |       186000 | PA      | $193622.28      | 0.00%             | 2055-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Mila B.V.                                                     | Mila 2024-1 BV                                                                   | CUSIP: 000000000<br>LEI: 7245000GAIRCK7Y7VJ68 | Long             | ABS-O            | CORP              | NL        |       152544 | PA      | $180179.94      | 0.00%             | 2041-09-16      | Floating      | 3.93%                 | No            |                  2 | On Loan: No      |
| Comerica Inc                                                  | Comerica Inc                                                                     | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |         6086 | NS      | $529055.98      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMONWEALTH BANK OF AUSTRALIA                                | USD/GBP FORWARD                                                                  | CUSIP: 000000000<br>LEI: MSFSBD3QN1GSN7Q6C537 | N/A              | DFE              | CORP              | US        |            1 | NC      | $48357.93       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QSAX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11900420 | PA      | $12187025.00    | 0.07%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Secu                                | Bear Stearns Asset Backed Securities I Trust 2006-HE1                            | CUSIP: 0738796S2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2153662 | PA      | $2129039.68     | 0.01%             | 2035-12-25      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                 | New Residential Mortgage Loan Trust 2020-RPL1                                    | CUSIP: 64828XAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6210000 | PA      | $4904984.03     | 0.03%             | 2059-11-25      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA BUYER/ATLANTI                                      | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      2105000 | PA      | $2527031.82     | 0.01%             | 2032-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418CYM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       389809 | PA      | $376659.97      | 0.00%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                      | Ford Motor Credit Co LLC                                                         | CUSIP: 345397G72<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      7642000 | PA      | $7819274.15     | 0.04%             | 2028-03-20      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-E                                                  | CUSIP: 009740AG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     91817118 | PA      | $3001575.05     | 0.02%             | 2060-12-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                       | Starwood Property Trust Inc                                                      | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |       245000 | PA      | $255435.53      | 0.00%             | 2030-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2021-B                                                 | CUSIP: 64034QAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       836000 | PA      | $741731.14      | 0.00%             | 2062-04-20      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| TWILIO INC                                                    | Twilio Inc                                                                       | CUSIP: 90138FAC6<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |       103000 | PA      | $99495.43       | 0.00%             | 2029-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | IDR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $88231.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMRA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        69787 | PA      | $66561.36       | 0.00%             | 2044-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OHA Loan Funding Ltd                                          | OHA Loan Funding 2015-1 Ltd                                                      | CUSIP: 67109BDN1<br>LEI: 25490072LQI0R2J4XC93 | Long             | ABS-CBDO         | CORP              | KY        |      1830000 | PA      | $1834562.19     | 0.01%             | 2038-10-19      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                                      | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       154000 | PA      | $159396.78      | 0.00%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AURORA INNOVATION INC                                         | AURORA INNOVATION INC -CW28                                                      | CUSIP: 051774115<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        16026 | NC      | $3649.12        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WORLDLINE SA/FRANCE                                           | Worldline SA/France                                                              | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |      1600000 | PA      | $1704623.80     | 0.01%             | 2027-06-30      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31414FQF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         2887 | PA      | $2971.79        | 0.00%             | 2038-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38382RNJ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3182332 | PA      | $537852.87      | 0.00%             | 2050-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179MAY6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       813245 | PA      | $790504.13      | 0.00%             | 2042-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                 | Ballyrock CLO 15 Ltd                                                             | CUSIP: 05875TAJ6<br>LEI: 254900DRHPTI08KKW784 | Long             | ABS-CBDO         | CORP              | KY        |      6935000 | PA      | $6960860.62     | 0.04%             | 2038-01-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO XXIII Ltd                                            | CUSIP: 08186XAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       750000 | PA      | $746283.45      | 0.00%             | 2034-04-25      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                       | RON/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |            1 | NC      | $46371.45       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                                       | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |       249000 | PA      | $290693.24      | 0.00%             | 2045-10-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QL4T0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1070266 | PA      | $1037282.78     | 0.01%             | 2036-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                                          | IHO Verwaltungs GmbH                                                             | CUSIP: 44963BAG3<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |      1934370 | PA      | $2037473.86     | 0.01%             | 2032-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VERSA NETWORKS INC                                            | VERSA NETWORKS INC                                                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       507586 | NC      | $2441488.66     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kennedy Lewis CLO Ltd                                         | Kennedy Lewis CLO 20 Ltd                                                         | CUSIP: 370912AC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       260000 | PA      | $260881.19      | 0.00%             | 2038-01-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                              | Trinitas CLO XXIX Ltd                                                            | CUSIP: 89643BAA9<br>LEI: 2549000HOL90CNMWDO78 | Long             | ABS-CBDO         | CORP              | KY        |       310000 | PA      | $311069.50      | 0.00%             | 2037-07-23      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                                | Czech Republic Government Bond                                                   | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     74130000 | PA      | $3642285.99     | 0.02%             | 2032-11-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                      | Celanese US Holdings LLC                                                         | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |       528000 | PA      | $530640.00      | 0.00%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                          | Cleveland-Cliffs Inc                                                             | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |       414000 | PA      | $432638.68      | 0.00%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                                | Rocket Cos Inc                                                                   | CUSIP: 77311WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       199000 | PA      | $209347.76      | 0.00%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                             | USD CALL VERSUS BRL PUT                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              | CORP              | GB        |      5540202 | NC      | $84005.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QSAY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2198797 | PA      | $2243685.15     | 0.01%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                       | Dryden 76 CLO Ltd                                                                | CUSIP: 26252WBE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1750000 | PA      | $1756528.38     | 0.01%             | 2037-10-15      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| BELL CANADA                                                   | Bell Telephone Co of Canada or Bell Canada                                       | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |       345000 | PA      | $355947.89      | 0.00%             | 2055-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                                   | PRKCM 2022-AFC2 Trust                                                            | CUSIP: 69377TAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4138729 | PA      | $4135030.82     | 0.02%             | 2057-08-25      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| HESS CORP                                                     | Hess Corp                                                                        | CUSIP: 023551AJ3<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |      6412000 | PA      | $7365320.64     | 0.04%             | 2031-08-15      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                                    | DaVita Inc                                                                       | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |       315000 | PA      | $306302.85      | 0.00%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Origen Manufactured Housing                                   | Origen Manufactured Housing Contract Trust 2007-B                                | CUSIP: 68620KAA0<br>LEI: 5493005G5GFEQWMCSY59 | Long             | ABS-O            | CORP              | US        |        69664 | PA      | $69482.76       | 0.00%             | 2037-10-15      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-E                                                  | CUSIP: 009740AH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        47049 | PA      | $22220.69       | 0.00%             | 2060-12-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418CQB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1289897 | PA      | $1246856.91     | 0.01%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NCMF Trust                                                    | NCMF Trust 2025-MFS                                                              | CUSIP: 62887TAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11453000 | PA      | $11659709.47    | 0.06%             | 2033-06-10      | Variable      | 8.44%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | CDS ITRAXX.XO.44.V1                                                              | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DCR              | CORP              | US        |            1 | NC      | $5095493.65     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Tru                                | THPT 2023-THL Mortgage Trust                                                     | CUSIP: 87252LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1784114 | PA      | $1806386.81     | 0.01%             | 2034-12-10      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp                                  | Six Flags Entertainment Corp                                                     | CUSIP: 83001C108<br>LEI: 529900AS2CYWYFHRS781 | Long             | EC               | CORP              | US        |        81546 | NS      | $1250915.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN PROPTECH FOUNDERS UNVESTED                              | CROWN PROPTECH FOUNDERS UNVESTED                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        96296 | NS      | $0.96           | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BRAVO Residential Funding Trus                                | BRAVO Residential Funding Trust 2025-NQM2                                        | CUSIP: 10569NAC5<br>LEI: 254900TZWRKTBX2YNW23 | Long             | ABS-MBS          | CORP              | US        |      7876371 | PA      | $7952701.83     | 0.04%             | 2064-11-25      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                                   | Avient Corp                                                                      | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |       100000 | PA      | $102785.70      | 0.00%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138AMK87<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       295023 | PA      | $296696.08      | 0.00%             | 2041-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KAPLA HOLDING SAS                                             | Kapla Holding SAS                                                                | CUSIP: 000000000<br>LEI: 894500PJ28XTH66K4X83 | Long             | DBT              | CORP              | FR        |      3211000 | PA      | $3826811.44     | 0.02%             | 2031-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                      | Foundation Finance Trust 2025-1                                                  | CUSIP: 35040WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2416508 | PA      | $2445474.82     | 0.01%             | 2050-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| VOLATO GROUP INC                                              | VOLATO GROUP INC                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        73612 | NC      | $662.51         | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| STREAM INNOVATIONS ISSUER TRUS                                | Stream Innovations 2025-1 Issuer Trust                                           | CUSIP: 86324XAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3536390 | PA      | $3570866.37     | 0.02%             | 2045-09-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | LIONSGATE STUDIOS CORP                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |           29 | NC      | $1740.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DAVITA INC                                                    | DaVita Inc                                                                       | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |       100000 | PA      | $92387.33       | 0.00%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                                | Rocket Cos Inc                                                                   | CUSIP: 77311WAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1034000 | PA      | $1066454.96     | 0.01%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PLUSPETROL CAM/PLUS LOTE                                      | Pluspetrol Camisea SA / Pluspetrol Lote 56 SA                                    | CUSIP: 72941KAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |        68000 | PA      | $72069.80       | 0.00%             | 2036-07-03      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| CPV FAIRVIEW LLC                                              | CPV FAIRVIEW LLC                                                                 | CUSIP: 12620SAD5<br>LEI: 549300SLZ4P6TH9PTH93 | Long             | LON              | CORP              | US        |      1625000 | PA      | $1630590.00     | 0.01%             | 2031-08-14      | Floating      | 6.20%                 | No            |                  3 | On Loan: No      |
| RESURGENT TRADE & INVEST LTD                                  | RESURGENT TRADE & INVEST LTD                                                     | CUSIP: 000000000<br>LEI: 89450041TCNTI3YL5A08 | Long             | DBT              | CORP              | MU        |     13653000 | PA      | $13653000.00    | 0.07%             | 2027-12-05      | Fixed         | 9.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DVL94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6229542 | PA      | $5376606.63     | 0.03%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                       | Starwood Property Trust Inc                                                      | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |       300000 | PA      | $307920.60      | 0.00%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                      | Celanese US Holdings LLC                                                         | CUSIP: 15089QAY0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |        46000 | PA      | $48595.14       | 0.00%             | 2033-11-15      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                             | Nexstar Media Inc                                                                | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |       200000 | PA      | $200538.21      | 0.00%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding XL-R Ltd                                                    | CUSIP: 55823RAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1780000 | PA      | $1784628.00     | 0.01%             | 2038-10-16      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association                                | BRL/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-248435.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Apidos CLO                                                    | Apidos Clo LV                                                                    | CUSIP: 03771VAA0<br>LEI: 254900Z4DQDC7AU0J989 | Long             | ABS-CBDO         | CORP              | KY        |      2590000 | PA      | $2591579.90     | 0.01%             | 2039-01-20      | Floating      | 4.93%                 | No            |                  3 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                                      | Transocean International Ltd                                                     | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |      1674000 | PA      | $1687147.60     | 0.01%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                                           | BWAY 2013-1515 Mortgage Trust                                                    | CUSIP: 05604FAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       599000 | PA      | $508377.29      | 0.00%             | 2033-03-10      | Variable      | 3.93%                 | No            |                  2 | On Loan: No      |
| MEDIAN BV: TL-B2 LOAN/TERM                                    | MEDIAN BV: TL-B2 LOAN/TERM                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |      1000000 | PA      | $1313294.21     | 0.01%             | 2027-10-14      | Floating      | 9.77%                 | No            |                  3 | On Loan: No      |
| LATCH INC                                                     | LATCH INC                                                                        | CUSIP: 51818V114<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        49166 | NC      | $4.92           | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PG&E CORP                                                     | PG&E Corp                                                                        | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |        34000 | PA      | $33905.84       | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                                       | Fantasia Holdings Group Co Ltd                                                   | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |       465000 | PA      | $4650.00        | 0.00%             | 2021-12-17      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| LA POSTE SA                                                   | La Poste SA                                                                      | CUSIP: 000000000<br>LEI: 9695000YG7TR7PAP0L59 | Long             | DBT              | CORP              | FR        |      1100000 | PA      | $1335052.37     | 0.01%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                                   | Avient Corp                                                                      | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |       170000 | PA      | $175034.38      | 0.00%             | 2030-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trus                                | Republic Finance Issuance Trust 2024-A                                           | CUSIP: 76041RAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1401000 | PA      | $1439740.45     | 0.01%             | 2032-08-20      | Fixed         | 9.49%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | USD/JPY UP-AND-IN BARRIER OPTION; BARRIER PRICE USD 160.25000                    | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              | CORP              | GB        |     35866800 | NC      | $9585.23        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LendingClub Rated Notes Issuer                                | LendingClub Rated Notes Issuer Trust Series 2025-P1                              | CUSIP: 525943106<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       182000 | PA      | $498916.05      | 0.00%             | 2040-07-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                             | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |       678000 | PA      | $155940.00      | 0.00%             | 2027-03-23      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     78715200 | PA      | $56376687.38    | 0.31%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                              | Deutsche Bank AG                                                                 | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |       600000 | PA      | $758377.71      | 0.00%             | N/A             | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DVL60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     51394079 | PA      | $42412722.65    | 0.23%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UKG INC                                                       | UKG Inc                                                                          | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |       660000 | PA      | $677960.58      | 0.00%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO XII-B Ltd                                            | CUSIP: 081917AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1340000 | PA      | $1344732.88     | 0.01%             | 2037-10-15      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                                           | LCM 29 Ltd                                                                       | CUSIP: 50201MAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1168372 | PA      | $1168573.76     | 0.01%             | 2031-04-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 3622A2AE2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1983098 | PA      | $1974739.86     | 0.01%             | 2042-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                                          | Birch Grove CLO 3 Ltd                                                            | CUSIP: 09076VAU5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       520000 | PA      | $520975.57      | 0.00%             | 2038-01-19      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC             | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 5493003GCX71N8988W38 | N/A              | DFE              | CORP              | US        |            1 | NC      | $491862.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | MXN/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-235970.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                         | Mexico Government International Bond                                             | CUSIP: 91087BAG5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     25868000 | PA      | $19569142.00    | 0.11%             | 2050-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OCEANA A 4YR NOTE UPSIZE                                      | OCEANA A 4YR NOTE UPSIZE                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |      4228000 | PA      | $2818169.93     | 0.02%             | 2028-07-31      | Fixed         | 10.50%                | No            |                  3 | On Loan: No      |
| ONNI Commercial Mortgage Trust                                | ONNI Commerical Mortgage Trust 2024-APT                                          | CUSIP: 682939AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       781000 | PA      | $795905.85      | 0.00%             | 2039-07-15      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138X55B9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       217056 | PA      | $214532.89      | 0.00%             | 2043-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36197MRS9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       325316 | PA      | $322281.57      | 0.00%             | 2047-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIFL US LLC                                      | Digicel International Finance Ltd / Difl US LLC                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |       892000 | PA      | $926011.96      | 0.01%             | 2032-08-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trus                                | Republic Finance Issuance Trust 2024-A                                           | CUSIP: 76041RAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       340000 | PA      | $350062.98      | 0.00%             | 2032-08-20      | Fixed         | 7.28%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140Q8D36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3307922 | PA      | $3285476.23     | 0.02%             | 2048-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Thunder Logistics                                             | Thunder Logistics 2024-1 DAC                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |       464544 | PA      | $545414.39      | 0.00%             | 2036-11-17      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| SoFi Personal Loan Trust                                      | SoFi Personal Loan Trust 2023-1                                                  | CUSIP: 78474N102<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       177894 | PA      | $3653631.45     | 0.02%             | 2030-11-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | CDS AMERICAN AIRLINES GROUP INC                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-6877.96       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trus                                | Republic Finance Issuance Trust 2024-A                                           | CUSIP: 76041RAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       695000 | PA      | $710230.58      | 0.00%             | 2032-08-20      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                      | Targa Resources Partners LP / Targa Resources Partners Finance Corp              | CUSIP: 87612BBG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3277000 | PA      | $3277814.56     | 0.02%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418DCB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1598439 | PA      | $1583639.50     | 0.01%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Panorama Auto Trust                                           | Panorama Auto Trust 2025-1                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |       540000 | PA      | $365122.27      | 0.00%             | 2033-03-15      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| Bletchley Park Funding                                        | Bletchley Park Funding 2025-1 PLC                                                | CUSIP: 000000000<br>LEI: 635400OJVL3HJJTKNB05 | Long             | ABS-MBS          | CORP              | GB        |      1222000 | PA      | $1648896.45     | 0.01%             | 2070-01-27      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                                       | Bryant Park Funding 2025-27 Ltd                                                  | CUSIP: 11766GAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2210000 | PA      | $2213384.84     | 0.01%             | 2039-01-22      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Wolf Trust                                              | GWT 2024-WLF2                                                                    | CUSIP: 362414AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11320000 | PA      | $11351519.41    | 0.06%             | 2041-05-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| BELL CANADA                                                   | Bell Telephone Co of Canada or Bell Canada                                       | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |       164000 | PA      | $172336.94      | 0.00%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Italian Stella Loans Srl                                      | Auto ABS Italian Stella Loans 2025-1 SRL                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |       229000 | PA      | $271550.96      | 0.00%             | 2040-12-28      | Floating      | 3.79%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DVL78<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1732641 | PA      | $1566555.21     | 0.01%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | CHF/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $16547.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                         | Melco Resorts Finance Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |       926000 | PA      | $915017.64      | 0.00%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36197MRR1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       473019 | PA      | $467877.43      | 0.00%             | 2047-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                                      | Standard Building Solutions Inc                                                  | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |       406000 | PA      | $417987.56      | 0.00%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                          | Republic of Uzbekistan International Bond                                        | CUSIP: 91822QVX2<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |       200000 | PA      | $213996.00      | 0.00%             | 2028-10-12      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                          | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  76037000000 | PA      | $4813016.70     | 0.03%             | 2033-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QANL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17744456 | PA      | $17747456.94    | 0.10%             | 2049-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418DL34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1111700 | PA      | $1095593.62     | 0.01%             | 2050-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PROJECT BEEPER: TL-B LOAN/TERM                                | PROJECT BEEPER: TL-B LOAN/TERM                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      4804331 | PA      | $4774543.74     | 0.03%             | 2027-12-21      | Floating      | 10.59%                | No            |                  3 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31414CQ27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        35846 | PA      | $37070.46       | 0.00%             | 2038-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding LXVII Ltd                                                   | CUSIP: 55821YAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      6610000 | PA      | $6626867.40     | 0.04%             | 2037-04-25      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                     | CDS PACIFICORP                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-4002.26       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                       | United Rentals North America Inc                                                 | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |       403000 | PA      | $403034.66      | 0.00%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                                           | BWAY 2013-1515 Mortgage Trust                                                    | CUSIP: 05604FAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       250000 | PA      | $219375.43      | 0.00%             | 2033-03-10      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| European Loan Conduit                                         | Lagarino European Loan Conduit No 40 DAC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |      2077114 | PA      | $2433325.74     | 0.01%             | 2037-06-22      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                                | Rocket Cos Inc                                                                   | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       373000 | PA      | $385562.32      | 0.00%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                        | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     12412000 | PA      | $3444243.57     | 0.02%             | 2034-10-25      | Fixed         | 5.00%                 | 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        |       210000 | PA      | $210550.83      | 0.00%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                 | Citigroup Mortgage Loan Trust 2007-6                                             | CUSIP: 17312VAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1622402 | PA      | $1510355.50     | 0.01%             | 2037-05-25      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| BlueMountain EUR CLO                                          | Bluemountain Euro 2021-2 CLO DAC                                                 | CUSIP: 000000000<br>LEI: 635400FUA3XKDDGLJL55 | Long             | ABS-CBDO         | CORP              | IE        |      3280000 | PA      | $3854791.68     | 0.02%             | 2035-10-15      | Floating      | 3.76%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                                              | StoneX Group Inc                                                                 | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |        93000 | PA      | $98805.06       | 0.00%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                    | BFLD Trust 2020-EYP                                                              | CUSIP: 05493AAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3978000 | PA      | $49605.66       | 0.00%             | 2035-10-15      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | CDS CMBX.NA.BBB-.9                                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $696946.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                            | Expand Energy Corp                                                               | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |      9615000 | PA      | $9745653.81     | 0.05%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AES ANDES SA                                                  | AES Andes SA                                                                     | CUSIP: 00111VAA5<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |       200000 | PA      | $206336.00      | 0.00%             | 2029-03-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| CRESCENT MIDSTREAM FUND LP MF-BOND                            | CRESCENT MIDSTREAM FUND LP MF-BOND                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2954000 | NS      | $3042620.00     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Neuberger Berman CLO Ltd                                      | Neuberger Berman Loan Advisers CLO 46 Ltd                                        | CUSIP: 64134QAL1<br>LEI: 549300LCOEVXWN75LP18 | Long             | ABS-CBDO         | CORP              | KY        |       780000 | PA      | $781279.36      | 0.00%             | 2037-01-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Western Alliance Bank                                         | Western Alliance Bank                                                            | CUSIP: 95763PNC1<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | ABS-MBS          | CORP              | US        |      5523116 | PA      | $5763706.67     | 0.03%             | 2059-07-25      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                                       | Bryant Park 2025-27 CLO Ltd                                                      | CUSIP: 11765EAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1780000 | PA      | $1785755.27     | 0.01%             | 2038-07-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                                    | Grifols SA                                                                       | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |       510000 | PA      | $628808.41      | 0.00%             | 2030-05-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                              | Paramount Global                                                                 | CUSIP: 124857AN3<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      1518000 | PA      | $1052678.40     | 0.01%             | 2045-01-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO II Ltd.                                           | Elmwood CLO II Ltd                                                               | CUSIP: 29001LAW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      6690000 | PA      | $6713185.53     | 0.04%             | 2037-10-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HJD53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5556692 | PA      | $5599253.09     | 0.03%             | 2055-02-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                             | CDS SUEDZUCKER AG                                                                | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $28616.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-F                                                  | CUSIP: 009703AB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8342846 | PA      | $9394256.86     | 0.05%             | 2061-06-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                      | Antero Midstream Partners LP / Antero Midstream Finance Corp                     | CUSIP: 03690AAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |        11000 | PA      | $11385.93       | 0.00%             | 2032-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QST27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7710566 | PA      | $7872533.14     | 0.04%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                    | Verus Securitization Trust 2025-12                                               | CUSIP: 92490FAE0<br>LEI: 2138009XAW9T934GL239 | Long             | ABS-MBS          | CORP              | US        |       747217 | PA      | $749001.62      | 0.00%             | 2070-12-25      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| Citimortgage Alternative Loan                                 | CitiMortgage Alternative Loan Trust Series 2007-A6                               | CUSIP: 18976GAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       410136 | PA      | $377337.56      | 0.00%             | 2037-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                        | Egypt Government International Bond                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |       217000 | PA      | $219441.25      | 0.00%             | 2027-09-30      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QMZQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27343678 | PA      | $23603438.27    | 0.13%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ALUMINA PTY LTD                                               | Alumina Pty Ltd                                                                  | CUSIP: 02220AAB3<br>LEI: 2138002VD9MW2WT8HR38 | Long             | DBT              | CORP              | AU        |       200000 | PA      | $207685.00      | 0.00%             | 2032-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140NAYE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6218193 | PA      | $6339878.88     | 0.03%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HOLOGIC INC                                                   | Hologic Inc                                                                      | CUSIP: 436440AM3<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |       100000 | PA      | $99995.70       | 0.00%             | 2028-02-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | SWOP CDS ITRAXX.XO.44.V1                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              | CORP              | GB        |     -8184000 | NC      | $-2274.09       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 312936U88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        43632 | PA      | $45283.90       | 0.00%             | 2039-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                            | Expand Energy Corp                                                               | CUSIP: 845467AR0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     18382000 | PA      | $18382377.93    | 0.10%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| STL HOLDING CO LLC                                            | STL Holding Co LLC                                                               | CUSIP: 861036AB7<br>LEI: 984500BC2I63E7F48656 | Long             | DBT              | CORP              | US        |      1232000 | PA      | $1294055.84     | 0.01%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                                      | Stonex Escrow Issuer LLC                                                         | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       220000 | PA      | $228191.04      | 0.00%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-F                                                  | CUSIP: 009703AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     26706709 | PA      | $26692760.04    | 0.15%             | 2061-06-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3142GQKK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       975528 | PA      | $991217.34      | 0.01%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PERIMETER HOL                                                 | Perimeter Holdings LLC                                                           | CUSIP: 71384AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       100000 | PA      | $99342.89       | 0.00%             | 2034-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                         | Foundry JV Holdco LLC                                                            | CUSIP: 350930AJ2<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |      8557000 | PA      | $8991708.52     | 0.05%             | 2037-01-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                                              | Wand NewCo 3 Inc                                                                 | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |       260000 | PA      | $275164.50      | 0.00%             | 2032-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| BHMS Mortgage Trust                                           | BHMS Commercial Mortgage Trust 2025-ATLS                                         | CUSIP: 088928AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8353000 | PA      | $8384397.26     | 0.05%             | 2042-08-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                                    | USD/CNH FORWARD                                                                  | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-69926.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CreekSource (Dunes Creek) CLO                                 | Creeksource 2024-1 Dunes Creek Clo Ltd                                           | CUSIP: 225914AE0<br>LEI: 254900CZYOXX4AZ15302 | Long             | ABS-CBDO         | CORP              | KY        |      1040000 | PA      | $1041986.09     | 0.01%             | 2038-01-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL                                        | Brazil Letras do Tesouro Nacional                                                | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     15327000 | PA      | $2616320.76     | 0.01%             | 2026-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                                  | Atrium Hotel Portfolio Trust 2025-ATRM                                           | CUSIP: 049917AL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5549000 | PA      | $5540378.52     | 0.03%             | 2042-08-15      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307MSA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        39356 | PA      | $38168.75       | 0.00%             | 2030-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     65186300 | PA      | $57705153.86    | 0.31%             | 2053-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132WGPM3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       176805 | PA      | $176166.04      | 0.00%             | 2046-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SOLARIS ENERGY INFRASTRU                                      | Solaris Energy Infrastructure Inc                                                | CUSIP: 83419XAA6<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | DBT              | CORP              | US        |      2951000 | PA      | $5883408.70     | 0.03%             | 2030-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OZLM Ltd                                                      | OZLM XIX Ltd                                                                     | CUSIP: 67112CBE6<br>LEI: 5493009C40QUU66J8E83 | Long             | ABS-CBDO         | CORP              | KY        |      2650000 | PA      | $2651214.50     | 0.01%             | 2035-01-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418CR89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3844283 | PA      | $3600119.23     | 0.02%             | 2047-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2021-D                                                 | CUSIP: 64034YAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       331000 | PA      | $290531.74      | 0.00%             | 2062-04-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                       | USD/BRL FORWARD                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-152441.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ITG COMMUNICATIONS LLC                                        | ITG COMMUNICATIONS LLC                                                           | CUSIP: 000000000<br>LEI: 254900KEJHK1L9G5Y190 | Long             | LON              | CORP              | US        |      4924000 | PA      | $4751660.00     | 0.03%             | 2031-07-09      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| PARAMOUNT GLOBAL                                              | Paramount Global                                                                 | CUSIP: 124857AK9<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      1052000 | PA      | $754953.63      | 0.00%             | 2044-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch                                 | BAMLL Trust 2025-ASHF                                                            | CUSIP: 05494CAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4465000 | PA      | $4465395.60     | 0.02%             | 2042-02-15      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36241LP42<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        44337 | PA      | $43055.19       | 0.00%             | 2040-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MC BRAZIL DWNSTRM                                             | MC Brazil Downstream Trading SARL                                                | CUSIP: 000000000<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |       181234 | PA      | $158806.05      | 0.00%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140JUAJ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       163911 | PA      | $162799.38      | 0.00%             | 2049-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                      | Brazil Notas do Tesouro Nacional Serie B                                         | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     52259568 | PA      | $8964873.52     | 0.05%             | 2030-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CD&R FIREFLY BIDCO LTD                                        | CD&R Firefly Bidco PLC                                                           | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | DBT              | CORP              | GB        |      2488000 | PA      | $3508952.72     | 0.02%             | 2029-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| VF UKRAINE (VFU FUNDING)                                      | VF Ukraine PAT via VFU Funding PLC                                               | CUSIP: 918212AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | UA        |      1196609 | PA      | $1154727.55     | 0.01%             | 2027-02-11      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                      | Republic of South Africa Government International Bond                           | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |       200000 | PA      | $168750.00      | 0.00%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              | CORP              | DE        |    -34842320 | NC      | $-917699.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XBKL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        17755 | PA      | $17492.27       | 0.00%             | 2028-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Elm CLO Ltd                                                   | ELM Trust 2024-ELM                                                               | CUSIP: 26860XBG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6375000 | PA      | $6393117.75     | 0.03%             | 2039-06-10      | Variable      | 7.79%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                         | DIRECTV FINANCING LLC                                                            | CUSIP: 25460HAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      3957590 | PA      | $3946350.44     | 0.02%             | 2031-02-18      | Floating      | 9.34%                 | No            |                  3 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31402XCX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        37474 | PA      | $37055.95       | 0.00%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Se                                | Natixis Commercial Mortgage Securities Trust 2019-LVL                            | CUSIP: 63874TAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1550000 | PA      | $1425705.04     | 0.01%             | 2038-08-15      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Castell                                                       | Castell 2025-1 PLC                                                               | CUSIP: 000000000<br>LEI: 2138002O8DSFIQGKRU14 | Long             | ABS-MBS          | CORP              | GB        |       232998 | PA      | $318530.24      | 0.00%             | 2062-01-27      | Floating      | 5.73%                 | 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              | N/A       |       200000 | PA      | $207626.00      | 0.00%             | 2032-08-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QEB50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7425381 | PA      | $6422060.16     | 0.03%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| EIS GROUP INC LOAN/TERM                                       | EIS GROUP INC LOAN/TERM                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     12825582 | PA      | $12297168.02    | 0.07%             | 2028-07-08      | Floating      | 10.72%                | No            |                  3 | On Loan: No      |
| VERIFONE SYSTEMS INC                                          | VERIFONE SYSTEMS INC                                                             | CUSIP: 92346NAH2<br>LEI: 254900LTTVM8MM9RKV75 | Long             | LON              | CORP              | US        |      1155000 | PA      | $1091475.00     | 0.01%             | 2028-08-21      | Floating      | 9.45%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | MXN/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-720.52        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET GLOBAL MARKETS, LLC                              | HUF/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 549300FDEDF5ORXCMQ56 | N/A              | DFE              | CORP              | US        |            1 | NC      | $100465.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Gaea Mortgage Loan Trust                                      | Gaea Mortgage Loan Trust 2025-A                                                  | CUSIP: 362928AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1699092 | PA      | $1663814.23     | 0.01%             | 2030-02-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                         | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAC1<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |       154000 | PA      | $154743.36      | 0.00%             | 2031-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOLARIS ENERGY INFRASTRU                                      | Solaris Energy Infrastructure Inc                                                | CUSIP: 83419XAB4<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | DBT              | CORP              | US        |      5583000 | PA      | $6036618.75     | 0.03%             | 2031-10-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                                           | BWAY 2013-1515 Mortgage Trust                                                    | CUSIP: 05604FAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1400000 | PA      | $1269851.10     | 0.01%             | 2033-03-10      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BB ONEMAIN FINANCE CORP 6.5 15-MAR                            | BB ONEMAIN FINANCE CORP 6.5 15-MAR                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       765938 | PA      | $765937.50      | 0.00%             | 2026-01-30      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140L6U44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5404513 | PA      | $4455722.22     | 0.02%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138ERRX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       414955 | PA      | $415234.70      | 0.00%             | 2045-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WASH MUT BANK FA                                              | WASHINGTON MUTUAL BANK / DEBT NOT ACQUIRED BY JPMORGAN ESCROW                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11911000 | PA      | $1.19           | 0.00%             | 2049-12-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CML PROJECT SPIDER 6-DEC-2029: CML LOAN/TERM                  | CML PROJECT SPIDER 6-DEC-2029: CML LOAN/TERM                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      9873515 | PA      | $9869184.36     | 0.05%             | 2029-12-06      | Floating      | 6.93%                 | No            |                  3 | On Loan: No      |
| AT&T INC                                                      | AT&T Inc                                                                         | CUSIP: 00206RFU1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      1181000 | PA      | $1059540.76     | 0.01%             | 2050-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | USD/CZK FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-52980.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CML PROJECT COLD 15-AUGUST-2030:TL LOAN/TERM                  | CML PROJECT COLD 15-AUGUST-2030:TL LOAN/TERM                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |     11247323 | PA      | $13206214.42    | 0.07%             | 2030-09-11      | Floating      | 5.17%                 | No            |                  3 | On Loan: No      |
| Oaktree CLO Ltd                                               | Oaktree CLO 2024-27 Ltd                                                          | CUSIP: 67402UAJ5<br>LEI: 2549005VHJ8BB9WPL105 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $249369.23      | 0.00%             | 2037-10-22      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                            | Expand Energy Corp                                                               | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     11947000 | PA      | $11785793.99    | 0.06%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 3620ARHV6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        79758 | PA      | $81301.05       | 0.00%             | 2040-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                                      | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VAX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |        28000 | PA      | $28913.14       | 0.00%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NY Commercial Mortgage Trust                                  | NY Commercial Mortgage Trust 2025-299P                                           | CUSIP: 62957FAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       908000 | PA      | $946074.17      | 0.01%             | 2047-02-10      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| 1988 CLO Ltd.                                                 | 1988 CLO 5 Ltd                                                                   | CUSIP: 68252PAA4<br>LEI: 254900KAQBAF5XV8IU66 | Long             | ABS-CBDO         | CORP              | KY        |      3675000 | PA      | $3687702.64     | 0.02%             | 2037-07-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                           | Dominion Energy Inc                                                              | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      6582000 | PA      | $7126667.08     | 0.04%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Resimac RAF Trust                                             | RAF ABS Series 2025-1                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |       500000 | PA      | $333985.32      | 0.00%             | 2031-12-09      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                         | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |       320000 | PA      | $340495.27      | 0.00%             | 2029-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                                    | THB/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |            1 | NC      | $805.65         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JAZZ SECURITIES DAC                                           | Jazz Securities DAC                                                              | CUSIP: 47216FAA5<br>LEI: 6354009DV8VV7K6KOO02 | Long             | DBT              | CORP              | IE        |       552000 | PA      | $544444.08      | 0.00%             | 2029-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SARCOS TECH & ROBOT LEGENDED                                  | SARCOS TECH & ROBOT LEGENDED                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       464024 | NS      | $1976741.53     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY INC                                           | Cheniere Energy Inc                                                              | CUSIP: 16411RAN9<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |     41227000 | PA      | $42768064.44    | 0.23%             | 2034-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                                          | Signal Peak CLO 5 Ltd                                                            | CUSIP: 82666VAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       610000 | PA      | $610439.20      | 0.00%             | 2037-04-25      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                                       | Talen Energy Supply LLC                                                          | CUSIP: 87422VAN8<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |       316000 | PA      | $326772.33      | 0.00%             | 2036-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138M5G37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       149419 | PA      | $150420.28      | 0.00%             | 2042-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW IMMO HOLDING SA                                           | New Immo Holding SA                                                              | CUSIP: 000000000<br>LEI: 5493007LOTJ0I8E94R81 | Long             | DBT              | CORP              | FR        |      2900000 | PA      | $3525329.16     | 0.02%             | 2028-04-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138X5EH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        44688 | PA      | $44270.85       | 0.00%             | 2028-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIR 2015-1 PTT A                                       | Spirit Airlines Pass Through Trust 2015-1A                                       | CUSIP: 84858DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |        83066 | PA      | $79675.82       | 0.00%             | 2028-04-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                                          | Birch Grove CLO 13 Ltd                                                           | CUSIP: 09090QAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       900000 | PA      | $902063.88      | 0.00%             | 2038-10-23      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | CDS CMBX.NA.BBB-.9                                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $40117.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                      | Olympus Water US Holding Corp                                                    | CUSIP: 681639AE0<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |       353000 | PA      | $354744.37      | 0.00%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MOBICO GROUP PLC                                              | Mobico Group PLC                                                                 | CUSIP: 000000000<br>LEI: 213800A8IQEMY8PA5X34 | Long             | DBT              | CORP              | GB        |      1362000 | PA      | $1267000.54     | 0.01%             | 2031-09-26      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                                      | Thailand Government Bond                                                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    365620000 | PA      | $12132015.49    | 0.07%             | 2029-11-17      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                             | GEO Group Inc/The                                                                | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |       485000 | PA      | $510124.45      | 0.00%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                              | Paramount Global                                                                 | CUSIP: 124857AR4<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      8736000 | PA      | $8593958.84     | 0.05%             | 2027-01-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810TQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80922600 | PA      | $72798730.01    | 0.40%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140KKX33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2432044 | PA      | $1987065.11     | 0.01%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                      | Olympus Water US Holding Corp                                                    | CUSIP: 681639AD2<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |       404000 | PA      | $413295.16      | 0.00%             | 2031-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                 | New Residential Mortgage Loan Trust 2025-NQM4                                    | CUSIP: 64832FAC0<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |      2799194 | PA      | $2820974.70     | 0.02%             | 2065-07-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                                           | BWAY 2013-1515 Mortgage Trust                                                    | CUSIP: 05604FAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1325000 | PA      | $1217056.09     | 0.01%             | 2033-03-10      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | INR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-329108.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                                | PRPM 2025-NQM5 Trust                                                             | CUSIP: 69383FAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4756593 | PA      | $4767469.18     | 0.03%             | 2070-10-25      | Variable      | 5.18%                 | 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        |       139000 | PA      | $135066.87      | 0.00%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Victory Street CLO                                            | Victory Street Clo II DAC                                                        | CUSIP: 000000000<br>LEI: 635400ZBAAJJTSW7YN78 | Long             | ABS-CBDO         | CORP              | IE        |      1430000 | PA      | $1690015.40     | 0.01%             | 2039-01-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| RENAULT SA                                                    | Renault SA                                                                       | CUSIP: 000000000<br>LEI: 969500F7JLTX36OUI695 | Long             | DBT              | CORP              | FR        |       600000 | PA      | $710236.25      | 0.00%             | 2030-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F012411<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |     -7425000 | PA      | $-6716724.65    | -0.04%            | 2041-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                         | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAE7<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |       283000 | PA      | $297497.81      | 0.00%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QST68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24809089 | PA      | $25557887.65    | 0.14%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                                | Wells Fargo Commercial Mortgage Trust 2018-1745                                  | CUSIP: 94990DAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       472000 | PA      | $443242.36      | 0.00%             | 2036-06-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XF5V3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        58097 | PA      | $57210.68       | 0.00%             | 2029-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-E                                                  | CUSIP: 009740AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18527675 | PA      | $16390416.81    | 0.09%             | 2060-12-25      | Variable      | 1.74%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |    -24807000 | NC      | $-109734.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QMZU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7655701 | PA      | $6580337.18     | 0.04%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                        | Rockford Tower CLO 2018-2 Ltd                                                    | CUSIP: 77342KAG5<br>LEI: 5493001SZ764RMCNU069 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250053.03      | 0.00%             | 2031-10-20      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179VMD9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        48548 | PA      | $43709.30       | 0.00%             | 2050-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                                               | Yum! Brands Inc                                                                  | CUSIP: 988498AL5<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |       249000 | PA      | $249197.96      | 0.00%             | 2030-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                         | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |       100000 | PA      | $104689.49      | 0.00%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2024-5                                    | CUSIP: 92261AAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       745052 | PA      | $742798.75      | 0.00%             | 2054-10-25      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179NVN5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         9816 | PA      | $9192.71        | 0.00%             | 2043-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                                   | RAD CLO 27 Ltd                                                                   | CUSIP: 749972AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       930000 | PA      | $933412.17      | 0.01%             | 2038-01-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer III                                | Compass Datacenters Issuer III LLC                                               | CUSIP: 20469BAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9702000 | PA      | $9760293.50     | 0.05%             | 2050-07-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140FXB27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2030261 | PA      | $2100537.85     | 0.01%             | 2039-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                  | USD/THB FORWARD                                                                  | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-54477.78      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Guaranteed Funding (DK) Limite                                | DK Trust 2024-SPBX                                                               | CUSIP: 23346LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4850000 | PA      | $4854486.74     | 0.03%             | 2034-03-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| CROWN AMER/CAP CORP V                                         | Crown Americas LLC / Crown Americas Capital Corp V                               | CUSIP: 22819KAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       201000 | PA      | $200256.18      | 0.00%             | 2026-09-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM1                                           | CUSIP: 06745AAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2836000 | PA      | $2794490.32     | 0.02%             | 2064-01-25      | Variable      | 8.65%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                         | Foundry JV Holdco LLC                                                            | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |      5856000 | PA      | $6044531.34     | 0.03%             | 2031-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                         | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |       170000 | PA      | $177471.95      | 0.00%             | 2033-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LEHMAN BROTHERS HOLDINGS                                      | Lehman Brothers Holdings Inc                                                     | CUSIP: 5249087M6<br>LEI: 549300FDK6ZP3YIHRJ47 | Long             | DBT              | CORP              | US        |      7360000 | PA      | $0.74           | 0.00%             | 2017-12-28      | Fixed         | 6.75%                 | No            |                  3 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                       | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1078000 | PA      | $1316455.14     | 0.01%             | 2032-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| KESTREL ACQUISITION LLC                                       | KESTREL ACQUISITION LLC                                                          | CUSIP: 44579UAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1359000 | PA      | $1359000.00     | 0.01%             | 2031-11-06      | Floating      | 6.67%                 | No            |                  3 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-E                                                  | CUSIP: 009740AB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4422000 | PA      | $3425641.59     | 0.02%             | 2060-12-25      | Variable      | 2.69%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                      | Republic of South Africa Government International Bond                           | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |       200000 | PA      | $214588.00      | 0.00%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                                    | USD/JPY FORWARD                                                                  | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |            1 | NC      | $189083.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CFSP Mortgage Trust                                           | CFSP 2024-AHP1 Mortgage Trust                                                    | CUSIP: 15723BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8573945 | PA      | $8338742.57     | 0.05%             | 2037-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Service Experts Issuer                                        | Service Experts Issuer 2021-1 LLC                                                | CUSIP: 81758VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1649359 | PA      | $1625649.65     | 0.01%             | 2032-02-02      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138LTFX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        28858 | PA      | $27663.27       | 0.00%             | 2042-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307NN26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        82873 | PA      | $80591.10       | 0.00%             | 2030-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132KEYV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       116168 | PA      | $114513.97      | 0.00%             | 2030-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM1                                           | CUSIP: 06745AAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         6200 | PA      | $3830.80        | 0.00%             | 2064-01-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132GJ5A3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        48354 | PA      | $47345.82       | 0.00%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                   | Ivory Coast Government International Bond                                        | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |       100000 | PA      | $118401.40      | 0.00%             | 2031-10-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                                             | DISH Network Corp                                                                | CUSIP: 25470MAB5<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |       892000 | PA      | $858550.00      | 0.00%             | 2026-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| QTS ISSUER ABS II LLC                                         | QTS Issuer ABS II LLC                                                            | CUSIP: 74690FAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7979000 | PA      | $7908599.69     | 0.04%             | 2055-10-05      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                       | USD/PEN FORWARD                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |            1 | NC      | $9230.29        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VF UKRAINE (VFU FUNDING)                                      | VF Ukraine PAT via VFU Funding PLC                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | UA        |       228819 | PA      | $220809.99      | 0.00%             | 2027-02-11      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38381JDG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1087444 | PA      | $983365.74      | 0.01%             | 2063-09-16      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                      | Olympus Water US Holding Corp                                                    | CUSIP: 681639AB6<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |       200000 | PA      | $194616.51      | 0.00%             | 2029-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                      | Foundation Finance Trust 2021-2                                                  | CUSIP: 35042PAA8<br>LEI: 54930021B3TF4B4HKE86 | Long             | ABS-O            | CORP              | US        |      1854894 | PA      | $1762363.44     | 0.01%             | 2042-01-15      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| Cardiff Automobile Receivables                                | Cardiff Auto Receivables Securitisation 2024-1 PLC                               | CUSIP: 000000000<br>LEI: 6354006GQBBANLIO8R45 | Long             | ABS-O            | CORP              | GB        |      1320000 | PA      | $1791378.96     | 0.01%             | 2031-08-20      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF LATVIA                                            | Latvia Government International Bond                                             | CUSIP: 518417AD2<br>LEI: 25490002QDEB2KTLNK39 | Long             | DBT              | NUSS              | LV        |       200000 | PA      | $204668.00      | 0.00%             | 2034-07-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                   | Oracle Corp                                                                      | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      2418000 | PA      | $1506198.24     | 0.01%             | 2050-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                          | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   5242000000 | PA      | $352840.83      | 0.00%             | 2032-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Olympic Tower Mortgage Trust                                  | Olympic Tower 2017-OT Mortgage Trust                                             | CUSIP: 68162MAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     36697000 | PA      | $132685.34      | 0.00%             | 2039-05-10      | Variable      | 0.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31419A4H7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        56033 | PA      | $59243.30       | 0.00%             | 2040-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                    | USD/BRL FORWARD                                                                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |            1 | NC      | $42392.93       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                         | Foundry JV Holdco LLC                                                            | CUSIP: 350930AG8<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |     12775000 | PA      | $13367084.97    | 0.07%             | 2033-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Western Alliance Bank                                         | Western Alliance Bank                                                            | CUSIP: 95763PND9<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | ABS-MBS          | CORP              | US        |      7270644 | PA      | $7702324.99     | 0.04%             | 2059-07-25      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                            | Panama Government International Bond                                             | CUSIP: 698299BX1<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |       200000 | PA      | $221700.00      | 0.00%             | 2031-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                                          | Telecom Argentina SA                                                             | CUSIP: 879273AV2<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |       882926 | PA      | $922569.38      | 0.01%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-E                                                  | CUSIP: 009740AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1744000 | PA      | $1260136.97     | 0.01%             | 2060-12-25      | Variable      | 2.94%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM1                                           | CUSIP: 06745AAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     30905647 | PA      | $773083.13      | 0.00%             | 2064-01-25      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| MINOR INTERNATIONAL PCL                                       | Minor International PCL                                                          | CUSIP: 000000000<br>LEI: 254900T4WB2UF9XPX041 | Long             | DBT              | CORP              | TH        |       500000 | PA      | $494000.00      | 0.00%             | N/A             | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31410KXB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       125153 | PA      | $126843.16      | 0.00%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                                          | Signal Peak CLO 5 Ltd                                                            | CUSIP: 82666VAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2620000 | PA      | $2628748.18     | 0.01%             | 2037-04-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| SDAL Trust                                                    | SDAL Trust 2025-DAL                                                              | CUSIP: 78437RAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1963000 | PA      | $1975192.59     | 0.01%             | 2042-04-15      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | USD/MXN FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $233929.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                    | USD/GBP FORWARD                                                                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-9270.67       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                         | Foundry JV Holdco LLC                                                            | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |       815000 | PA      | $852030.90      | 0.00%             | 2036-01-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                      | Celanese US Holdings LLC                                                         | CUSIP: 15089QBD5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |        33000 | PA      | $33527.02       | 0.00%             | 2034-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     54725000 | PA      | $44269532.09    | 0.24%             | 2053-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SURA ASSET MANAGEMENT                                         | SURA Asset Management SA                                                         | CUSIP: 78486LAB8<br>LEI: 549300013ETMS1C0EA22 | Long             | DBT              | CORP              | CO        |      1449000 | PA      | $1545112.17     | 0.01%             | 2032-05-13      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                                   | SREIT Trust 2021-MFP                                                             | CUSIP: 78472UAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4529744 | PA      | $4526938.40     | 0.02%             | 2038-11-15      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                      | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14050000 | PA      | $14500381.74    | 0.08%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179QWD9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        94830 | PA      | $86086.60       | 0.00%             | 2044-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                                | Wells Fargo Commercial Mortgage Trust 2024-1CHI                                  | CUSIP: 95003PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2829000 | PA      | $2853489.80     | 0.02%             | 2035-07-15      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMR23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        23833 | PA      | $23088.01       | 0.00%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418DTQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10633180 | PA      | $8680988.24     | 0.05%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | USD/ARS FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $18693.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hermitage Plc                                                 | Hermitage 2025 PLC                                                               | CUSIP: 000000000<br>LEI: 635400MSBHAPT1EQBW93 | Long             | ABS-O            | CORP              | GB        |       648000 | PA      | $873114.35      | 0.00%             | 2033-04-21      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                       | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |       214000 | PA      | $206141.28      | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SoFi Personal Loan Trust                                      | SoFi Personal Loan Trust 2023-1                                                  | CUSIP: 78474NAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3275703 | PA      | $3312453.60     | 0.02%             | 2030-11-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3142GRVW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6550382 | PA      | $6764385.90     | 0.04%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM1                                           | CUSIP: 06745AAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2498546 | PA      | $2514399.44     | 0.01%             | 2064-01-25      | Variable      | 6.11%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                             | Iliad Holding SAS                                                                | CUSIP: 000000000<br>LEI: 9695009BGMXB527HV965 | Long             | DBT              | CORP              | FR        |      2235000 | PA      | $2801766.64     | 0.02%             | 2031-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KQQM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3226733 | PA      | $3321380.79     | 0.02%             | 2053-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO I Ltd                                            | Whitebox CLO III Ltd                                                             | CUSIP: 96467HAL0<br>LEI: 549300JXCQSPB1A61C68 | Long             | ABS-CBDO         | CORP              | KY        |      1991000 | PA      | $1990950.23     | 0.01%             | 2035-10-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Guaranteed Funding (DK) Limite                                | DK Trust 2024-SPBX                                                               | CUSIP: 23346LAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13906000 | PA      | $13936195.49    | 0.08%             | 2034-03-15      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                      | OHA Credit Funding 10-R Ltd                                                      | CUSIP: 67121RAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2420000 | PA      | $2422463.08     | 0.01%             | 2037-07-18      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association                                | COP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-35557.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                       | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBC3<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |       145000 | PA      | $147676.50      | 0.00%             | 2032-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Invesco CLO 2022-1, Ltd.                                      | Invesco CLO 2022-1 Ltd                                                           | CUSIP: 460988AC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      1857000 | PA      | $1862493.93     | 0.01%             | 2035-04-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                                   | Rad Clo 25 Ltd                                                                   | CUSIP: 75009GAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |       490000 | PA      | $491623.37      | 0.00%             | 2037-07-20      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| ARDAGH GROUP SA                                               | Ardagh Group SA                                                                  | CUSIP: 000000000<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |      2194000 | PA      | $2363865.46     | 0.01%             | 2030-12-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| JSW HYDRO ENERGY LTD                                          | JSW Hydro Energy Ltd                                                             | CUSIP: 000000000<br>LEI: 3358006ZP5KO7VUH2790 | Long             | DBT              | CORP              | IN        |     11120000 | PA      | $10362450.00    | 0.06%             | 2031-05-18      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MEDCO LAUREL TREE                                             | Medco Laurel Tree Pte Ltd                                                        | CUSIP: 000000000<br>LEI: 254900SX7FFGRREZD046 | Long             | DBT              | CORP              | SG        |      7457000 | PA      | $7479892.99     | 0.04%             | 2028-11-12      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                        | Rockford Tower CLO 2018-2 Ltd                                                    | CUSIP: 77342KAC4<br>LEI: 5493001SZ764RMCNU069 | Long             | ABS-CBDO         | CORP              | KY        |       600000 | PA      | $600575.52      | 0.00%             | 2031-10-20      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                 | New Residential Mortgage Loan Trust 2025-NQM4                                    | CUSIP: 64832FAG1<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |       790000 | PA      | $789018.74      | 0.00%             | 2065-07-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                       | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    101922800 | PA      | $5714964.08     | 0.03%             | 2029-03-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GRAND CITY PROPERTIES SA                                      | Grand City Properties SA                                                         | CUSIP: 000000000<br>LEI: 5299002QLUYKK2WBMB18 | Long             | DBT              | CORP              | LU        |      2700000 | PA      | $3123660.90     | 0.02%             | N/A             | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                              | 3 MONTH SOFR                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         8071 | NC      | $816193.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Senior Loan Fund LTD                                    | Atlas Senior Loan Fund XX Ltd                                                    | CUSIP: 049410AN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |       402000 | PA      | $402000.00      | 0.00%             | 2037-10-19      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179NNA2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        13370 | PA      | $12567.50       | 0.00%             | 2043-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                                   | Rad CLO 14 Ltd                                                                   | CUSIP: 75009RAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3680000 | PA      | $3683682.21     | 0.02%             | 2035-01-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM1                                           | CUSIP: 06745AAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1908210 | PA      | $1920941.23     | 0.01%             | 2064-01-25      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US                                      | Sealed Air Corp/Sealed Air Corp US                                               | CUSIP: 812127AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       153000 | PA      | $155541.64      | 0.00%             | 2028-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EH3N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       828595 | PA      | $881328.56      | 0.00%             | 2040-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae REMICS                                                                | CUSIP: 3136BWKS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4742723 | PA      | $4788938.47     | 0.03%             | 2055-06-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP                                         | Antero Resources Corp                                                            | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     19254000 | PA      | $19541000.12    | 0.11%             | 2029-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV5                                             | CUSIP: 46653XAX8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1435888 | PA      | $765843.84      | 0.00%             | 2051-12-25      | Variable      | 3.07%                 | No            |                  2 | On Loan: No      |
| TABCORP FINANCE PTY LTD                                       | Tabcorp Finance Pty Ltd                                                          | CUSIP: 000000000<br>LEI: 213800DP7KVM374ANX97 | Long             | DBT              | CORP              | AU        |      2480000 | PA      | $1633827.09     | 0.01%             | 2031-05-28      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | JPY/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-5957.70       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg                                | Saluda Grade Alternative Mortgage Trust 2024-RTL4                                | CUSIP: 79584CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9935000 | PA      | $9948863.30     | 0.05%             | 2030-02-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                               | Oaktree CLO 2024-27 Ltd                                                          | CUSIP: 67402UAC0<br>LEI: 2549005VHJ8BB9WPL105 | Long             | ABS-CBDO         | CORP              | KY        |       790000 | PA      | $793140.33      | 0.00%             | 2037-10-22      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                             | Park Blue Clo 2025-IX Ltd                                                        | CUSIP: 70019UAG0<br>LEI: 213800GMETRF98C4D824 | Long             | ABS-CBDO         | CORP              | KY        |      2350000 | PA      | $2360994.01     | 0.01%             | 2038-10-20      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                             | Vedanta Resources Finance II PLC                                                 | CUSIP: 000000000<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      1309000 | PA      | $1379767.81     | 0.01%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                       | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |       599000 | PA      | $610128.61      | 0.00%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| REDSTONE HOLDCO 2 LP                                          | Redstone Holdco 2 LP                                                             | CUSIP: 75774EAK1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      4728000 | PA      | $861914.40      | 0.00%             | 2029-04-27      | Floating      | 11.85%                | No            |                  3 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418MNH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        18093 | PA      | $18249.48       | 0.00%             | 2039-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM1                                           | CUSIP: 06745AAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2475500 | PA      | $2500475.57     | 0.01%             | 2064-01-25      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US                                      | Sealed Air Corp/Sealed Air Corp US                                               | CUSIP: 812127AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       220000 | PA      | $229095.24      | 0.00%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VOC ESCROW LTD                                                | VOC Escrow Ltd                                                                   | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       137000 | PA      | $136994.79      | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                  | JPY/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $19254.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                              | Paramount Global                                                                 | CUSIP: 124857AT0<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      3519000 | PA      | $3415144.88     | 0.02%             | 2028-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Sycamore Tree CLO Ltd                                         | Sycamore Tree CLO 2021-1 Ltd                                                     | CUSIP: 87122VAS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       960000 | PA      | $963827.23      | 0.01%             | 2038-01-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                | Upgrade Master Pass-Thru Trust Series 2025-ST5                                   | CUSIP: 91535BAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       900000 | PA      | $903617.28      | 0.00%             | 2032-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multiclass Certifi                                | Freddie Mac Multiclass Certificates Series 2024-P015                             | CUSIP: 3137HDJN1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      1194223 | PA      | $1191207.40     | 0.01%             | 2032-11-25      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418DTP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12184834 | PA      | $9401754.83     | 0.05%             | 2050-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 31329JHY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       340726 | PA      | $326346.12      | 0.00%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                                | Wells Fargo Commercial Mortgage Trust 2019-C49                                   | CUSIP: 95001WAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       514000 | PA      | $424969.96      | 0.00%             | 2052-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133A6MG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        39892 | PA      | $39185.74       | 0.00%             | 2050-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179VMF4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       398731 | PA      | $381694.84      | 0.00%             | 2050-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage                                 | Citigroup Commercial Mortgage Trust 2020-420K                                    | CUSIP: 17328QAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1540000 | PA      | $1338774.05     | 0.01%             | 2042-11-10      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                             | EURO-BTP                                                                         | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |           12 | NC      | $-2432.48       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM1                                           | CUSIP: 06745AAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1321800 | PA      | $1341877.88     | 0.01%             | 2064-01-25      | Variable      | 8.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KJUF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12727106 | PA      | $11497592.82    | 0.06%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch                                 | BAMLL Trust 2025-ASHF                                                            | CUSIP: 05494CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10950000 | PA      | $10949984.67    | 0.06%             | 2042-02-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                                  | Atrium Hotel Portfolio Trust 2025-ATRM                                           | CUSIP: 049917AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2614000 | PA      | $2616717.51     | 0.01%             | 2042-08-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch                                 | BAMLL Trust 2024-BHP                                                             | CUSIP: 05493WAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5800000 | PA      | $5809576.96     | 0.03%             | 2039-08-15      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                      | Rogers Communications Inc                                                        | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |       248000 | PA      | $259457.85      | 0.00%             | 2055-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM1                                           | CUSIP: 06745AAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1442000 | PA      | $1466413.35     | 0.01%             | 2064-01-25      | Variable      | 8.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QSBJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6146791 | PA      | $6420700.40     | 0.03%             | 2053-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                               | Sealed Air Corp                                                                  | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |       100000 | PA      | $103737.80      | 0.00%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VIVION INVESTMENTS                                            | Vivion Investments Sarl                                                          | CUSIP: 000000000<br>LEI: 529900SJ7X71ESJK9N76 | Long             | DBT              | CORP              | LU        |      1110000 | PA      | $1256368.09     | 0.01%             | 2030-06-08      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                               | CDS ITRAXX.XO.44.V1                                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-867995.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QRXY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5385515 | PA      | $5603330.67     | 0.03%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                      | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       308000 | PA      | $292794.47      | 0.00%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BBAM US CLO LTD.                                              | BBAM US CLO VI Ltd                                                               | CUSIP: 05556TAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3280000 | PA      | $3286053.90     | 0.02%             | 2039-01-27      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                                              | DP World Ltd/United Arab Emirates                                                | CUSIP: 000000000<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |      5730000 | PA      | $6480286.20     | 0.04%             | 2037-07-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138ARZW7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       162097 | PA      | $163116.16      | 0.00%             | 2041-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CIRKULSRSEC2LPIKTL;TLLOANTERM                                 | CIRKULSRSEC2LPIKTL;TLLOANTERM                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      4190638 | PA      | $3259478.16     | 0.02%             | 2028-04-23      | Floating      | 11.59%                | No            |                  3 | On Loan: No      |
| Lionsgate Studios Corp                                        | Lionsgate Studios Corp                                                           | CUSIP: 53626N102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       120471 | NS      | $1099900.23     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2021-D                                                 | CUSIP: 64034YAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7353000 | PA      | $6638508.99     | 0.04%             | 2062-04-20      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                                           | BWAY 2013-1515 Mortgage Trust                                                    | CUSIP: 05604FAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1853685 | PA      | $1755519.62     | 0.01%             | 2033-03-10      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                                         | Egypt Government Bond                                                            | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     71546000 | PA      | $1513310.39     | 0.01%             | 2028-08-26      | Fixed         | 23.38%                | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                    | JPY/AUD FORWARD                                                                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-51579.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                      | Rogers Communications Inc                                                        | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |        65000 | PA      | $68444.47       | 0.00%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                                 | GS Mortgage-Backed Securities Trust 2025-DSC2                                    | CUSIP: 36275JAC4<br>LEI: 254900Y4XCLF0D6VBG48 | Long             | ABS-MBS          | CORP              | US        |      1885827 | PA      | $1889305.17     | 0.01%             | 2066-01-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31335BJW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2043915 | PA      | $1893110.48     | 0.01%             | 2043-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EC FINANCE PLC                                                | EC Finance PLC                                                                   | CUSIP: 000000000<br>LEI: 213800NKPB53RHYDQE45 | Long             | DBT              | CORP              | GB        |       145000 | PA      | $168614.76      | 0.00%             | 2026-10-15      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| MARKET BIDCO FINCO PLC                                        | Market Bidco Finco PLC                                                           | CUSIP: 000000000<br>LEI: 549300UGYX6EBVHRVG53 | Long             | DBT              | CORP              | GB        |      1078000 | PA      | $1253047.50     | 0.01%             | 2031-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CAMEROON                                          | Republic of Cameroon International Bond                                          | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |       822000 | PA      | $819945.00      | 0.00%             | 2031-07-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PROJECT INFINITY                                              | PROJECT INFINITY                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     10373619 | PA      | $10335236.61    | 0.06%             | 2027-09-11      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| PANTHER ESCROW ISSUER                                         | Panther Escrow Issuer LLC                                                        | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       478000 | PA      | $495326.55      | 0.00%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307MSF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         2557 | PA      | $2494.50        | 0.00%             | 2030-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2024-XL5                                            | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       156139 | PA      | $156235.31      | 0.00%             | 2041-03-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                     | CDS ALTICE FRANCE SA                                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | US        |            1 | NC      | $25145.06       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                                       | Talen Energy Supply LLC                                                          | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |       568000 | PA      | $601372.42      | 0.00%             | 2030-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BREAKWATER ENRGY HOLD                                         | Breakwater Energy Holdings Sarl                                                  | CUSIP: 10637BAA3<br>LEI: 984500969HAFA937F390 | Long             | DBT              | CORP              | LU        |       700000 | PA      | $733008.50      | 0.00%             | 2030-11-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CreekSource (Dunes Creek) CLO                                 | Creeksource 2024-1 Dunes Creek Clo Ltd                                           | CUSIP: 225914AA8<br>LEI: 254900CZYOXX4AZ15302 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250942.40      | 0.00%             | 2038-01-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                    | Progress Residential 2024-SFR2 Trust                                             | CUSIP: 74290XAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1012000 | PA      | $952874.91      | 0.01%             | 2041-04-17      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                            | Expand Energy Corp                                                               | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     15516000 | PA      | $15606870.07    | 0.08%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                                | Regional Management Issuance Trust 2021-2                                        | CUSIP: 75907UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1053000 | PA      | $1020999.96     | 0.01%             | 2033-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HMM23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7215839 | PA      | $7277896.83     | 0.04%             | 2055-05-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31410KXL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        65939 | PA      | $69741.03       | 0.00%             | 2038-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Olympic Tower Mortgage Trust                                  | Olympic Tower 2017-OT Mortgage Trust                                             | CUSIP: 68162MAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2910000 | PA      | $2555334.15     | 0.01%             | 2039-05-10      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Structured Asset Mortgage Inve                                | Structured Asset Mortgage Investments II Trust 2006-AR5                          | CUSIP: 86360JAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       281192 | PA      | $200941.52      | 0.00%             | 2046-05-25      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                   | CDS DEUTSCHE BANK AG                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              | CORP              | FR        |            1 | NC      | $-93944.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | LIONSGATE STUDIOS CORP                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |          288 | NC      | $25200.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2024-KING                                           | CUSIP: 05612RAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4332957 | PA      | $4332957.44     | 0.02%             | 2034-05-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| TCW Gem Ltd                                                   | TCW CLO 2019-2 Ltd                                                               | CUSIP: 87242BBG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1270000 | PA      | $1272681.73     | 0.01%             | 2038-01-20      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                      | Antero Midstream Partners LP / Antero Midstream Finance Corp                     | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |        50000 | PA      | $50001.29       | 0.00%             | 2029-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CEE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     36277400 | PA      | $34951007.56    | 0.19%             | 2029-03-31      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QQ3U7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7917905 | PA      | $8202816.40     | 0.04%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                | Palmer Square Loan Funding 2025-3 Ltd                                            | CUSIP: 696918AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      8120000 | PA      | $8118522.97     | 0.04%             | 2034-01-15      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WJQF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       772978 | PA      | $737471.17      | 0.00%             | 2036-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                                  | ARES Loan Funding III Ltd                                                        | CUSIP: 04009BAN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1050000 | PA      | $1050843.78     | 0.01%             | 2036-07-25      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP                                         | Antero Resources Corp                                                            | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     40064000 | PA      | $40618646.02    | 0.22%             | 2030-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Trust 2021-NPL1                                                | CUSIP: 06744JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10101166 | PA      | $10100196.96    | 0.05%             | 2051-11-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | USD/ZAR FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $825974.17      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QCLT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       746233 | PA      | $741169.76      | 0.00%             | 2049-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XLEB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9275666 | PA      | $9499062.87     | 0.05%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                   | Oracle Corp                                                                      | CUSIP: 68389XCA1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      1288000 | PA      | $847451.86      | 0.00%             | 2051-03-25      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                      | Angel Oak Mortgage Trust 2022-2                                                  | CUSIP: 03464PAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       363931 | PA      | $348533.60      | 0.00%             | 2067-01-25      | Variable      | 3.35%                 | 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        |       425000 | PA      | $440379.99      | 0.00%             | 2045-02-05      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| ENI SPA                                                       | Eni SpA                                                                          | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |       730000 | PA      | $869692.07      | 0.00%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140Y66J4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3987474 | PA      | $4106965.12     | 0.02%             | 2055-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL MENTOR HOLDINGS                                      | National Mentor Holdings Inc                                                     | CUSIP: 63688RAF4<br>LEI: 5493004QULJVJP3CNZ62 | Long             | DBT              | CORP              | US        |       175000 | PA      | $175927.19      | 0.00%             | 2030-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                          | Bank of America Corp                                                             | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      8172000 | PA      | $8069212.91     | 0.04%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| GSAMP Trust                                                   | GSAMP Trust 2007-HSBC1                                                           | CUSIP: 362429AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1300000 | PA      | $1281228.13     | 0.01%             | 2037-02-25      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                    | EUR/JPY FORWARD                                                                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-4645.29       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TENNECO INC                                                   | Tenneco Inc                                                                      | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |       911000 | PA      | $913915.07      | 0.00%             | 2028-11-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                                     | TEGNA Inc                                                                        | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |       123000 | PA      | $121916.89      | 0.00%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae REMICS                                                                | CUSIP: 3136BTK85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9913183 | PA      | $9990568.06     | 0.05%             | 2054-12-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                     | IQVIA Inc                                                                        | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |       600000 | PA      | $599658.84      | 0.00%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Trust 2021-NPL1                                                | CUSIP: 06744JAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3273812 | PA      | $3276763.36     | 0.02%             | 2051-11-25      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                                         | KKR CLO 30 Ltd                                                                   | CUSIP: 48250EBE4<br>LEI: 549300NB16RGUJOZXI16 | Long             | ABS-CBDO         | CORP              | KY        |      1320000 | PA      | $1323794.74     | 0.01%             | 2037-04-17      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418UED2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        24896 | PA      | $25110.90       | 0.00%             | 2040-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                    | Progress Residential 2024-SFR2 Trust                                             | CUSIP: 74290XAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2025000 | PA      | $1902062.45     | 0.01%             | 2041-04-17      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                        | Verizon Communications Inc                                                       | CUSIP: 92343VCQ5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      4530000 | PA      | $4370640.44     | 0.02%             | 2034-11-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YTRT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        38980 | PA      | $37996.34       | 0.00%             | 2030-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                             | CDS CREDIT SUISSE GROUP AG                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-28980.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TEGNA INC                                                     | TEGNA Inc                                                                        | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |       202000 | PA      | $199923.50      | 0.00%             | 2028-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                                      | First Citizens BancShares Inc/NC                                                 | CUSIP: 31959XAF0<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |      7895000 | PA      | $8051857.86     | 0.04%             | 2040-03-12      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Nomura Asset Acceptance Corpor                                | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2001-R1A              | CUSIP: 65535VAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       211130 | PA      | $210590.99      | 0.00%             | 2030-02-19      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                                       | KazMunayGas National Co JSC                                                      | CUSIP: 000000000<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |      1749000 | PA      | $1761190.53     | 0.01%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                         | Wells Fargo & Co                                                                 | CUSIP: 949746SH5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |       946000 | PA      | $939082.31      | 0.01%             | 2026-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                             | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAH4<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |       200000 | PA      | $210812.50      | 0.00%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                        | Rockford Tower CLO 2018-2 Ltd                                                    | CUSIP: 77342KAA8<br>LEI: 5493001SZ764RMCNU069 | Long             | ABS-CBDO         | CORP              | KY        |       282344 | PA      | $282456.69      | 0.00%             | 2031-10-20      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                               | Impac CMB Trust Series 2005-6                                                    | CUSIP: 45254NQG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       404485 | PA      | $373518.05      | 0.00%             | 2035-10-25      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133L8AU9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3847381 | PA      | $3567507.10     | 0.02%             | 2036-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                                 | New York City Municipal Water Finance Authority                                  | CUSIP: 64972FL20<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |      2430000 | PA      | $2516474.22     | 0.01%             | 2042-06-15      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | SABRE CORP                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |          115 | NC      | $575.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM! BRANDS INC                                               | Yum! Brands Inc                                                                  | CUSIP: 988498AR2<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |       100000 | PA      | $101250.70      | 0.00%             | 2032-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding XXXVII Ltd                                                  | CUSIP: 55817EAW6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       670000 | PA      | $672361.08      | 0.00%             | 2037-04-15      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Trust 2021-NPL1                                                | CUSIP: 06744JAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6479120 | PA      | $9070768.31     | 0.05%             | 2051-11-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM1                                           | CUSIP: 06745AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3664747 | PA      | $3691421.50     | 0.02%             | 2064-01-25      | Variable      | 5.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31335BJX5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1789996 | PA      | $1705515.42     | 0.01%             | 2047-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138Y4UY3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        45144 | PA      | $44246.27       | 0.00%             | 2030-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-F                                                  | CUSIP: 009703AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14282332 | PA      | $14547582.18    | 0.08%             | 2061-06-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2005-J4                                                   | CUSIP: 12667GNJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        47252 | PA      | $46962.81       | 0.00%             | 2035-07-25      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO II Ltd.                                           | Elmwood CLO II Ltd                                                               | CUSIP: 29001LBA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1600000 | PA      | $1605837.12     | 0.01%             | 2037-10-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                  | CSMC 2022-NQM6 Trust                                                             | CUSIP: 12663YAM0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10100359 | PA      | $10122526.11    | 0.05%             | 2067-12-25      | Variable      | 8.83%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | CLP CALL VERSUS USD PUT                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |      -924000 | NC      | $-22468.33      | -0.00%            |  |  |  | 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        |       374000 | PA      | $374715.84      | 0.00%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                                | SMB Private Education Loan Trust 2021-A                                          | CUSIP: 78448YAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6022402 | PA      | $5327072.67     | 0.03%             | 2053-01-15      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                                | Golub Capital Partners CLO 78M                                                   | CUSIP: 381934AC2<br>LEI: 254900PSE4IZIZUH7U62 | Long             | ABS-CBDO         | CORP              | US        |       250000 | PA      | $250000.00      | 0.00%             | 2039-04-21      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                         | Mexico Government International Bond                                             | CUSIP: 91087BBL3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |       200000 | PA      | $197550.00      | 0.00%             | 2035-09-22      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3129406B0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        19669 | PA      | $20462.65       | 0.00%             | 2040-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMQ81<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6050583 | PA      | $5653228.54     | 0.03%             | 2050-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QEJX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14860135 | PA      | $12827860.62    | 0.07%             | 2050-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM3                                           | CUSIP: 066941AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3099880 | PA      | $3131314.51     | 0.02%             | 2064-06-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Sandstone Peak Ltd.                                           | Sandstone Peak Ltd                                                               | CUSIP: 800130AN6<br>LEI: 5493000VXRKO2Z5KET86 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250009.08      | 0.00%             | 2034-10-15      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                       | Dryden 64 CLO Ltd                                                                | CUSIP: 26251LAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       291010 | PA      | $291027.79      | 0.00%             | 2031-04-18      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| STATE STREET GLOBAL MARKETS, LLC                              | BRL/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 549300FDEDF5ORXCMQ56 | N/A              | DFE              | CORP              | US        |            1 | NC      | $33172.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TURKISH AIRLN 15-1 A PTT                                      | Turkish Airlines 2015-1 Class A Pass Through Trust                               | CUSIP: 10010YAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | TR        |       417766 | PA      | $408545.88      | 0.00%             | 2027-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                           | Petroleos Mexicanos                                                              | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |       848000 | PA      | $1002798.16     | 0.01%             | 2029-02-26      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                                      | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc        | CUSIP: 43283QAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       171000 | PA      | $175272.78      | 0.00%             | 2032-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2025-VOLT                                                               | CUSIP: 05619PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4161000 | PA      | $4163588.14     | 0.02%             | 2044-12-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                          | Paraguay Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |       200000 | PA      | $178800.00      | 0.00%             | 2033-01-29      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                        | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      1159000 | PA      | $1197330.95     | 0.01%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DWEC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1517556 | PA      | $1487685.93     | 0.01%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                         | Mexico Government International Bond                                             | CUSIP: 91087BBK5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |       200000 | PA      | $198146.00      | 0.00%             | 2033-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WJNC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3406976 | PA      | $3116680.10     | 0.02%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer L                                | Planet Fitness Master Issuer LLC                                                 | CUSIP: 72703PAJ2<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |      6348000 | PA      | $6345614.42     | 0.03%             | 2055-12-06      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                             | CDS VOLVO CAR AB                                                                 | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-291388.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                                | Apidos CLO XXXVI                                                                 | CUSIP: 03769LAU2<br>LEI: 549300NWD6NYUKJT1J26 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $248739.28      | 0.00%             | 2039-01-20      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                                | Bayview Commercial Asset Trust 2006-3                                            | CUSIP: 07324NAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        93113 | PA      | $89946.26       | 0.00%             | 2036-10-25      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F032625<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -265500000 | PA      | $-244602245.43  | -1.33%            | 2056-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F032625<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1651618000 | PA      | $1521617594.70  | 8.27%             | 2056-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UPG HI Issuer Trust                                           | UPG HI 2025-2 Issuer Trust                                                       | CUSIP: 90321EAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3017000 | PA      | $3015707.82     | 0.02%             | 2047-09-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132ADPE2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1272434 | PA      | $1262487.33     | 0.01%             | 2048-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QQ4J1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       547862 | PA      | $570954.51      | 0.00%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F032617<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1750406000 | PA      | $1618099917.11  | 8.79%             | 2056-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F032617<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |  -1703706000 | PA      | $-1574929780.51 | -8.56%            | 2056-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                | NRG Energy Inc                                                                   | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     31779000 | PA      | $35128157.03    | 0.19%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                                    | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |            1 | NC      | $350.52         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QNE40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3430493 | PA      | $2972184.80     | 0.02%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KQQT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1364543 | PA      | $1418702.97     | 0.01%             | 2053-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certi                                | CWABS Inc Asset-Backed Certificates Trust 2004-5                                 | CUSIP: 1266716J0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       267753 | PA      | $263280.67      | 0.00%             | 2034-10-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810SA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     77505000 | PA      | $57674618.75    | 0.31%             | 2048-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                        | Venture Global LNG Inc                                                           | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |       812000 | PA      | $781492.64      | 0.00%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                          | Glencore Funding LLC                                                             | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      6464000 | PA      | $5962535.68     | 0.03%             | 2031-04-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                    | Progress Residential 2021-SFR3                                                   | CUSIP: 74333VAN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6640000 | PA      | $6595672.69     | 0.04%             | 2026-05-17      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DM7F6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11828349 | PA      | $9770205.25     | 0.05%             | 2052-01-01      | Fixed         | 2.00%                 | 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        |       634000 | PA      | $763017.13      | 0.00%             | 2033-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROTOR ACQUISITION CORP FOUNDER SHARES                         | ROTOR ACQUISITION CORP FOUNDER SHARES                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        11463 | NS      | $48830.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MONTREAL EXCHANGE INC.                                        | 3M CORRA                                                                         | CUSIP: 000000000<br>LEI: 549300DKBYNOI0B1NP44 | N/A              | DIR              | CORP              | CA        |         -109 | NC      | $-21024.92      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Trinitas CLO Ltd                                              | Trinitas CLO XXVIII LTD                                                          | CUSIP: 89640FAA3<br>LEI: 254900DPIAGU6GHOTB83 | Long             | ABS-CBDO         | CORP              | KY        |      1480000 | PA      | $1484952.82     | 0.01%             | 2037-04-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM3                                           | CUSIP: 066941AD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2891200 | PA      | $2919220.35     | 0.02%             | 2064-06-25      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| EPHIOS SUBCO SARL                                             | Ephios Subco 3 Sarl                                                              | CUSIP: 000000000<br>LEI: 213800E4EG6VFUFVEH64 | Long             | DBT              | CORP              | LU        |      1617000 | PA      | $2024962.12     | 0.01%             | 2031-01-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                                | Bayview Commercial Asset Trust 2006-3                                            | CUSIP: 07324NAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       133544 | PA      | $129066.59      | 0.00%             | 2036-10-25      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| OHA Loan Funding Ltd                                          | OHA Loan Funding 2016-1 Ltd                                                      | CUSIP: 67110UAW9<br>LEI: 54930016024GMIAF7A82 | Long             | ABS-CBDO         | CORP              | KY        |      3750000 | PA      | $3762435.00     | 0.02%             | 2037-07-20      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2024-XL4                                            | CUSIP: 05611VAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4918586 | PA      | $4948851.53     | 0.03%             | 2039-02-15      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| CITADEL PLC                                                   | Citadel 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800XKX6NBEB5W9Z43 | Long             | ABS-MBS          | CORP              | GB        |       539000 | PA      | $737279.03      | 0.00%             | 2060-04-28      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                                | Golub Capital Partners CLO 76 B Ltd                                              | CUSIP: 38180BAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |       390000 | PA      | $390858.16      | 0.00%             | 2037-10-25      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FLN4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       582151 | PA      | $566374.44      | 0.00%             | 2040-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFM73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |           89 | PA      | $75.28          | 0.00%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                  | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |            1 | NC      | $76251.13       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                       | MXN/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |            1 | NC      | $220.71         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                        | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     12170000 | PA      | $3469356.82     | 0.02%             | 2030-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                      | American Airlines Inc/AAdvantage Loyalty IP Ltd                                  | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |       623000 | PA      | $634425.20      | 0.00%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                        | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       304000 | PA      | $313580.56      | 0.00%             | 2028-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TURK TELEKOMUNIKASYON AS                                      | Turk Telekomunikasyon AS                                                         | CUSIP: 000000000<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |      5130000 | PA      | $5343202.80     | 0.03%             | 2029-05-20      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer                                | WaMu Mortgage Pass-Through Certificates Series 2007-HY3 Trust                    | CUSIP: 933634AJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        22673 | PA      | $20908.10       | 0.00%             | 2037-03-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| ENGINEERING SPA                                               | Engineering - Ingegneria Informatica - SpA                                       | CUSIP: 000000000<br>LEI: 81560042F5E23EE61346 | Long             | DBT              | CORP              | IT        |      1791000 | PA      | $2227988.77     | 0.01%             | 2028-05-15      | Fixed         | 11.12%                | No            |                  2 | On Loan: No      |
| GRUENENTHAL GMBH                                              | Gruenenthal GmbH                                                                 | CUSIP: 000000000<br>LEI: 529900SH895E31PGLA72 | Long             | DBT              | CORP              | DE        |      1288000 | PA      | $1529530.37     | 0.01%             | 2031-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QNE57<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12240726 | PA      | $10569152.41    | 0.06%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DM7D1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     16505549 | PA      | $13617435.73    | 0.07%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PROJECT KICKERS 19-NOV-2028 CML:TL LOAN/TERM                  | PROJECT KICKERS 19-NOV-2028 CML:TL LOAN/TERM                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |      7498531 | PA      | $8807836.41     | 0.05%             | 2030-11-19      | Floating      | 7.01%                 | No            |                  3 | On Loan: No      |
| Citibank, National Association                                | USD/PEN FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-382.23        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                        | Venture Global LNG Inc                                                           | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      1775000 | PA      | $1401771.99     | 0.01%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                    | Affirm Asset Securitization Trust 2025-X2                                        | CUSIP: 00835DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       381000 | PA      | $381692.73      | 0.00%             | 2030-10-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM3                                           | CUSIP: 066941AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1983300 | PA      | $2016541.30     | 0.01%             | 2064-06-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| BIFFA GROUP HOLDINGS LTD                                      | Biffa Group Holdings Ltd                                                         | CUSIP: 000000000<br>LEI: 21380012LWLXNMXB8I44 | Long             | DBT              | CORP              | JE        |       575000 | PA      | $781750.79      | 0.00%             | 2031-06-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                                      | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       154000 | PA      | $159711.15      | 0.00%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                | NRG Energy Inc                                                                   | CUSIP: 629377CQ3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |       397000 | PA      | $379845.75      | 0.00%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Autonoria                                                     | AutoNoria Spain 2025 FT                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | ES        |       500000 | PA      | $592923.66      | 0.00%             | 2043-04-30      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31416YVG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        64648 | PA      | $65041.04       | 0.00%             | 2041-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     25757000 | PA      | $19562240.34    | 0.11%             | 2048-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| TVC DSCR_21-1: A                                              | TVC DSCR_21-1: A                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12802882 | PA      | $12099838.62    | 0.07%             | 2028-03-25      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | AUD CALL VERSUS USD PUT                                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              | CORP              | DE        |      7624201 | NC      | $8266.15        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FEDRIGONI SPA                                                 | Fedrigoni SpA                                                                    | CUSIP: 000000000<br>LEI: 8156004CE82074779D19 | Long             | DBT              | CORP              | IT        |       579000 | PA      | $663119.12      | 0.00%             | 2031-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KMVG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2765897 | PA      | $2481231.62     | 0.01%             | 2051-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                        | General Motors Financial Co Inc                                                  | CUSIP: 37045XEV4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      6140000 | PA      | $6425980.02     | 0.03%             | 2034-04-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                                | Golub Capital Partners CLO 81 B Ltd                                              | CUSIP: 38181DAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1080000 | PA      | $1083550.93     | 0.01%             | 2038-07-20      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| NEW YORK COMMUNITY BANCORP INC                                | NEW YORK COMMUNITY BANCORP INC                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |          948 | NC      | $2261444.52     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMQ73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       641492 | PA      | $627383.77      | 0.00%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140HBFN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6683871 | PA      | $6643294.83     | 0.04%             | 2048-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307NSP0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       115120 | PA      | $113346.44      | 0.00%             | 2030-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                           | American Tower Corp                                                              | CUSIP: 000000000<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |      6200000 | PA      | $7752853.43     | 0.04%             | 2031-05-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE                                       | Global Medical Response Inc                                                      | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |       315000 | PA      | $327402.76      | 0.00%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | CDS DOMINION ENERGY INC                                                          | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-497124.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QNE65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14607489 | PA      | $12599168.54    | 0.07%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                    | Affirm Asset Securitization Trust 2025-X2                                        | CUSIP: 00835DAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1100000 | PA      | $1101822.70     | 0.01%             | 2030-10-15      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                    | Affirm Asset Securitization Trust 2025-X1                                        | CUSIP: 00834MAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1280000 | PA      | $1284294.78     | 0.01%             | 2030-04-15      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2022-4                                    | CUSIP: 92259KAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       961200 | PA      | $932954.74      | 0.01%             | 2052-08-25      | Variable      | 7.52%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | JP Morgan Mortgage Trust Series 2024-VIS2                                        | CUSIP: 46658DAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2216000 | PA      | $2251422.76     | 0.01%             | 2064-11-25      | Variable      | 7.71%                 | No            |                  2 | On Loan: No      |
| LESSEN INC SR VR 144A NT 28                                   | LESSEN INC SR VR 144A NT 28                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11328025 | PA      | $8814336.25     | 0.05%             | 2028-01-05      | Floating      | 12.15%                | No            |                  3 | On Loan: No      |
| Valley Stream Park CLO, Ltd                                   | Valley Stream Park CLO LTD                                                       | CUSIP: 92013AAT6<br>LEI: 213800DEME82SWN32S20 | Long             | ABS-CBDO         | CORP              | JE        |      2500000 | PA      | $2501099.50     | 0.01%             | 2037-01-20      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                | NRG Energy Inc                                                                   | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |       279000 | PA      | $260720.64      | 0.00%             | 2031-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM3                                           | CUSIP: 066941AF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1816100 | PA      | $1826056.77     | 0.01%             | 2064-06-25      | Variable      | 8.01%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN                                      | CQP Holdco LP / BIP-V Chinook Holdco LLC                                         | CUSIP: 12657NAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       250000 | PA      | $267867.25      | 0.00%             | 2033-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                  | CHF/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-3619.04       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133L8JQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7678687 | PA      | $7143404.99     | 0.04%             | 2036-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36213FZ22<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       361358 | PA      | $338017.38      | 0.00%             | 2042-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                                         | Japan Government Thirty Year Bond                                                | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |    817400000 | PA      | $5061158.78     | 0.03%             | 2055-09-20      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                      | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      8998000 | PA      | $7675166.59     | 0.04%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AGL Core CLO                                                  | AGL Core CLO 2 Ltd                                                               | CUSIP: 001200AJ3<br>LEI: 549300EIBQDZ5WXOZ105 | Long             | ABS-CBDO         | CORP              | KY        |     14335000 | PA      | $14378836.43    | 0.08%             | 2037-07-20      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31410KXU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |          687 | PA      | $716.07         | 0.00%             | 2038-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARDAGH GROUP SA                                               | Ardagh Group SA                                                                  | CUSIP: 000000000<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |       220463 | PA      | $239118.10      | 0.00%             | 2030-12-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140JNW30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       308209 | PA      | $303143.63      | 0.00%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO I, Ltd.                                       | HalseyPoint CLO 4 Ltd                                                            | CUSIP: 40637LAA8<br>LEI: 549300CMJUK1VCINNF57 | Long             | ABS-CBDO         | CORP              | KY        |      1330000 | PA      | $1330702.37     | 0.01%             | 2034-04-20      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179S5M5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1229190 | PA      | $1184918.84     | 0.01%             | 2047-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | EGP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $19567.98       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fremont Home Loan Trust                                       | Fremont Home Loan Trust 2006-3                                                   | CUSIP: 35729MAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1656962 | PA      | $1240949.22     | 0.01%             | 2037-02-25      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Hamlin Park CLO                                               | Hamlin Park CLO Ltd                                                              | CUSIP: 407907AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      1460000 | PA      | $1466047.32     | 0.01%             | 2037-10-20      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 312944SL6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        43612 | PA      | $42930.08       | 0.00%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J8F24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       334207 | PA      | $342173.59      | 0.00%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALSTRIA OFFICE AG                                             | Alstria Office AG                                                                | CUSIP: 000000000<br>LEI: 529900QIJIGPI0DRL085 | Long             | DBT              | CORP              | DE        |      3000000 | PA      | $3608761.85     | 0.02%             | 2031-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                             | Rakuten Group Inc                                                                | CUSIP: 75102WAM0<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |       390000 | PA      | $401688.78      | 0.00%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38382TBX1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     31716404 | PA      | $5261056.88     | 0.03%             | 2051-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                        | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       393000 | PA      | $389757.83      | 0.00%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM3                                           | CUSIP: 066941AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4970200 | PA      | $4820530.88     | 0.03%             | 2064-06-25      | Variable      | 8.01%                 | No            |                  2 | On Loan: No      |
| CQS US CLO Ltd                                                | CQS US CLO 5 Ltd                                                                 | CUSIP: 12676EAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       360000 | PA      | $360711.25      | 0.00%             | 2039-01-17      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | JPY/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $4567.94        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA INC                                                       | HCA Inc                                                                          | CUSIP: 404119DA4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      7671000 | PA      | $7993705.16     | 0.04%             | 2032-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HJGG6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6702365 | PA      | $6774066.29     | 0.04%             | 2055-02-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31415VK79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         1464 | PA      | $1521.74        | 0.00%             | 2038-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                     | Sunoco LP                                                                        | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |        99000 | PA      | $103252.64      | 0.00%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BAYER AG                                                      | Bayer AG                                                                         | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |      1600000 | PA      | $1929576.04     | 0.01%             | 2082-03-25      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140H3KJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       243305 | PA      | $240613.23      | 0.00%             | 2033-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                          | BlueMountain CLO XXXV Ltd                                                        | CUSIP: 09631RAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       660000 | PA      | $662350.92      | 0.00%             | 2037-10-22      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| VISTA OIL & GAS ARGENTIN                                      | Vista Energy Argentina SAU                                                       | CUSIP: 92841RAA8<br>LEI: 549300FE4UJNCG1DB123 | Long             | DBT              | CORP              | AR        |       674000 | PA      | $666842.12      | 0.00%             | 2035-12-10      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3131XQM78<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       394149 | PA      | $377094.57      | 0.00%             | 2044-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GRAN TIERRA ENERGY INC                                        | Gran Tierra Energy Inc                                                           | CUSIP: 38500TAC5<br>LEI: 549300IH2S17MAIUCM32 | Long             | DBT              | CORP              | US        |      3772000 | PA      | $2621540.00     | 0.01%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                     | CDS JAGUAR LAND ROVER AUTOMOTIVE PLC                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-157270.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                          | Garda World Security Corp                                                        | CUSIP: 36485MAN9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |       272000 | PA      | $276440.13      | 0.00%             | 2032-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| OCEANA A NOTE 3 YEAR                                          | OCEANA A NOTE 3 YEAR                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |      3013000 | PA      | $2035859.62     | 0.01%             | 2026-07-31      | Fixed         | 12.50%                | No            |                  3 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2006-6CB                                                  | CUSIP: 12668BSQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       221056 | PA      | $79907.29       | 0.00%             | 2036-05-25      | 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        |       565000 | PA      | $558626.69      | 0.00%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM4                                           | CUSIP: 06744XAP0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     52158899 | PA      | $53576698.14    | 0.29%             | 2065-07-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 61747YED3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     19645000 | PA      | $17456311.06    | 0.09%             | 2032-07-21      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM3                                           | CUSIP: 066941AH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         4061 | PA      | $3574.66        | 0.00%             | 2064-06-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| VISTA OIL & GAS ARGENTIN                                      | Vista Energy Argentina SAU                                                       | CUSIP: 92841RAB6<br>LEI: 549300FE4UJNCG1DB123 | Long             | DBT              | CORP              | AR        |      5092000 | PA      | $5206570.00     | 0.03%             | 2033-06-10      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                                     | Caesars Entertainment Inc                                                        | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |        72600 | NS      | $1698114.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| FREED CORP 4A2                                                | FREED CORP 4A2                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     28966238 | PA      | $29490526.91    | 0.16%             | 2028-11-30      | Floating      | 13.00%                | No            |                  3 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | CDS CMBX.NA.AAA.6.V1                                                             | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              | CORP              | DE        |            1 | NC      | $-0.63          | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417J2V1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        16533 | PA      | $17098.15       | 0.00%             | 2039-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding XXX LTD                                                     | CUSIP: 55821TAL1<br>LEI: 549300FFTJ3WPTJK8589 | Long             | ABS-CBDO         | CORP              | KY        |      1780000 | PA      | $1785962.64     | 0.01%             | 2037-07-16      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                       | HCA Inc                                                                          | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     16107000 | PA      | $16906051.84    | 0.09%             | 2035-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                     | Sunoco LP                                                                        | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |      1363000 | PA      | $1400175.84     | 0.01%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140Q9Y23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       693315 | PA      | $693970.81      | 0.00%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Crown City CLO                                                | Crown City CLO III                                                               | CUSIP: 22824DAC3<br>LEI: 5493000O0QFX9SMPY639 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250101.45      | 0.00%             | 2034-07-20      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2                                | JW Commercial Mortgage Trust 2024-MRCO                                           | CUSIP: 46657XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3715000 | PA      | $3720740.42     | 0.02%             | 2039-06-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132JN7C5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       441005 | PA      | $441803.14      | 0.00%             | 2043-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                                | Bayview Commercial Asset Trust 2006-2                                            | CUSIP: 07324YAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       348259 | PA      | $339644.42      | 0.00%             | 2036-07-25      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications LL                                | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC                  | CUSIP: 315961AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     18083000 | PA      | $18187481.77    | 0.10%             | 2055-12-20      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |   -143268667 | NC      | $-28562.55      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                                        | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |       100000 | PA      | $105148.33      | 0.00%             | 2031-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EQU26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        32999 | PA      | $32159.10       | 0.00%             | 2030-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                                     | HIH Trust 2024-61P                                                               | CUSIP: 40444VAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1241420 | PA      | $1246438.32     | 0.01%             | 2041-10-15      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                        | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       636000 | PA      | $635387.53      | 0.00%             | 2027-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                         | Silver Point CLO 8 Ltd                                                           | CUSIP: 827918AA1<br>LEI: 254900U97WKD6RJ07L38 | Long             | ABS-CBDO         | CORP              | KY        |      2840000 | PA      | $2844133.05     | 0.02%             | 2038-04-15      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2022-4                                    | CUSIP: 92259KAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       522333 | PA      | $531935.51      | 0.00%             | 2052-08-25      | Variable      | 7.52%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                    | Verus Securitization Trust 2022-1                                                | CUSIP: 92538WAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1354000 | PA      | $1079365.74     | 0.01%             | 2067-01-25      | Variable      | 4.01%                 | No            |                  2 | On Loan: No      |
| Lehman Brothers Small Balance                                 | Lehman Brothers Small Balance Commercial Mortgage Trust 2006-2                   | CUSIP: 52520VAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       785505 | PA      | $747044.16      | 0.00%             | 2036-09-25      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                     | Sunoco LP                                                                        | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |       100000 | PA      | $100732.70      | 0.00%             | 2031-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2024-III Ltd                                                        | CUSIP: 12575WAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       690000 | PA      | $692530.23      | 0.00%             | 2037-07-21      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                                    | PLN/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |            1 | NC      | $185373.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | SABRE CORP                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |          433 | NC      | $2165.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WJF94<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        51232 | PA      | $49035.58       | 0.00%             | 2031-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EQD25<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        44500 | PA      | $43838.00       | 0.00%             | 2030-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW IMMO HOLDING SA                                           | New Immo Holding SA                                                              | CUSIP: 000000000<br>LEI: 5493007LOTJ0I8E94R81 | Long             | DBT              | CORP              | FR        |       300000 | PA      | $354596.03      | 0.00%             | 2030-11-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                          | Garda World Security Corp                                                        | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |       647000 | PA      | $659042.61      | 0.00%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                                 | New York City Municipal Water Finance Authority                                  | CUSIP: 64972FY34<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |      1665000 | PA      | $1692240.90     | 0.01%             | 2044-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WHYF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       106130 | PA      | $96281.65       | 0.00%             | 2046-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                                | SMB Private Education Loan Trust 2015-B                                          | CUSIP: 78448QAE8<br>LEI: 549300ZLJ4U248VKSJ66 | Long             | ABS-O            | CORP              | US        |       222872 | PA      | $222478.77      | 0.00%             | 2040-12-17      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EQLB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4032217 | PA      | $4092653.15     | 0.02%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                               | AREIT 2024-CRE9 Ltd                                                              | CUSIP: 00193AAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      6241507 | PA      | $6240953.07     | 0.03%             | 2041-05-17      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F020612<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |     -5002000 | PA      | $-4042221.34    | -0.02%            | 2056-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                              | PHP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              | CORP              | US        |            1 | NC      | $5160.72        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F020612<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    103031000 | PA      | $83261516.81    | 0.45%             | 2056-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31306YQC8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         7776 | PA      | $7680.80        | 0.00%             | 2027-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138W7G40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       363386 | PA      | $335889.94      | 0.00%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                                        | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |       536000 | PA      | $553181.48      | 0.00%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                        | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     23207000 | PA      | $6385237.98     | 0.03%             | 2035-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APS RESECURITIZATION TRUST                                    | APS Resecuritization Trust 2016-1                                                | CUSIP: 00192JAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7851724 | PA      | $2925929.93     | 0.02%             | 2057-07-31      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM3                                           | CUSIP: 066941AJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     39067884 | PA      | $958284.40      | 0.01%             | 2064-06-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pas                                | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OC2 Trust | CUSIP: 93936LAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       809089 | PA      | $778352.93      | 0.00%             | 2037-06-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Voya Euro CLO                                                 | Voya Euro CLO V DAC                                                              | CUSIP: 000000000<br>LEI: 549300IGE7MPYA8F0423 | Long             | ABS-CBDO         | CORP              | IE        |      1970000 | PA      | $2314525.16     | 0.01%             | 2035-04-15      | Floating      | 3.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31412QW54<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        21789 | PA      | $22574.57       | 0.00%             | 2039-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              | CORP              | US        |    -30672000 | NC      | $-182612.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                        | Lendmark Funding Trust 2024-1                                                    | CUSIP: 52603DAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       818000 | PA      | $831463.13      | 0.00%             | 2032-06-21      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                      | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |       100000 | PA      | $105532.02      | 0.00%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810SJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     41787000 | PA      | $26206651.86    | 0.14%             | 2049-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XLEP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2859876 | PA      | $2975545.20     | 0.02%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 312943Q63<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        36174 | PA      | $35484.78       | 0.00%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                        | RR 28 Ltd                                                                        | CUSIP: 74989NAA7<br>LEI: 254900ZSKVCYOXP11C98 | Long             | ABS-CBDO         | CORP              | KY        |      6320000 | PA      | $6342467.60     | 0.03%             | 2037-04-15      | Floating      | 5.45%                 | 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        |        76000 | PA      | $75895.53       | 0.00%             | 2027-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                         | Mexico Government International Bond                                             | CUSIP: 91087BBC3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |       920000 | PA      | $982100.00      | 0.01%             | 2037-05-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WJEZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       807898 | PA      | $773730.23      | 0.00%             | 2031-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138MKSW7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        12402 | PA      | $12238.29       | 0.00%             | 2028-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                             | CDS REPUBLIC OF ARGENTINA                                                        | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $1918.94        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PRA GROUP EUROPE HOLDING                                      | PRA Group Europe Holding II Sarl                                                 | CUSIP: 000000000<br>LEI: 635400CWOMLGBIP4GA24 | Long             | DBT              | CORP              | LU        |       973000 | PA      | $1114882.86     | 0.01%             | 2032-09-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FIGEAC AERO SA                                                | FIGEAC AERO SA                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      7240000 | PA      | $8434424.50     | 0.05%             | 2030-07-23      | Fixed         | 7.79%                 | Yes           |                  3 | On Loan: No      |
| NRG ENERGY INC                                                | NRG Energy Inc                                                                   | CUSIP: 629377CL4<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |       948000 | PA      | $943814.86      | 0.01%             | 2029-06-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2024-5                                    | CUSIP: 92261AAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1024561 | PA      | $1027504.80     | 0.01%             | 2054-10-25      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                        | Lendmark Funding Trust 2024-1                                                    | CUSIP: 52603DAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       953000 | PA      | $970975.10      | 0.01%             | 2032-06-21      | Fixed         | 7.21%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2022-4                                    | CUSIP: 92259KAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       751654 | PA      | $762298.77      | 0.00%             | 2052-08-25      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132VNZP1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1670481 | PA      | $1662309.04     | 0.01%             | 2048-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132GD3M2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       286017 | PA      | $288270.14      | 0.00%             | 2041-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F022410<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |      -305000 | PA      | $-288475.19     | -0.00%            | 2041-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F022410<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6950000 | PA      | $6573451.15     | 0.04%             | 2041-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                     | CDS WORLDLINE SA                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-10219.09      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Residential Asset Mortgage Pro                                | RAMP Series 2004-RS7 Trust                                                       | CUSIP: 7609857G0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       939067 | PA      | $749638.72      | 0.00%             | 2034-07-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                       | HCA Inc                                                                          | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      6537000 | PA      | $6822660.17     | 0.04%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                          | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |       588000 | PA      | $602700.28      | 0.00%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FUG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       577565 | PA      | $593034.53      | 0.00%             | 2041-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CBAM CLO Management                                           | Cbam 2018-7 Ltd                                                                  | CUSIP: 12482JAA8<br>LEI: 2549002XHTMWO4GGPF51 | Long             | ABS-CBDO         | CORP              | KY        |        68145 | PA      | $68144.28       | 0.00%             | 2031-07-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CCV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     44333000 | PA      | $41647043.52    | 0.23%             | 2028-08-31      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2025-46 Ltd                                                              | CUSIP: 671023AA7<br>LEI: 213800J27YESIODUZS34 | Long             | ABS-CBDO         | CORP              | KY        |      1690000 | PA      | $1692288.09     | 0.01%             | 2038-10-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Sandstone Peak Ltd.                                           | Sandstone Peak Ltd                                                               | CUSIP: 800130AW6<br>LEI: 5493000VXRKO2Z5KET86 | Long             | ABS-CBDO         | CORP              | KY        |      1455000 | PA      | $1463509.71     | 0.01%             | 2034-10-15      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| CROWN PROPTECH ACQUISITION-A                                  | Crown PropTech Acquisitions                                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       128396 | NC      | $25.68          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CIM Trust                                                     | CIM Trust 2025-I1                                                                | CUSIP: 12571DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7634538 | PA      | $7723191.50     | 0.04%             | 2069-10-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                         | USD/BRL FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-73738.51      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                              | COLT 2025-12 Mortgage Loan Trust                                                 | CUSIP: 19688UAM4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       807000 | PA      | $802705.59      | 0.00%             | 2071-01-26      | Variable      | 6.86%                 | No            |                  2 | On Loan: No      |
| Lehman ABS Mortgage Loan Trust                                | Lehman ABS Mortgage Loan Trust 2007-1                                            | CUSIP: 52521MAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       277070 | PA      | $184905.14      | 0.00%             | 2037-06-25      | Floating      | 3.94%                 | 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              | CORP              | US        |       303000 | PA      | $301744.25      | 0.00%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                                    | Grifols SA                                                                       | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |      2428000 | PA      | $2996931.15     | 0.02%             | 2030-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FM78<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       372057 | PA      | $361944.61      | 0.00%             | 2040-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kennedy Lewis CLO Ltd                                         | Kennedy Lewis CLO 7 Ltd                                                          | CUSIP: 37149LAL1<br>LEI: 25490036G9JNQQPHIX69 | Long             | ABS-CBDO         | CORP              | KY        |      5673000 | PA      | $5693587.32     | 0.03%             | 2037-04-22      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                        | Lendmark Funding Trust 2025-1                                                    | CUSIP: 52604QAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6997000 | PA      | $7075474.85     | 0.04%             | 2034-09-20      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Service Experts Issuer                                        | Service Experts Issuer 2024-1 LLC                                                | CUSIP: 81758FAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3088013 | PA      | $3164422.61     | 0.02%             | 2035-11-20      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                        | Lendmark Funding Trust 2025-1                                                    | CUSIP: 52604QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       454000 | PA      | $461853.93      | 0.00%             | 2034-09-20      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                              | MGM Resorts International                                                        | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |       153000 | PA      | $154362.03      | 0.00%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | USD/COP FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-55696.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179NQ43<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        17926 | PA      | $16850.02       | 0.00%             | 2043-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                | Mariner Finance Issuance Trust 2025-B                                            | CUSIP: 56847TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7143000 | PA      | $7165876.89     | 0.04%             | 2038-11-22      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CCY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     69733100 | PA      | $65595420.96    | 0.36%             | 2028-09-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| KRUNG THAI BANK/CAYMAN                                        | Krung Thai Bank PCL/Cayman Islands                                               | CUSIP: 000000000<br>LEI: 54930007ZQMYCRFQGE36 | Long             | DBT              | CORP              | TH        |       500000 | PA      | $498000.00      | 0.00%             | N/A             | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418CZN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       316983 | PA      | $322071.69      | 0.00%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2024-XL4                                            | CUSIP: 05611VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2709863 | PA      | $2711530.66     | 0.01%             | 2039-02-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                         | Wells Fargo & Co                                                                 | CUSIP: 95000U2Z5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      4642000 | PA      | $3994461.52     | 0.02%             | 2053-04-25      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2007-AL1                                                  | CUSIP: 02150NAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3891406 | PA      | $3298151.36     | 0.02%             | 2037-06-25      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WCZZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1854887 | PA      | $1827460.94     | 0.01%             | 2029-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                      | Republic of South Africa Government International Bond                           | CUSIP: 836205BJ2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |       335000 | PA      | $331650.00      | 0.00%             | 2055-12-11      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | USD/COP FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $250577.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                      | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAR8<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |       181000 | PA      | $180604.35      | 0.00%             | 2029-07-15      | Fixed         | 4.95%                 | 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        |      1520886 | PA      | $1523159.07     | 0.01%             | 2068-08-25      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QEBM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12447441 | PA      | $10742070.19    | 0.06%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                             | Rakuten Group Inc                                                                | CUSIP: 75102WAB4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |       203000 | PA      | $193757.44      | 0.00%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                       | HCA Inc                                                                          | CUSIP: 404119CR8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       935000 | PA      | $915420.43      | 0.00%             | 2053-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                                       | American National Group Inc                                                      | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |       223000 | PA      | $223239.95      | 0.00%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HL3Y6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6556437 | PA      | $6621045.35     | 0.04%             | 2055-05-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2021-C                                                 | CUSIP: 64035GAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       990000 | PA      | $879653.51      | 0.00%             | 2062-04-20      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                | EFMT 2025-NQM5                                                                   | CUSIP: 28225KAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4810477 | PA      | $4819514.92     | 0.03%             | 2070-11-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                      | Angel Oak Mortgage Trust 2023-7                                                  | CUSIP: 03466DAA0<br>LEI: 254900DRGJVOF9SOT744 | Long             | ABS-MBS          | CORP              | US        |     10256171 | PA      | $10228253.38    | 0.06%             | 2067-11-25      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                  | MXN/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $544034.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI                                | Bay Area Toll Authority                                                          | CUSIP: 072024NV0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |      6480000 | PA      | $7399189.94     | 0.04%             | 2050-04-01      | Fixed         | 7.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFK47<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       237380 | PA      | $233370.59      | 0.00%             | 2030-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2024-5                                    | CUSIP: 92261AAM0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       707633 | PA      | $714371.93      | 0.00%             | 2054-10-25      | Variable      | 9.53%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                                      | Discovery Communications LLC                                                     | CUSIP: 25470DBS7<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     39637000 | PA      | $38933839.62    | 0.21%             | 2028-03-20      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                       | Dryden 68 CLO Ltd                                                                | CUSIP: 26252QAS1<br>LEI: 254900MX6QAMC9XBAB53 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $249954.75      | 0.00%             | 2035-07-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                         | Mexico Government International Bond                                             | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      1933000 | PA      | $2079908.00     | 0.01%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                             | Store Capital LLC                                                                | CUSIP: 862123AA4<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |     17338000 | PA      | $17660840.84    | 0.10%             | 2030-04-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                          | Glencore Funding LLC                                                             | CUSIP: 378272AY4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      4591000 | PA      | $4206662.97     | 0.02%             | 2030-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                                       | Fantasia Holdings Group Co Ltd                                                   | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |      2430000 | PA      | $24300.00       | 0.00%             | 2022-04-17      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418DUA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       878819 | PA      | $772441.01      | 0.00%             | 2040-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | USD/PLN FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              | CORP              | US        |            1 | NC      | $79548.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                                      | Jones Deslauriers Insurance Management Inc                                       | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |       266000 | PA      | $278796.73      | 0.00%             | 2030-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                            | BMO 2023-C5 Mortgage Trust                                                       | CUSIP: 055988AF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14194463 | PA      | $563700.45      | 0.00%             | 2056-06-15      | Variable      | 0.72%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                                 | UK Logistics 2024-1 DAC                                                          | CUSIP: 000000000<br>LEI: 635400H22JMICKOJRJ36 | Long             | ABS-MBS          | CORP              | IE        |       749519 | PA      | $1010562.01     | 0.01%             | 2034-05-17      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810SF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     61441600 | PA      | $45260378.32    | 0.25%             | 2049-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QEBL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11880193 | PA      | $10252561.77    | 0.06%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                                      | LCM Investments Holdings II LLC                                                  | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |       584000 | PA      | $617692.97      | 0.00%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| HNG HOSPITALITY OFFSHORE LP                                   | HNG HOSPITALITY OFFSHORE LP                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13871000 | NS      | $10264540.00    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FTAI AVIATION INVESTORS                                       | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |       184000 | PA      | $193768.19      | 0.00%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FDB9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        35781 | PA      | $36039.11       | 0.00%             | 2039-12-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                           | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |      7400000 | PA      | $7476393.75     | 0.04%             | 2031-07-08      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | CDS CMBX.NA.BBB-.9                                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-196655.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America, National Association                         | IDR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-5602.60       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                | Palmer Square Loan Funding 2022-3 Ltd                                            | CUSIP: 69690CAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $249992.60      | 0.00%             | 2031-04-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                                                    | Arcosa Inc                                                                       | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |        82000 | PA      | $86438.62       | 0.00%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AGL CLO 1 Ltd.                                                | AGL CLO 42 Ltd                                                                   | CUSIP: 00791YAA6<br>LEI: 254900AMSJHVKQ5QFA09 | Long             | ABS-CBDO         | CORP              | KY        |      1850000 | PA      | $1855798.83     | 0.01%             | 2038-07-22      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| BRIGHTSTAR LOTTERY PLC                                        | Brightstar Lottery PLC                                                           | CUSIP: 460599AE3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |       323000 | PA      | $322266.53      | 0.00%             | 2029-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARCOS DORADOS BV                                              | Arcos Dorados BV                                                                 | CUSIP: 000000000<br>LEI: 549300T91OYP6I7P8G39 | Long             | DBT              | CORP              | NL        |       428000 | PA      | $452896.76      | 0.00%             | 2032-01-29      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                        | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |       499000 | PA      | $557597.54      | 0.00%             | 2029-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                       | HCA Inc                                                                          | CUSIP: 404119CW7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      4207000 | PA      | $4167481.71     | 0.02%             | 2064-04-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2024-XL4                                            | CUSIP: 05611VAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8259513 | PA      | $8282471.28     | 0.05%             | 2039-02-15      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140EW4N2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        62991 | PA      | $60748.27       | 0.00%             | 2031-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                        | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       333000 | PA      | $330365.14      | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE STREET GLOBAL MARKETS, LLC                              | USD/JPY FORWARD                                                                  | CUSIP: 000000000<br>LEI: 549300FDEDF5ORXCMQ56 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-7746.99       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 9128282R0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     15187000 | PA      | $14891565.47    | 0.08%             | 2027-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132KEXZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        87771 | PA      | $86573.35       | 0.00%             | 2030-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced S                                | HOMES 2025-AFC4 Trust                                                            | CUSIP: 43762DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3237350 | PA      | $3243108.40     | 0.02%             | 2060-11-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMYM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21807334 | PA      | $17991836.96    | 0.10%             | 2051-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                    | Affirm Asset Securitization Trust 2025-X2                                        | CUSIP: 00835DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7429659 | PA      | $7436733.19     | 0.04%             | 2030-10-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2020-18 Ltd                                                              | CUSIP: 671078BG7<br>LEI: 254900MN6N176YEZLX15 | Long             | ABS-CBDO         | CORP              | KY        |       390000 | PA      | $388912.02      | 0.00%             | 2037-07-20      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust                                  | CD 2017-CD6 Mortgage Trust                                                       | CUSIP: 125039AJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       597000 | PA      | $570546.63      | 0.00%             | 2050-11-13      | Variable      | 3.91%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                        | Brazilian Government International Bond                                          | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |       200000 | PA      | $206200.00      | 0.00%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QEBK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12408876 | PA      | $10714925.12    | 0.06%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                                | Deephaven Residential Mortgage Trust 2024-1                                      | CUSIP: 24380QAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1978163 | PA      | $1993129.35     | 0.01%             | 2069-07-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                         | USD/ZAR FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-308974.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFM40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16048373 | PA      | $13900562.00    | 0.08%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                                      | Discovery Communications LLC                                                     | CUSIP: 25470DBZ1<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |       953000 | PA      | $789328.68      | 0.00%             | 2040-06-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| ARETEC GROUP INC                                              | Aretec Group Inc                                                                 | CUSIP: 04020JAA4<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |       576000 | PA      | $621586.37      | 0.00%             | 2030-08-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                                       | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |        88000 | PA      | $92510.26       | 0.00%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                            | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-1                    | CUSIP: 35563PEX3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       517702 | PA      | $218120.90      | 0.00%             | 2057-05-25      | Variable      | 3.46%                 | No            |                  2 | On Loan: No      |
| St Pauls CLO                                                  | St Paul's CLO XII DAC                                                            | CUSIP: 000000000<br>LEI: 635400TG25DYCKV8CW74 | Long             | ABS-CBDO         | CORP              | IE        |      1420000 | PA      | $1663396.16     | 0.01%             | 2033-04-15      | Floating      | 3.61%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO I, Ltd                                           | OWL Rock Clo V LLC                                                               | CUSIP: 69120JAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |       900000 | PA      | $900122.67      | 0.00%             | 2034-04-20      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| MSDB Trust                                                    | MSDB Trust 2017-712F                                                             | CUSIP: 55354JAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1650000 | PA      | $1568545.61     | 0.01%             | 2039-07-11      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| OCEANA A NOTE 4 YEAR                                          | OCEANA A NOTE 4 YEAR                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |      5022000 | PA      | $3451974.65     | 0.02%             | 2027-07-31      | Fixed         | 12.50%                | No            |                  3 | On Loan: No      |
| NRG ENERGY INC                                                | NRG Energy Inc                                                                   | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |       100000 | PA      | $100269.30      | 0.00%             | 2029-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                         | CZK/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |            1 | NC      | $221636.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AROUNDTOWN FINANCE SARL                                       | Aroundtown Finance Sarl                                                          | CUSIP: 000000000<br>LEI: 8945006LEXV2KWSWVP51 | Long             | DBT              | CORP              | LU        |      1016000 | PA      | $1021134.20     | 0.01%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Lehman ABS Manufactured Housin                                | Lehman ABS Manufactured Housing Contract Trust 2002-A                            | CUSIP: 52519SAX1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       135117 | PA      | $135351.62      | 0.00%             | 2033-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128MAD55<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2089219 | PA      | $1989923.09     | 0.01%             | 2045-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sandstone Peak Ltd.                                           | Sandstone Peak Ltd                                                               | CUSIP: 800130AS5<br>LEI: 5493000VXRKO2Z5KET86 | Long             | ABS-CBDO         | CORP              | KY        |       995000 | PA      | $995015.72      | 0.01%             | 2034-10-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| CSN RESOURCES SA                                              | CSN Resources SA                                                                 | CUSIP: 000000000<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |       595000 | PA      | $455651.00      | 0.00%             | 2031-06-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVI, LTD.                                    | Sixth Street CLO XIV Ltd                                                         | CUSIP: 83013NAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1570000 | PA      | $1569091.60     | 0.01%             | 2038-01-20      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132CWTB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6950770 | PA      | $6445173.84     | 0.04%             | 2036-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2018-15 Ltd                                                              | CUSIP: 67112KAG4<br>LEI: 254900WK4JKXAXOKTL68 | Long             | ABS-CBDO         | CORP              | KY        |       535000 | PA      | $536058.07      | 0.00%             | 2038-01-20      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                                      | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       131000 | PA      | $135089.30      | 0.00%             | 2028-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                             | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      1713000 | PA      | $393990.00      | 0.00%             | 2028-11-03      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                  | USD/JPY FORWARD                                                                  | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |            1 | NC      | $788289.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                                      | Discovery Communications LLC                                                     | CUSIP: 25470DBY4<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |       587000 | PA      | $469670.44      | 0.00%             | 2037-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                                | Golub Capital Partners CLO 76 B Ltd                                              | CUSIP: 38180BAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |       860000 | PA      | $863128.68      | 0.00%             | 2037-10-25      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                        | Venture Global LNG Inc                                                           | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |       430000 | PA      | $435548.54      | 0.00%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                    | Affirm Asset Securitization Trust 2024-A                                         | CUSIP: 00834BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3805000 | PA      | $3810887.86     | 0.02%             | 2029-02-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                | Morgan Stanley Capital I Trust 2019-H6                                           | CUSIP: 61769JBC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23510000 | PA      | $525584.86      | 0.00%             | 2052-06-15      | Variable      | 0.71%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FLP9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        47499 | PA      | $47839.50       | 0.00%             | 2040-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                              | MGM Resorts International                                                        | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |       350000 | PA      | $360606.81      | 0.00%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                                  | Atrium Hotel Portfolio Trust 2025-ATRM                                           | CUSIP: 049917AN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1042000 | PA      | $1040419.70     | 0.01%             | 2042-08-15      | Floating      | 10.50%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138Y23L5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        31725 | PA      | $30927.21       | 0.00%             | 2029-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810SH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     25757000 | PA      | $18477629.04    | 0.10%             | 2049-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                              | USD/PHP FORWARD                                                                  | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-8752.15       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FIGRE Trust                                                   | FIGRE Trust 2025-HE7                                                             | CUSIP: 31684RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2981403 | PA      | $2989314.54     | 0.02%             | 2055-11-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                      | Neuberger Berman CLO XVII Ltd                                                    | CUSIP: 64129UCC7<br>LEI: 549300XVEYZNG956Y145 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250866.25      | 0.00%             | 2038-07-22      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                                  | ARES LII CLO Ltd                                                                 | CUSIP: 04009ABA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       640000 | PA      | $640470.34      | 0.00%             | 2031-04-22      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Castell                                                       | Castell 2025-1 PLC                                                               | CUSIP: 000000000<br>LEI: 2138002O8DSFIQGKRU14 | Long             | ABS-MBS          | CORP              | GB        |       665995 | PA      | $909160.92      | 0.00%             | 2062-01-27      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2005-22T1                                                 | CUSIP: 12667GGN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2570740 | PA      | $2284138.31     | 0.01%             | 2035-06-25      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140HHPZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         2232 | PA      | $2216.62        | 0.00%             | 2048-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                        | Venture Global LNG Inc                                                           | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |       220000 | PA      | $218773.70      | 0.00%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM3                                           | CUSIP: 066941AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22530810 | PA      | $22749185.44    | 0.12%             | 2064-06-25      | Variable      | 6.04%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                                          | Birch Grove CLO Ltd                                                              | CUSIP: 09075JAU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250936.33      | 0.00%             | 2037-07-17      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding XXX LTD                                                     | CUSIP: 55821TAQ0<br>LEI: 549300FFTJ3WPTJK8589 | Long             | ABS-CBDO         | CORP              | KY        |       290000 | PA      | $291132.16      | 0.00%             | 2037-07-16      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                     | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |   -146270000 | NC      | $-1019089.31    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                                          | Taylor Morrison Communities Inc                                                  | CUSIP: 87724RAJ1<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |       100000 | PA      | $100602.90      | 0.00%             | 2030-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                                      | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       101000 | PA      | $99994.12       | 0.00%             | 2029-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140X82G1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15955193 | PA      | $14993513.64    | 0.08%             | 2050-05-01      | Fixed         | 3.50%                 | 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      | $251117.08      | 0.00%             | 2037-07-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                                 | Goldentree Loan Management US Clo 11 Ltd                                         | CUSIP: 38138RAJ4<br>LEI: 549300TMEEKUOKVHYV65 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $248296.73      | 0.00%             | 2034-10-20      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2007-3T1                                                  | CUSIP: 02149VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       265931 | PA      | $114706.58      | 0.00%             | 2037-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMBER FINCO PLC                                               | Amber Finco PLC                                                                  | CUSIP: 000000000<br>LEI: 9845004C0870D380O790 | Long             | DBT              | CORP              | GB        |      2196000 | PA      | $2710029.56     | 0.01%             | 2029-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                                       | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAH4<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |       100000 | PA      | $101618.20      | 0.00%             | 2033-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                             | Rakuten Group Inc                                                                | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |       349000 | PA      | $373150.95      | 0.00%             | 2027-02-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                              | MGM Resorts International                                                        | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |       224000 | PA      | $230198.11      | 0.00%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | CDS CATERPILLAR INC                                                              | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              | CORP              | DE        |            1 | NC      | $-57612.82      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38384CEP0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2459473 | PA      | $1973450.45     | 0.01%             | 2065-04-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BANCO ESPIRITO SANTO SA                                       | Banco Espirito Santo SA                                                          | CUSIP: 000000000<br>LEI: 635400JV7IJL16OWIT96 | Long             | DBT              | CORP              | PT        |      2200000 | PA      | $568796.80      | 0.00%             | 2018-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Equity Loan T                                | CWABS Revolving Home Equity Loan Trust Series 2004-U                             | CUSIP: 126673VE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       127888 | PA      | $128015.19      | 0.00%             | 2034-03-15      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd                                | LoanCore 2025-CRE9 Issuer LLC                                                    | CUSIP: 538912AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      3988000 | PA      | $3983107.92     | 0.02%             | 2042-08-18      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| TEAMSYSTEM SPA                                                | TeamSystem SpA                                                                   | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |       808000 | PA      | $958308.24      | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SV VANIR LOGISTICS FINANCE S.A                                | SV Vanir Logistics Finance Sarl                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | LU        |       891000 | PA      | $1047118.91     | 0.01%             | 2037-07-23      | Floating      | 3.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H060614<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |     -4117000 | PA      | $-4195319.50    | -0.02%            | 2056-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H060614<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     84268000 | PA      | $85871067.24    | 0.47%             | 2056-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                         | Wells Fargo & Co                                                                 | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      8678000 | PA      | $8099497.01     | 0.04%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                                          | Birch Grove CLO 4 Ltd                                                            | CUSIP: 09077CAQ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1140000 | PA      | $1144091.46     | 0.01%             | 2037-07-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC             | CLP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 5493003GCX71N8988W38 | N/A              | DFE              | CORP              | US        |            1 | NC      | $26819.97       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418CRC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3819827 | PA      | $3582738.17     | 0.02%             | 2047-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418DUF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10629343 | PA      | $8201495.37     | 0.04%             | 2050-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Sandstone Peak Ltd.                                           | Sandstone Peak Ltd                                                               | CUSIP: 800130AQ9<br>LEI: 5493000VXRKO2Z5KET86 | Long             | ABS-CBDO         | CORP              | KY        |      2410000 | PA      | $2416694.98     | 0.01%             | 2034-10-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BVI LTD                                          | Fortune Star BVI Ltd                                                             | CUSIP: 000000000<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |      3385000 | PA      | $3923353.78     | 0.02%             | 2030-11-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140Q9XX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        15762 | PA      | $15642.50       | 0.00%             | 2048-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                      | Neuberger Berman Loan Advisers CLO 34 Ltd                                        | CUSIP: 64132YBJ0<br>LEI: 5493009EGZQAPYYVLD80 | Long             | ABS-CBDO         | CORP              | KY        |      1000000 | PA      | $1003322.20     | 0.01%             | 2039-07-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                                      | Jefferson Capital Holdings LLC                                                   | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       321000 | PA      | $337597.95      | 0.00%             | 2030-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132KE6X8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       359003 | PA      | $349914.62      | 0.00%             | 2030-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Dowson                                                        | Dowson 2024-1 PLC                                                                | CUSIP: 000000000<br>LEI: 635400IRBWDPWKGK1C24 | Long             | ABS-O            | CORP              | GB        |       344000 | PA      | $460416.01      | 0.00%             | 2031-08-20      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                        | Venture Global LNG Inc                                                           | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |       629000 | PA      | $651944.03      | 0.00%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | CDS WHIRLPOOL CORP                                                               | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              | CORP              | DE        |            1 | NC      | $19369.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta                                | Greystone CRE Notes 2025 HC-4 LLC                                                | CUSIP: 39809NAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |       500000 | PA      | $498987.80      | 0.00%             | 2042-10-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM3                                           | CUSIP: 066941AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1776465 | PA      | $1793897.16     | 0.01%             | 2064-06-25      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| IPD 3 BV                                                      | IPD 3 BV                                                                         | CUSIP: 000000000<br>LEI: 724500RBP2J59JMQB629 | Long             | DBT              | CORP              | NL        |      2354000 | PA      | $2798135.71     | 0.02%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                                      | Transocean International Ltd                                                     | CUSIP: 893814AA1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |       345000 | PA      | $360318.35      | 0.00%             | 2032-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                             | Cedar Funding V CLO Ltd                                                          | CUSIP: 15032AAN7<br>LEI: 635400NWFWJ92O7QGD64 | Long             | ABS-CBDO         | CORP              | KY        |       964337 | PA      | $964318.73      | 0.01%             | 2031-07-17      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                                              | ITT Holdings LLC                                                                 | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |       514000 | PA      | $493260.87      | 0.00%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                        | Lendmark Funding Trust 2024-1                                                    | CUSIP: 52603DAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2136000 | PA      | $2166719.31     | 0.01%             | 2032-06-21      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CBAM CLO Management                                           | Cbam 2018-7 Ltd                                                                  | CUSIP: 12482JAC4<br>LEI: 2549002XHTMWO4GGPF51 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250058.83      | 0.00%             | 2031-07-20      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38382UVU2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5554409 | PA      | $941312.38      | 0.01%             | 2051-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Elm Park CLO                                                  | Elm Park CLO DAC                                                                 | CUSIP: 000000000<br>LEI: 549300U4MCTO5672RE42 | Long             | ABS-CBDO         | CORP              | IE        |      2000000 | PA      | $2350398.35     | 0.01%             | 2038-01-15      | Floating      | 3.42%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                             | TRS CFD EQUITY BASKET                                                            | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               | CORP              | GB        |            1 | NC      | $-278439.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | NGN/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $35268.89       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |    -80370000 | NC      | $-2157478.90    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFUZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1751366 | PA      | $1449024.63     | 0.01%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                          | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  38370000000 | PA      | $2355814.45     | 0.01%             | 2032-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                                           | NuStar Logistics LP                                                              | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |       100000 | PA      | $101082.30      | 0.00%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AGL CLO 5 Ltd                                                 | AGL CLO 5 Ltd                                                                    | CUSIP: 00119TBM5<br>LEI: 549300N06ILVP775P131 | Long             | ABS-CBDO         | CORP              | KY        |       620000 | PA      | $618714.68      | 0.00%             | 2039-01-20      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Stratus CLO                                                   | Stratus CLO 2021-1 Ltd                                                           | CUSIP: 863171AE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1000000 | PA      | $0.10           | 0.00%             | 2029-12-29      | Variable      | 0.01%                 | No            |                  3 | On Loan: No      |
| Regatta 35 Funding Ltd.                                       | Regatta 35 Funding Ltd                                                           | CUSIP: 75903YAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      6490000 | PA      | $6508697.04     | 0.04%             | 2038-10-15      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                               | Nissan Motor Co Ltd                                                              | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |       646000 | PA      | $608855.47      | 0.00%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                        | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      8151000 | PA      | $7315826.53     | 0.04%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFAF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        52250 | PA      | $50854.11       | 0.00%             | 2030-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV                                       | Mong Duong Finance Holdings BV                                                   | CUSIP: 000000000<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |      7560330 | PA      | $7491833.03     | 0.04%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                       | USD/CLP FORWARD                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |            1 | NC      | $140193.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES INC                                      | Sensata Technologies Inc                                                         | CUSIP: 81728UAC8<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |       200000 | PA      | $209414.43      | 0.00%             | 2032-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140W3CJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     66824658 | PA      | $55131369.17    | 0.30%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H032613<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      9063000 | PA      | $8246262.29     | 0.04%             | 2056-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H032613<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |      -688000 | PA      | $-625998.95     | -0.00%            | 2056-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                                | PRPM 2022-NQM1 Trust                                                             | CUSIP: 69378KAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       471000 | PA      | $459577.83      | 0.00%             | 2067-08-25      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140EW4R3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        18768 | PA      | $18166.56       | 0.00%             | 2031-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22590000 | PA      | $20287722.08    | 0.11%             | 2062-04-20      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                       | Hungary Government International Bond                                            | CUSIP: 445545AP1<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |       200000 | PA      | $203775.00      | 0.00%             | 2029-06-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                      | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |       504000 | PA      | $482519.38      | 0.00%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRCK Trust                                                    | BRCK Trust 2025-830B                                                             | CUSIP: 10635AAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1971000 | PA      | $1971422.58     | 0.01%             | 2042-12-10      | Variable      | 8.40%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                         | PHP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-18866.98      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810SS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     26916400 | PA      | $14131110.00    | 0.08%             | 2050-11-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                        | CHL Mortgage Pass-Through Trust 2007-15                                          | CUSIP: 17025TBJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7345259 | PA      | $2578427.60     | 0.01%             | 2037-09-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2006-OC10                                                 | CUSIP: 23245FAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1574568 | PA      | $1449036.32     | 0.01%             | 2036-11-25      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certi                                | CWABS Asset Backed Notes Trust 2007-Sea2                                         | CUSIP: 12671CAK2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1282795 | PA      | $1072423.28     | 0.01%             | 2047-06-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                | Palmer Square Loan Funding 2022-3 Ltd                                            | CUSIP: 69690CAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     16630000 | PA      | $16654670.61    | 0.09%             | 2031-04-15      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFUY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1739878 | PA      | $1449035.19     | 0.01%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                             | Clean Harbors Inc                                                                | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |       130000 | PA      | $133786.12      | 0.00%             | 2031-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H020618<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |     -1601000 | PA      | $-1325571.60    | -0.01%            | 2056-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H020618<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     86087000 | PA      | $71277003.15    | 0.39%             | 2056-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NOBIAN FINANCE B                                              | NOBIAN FINANCE BV                                                                | CUSIP: 000000000<br>LEI: 254900ZGJ6MMZN9IQQ31 | Long             | LON              | CORP              | NL        |      1000000 | PA      | $1121434.60     | 0.01%             | 2030-07-15      | Floating      | 5.53%                 | No            |                  3 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                    | USD/THB FORWARD                                                                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-446896.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810SR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      6836000 | PA      | $4337388.61     | 0.02%             | 2040-05-15      | Fixed         | 1.12%                 | 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              | N/A       |      2357000 | PA      | $2809388.28     | 0.02%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC                                       | Stagwell Global LLC                                                              | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |       371000 | PA      | $361779.87      | 0.00%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38382VHH5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     40944363 | PA      | $6947361.64     | 0.04%             | 2050-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                           | Malaysia Government Bond                                                         | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     23900000 | PA      | $6058985.71     | 0.03%             | 2039-04-18      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| CONTINUUM GRN SPV CO-ISS                                      | Continuum Green Energy India Pvt / Co-Issuers                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |      9407500 | PA      | $9701484.38     | 0.05%             | 2033-06-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140H8AS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       180999 | PA      | $179938.85      | 0.00%             | 2048-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD/RWLV CAP                                        | Resorts World Las Vegas LLC / RWLV Capital Inc                                   | CUSIP: 76120HAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       400000 | PA      | $395212.00      | 0.00%             | 2030-07-27      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY KENTUCKY INC                                      | DUKE ENERGY KENTUCKY INC                                                         | CUSIP: 000000000<br>LEI: 8DFCA0P2BKMHOESX4E68 | Long             | DBT              | CORP              | US        |      9639000 | PA      | $9879975.00     | 0.05%             | 2035-09-15      | Fixed         | 6.01%                 | Yes           |                  3 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                        | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       104000 | PA      | $91037.29       | 0.00%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                   | US 10YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         1933 | NC      | $-245255.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3131Y2TU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        41221 | PA      | $40898.95       | 0.00%             | 2048-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179RD71<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       456229 | PA      | $425256.45      | 0.00%             | 2045-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3131XKK40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       620905 | PA      | $594315.90      | 0.00%             | 2042-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                | NRG Energy Inc                                                                   | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |       100000 | PA      | $101017.00      | 0.00%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                             | Iron Mountain Inc                                                                | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |       387000 | PA      | $397530.66      | 0.00%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36180E4C6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       153074 | PA      | $142762.43      | 0.00%             | 2043-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2019-I Ltd                                                          | CUSIP: 12553DAS6<br>LEI: 254900RRJV30GDUWIX97 | Long             | ABS-CBDO         | CORP              | KY        |      6729000 | PA      | $6753185.37     | 0.04%             | 2037-10-20      | Floating      | 5.24%                 | 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        |      1144000 | PA      | $1174732.30     | 0.01%             | 2044-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                         | Caesars Entertainment Inc                                                        | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |       272000 | PA      | $278643.37      | 0.00%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810SU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     24631000 | PA      | $13764495.42    | 0.07%             | 2051-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| MONTREAL EXCHANGE INC.                                        | CAN 10YR BOND                                                                    | CUSIP: 000000000<br>LEI: 549300DKBYNOI0B1NP44 | N/A              | DIR              | CORP              | CA        |          -15 | NC      | $-2862.74       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BRCK Trust                                                    | BRCK Trust 2025-830B                                                             | CUSIP: 10635AAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4218000 | PA      | $4214028.33     | 0.02%             | 2042-12-10      | Variable      | 7.51%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140EW4P7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        74138 | PA      | $71471.14       | 0.00%             | 2031-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179TAK1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1490360 | PA      | $1389604.02     | 0.01%             | 2047-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CITADEL PLC                                                   | Citadel 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800XKX6NBEB5W9Z43 | Long             | ABS-MBS          | CORP              | GB        |       483000 | PA      | $656026.79      | 0.00%             | 2060-04-28      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Noria                                                         | FCT Noria 2025                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | FR        |       600000 | PA      | $707642.21      | 0.00%             | 2043-07-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                      | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27437000 | PA      | $16349988.71    | 0.09%             | 2061-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31414HQ67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        41927 | PA      | $42994.32       | 0.00%             | 2038-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citicorp Homeowners, Inc.                                     | CHI Commercial Mortgage Trust 2025-110W                                          | CUSIP: 12577HAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2616000 | PA      | $2625311.65     | 0.01%             | 2040-12-13      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138M1YD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       104510 | PA      | $99699.53       | 0.00%             | 2042-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36241L7B6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       239568 | PA      | $241188.03      | 0.00%             | 2041-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                              | EUR CALL VERSUS HUF PUT                                                          | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              | CORP              | FR        |      2794000 | NC      | $4556.65        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGEAN PLC                                                  | Energean PLC                                                                     | CUSIP: 000000000<br>LEI: 549300RVMKU0CYUZBB05 | Long             | DBT              | CORP              | GB        |       801000 | PA      | $941329.58      | 0.01%             | 2031-05-12      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Sand Trust                                                    | Sandstone Peak II Ltd                                                            | CUSIP: 80013TAQ6<br>LEI: 254900ZRRTOYR8JJD593 | Long             | ABS-CBDO         | CORP              | KY        |       570000 | PA      | $571426.65      | 0.00%             | 2038-07-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| VALARIS LTD                                                   | Valaris Ltd                                                                      | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       430000 | PA      | $447399.52      | 0.00%             | 2030-04-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| AROUNDTOWN FINANCE SARL                                       | Aroundtown Finance Sarl                                                          | CUSIP: 000000000<br>LEI: 8945006LEXV2KWSWVP51 | Long             | DBT              | CORP              | LU        |      2880000 | PA      | $3299052.94     | 0.02%             | N/A             | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2025-5                                    | CUSIP: 92262KAK1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1460086 | PA      | $1460257.55     | 0.01%             | 2055-12-25      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                | Palmer Square Loan Funding 2022-3 Ltd                                            | CUSIP: 69690CAS2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2140000 | PA      | $2141222.15     | 0.01%             | 2031-04-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                | NRG Energy Inc                                                                   | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |        62000 | PA      | $62821.09       | 0.00%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                              | COLT 2021-5 Mortgage Loan Trust                                                  | CUSIP: 12598RAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2047567 | PA      | $1863215.81     | 0.01%             | 2066-11-26      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                      | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AN1<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |       255000 | PA      | $236711.45      | 0.00%             | 2032-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Capital Four US CLO                                           | Capital Four US CLO II Ltd                                                       | CUSIP: 14016CAN6<br>LEI: 2138009KMDCX6G3MTA10 | Long             | ABS-CBDO         | CORP              | JE        |        20000 | PA      | $20037.33       | 0.00%             | 2037-01-20      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |    -80370000 | NC      | $-3245777.67    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2323000 | PA      | $2135082.77     | 0.01%             | 2062-04-20      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                           | Petroleos Mexicanos                                                              | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      3859000 | PA      | $3735126.10     | 0.02%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                         | Caesars Entertainment Inc                                                        | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |       385000 | PA      | $398727.93      | 0.00%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YRQK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        21038 | PA      | $20429.29       | 0.00%             | 2030-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| KONDOR FINANCE PLC (NAK)                                      | NAK Naftogaz Ukraine via Kondor Finance PLC                                      | CUSIP: 000000000<br>LEI: 213800PUC1T9GI6EIO63 | Long             | DBT              | CORP              | GB        |      1246875 | PA      | $1216221.70     | 0.01%             | 2026-07-19      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Cardiff Automobile Receivables                                | Cardiff Auto Receivables Securitisation 2024-1 PLC                               | CUSIP: 000000000<br>LEI: 6354006GQBBANLIO8R45 | Long             | ABS-O            | CORP              | GB        |      1743000 | PA      | $2359593.70     | 0.01%             | 2031-08-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                         | Wells Fargo & Co                                                                 | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     12448000 | PA      | $12641626.65    | 0.07%             | 2033-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179TAL9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2158558 | PA      | $2080422.85     | 0.01%             | 2047-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810ST6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      6836000 | PA      | $4436991.25     | 0.02%             | 2040-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31410KHE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        44311 | PA      | $46865.60       | 0.00%             | 2038-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                   | US 2YR NOTE (CBT)                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         9582 | NC      | $790202.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Apidos CLO                                                    | APIDOS CLO XLVIII Ltd                                                            | CUSIP: 03770WAA9<br>LEI: 25490046M6DC4604K633 | Long             | ABS-CBDO         | CORP              | JE        |       250000 | PA      | $250836.75      | 0.00%             | 2037-07-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F060618<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -387408922 | PA      | $-397763382.34  | -2.16%            | 2056-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F060618<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9741000 | PA      | $10001352.29    | 0.05%             | 2056-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2006-OA21                                                 | CUSIP: 23245QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4156200 | PA      | $3654932.83     | 0.02%             | 2047-03-20      | Floating      | 4.04%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg                                | Saluda Grade Alternative Mortgage Trust 2024-RTL5                                | CUSIP: 795935AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5768000 | PA      | $5809291.96     | 0.03%             | 2030-04-25      | Variable      | 7.76%                 | No            |                  2 | On Loan: No      |
| Oakwood Mortgage Investors Inc                                | Oakwood Mortgage Investors Inc                                                   | CUSIP: 67087TCW9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       266587 | PA      | $103228.28      | 0.00%             | 2031-09-15      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 61747YEU5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     17688000 | PA      | $17942659.09    | 0.10%             | 2033-07-20      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU 2019-1 Ltd                                      | Trimaran Cavu 2021-2 Ltd                                                         | CUSIP: 89624UAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250294.63      | 0.00%             | 2034-10-25      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                                        | SCIH Salt Holdings Inc                                                           | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       200000 | PA      | $200048.60      | 0.00%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                             | Iron Mountain Inc                                                                | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |       100000 | PA      | $95325.74       | 0.00%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | BRL/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-46786.09      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                        | Lendmark Funding Trust 2025-3                                                    | CUSIP: 525951AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8510000 | PA      | $8507449.55     | 0.05%             | 2035-05-21      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2024-37 Ltd                                                              | CUSIP: 67120AAE1<br>LEI: 213800VGDQYISNVLCT08 | Long             | ABS-CBDO         | CORP              | JE        |      1390000 | PA      | $1394207.11     | 0.01%             | 2037-10-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                         | Costa Rica Government International Bond                                         | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |       200000 | PA      | $217710.00      | 0.00%             | 2034-04-03      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XGPQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7825160 | PA      | $7262974.13     | 0.04%             | 2037-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                           | Petroleos Mexicanos                                                              | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      2883000 | PA      | $2928839.70     | 0.02%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| FINASTRA USA INC                                              | FINASTRA USA INC                                                                 | CUSIP: 31772YAE6<br>LEI: 549300ZB2RO6QC7YTK71 | Long             | LON              | CORP              | US        |      1000000 | PA      | $1151696.00     | 0.01%             | 2032-09-15      | Floating      | 6.57%                 | No            |                  3 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                      | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AP6<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |       611000 | PA      | $625539.45      | 0.00%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XYBY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       492987 | PA      | $474210.46      | 0.00%             | 2042-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140X83C9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2498757 | PA      | $2390226.26     | 0.01%             | 2045-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QNN99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22047036 | PA      | $19814134.13    | 0.11%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                       | CZK/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-65341.86      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                  | USD/BRL FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-148010.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                                        | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       114000 | PA      | $117008.46      | 0.00%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                         | Melco Resorts Finance Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |      8000000 | PA      | $7990640.00     | 0.04%             | 2028-07-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KMW84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21775549 | PA      | $17800537.36    | 0.10%             | 2051-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                        | Rockford Tower CLO 2025-3 Ltd                                                    | CUSIP: 77340WAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2590000 | PA      | $2589906.76     | 0.01%             | 2038-03-31      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DM6P5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2180863 | PA      | $2107182.37     | 0.01%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                        | Extra Space Storage LP                                                           | CUSIP: 30225VAK3<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |      8898000 | PA      | $9261078.35     | 0.05%             | 2030-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J5EJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        95168 | PA      | $92172.63       | 0.00%             | 2032-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                         | Caesars Entertainment Inc                                                        | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |       653000 | PA      | $626382.90      | 0.00%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                    | Apidos Clo Lii                                                                   | CUSIP: 03771NAA8<br>LEI: 254900XJH54T9O9TH452 | Long             | ABS-CBDO         | CORP              | KY        |      2680000 | PA      | $2676605.24     | 0.01%             | 2038-04-20      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                          | OneMain Finance Corp                                                             | CUSIP: 682691AM2<br>LEI: 5493008I795YYBFWFU90 | Short            | DBT              | CORP              | US        |      -750000 | PA      | $-756488.25     | -0.00%            | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STATE STREET GLOBAL MARKETS, LLC                              | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 549300FDEDF5ORXCMQ56 | N/A              | DFE              | CORP              | US        |            1 | NC      | $15875.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                        | Lendmark Funding Trust 2025-3                                                    | CUSIP: 525951AB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1407000 | PA      | $1404192.05     | 0.01%             | 2035-05-21      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EQUB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       911080 | PA      | $936889.52      | 0.01%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conseco Finance Securitization                                | Conseco Finance Securitizations Corp                                             | CUSIP: 20846QBP2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1445272 | PA      | $173005.25      | 0.00%             | 2029-09-01      | Variable      | 8.06%                 | No            |                  2 | On Loan: No      |
| CIPHER COMPUTE LLC                                            | Cipher Compute LLC                                                               | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       400000 | PA      | $407393.16      | 0.00%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| SRC SUKUK LTD                                                 | SRC Sukuk Ltd                                                                    | CUSIP: 000000000<br>LEI: 254900F2OG3526JLAV10 | Long             | DBT              | CORP              | KY        |      2272000 | PA      | $2271096.88     | 0.01%             | 2029-04-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                                | Port Authority of New York & New Jersey                                          | CUSIP: 73358WRP1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |      5020000 | PA      | $4678963.79     | 0.03%             | 2046-08-01      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                                        | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       398000 | PA      | $398318.00      | 0.00%             | 2028-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                                      | Albion Financing 1 SARL / Aggreko Holdings Inc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      2428000 | PA      | $2942971.64     | 0.02%             | 2030-05-21      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 6174468U6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      2381000 | PA      | $2091114.89     | 0.01%             | 2032-02-13      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| AGL CLO 5 Ltd                                                 | AGL CLO 5 Ltd                                                                    | CUSIP: 00119TBR4<br>LEI: 549300N06ILVP775P131 | Long             | ABS-CBDO         | CORP              | KY        |       240000 | PA      | $239975.86      | 0.00%             | 2039-01-20      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                  | USD/TRY FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $1253.52        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                                        | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2068000 | PA      | $2019366.64     | 0.01%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                             | Iron Mountain Inc                                                                | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |       200000 | PA      | $196854.50      | 0.00%             | 2032-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                     | Anchorage Capital Clo 17 Ltd                                                     | CUSIP: 03332PAN7<br>LEI: 549300UNU854VTZYQ112 | Long             | ABS-CBDO         | CORP              | KY        |     11115000 | PA      | $11133759.90    | 0.06%             | 2038-02-15      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV5                                             | CUSIP: 46653XAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     45007708 | PA      | $1277080.22     | 0.01%             | 2051-12-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Equity Loan T                                | CWHEQ Revolving Home Equity Loan Trust Series 2006-C                             | CUSIP: 126685DJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       242720 | PA      | $241454.66      | 0.00%             | 2036-05-15      | Floating      | 4.04%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2025-46 Ltd                                                              | CUSIP: 671023AE9<br>LEI: 213800J27YESIODUZS34 | Long             | ABS-CBDO         | CORP              | KY        |       910000 | PA      | $910769.41      | 0.00%             | 2038-10-15      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140X83D7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1108620 | PA      | $1054265.83     | 0.01%             | 2048-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMY58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6547154 | PA      | $5379684.93     | 0.03%             | 2051-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                                       | Pfizer Investment Enterprises Pte Ltd                                            | CUSIP: 716973AG7<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |      2157000 | PA      | $2042412.29     | 0.01%             | 2053-05-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                                | Golub Capital Partners CLO 53B Ltd                                               | CUSIP: 38177YAL6<br>LEI: 254900DPK2EA9C8DGV68 | Long             | ABS-CBDO         | CORP              | KY        |      7660000 | PA      | $7653193.32     | 0.04%             | 2034-07-20      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                         | AUD/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |            1 | NC      | $72273.84       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                        | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6914000 | PA      | $5878796.72     | 0.03%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers Jersey Bo                                | Vantage Data Centers Jersey Borrower Spv Ltd                                     | CUSIP: 000000000<br>LEI: 213800S5S638C9IBQ379 | Long             | ABS-O            | CORP              | JE        |      4114000 | PA      | $5672651.57     | 0.03%             | 2039-05-28      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                        | Lendmark Funding Trust 2025-3                                                    | CUSIP: 525951AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       409000 | PA      | $407191.65      | 0.00%             | 2035-05-21      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                      | Boost Newco Borrower LLC                                                         | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |       430000 | PA      | $457025.50      | 0.00%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                        | GSAA Home Equity Trust 2007-2                                                    | CUSIP: 3622EUAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       438132 | PA      | $76185.66       | 0.00%             | 2037-03-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| OCADO GROUP PLC                                               | Ocado Group PLC                                                                  | CUSIP: 000000000<br>LEI: 213800LO8F61YB8MBC74 | Long             | DBT              | CORP              | GB        |       292000 | PA      | $394935.18      | 0.00%             | 2029-08-08      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX 2024-PALM                                                                     | CUSIP: 05612UAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13905865 | PA      | $13914545.42    | 0.08%             | 2037-06-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                                   | FIGRE Trust 2024-SL1                                                             | CUSIP: 31684JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3716655 | PA      | $3778206.30     | 0.02%             | 2053-07-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 6174468X0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      1287000 | PA      | $1129159.24     | 0.01%             | 2032-04-28      | Fixed         | 1.93%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                          | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |        91000 | PA      | $94249.76       | 0.00%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                                    | KRW/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |            1 | NC      | $26730.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36177Q3X9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        81038 | PA      | $75879.06       | 0.00%             | 2042-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                                | Czech Republic Government Bond                                                   | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     88510000 | PA      | $4142444.61     | 0.02%             | 2029-07-23      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ATOS SE                                                       | Atos SE                                                                          | CUSIP: 000000000<br>LEI: 5493001EZOOA66PTBR68 | Long             | DBT              | CORP              | FR        |      2993966 | PA      | $4031133.59     | 0.02%             | 2029-12-18      | Variable      | 9.36%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810SQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      6836000 | PA      | $4293328.47     | 0.02%             | 2040-08-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140X83A3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11734850 | PA      | $10573604.14    | 0.06%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                        | Comstock Resources Inc                                                           | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |       327000 | PA      | $318058.25      | 0.00%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RAINBOW UK BIDCO LTD                                          | RAINBOW UK BIDCO LTD                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |      1000000 | PA      | $1186822.73     | 0.01%             | 2029-02-01      | Floating      | 5.56%                 | No            |                  3 | On Loan: No      |
| VMED O2 UK FINANCING I                                        | Vmed O2 UK Financing I PLC                                                       | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |      4279000 | PA      | $5056000.16     | 0.03%             | 2032-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QNEJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4613633 | PA      | $3809703.70     | 0.02%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                                 | GS Mortgage-Backed Securities Trust 2025-NQM5                                    | CUSIP: 36273GAA6<br>LEI: 254900MQ3DUBXKU1DC81 | Long             | ABS-MBS          | CORP              | US        |      3377968 | PA      | $3381239.41     | 0.02%             | 2065-07-25      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |    785768700 | NC      | $819918.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CIFC European Funding                                         | CIFC European Funding CLO II DAC                                                 | CUSIP: 000000000<br>LEI: 549300NYQTL91Z5R9B69 | Long             | ABS-CBDO         | CORP              | IE        |      3460000 | PA      | $4072645.86     | 0.02%             | 2039-10-15      | Floating      | 3.33%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138ECKY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        78736 | PA      | $75363.90       | 0.00%             | 2042-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                                 | UK Logistics 2024-2 DAC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |       509406 | PA      | $680798.83      | 0.00%             | 2035-02-17      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA                                     | Municipal Electric Authority of Georgia                                          | CUSIP: 626207YF5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |      3139000 | PA      | $3394666.84     | 0.02%             | 2057-04-01      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                          | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |       342000 | PA      | $355691.18      | 0.00%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38382R3Q9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3097365 | PA      | $525034.34      | 0.00%             | 2051-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140KYYM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8677044 | PA      | $7055029.94     | 0.04%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Origen Manufactured Housing                                   | Origen Manufactured Housing Contract Trust 2001-A                                | CUSIP: 68619AAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       603209 | PA      | $607110.41      | 0.00%             | 2032-03-15      | Variable      | 7.82%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36290VCG7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        64860 | PA      | $66271.27       | 0.00%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                       | Dryden 72 CLO Ltd                                                                | CUSIP: 26252NAW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       152313 | PA      | $152309.98      | 0.00%             | 2032-05-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | PLN/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-474616.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DWDM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5179028 | PA      | $4944648.63     | 0.03%             | 2052-02-01      | Fixed         | 4.00%                 | 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        |      1807000 | PA      | $1651493.50     | 0.01%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133BUJD0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6790295 | PA      | $6952576.96     | 0.04%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2025-46 Ltd                                                              | CUSIP: 671023AG4<br>LEI: 213800J27YESIODUZS34 | Long             | ABS-CBDO         | CORP              | KY        |       360000 | PA      | $366639.52      | 0.00%             | 2038-10-15      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                        | General Motors Financial Co Inc                                                  | CUSIP: 37045XFC5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      1270000 | PA      | $1322191.98     | 0.01%             | 2035-01-07      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2024-37 Ltd                                                              | CUSIP: 67120AAA9<br>LEI: 213800VGDQYISNVLCT08 | Long             | ABS-CBDO         | CORP              | JE        |      1390000 | PA      | $1395033.19     | 0.01%             | 2037-10-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WHXT4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1314977 | PA      | $1206601.64     | 0.01%             | 2046-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XRWX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        95999 | PA      | $94642.21       | 0.00%             | 2029-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140X83B1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2813204 | PA      | $2664800.97     | 0.01%             | 2048-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                                       | Pfizer Investment Enterprises Pte Ltd                                            | CUSIP: 716973AE2<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |      1799000 | PA      | $1818075.84     | 0.01%             | 2033-05-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                        | TRY CALL VERSUS USD PUT                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              | CORP              | CH        |      1382000 | NC      | $17384.81       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179VXX3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4561668 | PA      | $3779413.34     | 0.02%             | 2050-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                        | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |       322000 | PA      | $382589.63      | 0.00%             | 2031-01-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANCO ESPIRITO SANTO SA                                       | Banco Espirito Santo SA                                                          | CUSIP: 000000000<br>LEI: 635400JV7IJL16OWIT96 | Long             | DBT              | CORP              | PT        |      6300000 | PA      | $1628827.20     | 0.01%             | 2019-01-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                                      | Turkcell Iletisim Hizmetleri AS                                                  | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |       200000 | PA      | $212104.00      | 0.00%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CLM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30400000 | PA      | $30096000.00    | 0.16%             | 2031-09-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     25757000 | PA      | $12664193.78    | 0.07%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XVBB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       213806 | PA      | $211661.84      | 0.00%             | 2029-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMY33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1267607 | PA      | $1044480.09     | 0.01%             | 2051-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ROTOR ACQUISITION CORP PRIVATE WARRANTS                       | ROTOR ACQUISITION CORP PRIVATE WARRANTS                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        72998 | NC      | $4474.78        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                         | Wells Fargo & Co                                                                 | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      3096000 | PA      | $3188415.26     | 0.02%             | 2030-01-23      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| UBS Securities LLC                                            | JPY/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |            1 | NC      | $27420.45       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                         | Mexico Government International Bond                                             | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |       917000 | PA      | $793205.00      | 0.00%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                                | Wells Fargo Commercial Mortgage Trust 2018-AUS                                   | CUSIP: 94990EAA2<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |      1680000 | PA      | $1653709.85     | 0.01%             | 2036-08-17      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FDW3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        43380 | PA      | $43692.83       | 0.00%             | 2040-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                        | Comstock Resources Inc                                                           | CUSIP: 205768AU8<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |       777000 | PA      | $775439.63      | 0.00%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                         | Palmer Square CLO 2021-4 Ltd                                                     | CUSIP: 69702EAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       610000 | PA      | $612249.07      | 0.00%             | 2038-07-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                      | OHA Credit Funding 6 Ltd                                                         | CUSIP: 67098UAY1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       850000 | PA      | $853442.50      | 0.00%             | 2037-10-20      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| HoustonCenter(A)Loan/Term                                     | HoustonCenter(A)Loan/Term                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      5515273 | PA      | $5177499.57     | 0.03%             | 2030-05-09      | Floating      | 5.75%                 | No            |                  3 | On Loan: No      |
| ELEVANCE HEALTH INC                                           | Elevance Health Inc                                                              | CUSIP: 036752BE2<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |      1303000 | PA      | $1270645.25     | 0.01%             | 2055-02-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ITHACA ENERGY NORTH                                           | Ithaca Energy North Sea PLC                                                      | CUSIP: 46567TAC8<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |       660000 | PA      | $681808.40      | 0.00%             | 2029-10-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KNQV8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2293571 | PA      | $1877585.66     | 0.01%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                   | CDS BORGWARNER INC                                                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              | CORP              | FR        |            1 | NC      | $-15662.40      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                | Palmer Square Loan Funding 2025-3 Ltd                                            | CUSIP: 696917AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       520000 | PA      | $519917.16      | 0.00%             | 2034-01-15      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP                                           | Select Medical Corp                                                              | CUSIP: 816196AV1<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |       854000 | PA      | $834999.90      | 0.00%             | 2032-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                                     | HIH Trust 2024-61P                                                               | CUSIP: 40444VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3280895 | PA      | $3289055.99     | 0.02%             | 2041-10-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| PCL Funding II                                                | PCL Funding IX PLC                                                               | CUSIP: 000000000<br>LEI: 213800OC928ETRJNHM43 | Long             | ABS-O            | CORP              | GB        |       684000 | PA      | $924284.35      | 0.01%             | 2029-07-16      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                      | Vistra Operations Co LLC                                                         | CUSIP: 92840VAV4<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      3530000 | PA      | $3528569.64     | 0.02%             | 2030-10-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Co                                | Structured Asset Securities Corp Mortgage Loan Trust 2007-GEL2                   | CUSIP: 86363MAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2108713 | PA      | $1762497.35     | 0.01%             | 2037-05-25      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                       | HCA Inc                                                                          | CUSIP: 404119DE6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     21275000 | PA      | $21082328.28    | 0.11%             | 2032-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                     | Sunoco LP                                                                        | CUSIP: 86765KAH2<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |       100000 | PA      | $100250.30      | 0.00%             | 2027-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                | EFMT 2025-NQM6                                                                   | CUSIP: 281916AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       483266 | PA      | $484413.62      | 0.00%             | 2070-12-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36178WQH5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        50264 | PA      | $46908.29       | 0.00%             | 2042-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | BRL/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              | CORP              | US        |            1 | NC      | $251329.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                                            | ZAR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |            1 | NC      | $189988.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EPQP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       130488 | PA      | $128519.72      | 0.00%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GROUP 1 AUTOMOTIVE INC                                        | Group 1 Automotive Inc                                                           | CUSIP: 398905AN9<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |       100000 | PA      | $98022.07       | 0.00%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Point Broadband Funding LLC                                   | Point Broadband Funding LLC                                                      | CUSIP: 73052AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3261000 | PA      | $3328735.86     | 0.02%             | 2055-07-20      | Fixed         | 8.16%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                           | Petroleos Mexicanos                                                              | CUSIP: 71654QDP4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |       258000 | PA      | $298240.26      | 0.00%             | 2033-02-07      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| HILL FL                                                       | Hill FL 2024-2 BV                                                                | CUSIP: 000000000<br>LEI: 724500H2AN902EY7W191 | Long             | ABS-O            | CORP              | NL        |       450215 | PA      | $522955.72      | 0.00%             | 2032-10-18      | Floating      | 3.89%                 | No            |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                                      | HLF Financing Sarl LLC / Herbalife International Inc                             | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       974000 | PA      | $914706.61      | 0.00%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Citicorp Homeowners, Inc.                                     | CHI Commercial Mortgage Trust 2025-110W                                          | CUSIP: 12577HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5140000 | PA      | $5148310.87     | 0.03%             | 2040-12-13      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810SZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     25757000 | PA      | $14754937.63    | 0.08%             | 2051-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FRONTIER FLORIDA LLC                                          | Frontier Florida LLC                                                             | CUSIP: 362333AH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5279000 | PA      | $5468304.94     | 0.03%             | 2028-02-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| DREAM FINDERS HOMES INC                                       | DREAM FINDERS HOMES INC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        15124 | NS      | $14991665.00    | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                   | ULTRA U.S. TREASURY BOND                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |          718 | NC      | $-411324.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                     | Anchorage Capital CLO 15 Ltd                                                     | CUSIP: 03329FAW4<br>LEI: 549300H5Q0HJ2EHSSX26 | Long             | ABS-CBDO         | CORP              | KY        |      5340000 | PA      | $5361115.43     | 0.03%             | 2038-07-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| MASTR Asset Backed Securities                                 | Mastr Asset Backed Securities Trust 2006-AM2                                     | CUSIP: 57645FAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       856124 | PA      | $809585.29      | 0.00%             | 2036-06-25      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| ALLEGIANT TRAVEL CO                                           | Allegiant Travel Co                                                              | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |       826000 | PA      | $837535.92      | 0.00%             | 2027-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HKJ62<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4885718 | PA      | $4927234.99     | 0.03%             | 2055-03-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga                                | MF1 2024-FL14 LLC                                                                | CUSIP: 55416AAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      1770000 | PA      | $1774417.21     | 0.01%             | 2039-03-19      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Lehman ABS Manufactured Housin                                | Lehman ABS Manufactured Housing Contract Trust 2001-B                            | CUSIP: 52519SAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       463098 | PA      | $466253.28      | 0.00%             | 2040-04-15      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179XND4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     29795646 | PA      | $28380391.87    | 0.15%             | 2052-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132G0B58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        95629 | PA      | $94843.08       | 0.00%             | 2027-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FORESTAR GROUP INC                                            | Forestar Group Inc                                                               | CUSIP: 346232AE1<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |      1413000 | PA      | $1411656.66     | 0.01%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antares CLO                                                   | Antares CLO 2018-1 Ltd                                                           | CUSIP: 03665MAJ0<br>LEI: 254900BLLG7F7B4DGG41 | Long             | ABS-CBDO         | CORP              | KY        |      2075000 | PA      | $2069333.59     | 0.01%             | 2038-04-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | CDS PITNEY BOWES INC                                                             | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-234.49        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO 43 Ltd                                               | CUSIP: 08179QAA8<br>LEI: 254900TPMKEES6UQHQ33 | Long             | ABS-CBDO         | CORP              | KY        |       500000 | PA      | $501074.20      | 0.00%             | 2038-10-20      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132VPG44<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       687685 | PA      | $684320.01      | 0.00%             | 2049-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley ReRemic Trust                                  | Morgan Stanley Resecuritization Trust 2013-R7                                    | CUSIP: 61690PAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       571766 | PA      | $522689.40      | 0.00%             | 2046-12-26      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust                                  | CD 2017-CD3 Mortgage Trust                                                       | CUSIP: 12515GAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       850000 | PA      | $829645.82      | 0.00%             | 2050-02-10      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| LoanCore 2022-CRE7 Issuer Ltd.                                | LoanCore 2022-CRE7 Issuer Ltd                                                    | CUSIP: 53946PAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       231850 | PA      | $231567.98      | 0.00%             | 2037-01-17      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                                      | Hess Midstream Operations LP                                                     | CUSIP: 428102AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       237000 | PA      | $239941.41      | 0.00%             | 2030-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                         | Wells Fargo & Co                                                                 | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |       921000 | PA      | $940063.44      | 0.01%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Genius Sports Ltd                                             | Genius Sports Ltd                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |       519448 | NS      | $5724316.96     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Oakwood Mortgage Investors Inc                                | Oakwood Mortgage Investors Inc                                                   | CUSIP: 67087TCU3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       419172 | PA      | $132689.03      | 0.00%             | 2019-01-15      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                                | Golub Capital Partners CLO 76 B Ltd                                              | CUSIP: 38180BAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |       260000 | PA      | $259616.84      | 0.00%             | 2037-10-25      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                  | AUD/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-16327.67      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Youni Italy                                                   | Youni Italy 2025-2 Srl                                                           | CUSIP: 000000000<br>LEI: 8156001A7AEEA1E59607 | Long             | ABS-O            | CORP              | IT        |       392000 | PA      | $460731.84      | 0.00%             | 2036-01-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| KFC HLD/PIZZA HUT/TACO                                        | KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC                   | CUSIP: 48250NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       201000 | PA      | $200700.83      | 0.00%             | 2027-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179XNA0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2419739 | PA      | $2090551.98     | 0.01%             | 2052-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                         | Mexico Government International Bond                                             | CUSIP: 91087BAT7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      1378000 | PA      | $1322880.00     | 0.01%             | 2033-05-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EQLE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       498512 | PA      | $512638.71      | 0.00%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INT Commercial Mortgage Trust                                 | INT Commercial Mortgage Trust 2025-PLAZA                                         | CUSIP: 44989YAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3023000 | PA      | $3031613.13     | 0.02%             | 2037-11-05      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                                     | Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19                      | CUSIP: 61764PAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4370000 | PA      | $49211.01       | 0.00%             | 2047-12-15      | Variable      | 1.27%                 | No            |                  2 | On Loan: No      |
| VEGAS Trust                                                   | VEGAS Trust 2024-TI                                                              | CUSIP: 92254AAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       726000 | PA      | $735822.42      | 0.00%             | 2039-11-10      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Alt-A Trust                                      | Bear Stearns ALT-A Trust 2006-2                                                  | CUSIP: 07386HF30<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2979966 | PA      | $1888122.47     | 0.01%             | 2036-03-25      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                       | HCA Inc                                                                          | CUSIP: 404119DC0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     10665000 | PA      | $10869118.07    | 0.06%             | 2055-03-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.                                 | CDS CMBX.NA.BBB-.9                                                               | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DCR              | CORP              | US        |            1 | NC      | $409043.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                     | Sunoco LP                                                                        | CUSIP: 86765KAJ8<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |       200000 | PA      | $194931.53      | 0.00%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                | NRG Energy Inc                                                                   | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |       784000 | PA      | $780162.12      | 0.00%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Youni Italy                                                   | Youni Italy 2025-2 Srl                                                           | CUSIP: 000000000<br>LEI: 8156001A7AEEA1E59607 | Long             | ABS-O            | CORP              | IT        |       208000 | PA      | $244471.67      | 0.00%             | 2036-01-25      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31419JPY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        20015 | PA      | $20417.97       | 0.00%             | 2040-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138LTL63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        28794 | PA      | $27507.52       | 0.00%             | 2042-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Arbor Multifamily Mortgage Sec                                | Arbor Multifamily Mortgage Securities Trust 2020-MF1                             | CUSIP: 03881BAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       636000 | PA      | $524230.19      | 0.00%             | 2053-05-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                         | Wells Fargo & Co                                                                 | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      7192000 | PA      | $7503918.33     | 0.04%             | 2035-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                                      | Hess Midstream Operations LP                                                     | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       209000 | PA      | $215834.30      | 0.00%             | 2029-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132JNXG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       124940 | PA      | $122078.42      | 0.00%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                 | Citigroup Inc                                                                    | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     16913000 | PA      | $15493396.69    | 0.08%             | 2033-01-25      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |   -814759000 | NC      | $-2207505.94    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Invesco CLO LTD                                               | Invesco US CLO 2024-4 Ltd                                                        | CUSIP: 46151BAA3<br>LEI: 2138006HTEY9GGW6XF50 | Long             | ABS-CBDO         | CORP              | KY        |      1177000 | PA      | $1181163.05     | 0.01%             | 2038-01-15      | Floating      | 5.23%                 | 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        |       338000 | PA      | $318231.01      | 0.00%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                       | Dryden 98 CLO Ltd                                                                | CUSIP: 26248AAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1190000 | PA      | $1190592.14     | 0.01%             | 2035-04-20      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                                        | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 98379YAA0<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |       100000 | PA      | $101629.24      | 0.00%             | 2034-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Nomura Asset Acceptance Corpor                                | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2007-2                | CUSIP: 655378AE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       218262 | PA      | $184277.48      | 0.00%             | 2037-06-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| GROUP 1 AUTOMOTIVE INC                                        | Group 1 Automotive Inc                                                           | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |       304000 | PA      | $312813.87      | 0.00%             | 2030-01-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Soundview Home Equity Loan Tru                                | Soundview Home Loan Trust 2007-NS1                                               | CUSIP: 83612QAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       781557 | PA      | $798069.88      | 0.00%             | 2037-01-25      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| Regatta XII Funding Ltd.                                      | Regatta XII Funding Ltd                                                          | CUSIP: 75888HAW1<br>LEI: 2549001ZYXDVCT6R4I31 | Long             | ABS-CBDO         | CORP              | KY        |      3640000 | PA      | $3654244.41     | 0.02%             | 2037-10-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179RLP2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       224242 | PA      | $208913.37      | 0.00%             | 2045-08-20      | Fixed         | 3.50%                 | 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        |       716000 | PA      | $683814.73      | 0.00%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |  82000000000 | NC      | $87900.10       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                                  | Voya CLO 2013-2 Ltd                                                              | CUSIP: 92916WAA7<br>LEI: 5493007ASGBOUR3XJY69 | Long             | ABS-CBDO         | CORP              | KY        |       152446 | PA      | $152446.16      | 0.00%             | 2031-04-25      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WJEN4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       568268 | PA      | $550218.96      | 0.00%             | 2031-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR                                      | Marriott Ownership Resorts Inc                                                   | CUSIP: 57164PAK2<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |       438000 | PA      | $420175.85      | 0.00%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                         | HUB International Ltd                                                            | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |       916000 | PA      | $961731.39      | 0.01%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                         | Mexico Government International Bond                                             | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |       504000 | PA      | $527299.92      | 0.00%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo                                | Arbor Realty Collateralized Loan Obligation Ltd                                  | CUSIP: 03881UAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      1120000 | PA      | $1123342.64     | 0.01%             | 2041-01-20      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Aimco                                                         | AIMCO CLO 23 Ltd                                                                 | CUSIP: 00901JAA6<br>LEI: 254900JY4GSBXW978G85 | Long             | ABS-CBDO         | CORP              | KY        |       439000 | PA      | $438430.35      | 0.00%             | 2038-04-20      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                                      | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAP4<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |       135000 | PA      | $129982.87      | 0.00%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3470000 | PA      | $3116352.17     | 0.02%             | 2062-04-20      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                               | AREIT 2025-CRE10 Ltd                                                             | CUSIP: 00193DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1830000 | PA      | $1828015.37     | 0.01%             | 2029-12-17      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                             | EURO-BUXL 30Y BND                                                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |          -41 | NC      | $59041.91       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2024-5                                    | CUSIP: 92261ABA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1700743 | PA      | $1707581.64     | 0.01%             | 2054-10-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                          | Republic of Uzbekistan International Bond                                        | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |       780000 | PA      | $936574.93      | 0.01%             | 2027-05-29      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                                | Morgan Stanley Residential Mortgage Loan Trust 2014-1                            | CUSIP: 61763YAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       322957 | PA      | $325820.80      | 0.00%             | 2044-06-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| IndyMac INDX Mortgage Loan Tru                                | IndyMac INDX Mortgage Loan Trust 2007-FLX5                                       | CUSIP: 45669WAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       464707 | PA      | $433213.85      | 0.00%             | 2037-08-25      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                | NRG Energy Inc                                                                   | CUSIP: 629377CW0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |        53000 | PA      | $54049.35       | 0.00%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J7L94<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       311866 | PA      | $310239.35      | 0.00%             | 2047-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KSLCMT_25-MAK                                                 | KSLCMT_25-MAK                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2840000 | PA      | $2849729.27     | 0.02%             | 2042-06-15      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QTXP6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        71317 | PA      | $70282.25       | 0.00%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1706000 | PA      | $1520332.27     | 0.01%             | 2062-04-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                     | Sunoco LP                                                                        | CUSIP: 86765KAL3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |        17000 | PA      | $17472.88       | 0.00%             | 2032-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | CDS CMBX.NA.BBB-.9                                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-208454.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BCP MODULAR SERVICES                                          | BCP V Modular Services Finance II PLC                                            | CUSIP: 000000000<br>LEI: 213800227GGD6UI7PI97 | Long             | DBT              | CORP              | GB        |      1501000 | PA      | $1665713.10     | 0.01%             | 2028-11-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATION                                            | Kohl's Corp                                                                      | CUSIP: 500255AX2<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |       566000 | PA      | $497868.20      | 0.00%             | 2031-05-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga                                | MF1 2022-FL9 LLC                                                                 | CUSIP: 55285AAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      3849594 | PA      | $3850410.60     | 0.02%             | 2037-06-19      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                                 | UK Logistics 2024-2 DAC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |      1175290 | PA      | $1571001.76     | 0.01%             | 2035-02-17      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418CS54<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1605789 | PA      | $1551958.77     | 0.01%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2                                | JW Commercial Mortgage Trust 2024-MRCO                                           | CUSIP: 46657XAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2904000 | PA      | $2911251.58     | 0.02%             | 2039-06-15      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810SW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50494700 | PA      | $35275281.83    | 0.19%             | 2041-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133L8KJ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3287746 | PA      | $3058535.24     | 0.02%             | 2036-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QFNP0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8489852 | PA      | $7379004.84     | 0.04%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                           | Petroleos Mexicanos                                                              | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |       263618 | PA      | $282627.49      | 0.00%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | CDS ITRAXX.XO.44.V1                                                              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCR              | CORP              | US        |            1 | NC      | $1149337.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DBGS Mortgage Trust                                           | DBGS 2024-SBL                                                                    | CUSIP: 23306QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5582000 | PA      | $5582000.00     | 0.03%             | 2034-08-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                            | Howard Hughes Corp/The                                                           | CUSIP: 44267DAE7<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |        32000 | PA      | $31096.36       | 0.00%             | 2029-02-01      | Fixed         | 4.12%                 | 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        |       409000 | PA      | $375809.69      | 0.00%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                                   | Legacy Mortgage Asset Trust 2019-SL2                                             | CUSIP: 52473FAK1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2124231 | PA      | $472887.96      | 0.00%             | 2059-02-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                                      | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 29103CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       408000 | PA      | $424936.93      | 0.00%             | 2030-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                                      | Virgin Media Secured Finance PLC                                                 | CUSIP: 92769XAP0<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |       577000 | PA      | $568435.36      | 0.00%             | 2029-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KASPI.KZ JSC                                                  | Kaspi.KZ JSC                                                                     | CUSIP: 000000000<br>LEI: 2549003YU6FARG8OAZ13 | Long             | DBT              | CORP              | KZ        |       447000 | PA      | $455667.33      | 0.00%             | 2030-03-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                       | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |       798000 | PA      | $958267.54      | 0.01%             | 2032-05-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Autonoria                                                     | AutoNoria Spain 2025 FT                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | ES        |       400000 | PA      | $469818.64      | 0.00%             | 2043-04-30      | Floating      | 3.39%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                                      | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |        77000 | PA      | $76531.15       | 0.00%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        -8295 | NC      | $-15397.71      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                                    | SGD/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-38232.75      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                | NRG Energy Inc                                                                   | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |        96000 | PA      | $98593.44       | 0.00%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 61747YEL5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      7726000 | PA      | $7051466.20     | 0.04%             | 2033-01-21      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                      | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6020000 | PA      | $3789179.86     | 0.02%             | 2051-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      2086000 | PA      | $1956660.89     | 0.01%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                     | Sunoco LP                                                                        | CUSIP: 86765KAK5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |       985000 | PA      | $956906.42      | 0.01%             | 2030-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                         | Wells Fargo & Co                                                                 | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      5475000 | PA      | $5696365.97     | 0.03%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| BRCK Trust                                                    | BRCK Trust 2025-830B                                                             | CUSIP: 10635AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2965000 | PA      | $2965782.17     | 0.02%             | 2042-12-10      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| VERSA NETWORKS INC                                            | VERSA NETWORKS INC                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      4118274 | NS      | $25121471.40    | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                                       | JetBlue Airways Corp / JetBlue Loyalty LP                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |       860000 | PA      | $866416.64      | 0.00%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                          | Diameter Capital Clo 3 Ltd                                                       | CUSIP: 25255JAN7<br>LEI: 254900L1QJX98W5ORK78 | Long             | ABS-CBDO         | CORP              | KY        |      1500000 | PA      | $1505003.85     | 0.01%             | 2038-01-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | USD/MXN FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $12226.44       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                                          | SCG Commercial Mortgage Trust 2025-FLWR                                          | CUSIP: 78438AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1710000 | PA      | $1711068.24     | 0.01%             | 2042-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| MULTIVERSITY SPA                                              | Multiversity SpA                                                                 | CUSIP: 000000000<br>LEI: 8945002RM8LY280ZUC12 | Long             | DBT              | CORP              | IT        |      2428000 | PA      | $3047236.26     | 0.02%             | 2031-05-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO XX Ltd                                               | CUSIP: 08182FAY5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      4685000 | PA      | $4696271.17     | 0.03%             | 2037-07-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                            | Howard Hughes Corp/The                                                           | CUSIP: 44267DAD9<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |      2725000 | PA      | $2735153.35     | 0.01%             | 2028-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                        | Egypt Government International Bond                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |       200000 | PA      | $212452.00      | 0.00%             | 2032-05-29      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KJVE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4110502 | PA      | $3697748.73     | 0.02%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AGL CLO 1 Ltd.                                                | AGL Core CLO 31 Ltd                                                              | CUSIP: 00852MAE0<br>LEI: 254900LYT9TA0J0GKX14 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250962.88      | 0.00%             | 2037-07-20      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                                | Regional Management Issuance Trust 2025-2                                        | CUSIP: 75908BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10082000 | PA      | $10065283.04    | 0.05%             | 2037-11-16      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mor                                | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10                    | CUSIP: 225470FK4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1190770 | PA      | $237944.65      | 0.00%             | 2035-11-25      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36177MZY1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       106141 | PA      | $99247.35       | 0.00%             | 2042-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                   | FED FUND 30DAY                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |           23 | NC      | $5237.45        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307U5V6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       205447 | PA      | $200707.44      | 0.00%             | 2032-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WJEP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       114568 | PA      | $110994.44      | 0.00%             | 2031-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DYNAMO NEWCO II GMBH                                          | Dynamo Newco II GmbH                                                             | CUSIP: 000000000<br>LEI: 391200FDSPYB8FKV7F97 | Long             | DBT              | CORP              | DE        |       550000 | PA      | $658346.38      | 0.00%             | 2031-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NAVOI MINING METALLURGIC                                      | Navoi Mining & Metallurgical Combinat                                            | CUSIP: 63890CAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |       675000 | PA      | $719296.88      | 0.00%             | 2031-10-17      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| NAVOI MINING METALLURGIC                                      | Navoi Mining & Metallurgical Combinat                                            | CUSIP: 63890CAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |       376000 | PA      | $389160.00      | 0.00%             | 2028-10-17      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                                      | Snap Inc                                                                         | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |       400000 | PA      | $411848.80      | 0.00%             | 2034-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| KONDOR FINANCE PLC (NAK)                                      | NAK Naftogaz Ukraine via Kondor Finance PLC                                      | CUSIP: 50050MAB1<br>LEI: 213800PUC1T9GI6EIO63 | Long             | DBT              | CORP              | GB        |       783433 | PA      | $599044.00      | 0.00%             | 2028-11-08      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SENSATA TECH INC                                              | Sensata Technologies Inc                                                         | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |       155000 | PA      | $151388.48      | 0.00%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding XXXI Ltd                                                    | CUSIP: 55819DBA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      4110000 | PA      | $4127562.44     | 0.02%             | 2037-07-23      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                                         | KKR CLO 28 LTD                                                                   | CUSIP: 48253WAW2<br>LEI: 549300OP87QBZ6KR1406 | Long             | ABS-CBDO         | CORP              | KY        |      1790000 | PA      | $1789723.62     | 0.01%             | 2035-02-09      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | CDS BAYERISCHE MOTOREN WERKE AG                                                  | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              | CORP              | DE        |            1 | NC      | $-49482.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| American Home Mortgage Assets                                 | American Home Mortgage Assets Trust 2006-4                                       | CUSIP: 02660LAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1486265 | PA      | $740346.80      | 0.00%             | 2046-10-25      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 61747YEK7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       948000 | PA      | $932363.48      | 0.01%             | 2028-01-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                              | TRESTLES CLO III LTD                                                             | CUSIP: 89532TAQ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      4480000 | PA      | $4496716.67     | 0.02%             | 2037-10-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                 | Ballyrock CLO 2020-2 Ltd                                                         | CUSIP: 05876EAE9<br>LEI: 254900Y6C4AXEAZ9T124 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250045.70      | 0.00%             | 2031-10-20      | Floating      | 10.30%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418CS47<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2343202 | PA      | $2202501.45     | 0.01%             | 2048-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                          | BlueMountain CLO 2013-2 Ltd                                                      | CUSIP: 09626YAS9<br>LEI: 549300KGXMRFX2DKIX03 | Long             | ABS-CBDO         | CORP              | KY        |       590027 | PA      | $590084.73      | 0.00%             | 2030-10-22      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pas                                | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-1 Trust   | CUSIP: 93934FKY7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       730925 | PA      | $592846.18      | 0.00%             | 2036-02-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                          | Glencore Funding LLC                                                             | CUSIP: 378272BG2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      2563000 | PA      | $2310510.95     | 0.01%             | 2031-09-23      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| AGL CLO 1 Ltd.                                                | AGL CLO 20 Ltd                                                                   | CUSIP: 00119CAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      2840000 | PA      | $2850550.60     | 0.02%             | 2037-10-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                                | Bayview Commercial Asset Trust 2007-1                                            | CUSIP: 07325MAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       499742 | PA      | $478722.31      | 0.00%             | 2037-03-25      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                             | CDS MERCEDES-BENZ GROUP AG                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-50182.96      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PENINSULA PACIFIC ENTERT                                      | PENINSULA PACIFIC ENTERTAINMENT DEVELOPMENT LLC                                  | CUSIP: 70715SAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      3481340 | PA      | $3490042.97     | 0.02%             | 2032-10-01      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Crown Point CLO Ltd                                           | Crown Point CLO 11 Ltd                                                           | CUSIP: 22845JAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1290000 | PA      | $1292443.52     | 0.01%             | 2038-02-28      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FMA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        41951 | PA      | $41014.43       | 0.00%             | 2040-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                                      | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |       394000 | PA      | $397941.58      | 0.00%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2025-5                                    | CUSIP: 92262KAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       338986 | PA      | $339720.95      | 0.00%             | 2055-12-25      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                                      | Virgin Media Secured Finance PLC                                                 | CUSIP: 92769XAR6<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |       467000 | PA      | $432318.34      | 0.00%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                                     | Fortuna Consumer Loan Abs 2025-2 DAC                                             | CUSIP: 000000000<br>LEI: 635400FJ7YX914D6HX74 | Long             | ABS-O            | CORP              | IE        |       700000 | PA      | $818604.95      | 0.00%             | 2035-10-18      | Floating      | 3.34%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                                | Bayview Commercial Asset Trust 2006-4                                            | CUSIP: 07325BAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       661241 | PA      | $635997.03      | 0.00%             | 2036-12-25      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                         | Guatemala Government Bond                                                        | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |       617000 | PA      | $618351.23      | 0.00%             | 2028-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810SX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     42732700 | PA      | $26929947.12    | 0.15%             | 2051-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | PEN/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-24181.28      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| American Money Management Corp                                | AMMC CLO 27 Ltd                                                                  | CUSIP: 00173UAS3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3070000 | PA      | $3065672.22     | 0.02%             | 2037-01-20      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                          | Diameter Capital Clo 3 Ltd                                                       | CUSIP: 25255JAL1<br>LEI: 254900L1QJX98W5ORK78 | Long             | ABS-CBDO         | CORP              | KY        |      4002380 | PA      | $4017260.85     | 0.02%             | 2038-01-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| EP INFRASTRUCTURE AS                                          | EP Infrastructure AS                                                             | CUSIP: 000000000<br>LEI: 315700I4J1M1NKGWWY89 | Long             | DBT              | CORP              | CZ        |      4020000 | PA      | $4662273.89     | 0.03%             | 2033-02-27      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                      | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15373000 | PA      | $11548191.91    | 0.06%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YXK95<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        98043 | PA      | $96412.13       | 0.00%             | 2030-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KYRGYZ REP INTL BOND                                          | Kyrgyz Republic International Bond                                               | CUSIP: 50158LAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | KG        |       200000 | PA      | $205750.00      | 0.00%             | 2030-06-03      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418DV74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     64585292 | PA      | $52700865.64    | 0.29%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140E0V36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        45453 | PA      | $44341.76       | 0.00%             | 2030-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140X83P0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2600781 | PA      | $2150533.40     | 0.01%             | 2050-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140FDA89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        56997 | PA      | $51967.75       | 0.00%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | CDS CMBX.NA.AAA.9                                                                | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-8.61          | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                      | Ford Motor Credit Co LLC                                                         | CUSIP: 345397A45<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      1566000 | PA      | $1557858.16     | 0.01%             | 2027-01-09      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                        | Pacific Gas and Electric Co                                                      | CUSIP: 694308HA8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      1297000 | PA      | $981362.31      | 0.01%             | 2042-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                      | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1142000 | PA      | $899841.52      | 0.00%             | 2063-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALSTRIA OFFICE                                                | Alstria Office AG                                                                | CUSIP: 000000000<br>LEI: 529900QIJIGPI0DRL085 | Long             | DBT              | CORP              | DE        |       200000 | PA      | $232243.02      | 0.00%             | 2029-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                                             | INEOS Finance PLC                                                                | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |       750000 | PA      | $651510.53      | 0.00%             | 2029-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38379UZW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3001994 | PA      | $112360.44      | 0.00%             | 2057-12-16      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                                    | NLT 2021-INV2 Trust                                                              | CUSIP: 62917JAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       910000 | PA      | $696831.04      | 0.00%             | 2056-08-25      | Variable      | 3.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140X9PE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1915963 | PA      | $1833504.22     | 0.01%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RUNITONETIME LLC: TL LOAN/TERM                                | RUNITONETIME LLC: TL LOAN/TERM                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |        74874 | PA      | $73189.35       | 0.00%             | 2026-04-16      | Floating      | 4.72%                 | No            |                  3 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138X9GL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       193198 | PA      | $191310.25      | 0.00%             | 2028-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                     | CDS BOEING CO/THE                                                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-78161.88      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                        | Egypt Government International Bond                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |       431000 | PA      | $458562.45      | 0.00%             | 2029-03-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                               | Nissan Motor Co Ltd                                                              | CUSIP: 654922AB9<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |       200000 | PA      | $209867.11      | 0.00%             | 2030-07-17      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140Q9HW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1898229 | PA      | $1886705.73     | 0.01%             | 2048-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138AUPE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       134719 | PA      | $135483.50      | 0.00%             | 2041-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                 | AppLovin Corp                                                                    | CUSIP: 03831WAC2<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     43172000 | PA      | $44768064.95    | 0.24%             | 2031-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2024-36 Ltd                                                              | CUSIP: 67570EAN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |       289000 | PA      | $289961.01      | 0.00%             | 2037-10-16      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                      | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4178000 | PA      | $3304152.29     | 0.02%             | 2053-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179XLH7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     56242681 | PA      | $56334303.60    | 0.31%             | 2052-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DANA INC                                                      | Dana Inc                                                                         | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |       131000 | PA      | $130784.28      | 0.00%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LEHMAN BROS CAP TR VII                                        | Lehman Brothers Holdings Capital Trust VII                                       | CUSIP: 524908XA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1888000 | PA      | $0.19           | 0.00%             | N/A             | Variable      | 5.86%                 | No            |                  3 | On Loan: No      |
| Citibank, National Association                                | BRL/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $248352.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OVH GROUPE SAS                                                | OVH Groupe SA                                                                    | CUSIP: 000000000<br>LEI: 9695001J8OSOVX4TP939 | Long             | DBT              | CORP              | FR        |       579000 | PA      | $679603.50      | 0.00%             | 2031-02-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QT6J0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        11470 | PA      | $11102.46       | 0.00%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179T7J8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       528463 | PA      | $490202.10      | 0.00%             | 2048-08-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XCV39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2965360 | PA      | $2747616.48     | 0.01%             | 2036-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SPACE EXPLORATION TECHNOLOGIES CORP                           | SPACE EXPLORATION TECHNOLOGIES CORP                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        27504 | NS      | $8691264.00     | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NOVA CHEMICALS CORP                                           | NOVA Chemicals Corp                                                              | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |       100000 | PA      | $100611.70      | 0.00%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                 | UBS Commercial Mortgage Trust 2019-C18                                           | CUSIP: 90278PBB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     32634405 | PA      | $904801.94      | 0.00%             | 2052-12-15      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                 | AppLovin Corp                                                                    | CUSIP: 03831WAB4<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     18008000 | PA      | $18471258.14    | 0.10%             | 2029-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                                           | NOVA Chemicals Corp                                                              | CUSIP: 66977WAV1<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |        79000 | PA      | $84143.61       | 0.00%             | 2031-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2025-C                                                 | CUSIP: 64035UAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4599000 | PA      | $4536387.37     | 0.02%             | 2065-06-22      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | USD/IDR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $2902.61        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BBAM US CLO LTD.                                              | BBAM US CLO I Ltd                                                                | CUSIP: 054978AL5<br>LEI: 549300LRECI1GZTZLF38 | Long             | ABS-CBDO         | CORP              | KY        |      2024000 | PA      | $2023780.80     | 0.01%             | 2038-03-30      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                                  | SM Energy Co                                                                     | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |       100000 | PA      | $100292.70      | 0.00%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                          | Colombia Government International Bond                                           | CUSIP: 195325EF8<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |       200000 | PA      | $215000.00      | 0.00%             | 2033-04-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QE2F8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1131123 | PA      | $1082234.87     | 0.01%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                | Mariner Finance Issuance Trust 2024-A                                            | CUSIP: 567928AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       304000 | PA      | $311420.15      | 0.00%             | 2036-09-22      | Fixed         | 6.77%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XYDJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        62221 | PA      | $60770.28       | 0.00%             | 2029-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                       | HCA Inc                                                                          | CUSIP: 404119BW8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      2089000 | PA      | $2176942.58     | 0.01%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202E7F0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        96027 | PA      | $93833.15       | 0.00%             | 2039-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IndyMac INDX Mortgage Loan Tru                                | IndyMac INDX Mortgage Loan Trust 2006-AR35                                       | CUSIP: 45667SAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       514783 | PA      | $469230.48      | 0.00%             | 2037-01-25      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN & PET CO                                       | Central Garden & Pet Co                                                          | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |        20000 | PA      | $18866.52       | 0.00%             | 2031-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| UBS Securities LLC                                            | PEN/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-20306.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC             | USD/THB FORWARD                                                                  | CUSIP: 000000000<br>LEI: 5493003GCX71N8988W38 | N/A              | DFE              | CORP              | US        |            1 | NC      | $645368.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFVJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        71994 | PA      | $62575.63       | 0.00%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132CWS96<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1368493 | PA      | $1269308.03     | 0.01%             | 2036-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132A4Q68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       266784 | PA      | $254447.44      | 0.00%             | 2044-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINANCING I                                        | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAE0<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |       200000 | PA      | $198207.04      | 0.00%             | 2033-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust                                 | HTL Commercial Mortgage Trust 2024-T53                                           | CUSIP: 404300AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1790000 | PA      | $1812005.54     | 0.01%             | 2039-05-10      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                                           | NOVA Chemicals Corp                                                              | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |       726000 | PA      | $775197.39      | 0.00%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179Q6P1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       150408 | PA      | $140258.36      | 0.00%             | 2045-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SABRE FINANCIAL BORROWER                                      | Sabre Financial Borrower LLC                                                     | CUSIP: 78573XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3050000 | PA      | $3090679.80     | 0.02%             | 2029-06-15      | Fixed         | 11.12%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31335BAA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       282034 | PA      | $276153.37      | 0.00%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140FECW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       665519 | PA      | $649681.82      | 0.00%             | 2031-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        | -82000000000 | NC      | $-36308.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                | Mariner Finance Issuance Trust 2024-A                                            | CUSIP: 567928AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1277000 | PA      | $1318949.07     | 0.01%             | 2036-09-22      | Fixed         | 9.02%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners Lt                                | Octagon Investment Partners 18-R Ltd                                             | CUSIP: 67576FAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       489872 | PA      | $489876.38      | 0.00%             | 2031-04-16      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Victory Street CLO                                            | Victory Street Clo II DAC                                                        | CUSIP: 000000000<br>LEI: 635400ZBAAJJTSW7YN78 | Long             | ABS-CBDO         | CORP              | IE        |      1080000 | PA      | $1272506.32     | 0.01%             | 2039-01-15      | Floating      | 3.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XDY42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4418861 | PA      | $3642740.87     | 0.02%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31403FHK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        97653 | PA      | $95725.47       | 0.00%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIAMOND II LTD                                                | Diamond II Ltd                                                                   | CUSIP: 000000000<br>LEI: 254900KL4GQ2XC50XL44 | Long             | DBT              | CORP              | MU        |     14000000 | PA      | $14030660.00    | 0.08%             | 2026-07-28      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Guaranteed Funding (DK) Limite                                | DK Trust 2025-LXP                                                                | CUSIP: 23292LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1559000 | PA      | $1561415.20     | 0.01%             | 2037-08-15      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Merit                                                         | MHP 2021-STOR                                                                    | CUSIP: 55293BAP0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2100000 | PA      | $2093564.97     | 0.01%             | 2038-07-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, In                                | RALI Series 2007-QH9 Trust                                                       | CUSIP: 749241AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       427464 | PA      | $356201.08      | 0.00%             | 2037-11-25      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      4678000 | PA      | $4958252.48     | 0.03%             | 2029-11-01      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                  | USD/BRL FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $44520.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ladder Capital Commercial Mort                                | Ladder Capital Commercial Mortgage 2013-GCP Mortgage Trust                       | CUSIP: 50184BAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3406475 | PA      | $70021.45       | 0.00%             | 2036-02-15      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                                   | SREIT Trust 2021-MFP2                                                            | CUSIP: 85236WCQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2091300 | PA      | $2090660.27     | 0.01%             | 2036-11-15      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                         | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      1294000 | PA      | $1324121.73     | 0.01%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                           | Malaysia Government Bond                                                         | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      2300000 | PA      | $562550.64      | 0.00%             | 2040-05-22      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                        | Rockford Tower CLO 2025-3 Ltd                                                    | CUSIP: 77340WAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       550000 | PA      | $547221.73      | 0.00%             | 2038-03-31      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| OWNIT Mortgage Loan Asset-Back                                | Ownit Mortgage Loan Trust Series 2006-2                                          | CUSIP: 69121PDF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1440929 | PA      | $1320909.93     | 0.01%             | 2037-01-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                      | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1385000 | PA      | $1459014.90     | 0.01%             | 2034-02-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                       | Dryden 104 CLO Ltd                                                               | CUSIP: 26253BAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3180000 | PA      | $3180511.98     | 0.02%             | 2034-08-20      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138LQ2K9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       243649 | PA      | $233365.99      | 0.00%             | 2042-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132GVGT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       296748 | PA      | $284918.47      | 0.00%             | 2042-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                   | US LONG BOND(CBT)                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         2536 | NC      | $-566853.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, In                                | RALI Series 2006-QA10 Trust                                                      | CUSIP: 74922NAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2137645 | PA      | $1925601.87     | 0.01%             | 2036-12-25      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trus                                | Republic Finance Issuance Trust 2024-B                                           | CUSIP: 76042GAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3690000 | PA      | $3778872.54     | 0.02%             | 2037-11-20      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                        | Cloud Software Group Inc                                                         | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |       465000 | PA      | $471085.88      | 0.00%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PECO ENERGY CO                                                | PECO Energy Co                                                                   | CUSIP: 693304AW7<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |      1072000 | PA      | $841125.39      | 0.00%             | 2048-03-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| FNA Trust                                                     | FNA 8 LLC                                                                        | CUSIP: 30340WAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7019931 | PA      | $7068865.29     | 0.04%             | 2045-03-15      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| Algoma Steel Group Inc                                        | Algoma Steel Group Inc                                                           | CUSIP: 015658107<br>LEI: 549300Q5EU337A1XCX27 | Long             | EC               | CORP              | CA        |       307130 | NS      | $1259233.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Angel Oak Mortgage Trust                                      | Angel Oak Mortgage Trust 2025-8                                                  | CUSIP: 03466UAA2<br>LEI: 254900WZRTR935QJJ709 | Long             | ABS-MBS          | CORP              | US        |      3940891 | PA      | $3971006.78     | 0.02%             | 2070-07-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     12000000 | PA      | $12483795.60    | 0.07%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                | CFMT 2024-HB14 LLC                                                               | CUSIP: 12530XAC5<br>LEI: 9845005986F840FBE847 | Long             | ABS-MBS          | CORP              | US        |       273805 | PA      | $264409.44      | 0.00%             | 2034-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                                               | Venture 32 CLO Ltd                                                               | CUSIP: 92325QAC1<br>LEI: 549300UP09C89Q3HWD39 | Long             | ABS-CBDO         | CORP              | KY        |       256772 | PA      | $256949.29      | 0.00%             | 2031-07-18      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                   | CDS ITRAXX.XO.42.V3                                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              | CORP              | FR        |            1 | NC      | $163727.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trus                                | Republic Finance Issuance Trust 2024-B                                           | CUSIP: 76042GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10434000 | PA      | $10631754.56    | 0.06%             | 2037-11-20      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-BHR5                 | CUSIP: 46649WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2566825 | PA      | $2570001.24     | 0.01%             | 2040-03-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QETF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2216478 | PA      | $2147554.95     | 0.01%             | 2035-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QE2C5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4531615 | PA      | $4375422.12     | 0.02%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                | BBCMS Mortgage Trust 2023-5C23                                                   | CUSIP: 05493QAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       553000 | PA      | $546439.71      | 0.00%             | 2056-12-15      | Variable      | 7.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XCUV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2780703 | PA      | $2574008.60     | 0.01%             | 2036-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC                                              | TKC Holdings Inc                                                                 | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       200000 | PA      | $201949.80      | 0.00%             | 2028-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PROJECT MIDNIGHTS 22-August-29: TL LOAN/TERM                  | PROJECT MIDNIGHTS 22-August-29: TL LOAN/TERM                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | JP        |      9913191 | PA      | $11633629.80    | 0.06%             | 2026-08-22      | Floating      | 5.20%                 | No            |                  3 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2014-III Ltd                                                        | CUSIP: 12549QBL8<br>LEI: 549300KEIUMRD7WX5J42 | Long             | ABS-CBDO         | CORP              | KY        |      1250000 | PA      | $1249752.13     | 0.01%             | 2038-03-31      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Guaranteed Funding (DK) Limite                                | DK Trust 2025-LXP                                                                | CUSIP: 23292LAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1397000 | PA      | $1400463.86     | 0.01%             | 2037-08-15      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | USD/CNH FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              | CORP              | US        |            1 | NC      | $259767.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GCAT                                                          | GCAT 2022-CM1 Trust                                                              | CUSIP: 36168XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       257059 | PA      | $241703.58      | 0.00%             | 2066-12-27      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                | CFMT 2024-HB14 LLC                                                               | CUSIP: 12530XAD3<br>LEI: 9845005986F840FBE847 | Long             | ABS-MBS          | CORP              | US        |       674594 | PA      | $647146.39      | 0.00%             | 2034-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| BCPE FLAVOR DEBT/ISSUER                                       | BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer Inc                       | CUSIP: 072933AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1155000 | PA      | $1103775.30     | 0.01%             | 2032-07-01      | Fixed         | 9.50%                 | 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        |       308409 | PA      | $366804.77      | 0.00%             | 2042-10-27      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132CWS47<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3419994 | PA      | $3170199.78     | 0.02%             | 2035-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QQWT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       996654 | PA      | $1038756.10     | 0.01%             | 2052-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                       | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5560000 | PA      | $5580138.32     | 0.03%             | 2033-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                                 | NYC Commercial Mortgage Trust 2025-11X                                           | CUSIP: 67122NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4610000 | PA      | $4624338.94     | 0.03%             | 2040-10-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QSUJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8928219 | PA      | $9316548.14     | 0.05%             | 2053-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                                       | Light & Wonder International Inc                                                 | CUSIP: 531968AB1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |        35000 | PA      | $35433.92       | 0.00%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        -8295 | NC      | $-114371.94     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Trinitas CLO Ltd                                              | Trinitas Clo VII Ltd                                                             | CUSIP: 89641CAU5<br>LEI: 549300F3XEPDOX3FOP69 | Long             | ABS-CBDO         | CORP              | KY        |      2674501 | PA      | $2670774.62     | 0.01%             | 2035-01-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140N4TK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        91378 | PA      | $93017.92       | 0.00%             | 2052-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                              | Crown Castle Inc                                                                 | CUSIP: 22822VAY7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |      4857000 | PA      | $4341954.93     | 0.02%             | 2031-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138Y2EH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       239644 | PA      | $237263.44      | 0.00%             | 2029-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan T                                | Morgan Stanley Mortgage Loan Trust 2007-3XS                                      | CUSIP: 61752RAJ1<br>LEI: 549300SRGEL7X4RBPX12 | Long             | ABS-MBS          | CORP              | US        |      1369400 | PA      | $474548.39      | 0.00%             | 2047-01-25      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     16742000 | PA      | $17236915.28    | 0.09%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140JMLB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       350632 | PA      | $348320.49      | 0.00%             | 2049-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                                | Open Text Corp                                                                   | CUSIP: 683715AD8<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |       151000 | PA      | $143303.56      | 0.00%             | 2029-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2024-MF                                             | CUSIP: 05612EAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1688016 | PA      | $1689576.75     | 0.01%             | 2039-02-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan T                                | Morgan Stanley Mortgage Loan Trust 2007-3XS                                      | CUSIP: 61752RAK8<br>LEI: 549300SRGEL7X4RBPX12 | Long             | ABS-MBS          | CORP              | US        |      5961769 | PA      | $2065452.40     | 0.01%             | 2047-01-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                             | EURO-BUND                                                                        | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |          751 | NC      | $94287.28       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya CLO Ltd                                                  | Voya CLO 2024-7 Ltd                                                              | CUSIP: 92920XAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       990000 | PA      | $992979.41      | 0.01%             | 2038-01-20      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                                       | Light & Wonder International Inc                                                 | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |       242000 | PA      | $252485.86      | 0.00%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50593000 | PA      | $50434896.88    | 0.27%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regatta XVIII Funding Ltd                                     | Regatta XVIII Funding Ltd                                                        | CUSIP: 75884EAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2138445 | PA      | $2137496.17     | 0.01%             | 2038-04-15      | Floating      | 5.06%                 | 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        |      1645000 | PA      | $2232569.00     | 0.01%             | 2032-07-15      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| Home Partners of America Trust                                | Home Partners of America 2021-2 Trust                                            | CUSIP: 43732VAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8716058 | PA      | $8542905.11     | 0.05%             | 2026-12-17      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140NGT26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1227264 | PA      | $1276900.96     | 0.01%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                          | Diameter Capital CLO 5 Ltd                                                       | CUSIP: 25255RAL3<br>LEI: 254900DQ6NEBLANVO137 | Long             | ABS-CBDO         | CORP              | KY        |      3330000 | PA      | $3336142.19     | 0.02%             | 2039-01-15      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Navient Refinance Loan Trust                                  | Navient Refinance Loan Trust 2025-C                                              | CUSIP: 638973AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4847893 | PA      | $4857337.30     | 0.03%             | 2055-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                                      | Petroleos de Venezuela SA                                                        | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |      1076000 | PA      | $278684.00      | 0.00%             | 2035-05-17      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | USD/CAD ONE-TOUCH BARRIER OPTION; BARRIER PRICE USD 1.36000                      | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              | CORP              | GB        |       232000 | NC      | $55692.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC                                         | Bath & Body Works Inc                                                            | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |       217000 | PA      | $221860.15      | 0.00%             | 2030-10-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Sandstone Peak, Ltd                                           | Sandstone Peak III Ltd                                                           | CUSIP: 799928AA4<br>LEI: 2549005C0PJHMYEI7U38 | Long             | ABS-CBDO         | CORP              | KY        |      1100000 | PA      | $1103624.83     | 0.01%             | 2037-04-25      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                        | Pacific Gas and Electric Co                                                      | CUSIP: 694308HH3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      4059000 | PA      | $3427816.20     | 0.02%             | 2044-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     19626000 | PA      | $20067772.43    | 0.11%             | 2029-04-20      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140JAQQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3510507 | PA      | $3489197.71     | 0.02%             | 2049-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LOXAM SAS                                                     | Loxam SAS                                                                        | CUSIP: 000000000<br>LEI: 969500BNA2YRNE1R5K91 | Long             | DBT              | CORP              | FR        |      2357000 | PA      | $2771064.82     | 0.02%             | 2031-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AGL CLO 1 Ltd.                                                | AGL CLO 21 Ltd                                                                   | CUSIP: 00119FAL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      1330000 | PA      | $1334765.79     | 0.01%             | 2037-10-21      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                                        | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc               | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1041000 | PA      | $989756.67      | 0.01%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QGJ99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9104841 | PA      | $8651650.70     | 0.05%             | 2035-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 312936NC7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        27405 | PA      | $28586.64       | 0.00%             | 2039-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | CDS CMBX.NA.BBB-.9                                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-45427.54      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BPR Trust                                                     | BPR 2023-STON Mortgage Trust                                                     | CUSIP: 05593GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1145000 | PA      | $1187394.77     | 0.01%             | 2039-12-05      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810RH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     33982000 | PA      | $26896222.20    | 0.15%             | 2044-08-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                                | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137F84J9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6584829 | PA      | $295711.52      | 0.00%             | 2029-12-25      | Variable      | 1.36%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XGPU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1502884 | PA      | $1220881.40     | 0.01%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL                                        | Brazil Letras do Tesouro Nacional                                                | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     65933000 | PA      | $11622791.85    | 0.06%             | 2026-04-01      | None          | 0.00%                 | 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              | CORP              | US        |      6677000 | PA      | $6491122.34     | 0.04%             | 2030-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                                           | Rocket Software Inc                                                              | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |       180000 | PA      | $185608.23      | 0.00%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Regatta XIX Funding Ltd                                       | Regatta XIX Funding Ltd                                                          | CUSIP: 75888EAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1020000 | PA      | $1022126.50     | 0.01%             | 2038-10-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                             | Iron Mountain Inc                                                                | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |       991000 | PA      | $979013.67      | 0.01%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QQWF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4900227 | PA      | $5076530.84     | 0.03%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              | CORP              | DE        |     20772950 | NC      | $12008.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                              | 3 MONTH SOFR                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |           81 | NC      | $13525.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Orchard Park CLO, LTD.                                        | Orchard Park Clo Ltd                                                             | CUSIP: 68563JAC8<br>LEI: 3912000K0W3TWP1KMO81 | Long             | ABS-CBDO         | CORP              | KY        |      1380000 | PA      | $1384993.53     | 0.01%             | 2037-10-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO I Ltd                                            | Whitebox Clo I Ltd                                                               | CUSIP: 96467CAJ6<br>LEI: 549300E4AC0513DYO913 | Long             | ABS-CBDO         | CORP              | KY        |      2750000 | PA      | $2750657.25     | 0.01%             | 2037-01-24      | Floating      | 9.14%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KHPV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       146344 | PA      | $145140.52      | 0.00%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                                | Wells Fargo Commercial Mortgage Trust 2016-C34                                   | CUSIP: 95000DAG6<br>LEI: 549300FWFHJGIW2B2U59 | Long             | ABS-MBS          | CORP              | US        |      1214728 | PA      | $1213596.50     | 0.01%             | 2049-06-15      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                          | BlueMountain CLO 2014-2 Ltd                                                      | CUSIP: 09626QBC0<br>LEI: 549300NUS8PQQUZMPR50 | Long             | ABS-CBDO         | CORP              | KY        |       790000 | PA      | $790578.12      | 0.00%             | 2030-10-20      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                                | BRAVO Residential Funding Trust 2024-NQM3                                        | CUSIP: 10569LAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       527000 | PA      | $539345.40      | 0.00%             | 2064-03-25      | Variable      | 8.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QNEL2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23737421 | PA      | $19550200.01    | 0.11%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                        | Verizon Communications Inc                                                       | CUSIP: 92343VFL3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      2414000 | PA      | $2128369.97     | 0.01%             | 2030-09-18      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2023-I Ltd                                                          | CUSIP: 12575RAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1579100 | PA      | $1582295.15     | 0.01%             | 2038-10-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HLLG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6599356 | PA      | $6665995.43     | 0.04%             | 2055-06-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | USD/BRL FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $19145.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132KFAE2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        26042 | PA      | $25361.64       | 0.00%             | 2030-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Secu                                | Bear Stearns Asset Backed Securities I Trust 2006-AC2                            | CUSIP: 07387UGB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3058012 | PA      | $769199.54      | 0.00%             | 2036-03-25      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| Kennedy Lewis CLO Ltd                                         | Kennedy Lewis CLO 4 Ltd                                                          | CUSIP: 37148BAE0<br>LEI: 549300HNXZUJB12SQJ60 | Long             | ABS-CBDO         | CORP              | KY        |      3000000 | PA      | $3009033.90     | 0.02%             | 2037-07-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J8GB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3855334 | PA      | $3754230.62     | 0.02%             | 2033-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DBWF Mortgage Trust                                           | DBWF 2024-LCRS Mortgage Trust                                                    | CUSIP: 23307KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       705000 | PA      | $704122.56      | 0.00%             | 2037-04-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2006-OA11                                                 | CUSIP: 02147DAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       261886 | PA      | $249169.59      | 0.00%             | 2046-09-25      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO XXIII Ltd                                            | CUSIP: 08186VAN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       550000 | PA      | $549620.39      | 0.00%             | 2034-04-25      | Floating      | 4.96%                 | 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        |       500000 | PA      | $588309.23      | 0.00%             | 2038-05-14      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Ares Direct Lending CLO LLC                                   | Ares Direct Lending CLO 8 LLC                                                    | CUSIP: 039933AA4<br>LEI: 2549008VI9L2AN96MC59 | Long             | ABS-CBDO         | CORP              | KY        |      2450000 | PA      | $2449776.56     | 0.01%             | 2039-01-20      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                                          | Wrangler Holdco Corp                                                             | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |        81000 | PA      | $84906.06       | 0.00%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                  | USD/MYR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-86908.49      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132J7U42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        19913 | PA      | $18415.77       | 0.00%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QMJZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14489105 | PA      | $11789545.13    | 0.06%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR US NEWCO INC                                      | TK Elevator US Newco Inc                                                         | CUSIP: 92537RAA7<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |       587000 | PA      | $587137.95      | 0.00%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                                          | Signal Peak CLO 7 Ltd                                                            | CUSIP: 82671EAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       400000 | PA      | $401461.20      | 0.00%             | 2037-10-20      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132KFAD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       555679 | PA      | $541361.81      | 0.00%             | 2030-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                      | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      8160000 | PA      | $5336860.65     | 0.03%             | 2061-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| ZF EUROPE FINANCE BV                                          | ZF Europe Finance BV                                                             | CUSIP: 000000000<br>LEI: 549300RI533US2G6G542 | Long             | DBT              | CORP              | NL        |      2500000 | PA      | $3048191.83     | 0.02%             | 2029-03-13      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA BUYER/ATLANTI                                      | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC                  | CUSIP: 13005HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |       150000 | PA      | $150247.35      | 0.00%             | 2032-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DM6M2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       632891 | PA      | $611904.80      | 0.00%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                                            | CNX Resources Corp                                                               | CUSIP: 12653CAK4<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |       114000 | PA      | $118049.42      | 0.00%             | 2031-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                    | CDS CMBX.NA.BBB-.9                                                               | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-23795.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                        | Extra Space Storage LP                                                           | CUSIP: 30225VAN7<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |      1836000 | PA      | $1817918.15     | 0.01%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                                             | XEROX CORPORATION                                                                | CUSIP: 98415LAY2<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | LON              | CORP              | US        |      1591290 | PA      | $1356574.90     | 0.01%             | 2029-11-19      | Floating      | 7.71%                 | No            |                  3 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFVC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       623804 | PA      | $578182.83      | 0.00%             | 2037-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| European Loan Conduit                                         | Lagarino European Loan Conduit No 40 DAC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |      5903234 | PA      | $6937258.82     | 0.04%             | 2037-06-22      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HLLH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6713876 | PA      | $6780034.48     | 0.04%             | 2055-06-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| OFFERPAD SOLUTIONS INC                                        | OFFERPAD SOLUTIONS INC -CW25                                                     | CUSIP: 67623L117<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       111610 | NC      | $1562.54        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley BAML Trust                                     | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26                      | CUSIP: 61690VAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4490000 | PA      | $20037.52       | 0.00%             | 2048-10-15      | Variable      | 1.14%                 | No            |                  2 | On Loan: No      |
| Orchard Park CLO, LTD.                                        | Orchard Park Clo Ltd                                                             | CUSIP: 68563JAA2<br>LEI: 3912000K0W3TWP1KMO81 | Long             | ABS-CBDO         | CORP              | KY        |     15180000 | PA      | $15235604.34    | 0.08%             | 2037-10-20      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                                  | SM Energy Co                                                                     | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |       380000 | PA      | $382790.04      | 0.00%             | 2029-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                       | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AR0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12470000 | PA      | $11282343.48    | 0.06%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |   -785768700 | NC      | $-257808.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                                | Carlyle US CLO 2024-6 Ltd                                                        | CUSIP: 14319PAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       510000 | PA      | $512000.37      | 0.00%             | 2037-10-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31412NEN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        23856 | PA      | $25231.09       | 0.00%             | 2038-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                                  | Hudson Yards 2019-30HY Mortgage Trust                                            | CUSIP: 44421GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       195000 | PA      | $186631.52      | 0.00%             | 2039-07-10      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                        | CHL Mortgage Pass-Through Trust 2006-OA5                                         | CUSIP: 126694N46<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       329168 | PA      | $302908.20      | 0.00%             | 2046-04-25      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140X83E5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3529034 | PA      | $3412075.35     | 0.02%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Atlas Senior Loan Fund LTD                                    | Atlas Senior Loan Fund XXII Ltd                                                  | CUSIP: 04940BAA8<br>LEI: 529900J6GF0KI17SQP67 | Long             | ABS-CBDO         | CORP              | JE        |      2620000 | PA      | $2623114.66     | 0.01%             | 2036-01-20      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                           | Benin Government International Bond                                              | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |       200000 | PA      | $207812.00      | 0.00%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                                            | CNX Resources Corp                                                               | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |      7465000 | PA      | $7792712.75     | 0.04%             | 2032-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WPHP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       107410 | PA      | $99270.82       | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                                | SMB Private Education Loan Trust 2020-PT-A                                       | CUSIP: 78449VAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6740000 | PA      | $6056791.81     | 0.03%             | 2054-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | PARAMOUNT SKYDANCE CORP                                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |          143 | NC      | $572.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IRON MOUNTAIN INC                                             | Iron Mountain Inc                                                                | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |       157000 | PA      | $156799.90      | 0.00%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIR 2017-1 PTT A                                       | Spirit Airlines Pass Through Trust 2017-1A                                       | CUSIP: 84858XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2590912 | PA      | $2381097.92     | 0.01%             | 2030-02-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| MCM 2021-VFN1: NOTE CMO/WHOLE                                 | MCM 2021-VFN1: NOTE CMO/WHOLE                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     23534315 | PA      | $22565955.26    | 0.12%             | 2031-09-25      | Fixed         | 2.50%                 | No            |                  3 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307MZJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       160997 | PA      | $158158.23      | 0.00%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-F                                                  | CUSIP: 00971FAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18845652 | PA      | $18573646.58    | 0.10%             | 2061-06-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED GROUP BV                                               | United Group BV                                                                  | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |       587000 | PA      | $692462.61      | 0.00%             | 2032-01-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EPJ54<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       308326 | PA      | $303733.16      | 0.00%             | 2030-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                                | Gray Media Inc                                                                   | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      1116000 | PA      | $1158149.50     | 0.01%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307CLK2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        12834 | PA      | $12656.43       | 0.00%             | 2028-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2020-VIV2                                           | CUSIP: 05605NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2550000 | PA      | $2393814.80     | 0.01%             | 2044-03-09      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |   -132966000 | NC      | $-44974.25      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XGPR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5681078 | PA      | $5262374.26     | 0.03%             | 2037-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                      | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13808000 | PA      | $8912003.13     | 0.05%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                | Ellington Financial Mortgage Trust 2022-4                                        | CUSIP: 268432AF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2288000 | PA      | $2265018.64     | 0.01%             | 2067-09-25      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| Solaris Energy Infrastructure                                 | Solaris Energy Infrastructure Inc                                                | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |        47489 | NS      | $2183069.33     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BATH & BODY WORKS INC                                         | Bath & Body Works Inc                                                            | CUSIP: 501797AR5<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |       100000 | PA      | $102469.70      | 0.00%             | 2029-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                       | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4559000 | PA      | $4366731.47     | 0.02%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                                          | FS Rialto 2024-FL9 Issuer LLC                                                    | CUSIP: 30338WAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      4627000 | PA      | $4620382.00     | 0.03%             | 2039-10-19      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                        | Extra Space Storage LP                                                           | CUSIP: 30225VAP2<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |      5163000 | PA      | $4671000.64     | 0.03%             | 2030-10-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307MQX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        32675 | PA      | $31624.84       | 0.00%             | 2030-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132CWSB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12209285 | PA      | $11121245.28    | 0.06%             | 2036-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | CDS VOLKSWAGEN AG                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              | CORP              | DE        |            1 | NC      | $-4136.73       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                             | Iron Mountain Inc                                                                | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |       100000 | PA      | $98654.81       | 0.00%             | 2029-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HILTON GARDEN INN WAIKIKI 05/31/29                            | HILTON GARDEN INN WAIKIKI 05/31/29                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     13200000 | PA      | $13164701.88    | 0.07%             | 2029-05-31      | Floating      | 7.17%                 | No            |                  3 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                       | Philippine Government International Bond                                         | CUSIP: 718286CP0<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     15450000 | PA      | $11085375.00    | 0.06%             | 2046-07-06      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                    | Apidos CLO XXXVII                                                                | CUSIP: 03769FAA9<br>LEI: 549300OGB01ASKLNI660 | Long             | ABS-CBDO         | CORP              | KY        |       455000 | PA      | $456290.88      | 0.00%             | 2034-10-22      | Floating      | 10.42%                | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-F                                                  | CUSIP: 00971FAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13017471 | PA      | $12945929.89    | 0.07%             | 2061-06-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                              | COLT 2025-8 Mortgage Loan Trust                                                  | CUSIP: 19689DAE9<br>LEI: 2138009IZ4NQZAKAEN75 | Long             | ABS-MBS          | CORP              | US        |       699000 | PA      | $706979.57      | 0.00%             | 2070-08-25      | Variable      | 7.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EPJ62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       252489 | PA      | $248680.24      | 0.00%             | 2030-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                | Morgan Stanley Capital I Trust 2019-H6                                           | CUSIP: 61769JAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       630000 | PA      | $519595.15      | 0.00%             | 2052-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                             | Herc Holdings Inc                                                                | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |       120000 | PA      | $127246.09      | 0.00%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                       | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     39380000 | PA      | $2025721.85     | 0.01%             | 2036-02-21      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-80537.49      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810RD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     33822000 | PA      | $29640491.10    | 0.16%             | 2043-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                              | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |       730000 | PA      | $673945.86      | 0.00%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| 3R LUX SARL                                                   | 3R Lux SARL                                                                      | CUSIP: 88563PAA6<br>LEI: 9845007D0DF0BEFD8D97 | Long             | DBT              | CORP              | LU        |       440000 | PA      | $453477.20      | 0.00%             | 2031-02-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                                       | BDS 2024-FL13 LLC                                                                | CUSIP: 05555MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      2735000 | PA      | $2730118.03     | 0.01%             | 2039-09-19      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132AEJ98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1327947 | PA      | $1315926.07     | 0.01%             | 2049-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418MGQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |          748 | PA      | $779.43         | 0.00%             | 2039-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                      | Univision Communications Inc                                                     | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |       206000 | PA      | $209387.88      | 0.00%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GRUPPO SAN DONATO SPA                                         | Gruppo San Donato SPA                                                            | CUSIP: 000000000<br>LEI: 8156003649DB0704FC22 | Long             | DBT              | CORP              | IT        |       252000 | PA      | $301425.43      | 0.00%             | 2031-10-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 3620A6DC8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       121489 | PA      | $124964.14      | 0.00%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2015-IV Ltd                                                         | CUSIP: 12550TAY1<br>LEI: 549300ZXX0SJBZWIWI81 | Long             | ABS-CBDO         | CORP              | KY        |       510000 | PA      | $510873.07      | 0.00%             | 2034-04-20      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                    | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-4702.32       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CML LAKE TAHOE RESORT HOTEL 10-26                             | CML LAKE TAHOE RESORT HOTEL 10-26                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      8244150 | PA      | $8095657.19     | 0.04%             | 2026-10-25      | Floating      | 6.80%                 | No            |                  3 | On Loan: No      |
| SMB Private Education Loan Tru                                | SMB Private Education Loan Trust 2020-PT-A                                       | CUSIP: 78449VAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6065626 | PA      | $5750950.68     | 0.03%             | 2054-09-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140GUMN4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1563475 | PA      | $1552866.10     | 0.01%             | 2047-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31410G4B6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       102569 | PA      | $108483.64      | 0.00%             | 2038-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                           | Synchrony Financial                                                              | CUSIP: 87165BAW3<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     34083000 | PA      | $34945310.12    | 0.19%             | 2031-03-06      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| WULF COMPUTE LLC                                              | WULF Compute LLC                                                                 | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       638000 | PA      | $657298.50      | 0.00%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                          | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  47213000000 | PA      | $3024313.87     | 0.02%             | 2038-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus                                | CSAIL 2019-C17 Commercial Mortgage Trust                                         | CUSIP: 12597BAX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     19090000 | PA      | $321723.77      | 0.00%             | 2052-09-15      | Variable      | 0.52%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-F                                                  | CUSIP: 00971FAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     34307069 | PA      | $34290478.02    | 0.19%             | 2061-06-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HLLC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5019987 | PA      | $5068901.35     | 0.03%             | 2055-06-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                               | CDS UNITED MEXICAN STATES                                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-21051.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA GLOBAL FINANCIAL PRODUCTS INC.                         | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: 0Z3VO5H2G7GRS05BHJ91 | N/A              | DIR              | CORP              | US        |   -330849979 | NC      | $-1549277.69    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Elmwood CLO VI Ltd.                                           | Elmwood CLO VI Ltd                                                               | CUSIP: 29001VAU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3381000 | PA      | $3393969.18     | 0.02%             | 2037-07-18      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                 | New Residential Mortgage Loan Trust 2024-NQM3                                    | CUSIP: 647910AG3<br>LEI: 213800HBIGZVLLQA9I67 | Long             | ABS-MBS          | CORP              | US        |       781000 | PA      | $796658.89      | 0.00%             | 2064-11-25      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                      | OHA Credit Partners XVI                                                          | CUSIP: 67115LAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      5387770 | PA      | $5406596.48     | 0.03%             | 2037-10-18      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810RC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     33822000 | PA      | $29195255.92    | 0.16%             | 2043-08-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                              | Symphony CLO XXVI Ltd                                                            | CUSIP: 87190GAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1408046 | PA      | $1408941.89     | 0.01%             | 2033-04-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                      | Univision Communications Inc                                                     | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |       200000 | PA      | $207135.00      | 0.00%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MASTR Specialized Loan Trust                                  | Mastr Specialized Loan Trust                                                     | CUSIP: 57643BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       161367 | PA      | $157695.84      | 0.00%             | 2046-06-25      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417FR75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1800719 | PA      | $1658147.64     | 0.01%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2025-C                                                 | CUSIP: 64035UAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7733144 | PA      | $7787147.82     | 0.04%             | 2065-06-22      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFKW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       209915 | PA      | $208408.36      | 0.00%             | 2030-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UBS Securities LLC                                            | USD/CLP FORWARD                                                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |            1 | NC      | $93059.59       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL                                              | Maxam Prill Sarl                                                                 | CUSIP: 000000000<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |      3390000 | PA      | $4070312.39     | 0.02%             | 2030-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DPQ43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1436168 | PA      | $1470754.87     | 0.01%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO I Ltd.                                            | Elmwood CLO I Ltd                                                                | CUSIP: 290015AW6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250864.00      | 0.00%             | 2037-04-20      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418MGR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        31570 | PA      | $33389.79       | 0.00%             | 2038-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                                  | SM Energy Co                                                                     | CUSIP: 78454LAY6<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |       478000 | PA      | $469906.80      | 0.00%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                      | Olympus Water US Holding Corp                                                    | CUSIP: 000000000<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |       723000 | PA      | $842981.85      | 0.00%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                                          | Signal Peak CLO 7 Ltd                                                            | CUSIP: 82671EAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       270000 | PA      | $270267.89      | 0.00%             | 2037-10-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                              | Trinitas CLO XXX Ltd                                                             | CUSIP: 89643DAA5<br>LEI: 254900TSX6348DURD845 | Long             | ABS-CBDO         | CORP              | KY        |      2140000 | PA      | $2147686.88     | 0.01%             | 2037-10-23      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2025-42 Ltd                                                              | CUSIP: 67097SAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2060000 | PA      | $2065094.79     | 0.01%             | 2038-05-21      | Floating      | 5.58%                 | 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        |      2068000 | PA      | $2488832.22     | 0.01%             | 2033-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24                        | AUST 3YR BOND                                                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |         2726 | NC      | $-133620.45     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WPHS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       468046 | PA      | $432532.06      | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                      | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13853000 | PA      | $8335727.87     | 0.05%             | 2062-06-30      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus                                | CSAIL 2019-C17 Commercial Mortgage Trust                                         | CUSIP: 12597BAW9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9112272 | PA      | $330168.59      | 0.00%             | 2052-09-15      | Variable      | 1.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31402C4G4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4186894 | PA      | $4304551.69     | 0.02%             | 2034-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                        | Extra Space Storage LP                                                           | CUSIP: 30225VAR8<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |       954000 | PA      | $1011497.01     | 0.01%             | 2031-01-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                               | Nissan Motor Co Ltd                                                              | CUSIP: 654922AD5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |       470000 | PA      | $499432.50      | 0.00%             | 2035-07-17      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| AT&T REIGN II LB PTT                                          | AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust                     | CUSIP: 046912AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21025000 | PA      | $21234781.14    | 0.12%             | 2044-12-15      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                             | Herc Holdings Inc                                                                | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |       289000 | PA      | $300010.47      | 0.00%             | 2029-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31335CCX0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       668685 | PA      | $680803.27      | 0.00%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CBS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     43747500 | PA      | $41637024.79    | 0.23%             | 2028-03-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                              | COP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-41327.58      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                      | Univision Communications Inc                                                     | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |      1152000 | PA      | $1203412.61     | 0.01%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                        | GSAA Home Equity Trust 2006-4                                                    | CUSIP: 362334FD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1436476 | PA      | $990107.36      | 0.01%             | 2036-03-25      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                                   | PRKCM 2023-AFC1 Trust                                                            | CUSIP: 693981AE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2349000 | PA      | $2341323.00     | 0.01%             | 2058-02-25      | Variable      | 7.40%                 | No            |                  2 | On Loan: No      |
| Hydrofarm Holdings Group Inc                                  | Hydrofarm Holdings Group Inc                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      2093862 | PA      | $1716967.10     | 0.01%             | 2028-10-25      | Floating      | 9.60%                 | No            |                  3 | On Loan: No      |
| Lumen Technologies Inc                                        | Lumen Technologies Inc                                                           | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |       181181 | NS      | $1407776.37     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COLT Funding LLC                                              | COLT 2024-6 Mortgage Loan Trust                                                  | CUSIP: 19688XAA4<br>LEI: 213800U2X2TO1PQH1O75 | Long             | ABS-MBS          | CORP              | US        |      2695045 | PA      | $2710040.63     | 0.01%             | 2069-11-25      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance Designated Act                                | Prodigy Finance CM2021-1 DAC                                                     | CUSIP: 742857AA3<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |        77761 | PA      | $77789.04       | 0.00%             | 2051-07-25      | Floating      | 9.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DNAY9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     31493212 | PA      | $27126154.32    | 0.15%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Secu                                | Bear Stearns Asset Backed Securities I Trust 2005-AC9                            | CUSIP: 0738794J4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       135726 | PA      | $134608.92      | 0.00%             | 2035-12-25      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Penta CLO S.A.                                                | Penta CLO 12 DAC                                                                 | CUSIP: 000000000<br>LEI: 549300DL63785U3TSU42 | Long             | ABS-CBDO         | CORP              | IE        |      3000000 | PA      | $3529325.85     | 0.02%             | 2038-11-09      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                    | CHF/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |            1 | NC      | $32019.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                  | CSMC 2021-RPL9 Trust                                                             | CUSIP: 12658XAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8404025 | PA      | $8372289.93     | 0.05%             | 2061-02-25      | Variable      | 3.87%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                             | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |       561000 | PA      | $590412.35      | 0.00%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SURA ASSET MANAGEMENT                                         | SURA Asset Management SA                                                         | CUSIP: 000000000<br>LEI: 549300013ETMS1C0EA22 | Long             | DBT              | CORP              | CO        |      1369000 | PA      | $1459805.77     | 0.01%             | 2032-05-13      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FKM7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1574293 | PA      | $1531627.15     | 0.01%             | 2040-09-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo                                | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd                           | CUSIP: 03880XAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       117750 | PA      | $118223.80      | 0.00%             | 2037-01-15      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INFO MGMT                                       | Iron Mountain Information Management Services Inc                                | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       139000 | PA      | $132698.43      | 0.00%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORL TRUST                                                     | ORL Trust 2024-GLKS                                                              | CUSIP: 67120DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4150000 | PA      | $4156424.62     | 0.02%             | 2039-12-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae REMICS                                                                | CUSIP: 3136BVAP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3426046 | PA      | $3454184.55     | 0.02%             | 2054-08-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XGPV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1379632 | PA      | $1333884.29     | 0.01%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36180DQD2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       173606 | PA      | $161908.89      | 0.00%             | 2043-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| THE ROYAL BANK OF SCOTLAND INTERNATIONAL LIMITED              | USD/HUF FORWARD                                                                  | CUSIP: 000000000<br>LEI: 21380078CCZSEEIIKA41 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-28783.78      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                        | Extra Space Storage LP                                                           | CUSIP: 30225VAU1<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |      2440000 | PA      | $2501356.56     | 0.01%             | 2035-06-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                             | Rakuten Group Inc                                                                | CUSIP: 000000000<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |     14000000 | PA      | $15658445.60    | 0.09%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                      | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       693000 | PA      | $480762.35      | 0.00%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                | Mariner Finance Issuance Trust 2024-A                                            | CUSIP: 567928AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5718000 | PA      | $5794140.89     | 0.03%             | 2036-09-22      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417GTW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        27259 | PA      | $25122.35       | 0.00%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EN2P3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2347217 | PA      | $2170125.85     | 0.01%             | 2044-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae REMICS                                                                | CUSIP: 3136BSQY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6903738 | PA      | $6923143.58     | 0.04%             | 2054-09-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| VACO HOLDINGS LLC                                             | Vaco Holdings LLC                                                                | CUSIP: 91865FAJ8<br>LEI: 54930076HTNXBP03T379 | Long             | LON              | CORP              | US        |      1602817 | PA      | $1301968.22     | 0.01%             | 2029-01-22      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140Q9YZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       770173 | PA      | $770934.69      | 0.00%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Shackleton CLO LTD                                            | Shackleton 2013-III CLO Ltd                                                      | CUSIP: 81881QAU0<br>LEI: 549300S9WB2KLCOJR134 | Long             | ABS-CBDO         | CORP              | KY        |       447522 | PA      | $447955.04      | 0.00%             | 2030-07-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | FREEPORT-MCMORAN INC                                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |          115 | NC      | $3737.50        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                       | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AL3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3702000 | PA      | $3766435.49     | 0.02%             | 2029-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Bletchley Park Funding                                        | Bletchley Park Funding 2025-1 PLC                                                | CUSIP: 000000000<br>LEI: 635400OJVL3HJJTKNB05 | Long             | ABS-MBS          | CORP              | GB        |       891000 | PA      | $1205838.35     | 0.01%             | 2070-01-27      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36180DQE0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       126712 | PA      | $118176.30      | 0.00%             | 2043-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J7LM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3420617 | PA      | $3162904.31     | 0.02%             | 2043-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HLLF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5065822 | PA      | $5115746.46     | 0.03%             | 2055-06-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Pierpont BTL                                                  | Pierpont BTL 2025-1 PLC                                                          | CUSIP: 000000000<br>LEI: 635400SRTLDO3B8L9Y97 | Long             | ABS-MBS          | CORP              | GB        |       151000 | PA      | $205534.94      | 0.00%             | 2062-03-21      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| CITYCON OYJ                                                   | Citycon Oyj                                                                      | CUSIP: 000000000<br>LEI: 549300P8N0P6KDGTJ206 | Long             | DBT              | CORP              | FI        |       261000 | PA      | $235607.93      | 0.00%             | N/A             | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                              | COLT 2025-8 Mortgage Loan Trust                                                  | CUSIP: 19689DAA7<br>LEI: 2138009IZ4NQZAKAEN75 | Long             | ABS-MBS          | CORP              | US        |      2240294 | PA      | $2259866.83     | 0.01%             | 2070-08-25      | Variable      | 5.48%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132KFAJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        70588 | PA      | $69292.81       | 0.00%             | 2030-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                      | MSCI Inc                                                                         | CUSIP: 55354GAR1<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     20054000 | PA      | $20186309.67    | 0.11%             | 2035-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | CDS SOUTHWEST AIRLINES CO                                                        | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              | CORP              | DE        |            1 | NC      | $-4092.95       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                               | Nissan Motor Co Ltd                                                              | CUSIP: 654922AC7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |       396000 | PA      | $420635.30      | 0.00%             | 2032-07-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                 | AppLovin Corp                                                                    | CUSIP: 03831WAE8<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     19554000 | PA      | $19366287.66    | 0.11%             | 2054-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch First Franklin M                                | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2                   | CUSIP: 59024QAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       736630 | PA      | $540532.10      | 0.00%             | 2037-05-25      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| CZECHOSLOVAK GROUP                                            | Czechoslovak Group AS                                                            | CUSIP: 000000000<br>LEI: 315700SWFD7G70AVG768 | Long             | DBT              | CORP              | CZ        |       739000 | PA      | $898869.35      | 0.00%             | 2031-01-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XHBF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       213402 | PA      | $213559.00      | 0.00%             | 2044-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AIR FRANCE-KLM                                                | Air France-KLM                                                                   | CUSIP: 000000000<br>LEI: 969500AQW31GYO8JZD66 | Long             | DBT              | CORP              | FR        |      1900000 | PA      | $2261853.63     | 0.01%             | N/A             | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                | Morgan Stanley Capital I Trust 2017-H1                                           | CUSIP: 61691JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3293000 | PA      | $89265.99       | 0.00%             | 2050-06-15      | Variable      | 2.14%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                                | Wells Fargo Commercial Mortgage Trust 2024-BPRC                                  | CUSIP: 95004AAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1160000 | PA      | $1169135.81     | 0.01%             | 2043-07-15      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2018-III Ltd                                                        | CUSIP: 12551YAJ2<br>LEI: 635400OB7ZCBUWDQNV87 | Long             | ABS-CBDO         | CORP              | KY        |       682000 | PA      | $683812.01      | 0.00%             | 2038-10-18      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                           | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |      1314000 | PA      | $1565585.63     | 0.01%             | 2032-07-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                              | S&P500 EMINI                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |          -39 | NC      | $-6310.44       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31419DHF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         9758 | PA      | $10011.94       | 0.00%             | 2040-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DSQ62<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     56565538 | PA      | $56605971.30    | 0.31%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI                 | CUSIP: 46593JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2310000 | PA      | $2355272.54     | 0.01%             | 2039-10-05      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| SARCOS TECHNOLOGY AND ROBOTICS CORP                           | SARCOS TECHNOLOGY AND ROBOTICS CORP                                              | CUSIP: 80359A114<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       267474 | NC      | $16396.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - SLST                                            | Seasoned Loans Structured Transaction Trust Series 2020-3                        | CUSIP: 35564CHL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       246499 | PA      | $244393.00      | 0.00%             | 2060-04-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                                       | Turkiye Government Bond                                                          | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     27900857 | PA      | $643292.15      | 0.00%             | 2028-11-08      | Fixed         | 31.08%                | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                      | Ford Motor Credit Co LLC                                                         | CUSIP: 345397ZW6<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |       773000 | PA      | $771947.63      | 0.00%             | 2026-08-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                                     | BPR Trust 2022-SSP                                                               | CUSIP: 05602HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1270000 | PA      | $1269999.11     | 0.01%             | 2039-05-15      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                         | TRK 2021-INV1 Trust                                                              | CUSIP: 89688WAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       937000 | PA      | $766398.72      | 0.00%             | 2056-07-25      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WPGT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       198833 | PA      | $183851.45      | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                               | CDS REPUBLIC OF COLOMBIA                                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |            1 | NC      | $46051.11       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3131Y3W44<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        53875 | PA      | $53389.86       | 0.00%             | 2048-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Navient Education Loan Trust                                  | Navient Education Loan Trust 2025-A                                              | CUSIP: 63943EAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       404000 | PA      | $407112.86      | 0.00%             | 2055-07-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                            | Serbia International Bond                                                        | CUSIP: 817477AJ1<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |       200000 | PA      | $206500.00      | 0.00%             | 2034-06-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31415MAL9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        35941 | PA      | $36439.52       | 0.00%             | 2038-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AL RAJHI SUKUK LTD                                            | Al Rajhi Sukuk Ltd                                                               | CUSIP: 000000000<br>LEI: 549300FHETHK3XGY8N60 | Long             | DBT              | CORP              | KY        |      1096000 | PA      | $1109656.16     | 0.01%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Sand Trust                                                    | Sandstone Peak IV Ltd                                                            | CUSIP: 80012AAG0<br>LEI: 254900HZXZ4VWBL5OX74 | Long             | ABS-CBDO         | CORP              | KY        |      1070000 | PA      | $1074982.67     | 0.01%             | 2039-01-20      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QGS24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1226081 | PA      | $1185651.55     | 0.01%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                       | Dryden 54 Senior Loan Fund                                                       | CUSIP: 26244RAF8<br>LEI: 54930064P37IJ78XTR63 | Long             | ABS-CBDO         | CORP              | KY        |       539746 | PA      | $539844.83      | 0.00%             | 2029-10-19      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                              | Deutsche Bank AG                                                                 | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |       800000 | PA      | $960138.40      | 0.01%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                        | CHL Mortgage Pass-Through Trust 2006-OA4                                         | CUSIP: 126694E95<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1205166 | PA      | $325616.90      | 0.00%             | 2046-04-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | CDS CMA CGM SA                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              | CORP              | DE        |            1 | NC      | $-87207.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | USD/INR ONE-TOUCH BARRIER OPTION; BARRIER PRICE USD 88.15000                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |       555600 | NC      | $36620.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                              | GGAM Finance Ltd                                                                 | CUSIP: 36170JAD8<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |       538000 | PA      | $558006.07      | 0.00%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EHT69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        45341 | PA      | $45732.71       | 0.00%             | 2039-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FTM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        37360 | PA      | $38395.02       | 0.00%             | 2041-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                      | Builders FirstSource Inc                                                         | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |       100000 | PA      | $95221.14       | 0.00%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae REMICS                                                                | CUSIP: 3136BUXZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11930751 | PA      | $12039630.20    | 0.07%             | 2055-02-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                                                | Brink's Co/The                                                                   | CUSIP: 109696AA2<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |       100000 | PA      | $99992.81       | 0.00%             | 2027-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                          | WR Grace Holdings LLC                                                            | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |        45000 | PA      | $44861.14       | 0.00%             | 2027-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179TQN8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        24570 | PA      | $22315.06       | 0.00%             | 2048-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANCO ESPIRITO SANTO SA                                       | Banco Espirito Santo SA                                                          | CUSIP: 000000000<br>LEI: 635400JV7IJL16OWIT96 | Long             | DBT              | CORP              | PT        |       400000 | PA      | $103417.60      | 0.00%             | 2017-05-08      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| PIONEER MIDCO 144A NOTES                                      | PIONEER MIDCO 144A NOTES                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      8609962 | PA      | $8631486.84     | 0.05%             | 2030-11-18      | Floating      | 10.50%                | No            |                  3 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |   -785768700 | NC      | $-506378.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                                          | Signal Peak CLO 11 Ltd                                                           | CUSIP: 82666XAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2000000 | PA      | $2006988.00     | 0.01%             | 2037-07-18      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Acres PLC                                                     | ACRES 2025-FL3 LLC                                                               | CUSIP: 00501DAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      6139000 | PA      | $6147123.74     | 0.03%             | 2040-08-18      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMX75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10321859 | PA      | $8991639.86     | 0.05%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Warwick Capital CLO Ltd                                       | Warwick Capital CLO 7 Ltd                                                        | CUSIP: 93656JAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       790000 | PA      | $792177.71      | 0.00%             | 2038-10-21      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                        | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      6215000 | PA      | $6288852.66     | 0.03%             | 2027-09-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2020-IV Ltd                                                         | CUSIP: 12562RAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      9120000 | PA      | $9148635.89     | 0.05%             | 2040-01-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| GT Loan Financing Ltd                                         | GT Loan Financing I Ltd 2013-1                                                   | CUSIP: 36248MAS6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     10630000 | PA      | $10637925.73    | 0.06%             | 2039-04-28      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                              | GGAM Finance Ltd                                                                 | CUSIP: 36170JAA4<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |       448000 | PA      | $474418.11      | 0.00%             | 2028-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                    | Apidos CLO XXXII                                                                 | CUSIP: 03768RAQ9<br>LEI: 549300CXPXW83QGWOL98 | Long             | ABS-CBDO         | CORP              | KY        |       739944 | PA      | $739927.10      | 0.00%             | 2033-01-20      | Floating      | 4.98%                 | 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        |      2681353 | PA      | $2679678.76     | 0.01%             | 2036-08-15      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | CDS UNITED GROUP BV                                                              | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-83429.09      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                        | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     19271000 | PA      | $5629171.83     | 0.03%             | 2029-04-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Soundview Home Equity Loan Tru                                | Soundview Home Loan Trust 2004-WMC1                                              | CUSIP: 83611MBW7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        30637 | PA      | $26748.35       | 0.00%             | 2035-01-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trus                                | CFCRE Commercial Mortgage Trust 2016-C3                                          | CUSIP: 12531WAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5497000 | PA      | $54.97          | 0.00%             | 2048-01-10      | Variable      | 1.71%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                           | Synchrony Financial                                                              | CUSIP: 87165BAU7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     13364000 | PA      | $14355759.95    | 0.08%             | 2033-02-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORP                                            | Mattamy Group Corp                                                               | CUSIP: 57701RAM4<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |      1791000 | PA      | $1738702.08     | 0.01%             | 2030-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Greenpoint Manufactured Housin                                | Greenpoint Manufactured Housing                                                  | CUSIP: 395383AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       469568 | PA      | $470329.41      | 0.00%             | 2029-12-15      | Variable      | 9.23%                 | No            |                  2 | On Loan: No      |
| GLP PTE LTD                                                   | GLP Pte Ltd                                                                      | CUSIP: 000000000<br>LEI: 254900PC2NNG9BLIJO15 | Long             | DBT              | CORP              | SG        |      1500000 | PA      | $1531875.00     | 0.01%             | 2028-05-20      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YDZH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        76205 | PA      | $74249.10       | 0.00%             | 2030-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2021-4                                    | CUSIP: 92258DAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       863425 | PA      | $711458.34      | 0.00%             | 2051-12-26      | Variable      | 4.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YLYN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       243611 | PA      | $223492.05      | 0.00%             | 2045-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                       | ZAR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-1237559.38    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                 | New Residential Mortgage Loan Trust 2025-NQM1                                    | CUSIP: 64832DAC5<br>LEI: 213800CZKHCTHKMD9W65 | Long             | ABS-MBS          | CORP              | US        |     10845020 | PA      | $10988065.40    | 0.06%             | 2065-01-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| Regatta VI Funding Ltd.                                       | Regatta VI Funding Ltd                                                           | CUSIP: 75887NBL2<br>LEI: 2549001NU08X5ZRD6A39 | Long             | ABS-CBDO         | CORP              | KY        |      5149654 | PA      | $5162368.50     | 0.03%             | 2038-10-20      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                 | Boeing Co/The                                                                    | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |        38550 | NS      | $2662263.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31335ANN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        75245 | PA      | $72891.21       | 0.00%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Romark CLO Ltd                                                | Romark CLO II Ltd                                                                | CUSIP: 77587EAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |        71407 | PA      | $71420.46       | 0.00%             | 2031-07-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                              | Symphony CLO XXXIII Ltd                                                          | CUSIP: 87169JAL6<br>LEI: 254900K6DKU2R9SF7M98 | Long             | ABS-CBDO         | CORP              | JE        |      2000000 | PA      | $2004624.80     | 0.01%             | 2038-01-24      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                                | Wells Fargo Commercial Mortgage Trust 2024-BPRC                                  | CUSIP: 95004AAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2732000 | PA      | $2758841.35     | 0.01%             | 2043-07-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138ERQ52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2513574 | PA      | $2511018.29     | 0.01%             | 2045-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2019-II Ltd                                                         | CUSIP: 12554ABA9<br>LEI: 254900JI8OLAMXS6KW67 | Long             | ABS-CBDO         | CORP              | KY        |      2190000 | PA      | $2195362.65     | 0.01%             | 2038-10-17      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Silver Point Euro CLO Designat                                | Silver Point Euro Clo 1 DAC                                                      | CUSIP: 000000000<br>LEI: 254900E59SU5T0V8CI79 | Long             | ABS-CBDO         | CORP              | IE        |      1465000 | PA      | $1726387.61     | 0.01%             | 2039-01-15      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |  -1090440000 | NC      | $-4210681.38    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QKVQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2592218 | PA      | $2364351.59     | 0.01%             | 2036-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                                         | Endo Finance Holdings Inc                                                        | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       525000 | PA      | $554894.03      | 0.00%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                                        | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       225000 | PA      | $233269.10      | 0.00%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                          | FREMF 2018-K74 Mortgage Trust                                                    | CUSIP: 30296LAG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       120000 | PA      | $118652.72      | 0.00%             | 2051-02-25      | Variable      | 4.09%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                          | WR Grace Holdings LLC                                                            | CUSIP: 92943GAF8<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |       357000 | PA      | $361558.77      | 0.00%             | 2032-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Regatta XVII Funding Ltd                                      | Regatta XVII Funding Ltd                                                         | CUSIP: 75888BAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1240000 | PA      | $1244736.80     | 0.01%             | 2037-10-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| BRACKEN MIDCO ONE                                             | Bracken MidCo1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800AFGHKES7J58805 | Long             | DBT              | CORP              | GB        |       424000 | PA      | $566171.81      | 0.00%             | 2027-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                | Morgan Stanley Capital I Trust 2019-L2                                           | CUSIP: 61768HAX4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7970010 | PA      | $206553.18      | 0.00%             | 2052-03-15      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| SCHAEFFLER AG                                                 | Schaeffler AG                                                                    | CUSIP: 000000000<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |      1600000 | PA      | $1982501.27     | 0.01%             | 2031-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL USA INC                                            | Murphy Oil USA Inc                                                               | CUSIP: 626738AF5<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |       261000 | PA      | $244965.34      | 0.00%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                                    | USD/HUF FORWARD                                                                  | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-1736.53       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QGRN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2163543 | PA      | $1870559.46     | 0.01%             | 2051-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                           | Synchrony Financial                                                              | CUSIP: 87165BAV5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     22532000 | PA      | $23482313.24    | 0.13%             | 2030-08-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| DC Commercial Mortgage Trust                                  | DC Trust 2024-HLTN                                                               | CUSIP: 24022FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       830000 | PA      | $840371.51      | 0.00%             | 2040-04-13      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2023-2                                    | CUSIP: 92260AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1967485 | PA      | $1965103.24     | 0.01%             | 2053-05-25      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                                         | Egypt Government Bond                                                            | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     25744000 | PA      | $555816.74      | 0.00%             | 2028-08-05      | Fixed         | 24.44%                | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                                      | Graphic Packaging International LLC                                              | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |        94000 | PA      | $95755.17       | 0.00%             | 2032-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2024-1                                    | CUSIP: 92261CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4606801 | PA      | $4653558.01     | 0.03%             | 2054-01-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| DBSG 2024-ALTA Mortgage Trust                                 | DBSG 2024-ALTA Mortgage Trust                                                    | CUSIP: 239918AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2583650 | PA      | $2623313.16     | 0.01%             | 2037-06-10      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securiti                                | Together Asset Backed Securitisation 2025-Cre-1 PLC                              | CUSIP: 000000000<br>LEI: 635400IHLPBPFA2IVG30 | Long             | ABS-MBS          | CORP              | GB        |       860000 | PA      | $1158875.32     | 0.01%             | 2057-01-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                          | YPF SA                                                                           | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |       852000 | PA      | $907644.12      | 0.00%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              | CORP              | US        |    -61404000 | NC      | $-129497.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XGR43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2271042 | PA      | $1839432.03     | 0.01%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PRIMEINVESTMENTPARTNERS                                       | PRIMEINVESTMENTPARTNERS                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5537442 | PA      | $5752294.75     | 0.03%             | 2030-05-01      | Fixed         | 11.00%                | No            |                  3 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                      | Univision Communications Inc                                                     | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |       102000 | PA      | $109630.93      | 0.00%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                  | Alphabet Inc                                                                     | CUSIP: 02079KBB2<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     22219000 | PA      | $21869064.97    | 0.12%             | 2075-11-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                                | HarborView Mortgage Loan Trust 2007-3                                            | CUSIP: 41164UAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1463579 | PA      | $1225312.88     | 0.01%             | 2037-05-19      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Coast Investment Grade                                        | COAST Commercial Mortgage Trust 2023-2HTL                                        | CUSIP: 19033EAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4620000 | PA      | $4614230.54     | 0.03%             | 2036-08-15      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2023-2                                    | CUSIP: 92260AAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1322012 | PA      | $1321945.40     | 0.01%             | 2053-05-25      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QS2P2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        13599 | PA      | $13172.07       | 0.00%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138ERHD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        78365 | PA      | $74101.28       | 0.00%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3129382K8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         1770 | PA      | $1818.58        | 0.00%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                     | JPY/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              | CORP              | US        |            1 | NC      | $43968.51       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                              | Trestles Clo IV Ltd                                                              | CUSIP: 89532WAN9<br>LEI: 254900EO5I6CR0IOWS98 | Long             | ABS-CBDO         | CORP              | KY        |      6050000 | PA      | $6065476.51     | 0.03%             | 2038-10-30      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| REXLOT HOLDINGS LTD                                           | REXLot Holdings Ltd                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1160847 | PA      | $0.01           | 0.00%             | 2019-04-17      | Variable      | 4.50%                 | No            |                  3 | On Loan: No      |
| Bluemountain CLO Ltd                                          | BlueMountain CLO 2015-3 Ltd                                                      | CUSIP: 09628JAL5<br>LEI: 5493009UJ1T6R11V4458 | Long             | ABS-CBDO         | CORP              | KY        |      1183396 | PA      | $1184037.88     | 0.01%             | 2031-04-20      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                           | Synchrony Financial                                                              | CUSIP: 87165BAP8<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |      8746000 | PA      | $8863376.74     | 0.05%             | 2029-03-19      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                                      | Graphic Packaging International LLC                                              | CUSIP: 38869AAD9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |        71000 | PA      | $67115.40       | 0.00%             | 2030-02-01      | Fixed         | 3.75%                 | 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        |       800000 | PA      | $942270.66      | 0.01%             | 2038-05-14      | Floating      | 3.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3131XM6F7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       198302 | PA      | $189445.53      | 0.00%             | 2043-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                      | Builders FirstSource Inc                                                         | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |       222000 | PA      | $232104.20      | 0.00%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810RK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     77505000 | PA      | $54889282.82    | 0.30%             | 2045-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FMC CORP                                                      | FMC Corp                                                                         | CUSIP: 302491AU9<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |       100000 | PA      | $88696.22       | 0.00%             | 2029-10-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | PALO ALTO NETWORKS INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |          116 | NC      | $1914.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEDOM MORTGAGE CORP                                         | Freedom Mortgage Corp                                                            | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |       428000 | PA      | $474713.32      | 0.00%             | 2030-10-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFBM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1562894 | PA      | $1432643.91     | 0.01%             | 2045-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DEUCE FINCO                                                   | Deuce Finco PLC                                                                  | CUSIP: 000000000<br>LEI: 9845007DA2BC863E8437 | Long             | DBT              | CORP              | GB        |       615000 | PA      | $733042.25      | 0.00%             | 2032-11-20      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140HBPX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       136783 | PA      | $135854.44      | 0.00%             | 2048-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                                | Wells Fargo Commercial Mortgage Trust 2024-BPRC                                  | CUSIP: 95004AAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4292000 | PA      | $4424957.58     | 0.02%             | 2043-07-15      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2024-34 Ltd                                                              | CUSIP: 67570MAJ9<br>LEI: 213800MLX1S56O7NHK45 | Long             | ABS-CBDO         | CORP              | JE        |       340000 | PA      | $339792.57      | 0.00%             | 2037-10-15      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                                      | Fortescue Treasury Pty Ltd                                                       | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |       125000 | PA      | $120890.49      | 0.00%             | 2031-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2021-C                                                 | CUSIP: 64035GAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       650000 | PA      | $566237.95      | 0.00%             | 2062-04-20      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                      | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |      1118000 | PA      | $1177469.77     | 0.01%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MGM CHINA HOLDINGS LTD                                        | MGM China Holdings Ltd                                                           | CUSIP: 55300RAJ0<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |       853000 | PA      | $902047.50      | 0.00%             | 2031-06-26      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                               | CDS ITRAXX.FINSR.44.V1                                                           | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-1382827.40    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bridge Street CLO I Ltd                                       | Bridge Street CLO VI Ltd                                                         | CUSIP: 10806PAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      4160000 | PA      | $4170503.17     | 0.02%             | 2039-01-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138ELX65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       169030 | PA      | $170178.86      | 0.00%             | 2042-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust                                 | HTL Commercial Mortgage Trust 2024-T53                                           | CUSIP: 404300AJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4964717 | PA      | $5122128.81     | 0.03%             | 2039-05-10      | Variable      | 10.26%                | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                       | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       570000 | PA      | $574609.52      | 0.00%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Henley CLO                                                    | Henley CLO IV DAC                                                                | CUSIP: 000000000<br>LEI: 6354009HFM8XXW6PPK55 | Long             | ABS-CBDO         | CORP              | IE        |       540000 | PA      | $632950.72      | 0.00%             | 2034-04-25      | Floating      | 3.42%                 | No            |                  2 | On Loan: No      |
| BCP MODULAR SERVICES                                          | BCP V Modular Services Finance II PLC                                            | CUSIP: 000000000<br>LEI: 213800227GGD6UI7PI97 | Long             | DBT              | CORP              | GB        |       100000 | PA      | $126529.18      | 0.00%             | 2028-11-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QLZ82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23931980 | PA      | $20622911.27    | 0.11%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                             | Park Blue CLO 2025-VIII Ltd                                                      | CUSIP: 70019WAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       950000 | PA      | $951891.17      | 0.01%             | 2038-10-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| SONDER COMMON 5 YR WARRANTS                                   | SONDER COMMON 5 YR WARRANTS                                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       262154 | NC      | $2.62           | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Cassia S.r.l.                                                 | Cassia 2022-1 SRL                                                                | CUSIP: 000000000<br>LEI: 815600A9D6ADF4638276 | Long             | ABS-MBS          | CORP              | IT        |      7561939 | PA      | $8908261.35     | 0.05%             | 2034-05-22      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                       | USD/ZAR FORWARD                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |            1 | NC      | $563561.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                        | USD CALL VERSUS TRY PUT                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              | CORP              | CH        |      -691000 | NC      | $-2524.71       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 61747YFU4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      3143000 | PA      | $3181022.69     | 0.02%             | 2030-10-18      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38382QQP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      8166787 | PA      | $1357382.96     | 0.01%             | 2051-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179RBX6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       225311 | PA      | $210224.06      | 0.00%             | 2045-04-20      | Fixed         | 3.50%                 | 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        |       472000 | PA      | $502817.36      | 0.00%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                      | Builders FirstSource Inc                                                         | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |       398000 | PA      | $411504.90      | 0.00%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                    | Apidos CLO XLVI Ltd                                                              | CUSIP: 03770RAN2<br>LEI: 254900XSALC4GJ58ZP29 | Long             | ABS-CBDO         | CORP              | JE        |      1690000 | PA      | $1690899.25     | 0.01%             | 2038-10-24      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| GATEGROUP FINANCE LUX SA                                      | gategroup Finance Luxembourg SA                                                  | CUSIP: 000000000<br>LEI: 529900Q1OR7LI4GOGW68 | Long             | DBT              | CORP              | LU        |      1620000 | PA      | $2035096.93     | 0.01%             | 2027-02-28      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                      | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |       585000 | PA      | $612579.00      | 0.00%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                 | UBS Commercial Mortgage Trust 2017-C7                                            | CUSIP: 90276WAS6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       880000 | PA      | $872740.44      | 0.00%             | 2050-12-15      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2025-JDI                                            | CUSIP: 05594LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8650000 | PA      | $8658039.31     | 0.05%             | 2042-11-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                              | NASDAQ 100 E-MINI                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |          -20 | NC      | $4497.58        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2019-VII Ltd                                                        | CUSIP: 171935AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      4750000 | PA      | $4763300.00     | 0.03%             | 2038-10-19      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                             | Rakuten Group Inc                                                                | CUSIP: 000000000<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |       654000 | PA      | $745503.93      | 0.00%             | N/A             | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132KFAC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       346820 | PA      | $337735.92      | 0.00%             | 2030-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Sand Trust                                                    | Sandstone Peak IV Ltd                                                            | CUSIP: 80012AAA3<br>LEI: 254900HZXZ4VWBL5OX74 | Long             | ABS-CBDO         | CORP              | KY        |      3620000 | PA      | $3629725.13     | 0.02%             | 2039-01-20      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                                 | UK Logistics 2025-1 DAC                                                          | CUSIP: 000000000<br>LEI: 635400LLQ82YFJBFFU27 | Long             | ABS-MBS          | CORP              | GB        |      4493194 | PA      | $6061192.32     | 0.03%             | 2035-05-17      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2021-C                                                 | CUSIP: 64035GAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12397305 | PA      | $10894734.28    | 0.06%             | 2062-04-20      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                                | BHG Securitization Trust 2021-A                                                  | CUSIP: 08861YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1007000 | PA      | $991805.68      | 0.01%             | 2033-11-17      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| Bank                                                          | BANK 2021-BNK35                                                                  | CUSIP: 06540CBX4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1583000 | PA      | $1347457.52     | 0.01%             | 2064-06-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| BCP V MODULAR SERVICES                                        | BCP V Modular Services Finance PLC                                               | CUSIP: 000000000<br>LEI: 213800K8U94KVZL98H64 | Long             | DBT              | CORP              | GB        |       412000 | PA      | $373451.85      | 0.00%             | 2029-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC                    | CUSIP: 466330AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       973325 | PA      | $973023.27      | 0.01%             | 2038-04-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                              | EUR CALL VERSUS HUF PUT                                                          | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              | CORP              | FR        |     -3992000 | NC      | $-1026.13       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BPR Trust                                                     | BPR Commercial Mortgage Trust 2024-PARK                                          | CUSIP: 05593UAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1880000 | PA      | $1916123.26     | 0.01%             | 2039-11-05      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                                | BRAVO Residential Funding Trust 2023-NQM6                                        | CUSIP: 10569DAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       662000 | PA      | $669358.39      | 0.00%             | 2063-09-25      | Variable      | 7.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QRB85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4134643 | PA      | $4236357.93     | 0.02%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36179F7F6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       114387 | PA      | $106680.63      | 0.00%             | 2043-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                            | Aqua Finance Trust 2021-A                                                        | CUSIP: 03842VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       167456 | PA      | $154064.16      | 0.00%             | 2046-07-17      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| ION PLATFORM FINANCE US                                       | ION Platform Finance US Inc                                                      | CUSIP: 46205QAB4<br>LEI: 213800FKHT3BRRKMCC89 | Long             | DBT              | CORP              | US        |       500000 | PA      | $474428.66      | 0.00%             | 2032-09-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                              | Symphony CLO 40 Ltd                                                              | CUSIP: 871989AP4<br>LEI: 25490001HYY3IX1I5Z32 | Long             | ABS-CBDO         | CORP              | BM        |      2640000 | PA      | $2649812.88     | 0.01%             | 2038-01-05      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| VF CORP                                                       | VF Corp                                                                          | CUSIP: 918204BE7<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |      1780000 | PA      | $2098893.71     | 0.01%             | 2029-03-07      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu                                | GreenSky Home Improvement Issuer Trust 2025-3                                    | CUSIP: 39571WAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5275000 | PA      | $5287252.77     | 0.03%             | 2060-12-27      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| Kennedy Lewis CLO Ltd                                         | Kennedy Lewis CLO 4 Ltd                                                          | CUSIP: 37148BAC4<br>LEI: 549300HNXZUJB12SQJ60 | Long             | ABS-CBDO         | CORP              | KY        |      8250000 | PA      | $8277802.50     | 0.04%             | 2037-07-20      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| OSAKA EXCHANGE,INC                                            | JAPAN 10Y BOND(OSE)                                                              | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              | CORP              | JP        |           20 | NC      | $-147389.55     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo Commercial Mortgag                                | Wells Fargo Commercial Mortgage Trust 2024-BPRC                                  | CUSIP: 95004AAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     33871000 | PA      | $283208.98      | 0.00%             | 2043-07-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                           | Sirius XM Radio LLC                                                              | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |       704000 | PA      | $688206.53      | 0.00%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METHANEX CORP                                                 | Methanex Corp                                                                    | CUSIP: 59151KAM0<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |       320000 | PA      | $321810.56      | 0.00%             | 2027-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                                      | Fortescue Treasury Pty Ltd                                                       | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |       173000 | PA      | $180522.67      | 0.00%             | 2032-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                           | Synchrony Financial                                                              | CUSIP: 87165BAR4<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     21705000 | PA      | $19472861.71    | 0.11%             | 2031-10-28      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QRRY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        47289 | PA      | $48187.48       | 0.00%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                       | Philippine Government International Bond                                         | CUSIP: 718286CC9<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     11468000 | PA      | $11209970.00    | 0.06%             | 2028-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| STEM INC                                                      | Stem Inc                                                                         | CUSIP: 85859NAA0<br>LEI: 549300GVWIYFILN5V546 | Long             | DBT              | CORP              | US        |       622000 | PA      | $242580.00      | 0.00%             | 2028-12-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                      | Builders FirstSource Inc                                                         | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |       166000 | PA      | $171998.48      | 0.00%             | 2032-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                        | Rockford Tower CLO 2021-1 Ltd                                                    | CUSIP: 77341KAE1<br>LEI: 5493000QG193Z8ZVLY16 | Long             | ABS-CBDO         | CORP              | KY        |      1110000 | PA      | $1110334.44     | 0.01%             | 2034-07-20      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | USD/PLN FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $44339.83       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132KFAB8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       352746 | PA      | $343659.47      | 0.00%             | 2030-08-01      | Fixed         | 2.50%                 | 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        |       162000 | PA      | $167437.21      | 0.00%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                      | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |       361000 | PA      | $381321.11      | 0.00%             | 2033-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                                      | Fortescue Treasury Pty Ltd                                                       | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |       100000 | PA      | $102835.82      | 0.00%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding LXXIII Ltd                                                  | CUSIP: 55823HAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       730000 | PA      | $732181.53      | 0.00%             | 2038-10-17      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                 | New Residential Mortgage Loan Trust 2025-NQM1                                    | CUSIP: 64832DAF8<br>LEI: 213800CZKHCTHKMD9W65 | Long             | ABS-MBS          | CORP              | US        |       679356 | PA      | $697062.87      | 0.00%             | 2065-01-25      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38378KBK4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2311154 | PA      | $33269.06       | 0.00%             | 2053-09-16      | Variable      | 0.53%                 | No            |                  2 | On Loan: No      |
| First Horizon Alternative Mort                                | First Horizon Alternative Mortgage Securities Trust 2005-AA12                    | CUSIP: 32051GQ81<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        17792 | PA      | $10601.89       | 0.00%             | 2036-02-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DQAY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       234480 | PA      | $239405.62      | 0.00%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Canyon Capital CLO Ltd                                        | Canyon CLO 2020-3 Ltd                                                            | CUSIP: 13876RAN4<br>LEI: 25490032WO5XW3V7KL43 | Long             | ABS-CBDO         | CORP              | KY        |      2945000 | PA      | $2956230.17     | 0.02%             | 2037-10-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | CDS DEUTSCHE BANK AG                                                             | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-93944.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CFK Trust                                                     | CFK Trust 2019-FAX                                                               | CUSIP: 12528XAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2643000 | PA      | $2551586.56     | 0.01%             | 2039-01-15      | Variable      | 4.64%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                       | Dryden 113 CLO Ltd                                                               | CUSIP: 26253EBK3<br>LEI: 254900XN9Y85HJGYJ219 | Long             | ABS-CBDO         | CORP              | JE        |      1500000 | PA      | $1498689.00     | 0.01%             | 2037-10-15      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CKW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     29985600 | PA      | $30664961.25    | 0.17%             | 2031-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140NGTP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2259317 | PA      | $2310079.11     | 0.01%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                         | Directv Financing LLC                                                            | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       394000 | PA      | $398646.84      | 0.00%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QELS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12313117 | PA      | $10635271.76    | 0.06%             | 2050-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                           | COMM 2016-667M Mortgage Trust                                                    | CUSIP: 12636GAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       146760 | PA      | $110464.39      | 0.00%             | 2036-10-10      | Variable      | 3.18%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 61747YFS9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     28523000 | PA      | $29244235.15    | 0.16%             | 2030-07-19      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Octagon 56 Ltd                                                | Octagon 56 Ltd                                                                   | CUSIP: 67577EAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250475.48      | 0.00%             | 2034-10-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                             | Ghana Government International Bond                                              | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |       868000 | PA      | $792248.95      | 0.00%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                              | 3 MONTH SOFR                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |          148 | NC      | $62863.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLISON TRANSMISSION INC                                      | Allison Transmission Inc                                                         | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |       192000 | PA      | $191737.73      | 0.00%             | 2027-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KRVS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1857389 | PA      | $1891851.84     | 0.01%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                     | CIM Trust 2023-I2                                                                | CUSIP: 12570HAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2496244 | PA      | $2507619.40     | 0.01%             | 2067-12-25      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| ADT SEC CORP                                                  | ADT Security Corp/The                                                            | CUSIP: 00109LAB9<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |       121000 | PA      | $122499.62      | 0.00%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Structured Adjustable Rate Mor                                | Structured Adjustable Rate Mortgage Loan Trust Series 2006-3                     | CUSIP: 863579Y69<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       484382 | PA      | $247471.77      | 0.00%             | 2036-04-25      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QUZV8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       135043 | PA      | $131651.38      | 0.00%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                          | Bank of America Corp                                                             | CUSIP: 06051GFG9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      3276000 | PA      | $3107197.91     | 0.02%             | 2044-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810RX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     34838600 | PA      | $26161611.19    | 0.14%             | 2047-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EVGO INC                                                      | EVGO INC                                                                         | CUSIP: 30052F118<br>LEI: 254900NJU5Y3D9R42S26 | N/A              | DE               | CORP              | US        |        75790 | NC      | $5684.25        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Preston Ridge Partners Mortgag                                | PRPM 2024-NQM1 Trust                                                             | CUSIP: 693977AE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1346000 | PA      | $1358196.24     | 0.01%             | 2068-12-25      | Variable      | 7.40%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                        | USD CALL VERSUS COP PUT                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              | CORP              | CH        |     -4629000 | NC      | $-71495.82      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                                | CarVal CLO VC Ltd                                                                | CUSIP: 14687MAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250014.00      | 0.00%             | 2034-10-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Aimco                                                         | Aimco CLO 11 Ltd                                                                 | CUSIP: 00140NAW0<br>LEI: 549300VLRW0CEQ83RF89 | Long             | ABS-CBDO         | CORP              | KY        |      2190000 | PA      | $2199042.51     | 0.01%             | 2037-07-17      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu                                | JPMBB Commercial Mortgage Securities Trust 2015-C33                              | CUSIP: 46645JBG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       785000 | PA      | $716438.10      | 0.00%             | 2048-12-15      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | JP Morgan Mortgage Trust Series 2025-NQM5                                        | CUSIP: 46664DAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       287913 | PA      | $287201.85      | 0.00%             | 2065-05-25      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| IRCA SPA                                                      | Irca SpA                                                                         | CUSIP: 000000000<br>LEI: 815600CDE52BA2426216 | Long             | DBT              | CORP              | IT        |       455000 | PA      | $543368.01      | 0.00%             | 2029-12-15      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Home Equity Mortgage Trust                                    | Home Equity Mortgage Trust 2006-2                                                | CUSIP: 225470W25<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1610881 | PA      | $137635.42      | 0.00%             | 2036-07-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 29 Ltd                                            | Elmwood CLO 29 Ltd                                                               | CUSIP: 289913AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      4760000 | PA      | $4776395.82     | 0.03%             | 2037-04-20      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                           | Synchrony Financial                                                              | CUSIP: 87165BAM5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |      6324000 | PA      | $6293864.43     | 0.03%             | 2027-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 61747YFQ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     15450000 | PA      | $16096207.53    | 0.09%             | 2030-04-18      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                         | Wells Fargo & Co                                                                 | CUSIP: 95000U2J1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      1518000 | PA      | $1417788.55     | 0.01%             | 2031-02-11      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                                            | LONG GILT                                                                        | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |          -79 | NC      | $-40037.47      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                      | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10519000 | PA      | $11063416.21    | 0.06%             | 2034-06-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFBR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3056907 | PA      | $2802149.08     | 0.02%             | 2045-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Regatta XVIII Funding Ltd                                     | Regatta XVIII Funding Ltd                                                        | CUSIP: 75884EAS1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       750000 | PA      | $751945.28      | 0.00%             | 2038-04-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Golden Ray S.A.                                               | Golden Ray SA Compartment 2                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |       200000 | PA      | $235069.62      | 0.00%             | 2058-12-27      | Floating      | 3.42%                 | No            |                  2 | On Loan: No      |
| PROJECT MONTAGE TL                                            | PROJECT MONTAGE TL                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      6695819 | PA      | $6461465.20     | 0.04%             | 2029-02-16      | Floating      | 9.69%                 | No            |                  3 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132D9DQ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5762033 | PA      | $5447033.96     | 0.03%             | 2038-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3142GR6V7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6987079 | PA      | $7218979.32     | 0.04%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                                     | BPR Commercial Mortgage Trust 2024-PARK                                          | CUSIP: 05593UAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1500000 | PA      | $1538727.75     | 0.01%             | 2039-11-05      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31416BCN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        13066 | PA      | $13360.30       | 0.00%             | 2038-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BEIGNET INVESTOR LLC                                          | Beignet Investor LLC                                                             | CUSIP: 076912AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     52597000 | PA      | $55568473.83    | 0.30%             | 2049-05-30      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                                    | USD/COP FORWARD                                                                  | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-108295.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HCA INC                                                       | HCA Inc                                                                          | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      3806000 | PA      | $3660071.07     | 0.02%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TOUCAN FINCO LTD/CAN/US                                       | Toucan FinCo Ltd/Toucan FinCo Can Inc/Toucan FinCo US LLC                        | CUSIP: 89157UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |      3818000 | PA      | $3812679.62     | 0.02%             | 2030-05-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LV Trust                                                      | Fashion Show Mall LLC                                                            | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1534864 | PA      | $1557945.59     | 0.01%             | 2041-10-10      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| OCP Euro CLO                                                  | OCP Euro CLO 2019-3 DAC                                                          | CUSIP: 000000000<br>LEI: 635400AITKFDK9OZEW62 | Long             | ABS-CBDO         | CORP              | IE        |       250000 | PA      | $294338.89      | 0.00%             | 2033-04-20      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp                                            | Expand Energy Corp                                                               | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |          509 | NS      | $56173.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                                              | Crown Castle Inc                                                                 | CUSIP: 22822VBF7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |       834000 | PA      | $846937.52      | 0.00%             | 2029-09-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                                | Golub Capital Partners CLO 43B Ltd                                               | CUSIP: 38180PAA4<br>LEI: 2549006E2S3MDN9M6Q69 | Long             | ABS-CBDO         | CORP              | KY        |      1490000 | PA      | $1495732.03     | 0.01%             | 2037-10-20      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Mortimer BTL Plc                                              | Mortimer 2024-Mix PLC                                                            | CUSIP: 000000000<br>LEI: 213800F12CZ391USLI51 | Long             | ABS-MBS          | CORP              | GB        |       357000 | PA      | $478995.88      | 0.00%             | 2067-09-22      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Residential Funding Mtg Sec I                                 | RFMSI Series 2006-SA4 Trust                                                      | CUSIP: 74958CAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       179255 | PA      | $150993.83      | 0.00%             | 2036-11-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810RZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     77894000 | PA      | $55490346.60    | 0.30%             | 2047-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| NOMURA GLOBAL FINANCIAL PRODUCTS INC.                         | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: 0Z3VO5H2G7GRS05BHJ91 | N/A              | DIR              | CORP              | US        |    -40779000 | NC      | $-91460.10      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                        | USD CALL VERSUS COP PUT                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              | CORP              | CH        |     -4169586 | NC      | $-64400.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Asimi Funding Holdings Limited                                | Asimi Funding 2024-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400ED9TX8KJO28Q39 | Long             | ABS-O            | CORP              | GB        |       169475 | PA      | $228494.81      | 0.00%             | 2031-09-16      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                          | Garda World Security Corp                                                        | CUSIP: 36485MAL3<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |       200000 | PA      | $196138.41      | 0.00%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J7MC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       892189 | PA      | $854427.05      | 0.00%             | 2031-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36178D7L9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       142591 | PA      | $133244.58      | 0.00%             | 2043-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ADT SEC CORP                                                  | ADT Security Corp/The                                                            | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |       174000 | PA      | $169705.12      | 0.00%             | 2029-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                     | Anchorage Capital Clo 34 Ltd                                                     | CUSIP: 03332UAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3610000 | PA      | $3607230.41     | 0.02%             | 2039-01-15      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| CML PROJECT CRABTREE                                          | CML PROJECT CRABTREE                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      9300000 | PA      | $9304685.34     | 0.05%             | 2029-08-06      | Floating      | 6.28%                 | No            |                  3 | On Loan: No      |
| KINGDOM OF MOROCCO                                            | Morocco Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |       200000 | PA      | $192000.00      | 0.00%             | 2027-12-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2020-18 Ltd                                                              | CUSIP: 671078AW3<br>LEI: 254900MN6N176YEZLX15 | Long             | ABS-CBDO         | CORP              | KY        |       330000 | PA      | $331221.66      | 0.00%             | 2037-07-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                           | Sirius XM Radio LLC                                                              | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |       352000 | PA      | $334775.72      | 0.00%             | 2030-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |   -247545000 | NC      | $-72944.40      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PAKISTAN GLOBAL SUKUK                                         | Pakistan Global Sukuk Programme Co Ltd/The                                       | CUSIP: 000000000<br>LEI: 213800X5OY6CVYNY1M70 | Long             | DBT              | NUSS              | PK        |       905000 | PA      | $925710.93      | 0.01%             | 2029-01-31      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO                                                    | Opal Bidco SAS                                                                   | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |       272000 | PA      | $278587.50      | 0.00%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417GLT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       923710 | PA      | $853527.22      | 0.00%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NICKEL INDUSTRIES LTD                                         | Nickel Industries Ltd                                                            | CUSIP: 000000000<br>LEI: 54930007K0WX53TSIK16 | Long             | DBT              | CORP              | AU        |      1585000 | PA      | $1640475.00     | 0.01%             | 2030-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QUZX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       133120 | PA      | $129670.57      | 0.00%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                  | Alphabet Inc                                                                     | CUSIP: 02079KAW7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     20280000 | PA      | $20342238.91    | 0.11%             | 2030-11-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                                            | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |       741000 | PA      | $773418.75      | 0.00%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 61747YFP5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       893000 | PA      | $910583.02      | 0.00%             | 2028-04-13      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| XPO INC                                                       | XPO Inc                                                                          | CUSIP: 983793AK6<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |       222000 | PA      | $233496.94      | 0.00%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Aimco                                                         | Aimco CLO 11 Ltd                                                                 | CUSIP: 00140NAY6<br>LEI: 549300VLRW0CEQ83RF89 | Long             | ABS-CBDO         | CORP              | KY        |      3490000 | PA      | $3500414.16     | 0.02%             | 2037-07-17      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | MXN CALL VERSUS USD PUT                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |    -33240000 | NC      | $-108236.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HCA INC                                                       | HCA Inc                                                                          | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      6432000 | PA      | $4359631.66     | 0.02%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QGS73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2211854 | PA      | $2146713.39     | 0.01%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QEUA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2112775 | PA      | $2042840.62     | 0.01%             | 2035-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2006-15CB                                                 | CUSIP: 021467AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       306379 | PA      | $136425.14      | 0.00%             | 2036-06-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                    | Navient Private Education Refi Loan Trust 2021-D                                 | CUSIP: 63942CAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       799720 | PA      | $720322.28      | 0.00%             | 2060-04-15      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J55S4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       853133 | PA      | $854373.44      | 0.00%             | 2045-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                                      | Turkcell Iletisim Hizmetleri AS                                                  | CUSIP: 000000000<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |       858000 | PA      | $909926.16      | 0.00%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179QYR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        28576 | PA      | $26078.04       | 0.00%             | 2045-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BSPDF Issuer Ltd                                              | BSPDF 2025-FL2 Issuer LLC                                                        | CUSIP: 05615KAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      1339000 | PA      | $1338051.72     | 0.01%             | 2042-12-15      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| VOLCAN CIA MINERA SAA-CM                                      | Volcan Cia Minera SAA                                                            | CUSIP: 92863UAD8<br>LEI: 549300XKJ91C4SZLG750 | Long             | DBT              | CORP              | PE        |        73000 | PA      | $74907.49       | 0.00%             | 2032-10-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                   | CDS ITRAXX.XO.44.V1                                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              | CORP              | FR        |            1 | NC      | $1679721.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO                  | CUSIP: 46655AAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3034000 | PA      | $2497118.83     | 0.01%             | 2039-01-05      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| NAVOI MINING METALLURGIC                                      | Navoi Mining & Metallurgical Combinat                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |       881000 | PA      | $922345.15      | 0.01%             | 2030-05-14      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                      | Neuberger Berman Loan Advisers CLO 36R Ltd                                       | CUSIP: 64090EAA4<br>LEI: 254900RBT2LAQQHMHG60 | Long             | ABS-CBDO         | CORP              | KY        |      6550000 | PA      | $6567683.04     | 0.04%             | 2039-07-20      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Citicorp Mortgage Securities,                                 | Citicorp Mortgage Securities Trust Series 2007-4                                 | CUSIP: 17312XAP9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       598363 | PA      | $524629.44      | 0.00%             | 2037-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bridgepoint CLO                                               | Bridgepoint Clo VI DAC                                                           | CUSIP: 000000000<br>LEI: 635400SMEI2C85PDRY45 | Long             | ABS-CBDO         | CORP              | IE        |      2000000 | PA      | $2355434.09     | 0.01%             | 2038-03-15      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                              | Crown Castle Inc                                                                 | CUSIP: 22822VBD2<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |       926000 | PA      | $960865.84      | 0.01%             | 2029-06-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202F2N5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       108998 | PA      | $109729.80      | 0.00%             | 2042-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2025-JDI                                            | CUSIP: 05594LAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1952000 | PA      | $1956843.69     | 0.01%             | 2042-11-15      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                          | FREMF 2019-KW08 Mortgage Trust                                                   | CUSIP: 30297YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    139965824 | PA      | $332292.86      | 0.00%             | 2029-01-25      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                                      | Smyrna Ready Mix Concrete LLC                                                    | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |       413000 | PA      | $414908.89      | 0.00%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | CDS STELLANTIS NV                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              | CORP              | DE        |            1 | NC      | $-258617.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING                                      | Nidda Healthcare Holding GmbH                                                    | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | DBT              | CORP              | DE        |      2253000 | PA      | $2671629.43     | 0.01%             | 2032-10-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Meritage Homes Corp                                           | Meritage Homes Corp                                                              | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |        23675 | NS      | $1557815.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Canyon Capital CLO Ltd                                        | Canyon CLO 2020-3 Ltd                                                            | CUSIP: 13876RAS3<br>LEI: 25490032WO5XW3V7KL43 | Long             | ABS-CBDO         | CORP              | KY        |      1610000 | PA      | $1614875.24     | 0.01%             | 2037-10-15      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                             | Service Corp International/US                                                    | CUSIP: 817565CE2<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |       100000 | PA      | $100660.10      | 0.00%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Taubman Centers Commercial Mor                                | TCO Commercial Mortgage Trust 2024-DPM                                           | CUSIP: 87231EAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       519000 | PA      | $519648.13      | 0.00%             | 2039-12-15      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| EURO PARFUMS FZE                                              | EURO PARFUMS FZE                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |      1087902 | PA      | $1082462.79     | 0.01%             | 2028-09-01      | Floating      | 9.12%                 | No            |                  3 | On Loan: No      |
| WELLS FARGO & COMPANY                                         | Wells Fargo & Co                                                                 | CUSIP: 94974BGK0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      1232000 | PA      | $999161.51      | 0.01%             | 2045-05-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                                          | Signal Peak CLO 9 Ltd                                                            | CUSIP: 82670QAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       650000 | PA      | $652174.25      | 0.00%             | 2038-01-21      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| UNIBAIL-RODAMCO-WESTFLD                                       | Unibail-Rodamco-Westfield SE                                                     | CUSIP: 000000000<br>LEI: 969500SHQITWXSIS7N89 | Long             | DBT              | CORP              | FR        |      1800000 | PA      | $2153542.23     | 0.01%             | N/A             | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                                      | Spain Government Bond                                                            | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |      1537000 | PA      | $1794469.31     | 0.01%             | 2035-10-31      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |    -56101000 | NC      | $-106396.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CITADEL PLC                                                   | Citadel 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800XKX6NBEB5W9Z43 | Long             | ABS-MBS          | CORP              | GB        |       553000 | PA      | $756684.81      | 0.00%             | 2060-04-28      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| FMC CORP                                                      | FMC Corp                                                                         | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |       576000 | PA      | $455907.30      | 0.00%             | 2055-11-01      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| BMP Trust                                                     | BMP 2024-MF23                                                                    | CUSIP: 05593JAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2636000 | PA      | $2639291.05     | 0.01%             | 2041-06-15      | Floating      | 7.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XHT76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       373358 | PA      | $374362.29      | 0.00%             | 2043-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202F2M7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        60979 | PA      | $58972.97       | 0.00%             | 2042-01-20      | Fixed         | 4.00%                 | 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        |      1627000 | PA      | $1662878.25     | 0.01%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Regatta IX Funding Ltd                                        | Regatta IX Funding Ltd                                                           | CUSIP: 75887VAN1<br>LEI: 254900JVS76S6N8G1I74 | Long             | ABS-CBDO         | CORP              | KY        |      2438000 | PA      | $2443994.07     | 0.01%             | 2037-04-17      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132M4QU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       123026 | PA      | $117341.75      | 0.00%             | 2044-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                 | Citigroup Inc                                                                    | CUSIP: 000000000<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      8226000 | PA      | $9825329.15     | 0.05%             | 2036-04-29      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                           | Sirius XM Radio LLC                                                              | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |       608000 | PA      | $609480.56      | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                                            | 3MO EURO EURIBOR                                                                 | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |          328 | NC      | $50726.14       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FannieMae Whole Loan                                          | Fannie Mae REMIC Trust 2003-W5                                                   | CUSIP: 31393AS40<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |          648 | PA      | $638.67         | 0.00%             | 2033-04-25      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133A04K7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2340082 | PA      | $2191194.29     | 0.01%             | 2050-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QNNT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6742013 | PA      | $5552107.57     | 0.03%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132GDC67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         9826 | PA      | $9644.93        | 0.00%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                    | Navient Private Education Refi Loan Trust 2021-D                                 | CUSIP: 63942CAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2153438 | PA      | $2021710.57     | 0.01%             | 2060-04-15      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132J72F8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       651483 | PA      | $603027.28      | 0.00%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                               | IHS Holding Ltd                                                                  | CUSIP: 44963HAB1<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |       200000 | PA      | $198584.00      | 0.00%             | 2028-11-29      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLEAN RENEWABLE POWER                                         | Clean Renewable Power Mauritius Pte Ltd                                          | CUSIP: 000000000<br>LEI: 2138003P9CSDW7P4MT75 | Long             | DBT              | CORP              | MU        |      6160000 | PA      | $6013700.00     | 0.03%             | 2027-03-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO X Ltd                                                | CUSIP: 08181LBE6<br>LEI: 549300MYLNCW81S1Y182 | Long             | ABS-CBDO         | CORP              | KY        |      4609000 | PA      | $4622386.38     | 0.03%             | 2038-07-20      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QNFD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2223903 | PA      | $1935180.81     | 0.01%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UBS Securities LLC                                            | CHF/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |            1 | NC      | $21232.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132M4QV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        42002 | PA      | $40079.75       | 0.00%             | 2044-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                  | Ecopetrol SA                                                                     | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |      5075000 | PA      | $5199642.00     | 0.03%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| First Horizon Corp                                            | First Horizon Corp                                                               | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |        59031 | NS      | $1410840.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICE CORP INTL                                             | Service Corp International/US                                                    | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |       309000 | PA      | $288945.50      | 0.00%             | 2030-08-15      | Fixed         | 3.38%                 | 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        |        56000 | PA      | $56030.18       | 0.00%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SBI Shinsei Bank Ltd                                          | SBI Shinsei Bank Ltd                                                             | CUSIP: 000000000<br>LEI: 549300PZYOQ2NW83V760 | Long             | EC               | CORP              | JP        |        81200 | NS      | $901991.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRKCM Trust                                                   | PRKCM 2022-AFC1 Trust                                                            | CUSIP: 69377CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       589976 | PA      | $588992.02      | 0.00%             | 2057-04-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| DC Commercial Mortgage Trust                                  | DC Trust 2024-HLTN                                                               | CUSIP: 24022FAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2180000 | PA      | $2174863.05     | 0.01%             | 2040-04-13      | Variable      | 10.30%                | No            |                  2 | On Loan: No      |
| AIR CANADA                                                    | Air Canada                                                                       | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |       100000 | PA      | $99523.40       | 0.00%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132LAE40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       855478 | PA      | $849710.07      | 0.00%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                        | USD CALL VERSUS COP PUT                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              | CORP              | CH        |      6020724 | NC      | $221386.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QNNU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12280885 | PA      | $10089578.32    | 0.05%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                                     | BPR Commercial Mortgage Trust 2024-PARK                                          | CUSIP: 05593UAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       320000 | PA      | $332902.91      | 0.00%             | 2039-11-05      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                                              | AmWINS Group Inc                                                                 | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |       191000 | PA      | $196426.69      | 0.00%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2024-MF                                             | CUSIP: 05612EAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3385093 | PA      | $3391852.76     | 0.02%             | 2039-02-15      | Floating      | 7.49%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                        | Mosaic Solar Loan Trust 2023-1                                                   | CUSIP: 61945VAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       361881 | PA      | $345449.22      | 0.00%             | 2053-06-20      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                                        | Telecom Italia Capital SA                                                        | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |      1619000 | PA      | $1793393.45     | 0.01%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| Hermitage Plc                                                 | Hermitage 2025 PLC                                                               | CUSIP: 000000000<br>LEI: 635400MSBHAPT1EQBW93 | Long             | ABS-O            | CORP              | GB        |       468000 | PA      | $632784.22      | 0.00%             | 2033-04-21      | Floating      | 6.99%                 | No            |                  2 | On Loan: No      |
| Sand Trust                                                    | Sandstone Peak IV Ltd                                                            | CUSIP: 80012AAJ4<br>LEI: 254900HZXZ4VWBL5OX74 | Long             | ABS-CBDO         | CORP              | KY        |      1070000 | PA      | $1070485.25     | 0.01%             | 2039-01-20      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3131Y9XR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1234613 | PA      | $1223766.42     | 0.01%             | 2049-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Indymac Home Equity Loan Asset                                | Home Equity Mortgage Loan Asset-Backed Trust Series SPMD 2004-A                  | CUSIP: 456606ER9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       213800 | PA      | $207238.32      | 0.00%             | 2034-07-25      | Floating      | 3.51%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | USD/CZK ONE-TOUCH BARRIER OPTION; BARRIER PRICE USD 20.00000                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |       277694 | NC      | $24141.99       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                       | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2724000 | PA      | $2770193.59     | 0.02%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                                          | Birch Grove CLO 10 Ltd                                                           | CUSIP: 09090JAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2550000 | PA      | $2559185.10     | 0.01%             | 2038-01-22      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Silk Finance                                                  | TAGUS - Sociedade de Titularizacao de Creditos SA/Silk Finance No 6              | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | PT        |       500000 | PA      | $588117.09      | 0.00%             | 2039-12-25      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                        | Northern Oil & Gas Inc                                                           | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |      1075000 | PA      | $1046678.59     | 0.01%             | 2033-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Lehman XS Trust                                               | Lehman XS Trust Series 2007-20N                                                  | CUSIP: 52525AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       349875 | PA      | $354353.05      | 0.00%             | 2037-12-25      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                            | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2017-3                    | CUSIP: 35563PCG2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      1492565 | PA      | $235573.71      | 0.00%             | 2056-07-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128M9WN8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       819399 | PA      | $856460.62      | 0.00%             | 2041-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HEATHROW FINANCE PLC                                          | Heathrow Finance PLC                                                             | CUSIP: 000000000<br>LEI: 549300F740QSGMPHQJ60 | Long             | DBT              | CORP              | GB        |      2428000 | PA      | $3290886.26     | 0.02%             | 2031-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO 44 Ltd                                               | CUSIP: 08187NAA5<br>LEI: 254900Z6HW34YGOYWK97 | Long             | ABS-CBDO         | CORP              | KY        |      2790000 | PA      | $2793846.02     | 0.02%             | 2039-01-15      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga                                | MF1 2025-FL19 LLC                                                                | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      1786000 | PA      | $1791037.06     | 0.01%             | 2042-05-18      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                     | TRS CFD EQUITY BASKET                                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |            1 | NC      | $149696.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | IDR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-35229.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                             | CDS THYSSENKRUPP AG                                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-12072.21      | -0.00%            |  |  |  | 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        |       343108 | PA      | $405984.47      | 0.00%             | 2036-12-29      | Floating      | 3.59%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36181GFS3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       138632 | PA      | $129798.90      | 0.00%             | 2043-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                             | Post Holdings Inc                                                                | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |       397000 | PA      | $407907.52      | 0.00%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QSCE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        96393 | PA      | $93275.60       | 0.00%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EDGE FINCO PLC                                                | Edge Finco PLC                                                                   | CUSIP: 000000000<br>LEI: 648835NI8LJE5190NT73 | Long             | DBT              | CORP              | GB        |      3146000 | PA      | $4505751.16     | 0.02%             | 2031-08-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                                           | MidOcean Credit CLO XII Ltd                                                      | CUSIP: 59803TBA8<br>LEI: 5493000CPZWPTWX7TF71 | Long             | ABS-CBDO         | CORP              | JE        |      3170000 | PA      | $3179823.51     | 0.02%             | 2038-07-18      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust                                           | Affirm Master Trust                                                              | CUSIP: 00833BAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1155000 | PA      | $1163779.16     | 0.01%             | 2033-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding XXXV Ltd                                                    | CUSIP: 55819MAW6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1500000 | PA      | $1503757.65     | 0.01%             | 2032-04-20      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Aimco                                                         | AIMCO CLO 18 Ltd                                                                 | CUSIP: 00889EBA2<br>LEI: 2549005IX0D6XDJNNS95 | Long             | ABS-CBDO         | CORP              | JE        |      1280000 | PA      | $1284507.52     | 0.01%             | 2037-07-20      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                                          | SCG Commercial Mortgage Trust 2025-DLFN                                          | CUSIP: 78398EAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4046000 | PA      | $4020733.54     | 0.02%             | 2035-03-15      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                     | CDS ALLY FINANCIAL INC                                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-96098.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                            | Dominican Republic International Bond                                            | CUSIP: 25714PET1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |       150000 | PA      | $161091.00      | 0.00%             | 2031-02-03      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                    | Verus Securitization Trust 2022-3                                                | CUSIP: 92538UAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3879000 | PA      | $3067863.47     | 0.02%             | 2067-02-25      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179WTZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4571587 | PA      | $4113051.18     | 0.02%             | 2051-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMDB Commercial Mortgage Secu                                | JPMDB Commercial Mortgage Securities Trust 2018-C8                               | CUSIP: 46591ABE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       198000 | PA      | $196025.45      | 0.00%             | 2051-06-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                   | Equinix Inc                                                                      | CUSIP: 29444UBS4<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |     18700000 | PA      | $16923157.79    | 0.09%             | 2031-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31412YFV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        26013 | PA      | $26687.14       | 0.00%             | 2036-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418EAA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     50330321 | PA      | $42441609.17    | 0.23%             | 2041-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP3                    | CUSIP: 46590RAM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13040000 | PA      | $40403.14       | 0.00%             | 2049-08-15      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                    | BFLD Commercial Mortgage Trust 2025-5MW                                          | CUSIP: 088921AF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12210000 | PA      | $12502169.43    | 0.07%             | 2042-10-10      | Variable      | 9.83%                 | No            |                  2 | On Loan: No      |
| New Mountain CLO Ltd                                          | New Mountain CLO 2 Ltd                                                           | CUSIP: 64754LAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1990000 | PA      | $1997287.38     | 0.01%             | 2038-01-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | PARAMOUNT SKYDANCE CORP                                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |         -143 | NC      | $-214.50        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| COMM Mortgage Trust                                           | COMM 2024-WCL1 MORTGAGE TRUST                                                    | CUSIP: 20047DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8360000 | PA      | $8370333.80     | 0.05%             | 2041-06-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae REMICS                                                                | CUSIP: 3136BVEA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3701774 | PA      | $3727740.96     | 0.02%             | 2055-03-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179NJB5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        40746 | PA      | $39493.19       | 0.00%             | 2043-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31402DGM6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |          939 | PA      | $978.51         | 0.00%             | 2034-08-01      | Fixed         | 6.00%                 | 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        |      1207000 | PA      | $1236388.04     | 0.01%             | 2042-08-10      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                          | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  14587000000 | PA      | $918136.83      | 0.00%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                       | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      8873120 | PA      | $8980720.69     | 0.05%             | 2029-11-01      | Fixed         | 5.88%                 | 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        |       327382 | PA      | $389419.81      | 0.00%             | 2036-12-29      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| RR 36 LTD                                                     | RR 36 Ltd                                                                        | CUSIP: 74989AAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       550000 | PA      | $551453.49      | 0.00%             | 2040-01-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179NJA7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        71155 | PA      | $67096.06       | 0.00%             | 2043-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | LIONSGATE STUDIOS CORP                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |           29 | NC      | $1740.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MFRA Trust                                                    | MFA 2022-INV3 Trust                                                              | CUSIP: 55284PAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3428863 | PA      | $3139742.30     | 0.02%             | 2066-12-25      | Variable      | 4.27%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2021-4                                    | CUSIP: 92258DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7843388 | PA      | $7118207.57     | 0.04%             | 2051-12-26      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pas                                | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-4 Trust   | CUSIP: 939344AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1508252 | PA      | $1429964.72     | 0.01%             | 2036-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALMAVIVA THE ITALIAN INN                                      | Almaviva-The Italian Innovation Co SpA                                           | CUSIP: 000000000<br>LEI: 815600A862DA4DD9E211 | Long             | DBT              | CORP              | IT        |      1865000 | PA      | $2209929.91     | 0.01%             | 2030-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                   | Equinix Inc                                                                      | CUSIP: 29444UBT2<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |      5153000 | PA      | $3520549.34     | 0.02%             | 2052-02-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Park Avenue Trust                                             | 245 Park Avenue Trust 2017-245P                                                  | CUSIP: 90187LAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13000000 | PA      | $28106.00       | 0.00%             | 2037-06-05      | Variable      | 0.15%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                                 | GS Mortgage-Backed Securities Corp Trust 2025-NQM6                               | CUSIP: 362933AA1<br>LEI: 254900X1ABPQ6D4G6D07 | Long             | ABS-MBS          | CORP              | US        |      6591926 | PA      | $6587275.47     | 0.04%             | 2029-11-25      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2017-D                                                  | CUSIP: 00968BAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         1443 | PA      | $501.94         | 0.00%             | 2057-12-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                                        | Motorola Solutions Inc                                                           | CUSIP: 620076BE8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |       947000 | PA      | $922588.70      | 0.01%             | 2044-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-AON                  | CUSIP: 46649XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1819000 | PA      | $1591606.81     | 0.01%             | 2031-07-05      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | CLP CALL VERSUS USD PUT                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |      -921405 | NC      | $-22405.23      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2024-AIRC                                           | CUSIP: 12433CAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        93620 | PA      | $94083.33       | 0.00%             | 2041-08-15      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                    | Verus Securitization Trust 2021-3                                                | CUSIP: 92539LAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1668000 | PA      | $1279724.29     | 0.01%             | 2066-06-25      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179QJV4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       107617 | PA      | $110400.87      | 0.00%             | 2044-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trus                                | Residential Mortgage Loan Trust 2019-3                                           | CUSIP: 76119NAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       282000 | PA      | $282607.15      | 0.00%             | 2059-09-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae REMICS                                                                | CUSIP: 3136BVN46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7929072 | PA      | $8016746.21     | 0.04%             | 2055-05-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Orion CLO Ltd.                                                | Orion Clo 2023-1 Ltd                                                             | CUSIP: 68626CAJ3<br>LEI: 2138006D8Y42BDBTP628 | Long             | ABS-CBDO         | CORP              | JE        |      6320000 | PA      | $6330040.58     | 0.03%             | 2038-10-25      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      4624000 | PA      | $4851310.85     | 0.03%             | 2036-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| ZF EUROPE FINANCE BV                                          | ZF Europe Finance BV                                                             | CUSIP: 000000000<br>LEI: 549300RI533US2G6G542 | Long             | DBT              | CORP              | NL        |       800000 | PA      | $990447.71      | 0.01%             | 2030-06-12      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                   | Equinix Inc                                                                      | CUSIP: 29444UBU9<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |     19411000 | PA      | $18655919.48    | 0.10%             | 2032-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Star Trust                                                    | STAR 2021-SFR1 Trust                                                             | CUSIP: 85521DAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       444557 | PA      | $444245.93      | 0.00%             | 2038-04-17      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              | CORP              | DE        |    -34842320 | NC      | $-1456776.90    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                       | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5165000 | PA      | $5434525.20     | 0.03%             | 2031-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132CWR71<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1977481 | PA      | $1803695.23     | 0.01%             | 2036-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                                         | Belron UK Finance PLC                                                            | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |       200000 | PA      | $204238.00      | 0.00%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                           | COMM 2024-WCL1 MORTGAGE TRUST                                                    | CUSIP: 20047DAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2829000 | PA      | $2832487.31     | 0.02%             | 2041-06-15      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J7MK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1609927 | PA      | $1537937.30     | 0.01%             | 2032-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                            | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2017-3                    | CUSIP: 35563PCJ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      2515528 | PA      | $288571.53      | 0.00%             | 2056-07-25      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F020414<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1075000 | PA      | $995046.88      | 0.01%             | 2041-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F020414<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |    -13537000 | PA      | $-12530185.63   | -0.07%            | 2041-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CIP Commercial Mortgage Trust                                 | CIP Commercial Mortgage Trust 2025-SBAY                                          | CUSIP: 12576AAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6330000 | PA      | $6339791.88     | 0.03%             | 2037-10-15      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| FORVIA SE                                                     | Forvia SE                                                                        | CUSIP: 31209DAC9<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |       552000 | PA      | $569981.74      | 0.00%             | 2033-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | CDS ITRAXX.XO.44.V1                                                              | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $446271.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179WTY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     12403475 | PA      | $10704542.03    | 0.06%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust                                           | Affirm Master Trust                                                              | CUSIP: 00833BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10743000 | PA      | $10849889.63    | 0.06%             | 2033-02-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| GCAT                                                          | GCAT 2023-NQM4 Trust                                                             | CUSIP: 36171FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5563462 | PA      | $5313297.30     | 0.03%             | 2067-05-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WHNL2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       236195 | PA      | $223239.96      | 0.00%             | 2046-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140FMDA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       580917 | PA      | $554567.99      | 0.00%             | 2036-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      4174000 | PA      | $4309556.70     | 0.02%             | 2031-04-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Romark CLO Ltd                                                | Romark CLO Ltd                                                                   | CUSIP: 77587UAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       111193 | PA      | $111243.72      | 0.00%             | 2030-10-23      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                            | BX Trust 2019-OC11                                                               | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4000000 | PA      | $3810168.80     | 0.02%             | 2041-12-09      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| DBC 2025-DBC Mortgage Trust                                   | DBC 2025-DBC Mortgage Trust                                                      | CUSIP: 23306HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11387000 | PA      | $11395794.18    | 0.06%             | 2042-11-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Pikes Peak CLO                                                | Pikes Peak Clo 15 2023 Ltd                                                       | CUSIP: 720922AL7<br>LEI: 213800Z4RS2ZM3411T95 | Long             | ABS-CBDO         | CORP              | JE        |       960000 | PA      | $961460.64      | 0.01%             | 2038-10-20      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | ZAR CALL VERSUS USD PUT                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |    -33240000 | NC      | $-251071.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                             | Post Holdings Inc                                                                | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |       326000 | PA      | $329259.97      | 0.00%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GOLDSTORY SASU                                                | Goldstory SAS                                                                    | CUSIP: 000000000<br>LEI: 969500NWR67ONUJD4A26 | Long             | DBT              | CORP              | FR        |      3153000 | PA      | $3843727.95     | 0.02%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QSVJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2314942 | PA      | $2359186.73     | 0.01%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JOSE ANDRES GROUP PENNY WARRANTS                              | JOSE ANDRES GROUP PENNY WARRANTS                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        29355 | NC      | $855111.15      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Bain Capital Credit CLO, Limit                                | Bain Capital Credit CLO 2018-2                                                   | CUSIP: 05682VAQ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1450000 | PA      | $1450513.88     | 0.01%             | 2031-07-19      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                         | Civitas Resources Inc                                                            | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |      1810000 | PA      | $1865011.33     | 0.01%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                | Mariner Finance Issuance Trust 2025-A                                            | CUSIP: 567920AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10592000 | PA      | $10726537.47    | 0.06%             | 2038-05-20      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                                 | GS Mortgage-Backed Securities Corp Trust 2025-NQM6                               | CUSIP: 362933AG8<br>LEI: 254900X1ABPQ6D4G6D07 | Long             | ABS-MBS          | CORP              | US        |       750000 | PA      | $746977.20      | 0.00%             | 2029-11-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179SYT8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5375087 | PA      | $5182331.86     | 0.03%             | 2047-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DOMETIC GROUP AB                                              | Dometic Group AB                                                                 | CUSIP: 000000000<br>LEI: 549300STIPMK5VSA7Y59 | Long             | DBT              | CORP              | SE        |      1214000 | PA      | $1452248.61     | 0.01%             | 2030-09-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | USD/CHF FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-33205.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2024-AIRC                                           | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11351367 | PA      | $11372534.99    | 0.06%             | 2041-08-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F042624<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    319737000 | PA      | $311858974.48   | 1.69%             | 2056-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Asimi Funding Holdings Limited                                | Asimi Funding 2024-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400ED9TX8KJO28Q39 | Long             | ABS-O            | CORP              | GB        |       556000 | PA      | $750900.66      | 0.00%             | 2031-09-16      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                                  | Ares LVI CLO Ltd                                                                 | CUSIP: 04018NAW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2110000 | PA      | $2114453.58     | 0.01%             | 2038-01-25      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                             | Post Holdings Inc                                                                | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |       454000 | PA      | $442089.01      | 0.00%             | 2030-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                                           | Station Casinos LLC                                                              | CUSIP: 857691AJ8<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |       172000 | PA      | $176070.04      | 0.00%             | 2032-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                                           | Churchill Downs Inc                                                              | CUSIP: 171484AE8<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |       250000 | PA      | $249070.63      | 0.00%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Concord Music Royalties, LLC                                  | Concord Music Royalties LLC                                                      | CUSIP: 20633KAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2794000 | PA      | $2819026.98     | 0.02%             | 2074-10-20      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFG21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1405644 | PA      | $1305475.74     | 0.01%             | 2037-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                        | Taco Bell Funding LLC                                                            | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8563000 | PA      | $8514976.13     | 0.05%             | 2055-08-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                         | USD/MXN FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |            1 | NC      | $15373.67       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                       | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       458000 | PA      | $466042.48      | 0.00%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                       | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     35726000 | PA      | $36134056.30    | 0.20%             | 2028-04-23      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132M9GM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        55358 | PA      | $53039.07       | 0.00%             | 2044-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                                 | NYC Commercial Mortgage Trust 2025-300P                                          | CUSIP: 67121TAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1738000 | PA      | $1760570.71     | 0.01%             | 2042-07-13      | Variable      | 7.39%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FAT3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       113782 | PA      | $110398.89      | 0.00%             | 2039-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                         | Trivium Packaging Finance BV                                                     | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |       957000 | PA      | $1038379.73     | 0.01%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| ESSENDI SA                                                    | Essendi SA                                                                       | CUSIP: 000000000<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |       902000 | PA      | $1088841.48     | 0.01%             | 2030-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307LSP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         7547 | PA      | $7334.82        | 0.00%             | 2030-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F042616<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -359241000 | PA      | $-350670289.29  | -1.91%            | 2056-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F042616<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1757000 | PA      | $1715081.79     | 0.01%             | 2056-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                              | MXN/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-823173.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | CDS AMERICAN EXPRESS CO                                                          | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-573671.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                                          | Birch Grove CLO 2 Ltd                                                            | CUSIP: 09077LAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       870000 | PA      | $873259.89      | 0.00%             | 2037-10-19      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE                 | CUSIP: 46646GAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3688000 | PA      | $3637350.11     | 0.02%             | 2038-09-06      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVI, LTD.                                    | Sixth Street CLO XX Ltd                                                          | CUSIP: 83012QAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250786.73      | 0.00%             | 2038-07-17      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| X.AI HOLDINGS CORP SERIES C PREF E                            | X.AI HOLDINGS CORP SERIES C PREF E                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       363422 | NS      | $24276589.60    | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418WF96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         6846 | PA      | $7114.25        | 0.00%             | 2040-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36241KXQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        72706 | PA      | $74716.61       | 0.00%             | 2038-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLAYSTUDIOS INC CLASS A LEGENDED                              | PLAYSTUDIOS INC CLASS A LEGENDED                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       457322 | NS      | $297945.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PEW2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      7691000 | PA      | $8038007.38     | 0.04%             | 2036-01-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                       | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       495000 | PA      | $520129.32      | 0.00%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                                      | Encore Capital Group Inc                                                         | CUSIP: 000000000<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |       546000 | PA      | $704736.88      | 0.00%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | CDS LANXESS AG                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $29677.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                | CFMT 2024-R1 LLC                                                                 | CUSIP: 12530YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1034531 | PA      | $1023462.76     | 0.01%             | 2054-10-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PRIO LUX HLD SARL                                             | PRIO Luxembourg Holding Sarl                                                     | CUSIP: 74259PAA5<br>LEI: 2221003VQP4JY7T31H94 | Long             | DBT              | CORP              | LU        |       200000 | PA      | $194976.00      | 0.00%             | 2030-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Inc                                    | Morgan Stanley ABS Capital I Inc Trust 2006-HE8                                  | CUSIP: 61750SAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1634993 | PA      | $715266.55      | 0.00%             | 2036-10-25      | Floating      | 3.92%                 | No            |                  2 | On Loan: No      |
| JETBLUE 2019-1 CLASS AA                                       | JetBlue 2019-1 Class AA Pass Through Trust                                       | CUSIP: 477143AH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       633217 | PA      | $568053.20      | 0.00%             | 2032-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                         | Civitas Resources Inc                                                            | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |       429000 | PA      | $449617.74      | 0.00%             | 2030-11-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                                         | KKR CLO 48 Ltd                                                                   | CUSIP: 48256EAQ2<br>LEI: 549300GM4MA615ZG7468 | Long             | ABS-CBDO         | CORP              | JE        |       740000 | PA      | $741867.54      | 0.00%             | 2038-10-20      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                | Mariner Finance Issuance Trust 2025-A                                            | CUSIP: 567920AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1462000 | PA      | $1485040.10     | 0.01%             | 2038-05-20      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                       | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |       950000 | PA      | $937531.25      | 0.01%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Easy Street Mortgage Loan Trus                                | Easy Street Mortgage Loan Trust 2025-RTL2                                        | CUSIP: 27786YAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2081000 | PA      | $2102360.01     | 0.01%             | 2040-10-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Ace Securities Corp.                                          | ACE Securities Corp Home Equity Loan Trust Series 2006-CW1                       | CUSIP: 00441QAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       209954 | PA      | $175451.42      | 0.00%             | 2036-07-25      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | CDS ZF EUROPE FINANCE BV                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $85404.94       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                                   | Chemours Co/The                                                                  | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |       374000 | PA      | $338181.57      | 0.00%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                      | Ford Motor Credit Co LLC                                                         | CUSIP: 345397B93<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      6097000 | PA      | $5729646.97     | 0.03%             | 2029-02-10      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                              | Georgia Power Co                                                                 | CUSIP: 373334LA7<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |      4674000 | PA      | $4795494.74     | 0.03%             | 2031-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FB47<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        63133 | PA      | $65191.40       | 0.00%             | 2039-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418CCL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       153656 | PA      | $147244.79      | 0.00%             | 2031-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                       | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |       161000 | PA      | $165970.66      | 0.00%             | 2031-07-16      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                    | MFA 2022-INV3 Trust                                                              | CUSIP: 55284PAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1000000 | PA      | $880497.40      | 0.00%             | 2066-12-25      | Variable      | 4.27%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                        | RR 7 Ltd                                                                         | CUSIP: 74980EAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       220000 | PA      | $220414.79      | 0.00%             | 2037-01-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418EAB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6743122 | PA      | $5860999.35     | 0.03%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                | CFMT 2024-R1 LLC                                                                 | CUSIP: 12530YAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       175638 | PA      | $171291.14      | 0.00%             | 2054-10-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NOMURA GLOBAL FINANCIAL PRODUCTS INC.                         | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: 0Z3VO5H2G7GRS05BHJ91 | N/A              | DIR              | CORP              | US        |    -40779000 | NC      | $-95988.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36182XAY7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        36335 | PA      | $34900.59       | 0.00%             | 2044-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                       | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAC9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |       600000 | PA      | $585456.42      | 0.00%             | 2026-09-16      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| BARDOT CLO LTD                                                | Bardot CLO Ltd                                                                   | CUSIP: 06744NBQ9<br>LEI: 549300KP12IHV6MTDK86 | Long             | ABS-CBDO         | CORP              | KY        |      1242457 | PA      | $1242055.01     | 0.01%             | 2032-10-22      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                                | New York State Dormitory Authority                                               | CUSIP: 6499022F9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      1470000 | PA      | $1481733.83     | 0.01%             | 2040-03-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                              | Peruvian Government International Bond                                           | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      7801000 | PA      | $2499825.82     | 0.01%             | 2035-08-12      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| HoustonCenter(B)Loan/Term                                     | HoustonCenter(B)Loan/Term                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      7132076 | PA      | $0.71           | 0.00%             | 2030-05-09      | Floating      | 5.75%                 | No            |                  3 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KGF52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       292274 | PA      | $288995.18      | 0.00%             | 2049-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                | Mariner Finance Issuance Trust 2025-A                                            | CUSIP: 567920AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1425000 | PA      | $1443849.76     | 0.01%             | 2038-05-20      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XHDC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       127717 | PA      | $110849.50      | 0.00%             | 2042-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138X6U78<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       324285 | PA      | $320641.75      | 0.00%             | 2028-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | BRL CALL VERSUS USD PUT                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |    -44320000 | NC      | $-138814.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                        | CHL Mortgage Pass-Through Trust 2007-9                                           | CUSIP: 12544XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1274268 | PA      | $566027.36      | 0.00%             | 2037-07-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                       | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       100000 | PA      | $98486.02       | 0.00%             | 2029-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                                | Onemain Financial Issuance Trust 2025-1                                          | CUSIP: 68270DAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2126000 | PA      | $2151193.10     | 0.01%             | 2038-07-14      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PEU6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      3348000 | PA      | $3410239.25     | 0.02%             | 2029-01-24      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XJB93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       910012 | PA      | $789261.38      | 0.00%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                              | Georgia Power Co                                                                 | CUSIP: 373334LB5<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |      7488000 | PA      | $7685380.68     | 0.04%             | 2035-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Pony                                                          | Pony SA                                                                          | CUSIP: 000000000<br>LEI: 2221001FWHVHKUW4NQ77 | Long             | ABS-O            | CORP              | LU        |       358453 | PA      | $421801.60      | 0.00%             | 2033-01-14      | Floating      | 3.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418RXJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         4547 | PA      | $4702.14        | 0.00%             | 2040-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                      | Uruguay Government International Bond                                            | CUSIP: 760942BF8<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     23414977 | PA      | $673506.59      | 0.00%             | 2033-07-20      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Dowson                                                        | Dowson 2024-1 PLC                                                                | CUSIP: 000000000<br>LEI: 635400IRBWDPWKGK1C24 | Long             | ABS-O            | CORP              | GB        |       408000 | PA      | $547467.32      | 0.00%             | 2031-08-20      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |   -157151000 | NC      | $-105480.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DBC 2025-DBC Mortgage Trust                                   | DBC 2025-DBC Mortgage Trust                                                      | CUSIP: 23306HAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3857000 | PA      | $3856994.21     | 0.02%             | 2042-11-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                 | Citigroup Inc                                                                    | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      2878000 | PA      | $3133486.16     | 0.02%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                                  | Ares LXIII CLO Ltd                                                               | CUSIP: 039937AS6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2800000 | PA      | $2809756.32     | 0.02%             | 2038-10-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140JARS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4391549 | PA      | $4405151.27     | 0.02%             | 2048-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES FUND LP MF-BOND                              | ASCENT RESOURCES FUND LP MF-BOND                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3118643 | NS      | $3679998.74     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31414M6Z4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         4760 | PA      | $4903.90        | 0.00%             | 2038-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38383P6D8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5044472 | PA      | $819690.39      | 0.00%             | 2051-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                               | AREIT 2022-CRE7 LLC                                                              | CUSIP: 00217VAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      1511639 | PA      | $1511816.26     | 0.01%             | 2039-06-17      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DWCH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1559686 | PA      | $1266677.03     | 0.01%             | 2051-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LD CELULOSE INTERNATIONA                                      | LD Celulose International GmbH                                                   | CUSIP: 50206BAA0<br>LEI: 529900EHUSQJVOTP9J45 | Long             | DBT              | CORP              | AT        |       200000 | PA      | $209750.00      | 0.00%             | 2032-01-26      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                    | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |            1 | NC      | $2641.70        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140H4Q72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        52773 | PA      | $52463.84       | 0.00%             | 2047-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NYC Trust                                                     | NYCT Trust 2024-3ELV                                                             | CUSIP: 62956HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1347853 | PA      | $1351773.10     | 0.01%             | 2029-08-15      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru                                | Vista Point Securitization Trust 2020-2                                          | CUSIP: 92838TAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       500000 | PA      | $486130.20      | 0.00%             | 2065-04-25      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| PROJECT MONTELENA                                             | PROJECT MONTELENA                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     11593950 | PA      | $12144149.91    | 0.07%             | 2031-04-01      | Floating      | 11.62%                | No            |                  3 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFYM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       235765 | PA      | $229363.80      | 0.00%             | 2030-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                                        | Volkswagen International Finance NV                                              | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |      1600000 | PA      | $1844629.35     | 0.01%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Lyra MUSIC Assets (Delaware) L                                | Lyra Music Assets Delaware LP                                                    | CUSIP: 552339AA1<br>LEI: 9845007N9EAB0C048A12 | Long             | ABS-O            | CORP              | US        |      7742727 | PA      | $7834558.36     | 0.04%             | 2064-12-22      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J5GJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       867826 | PA      | $827427.53      | 0.00%             | 2045-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                 | UBS Commercial Mortgage Trust                                                    | CUSIP: 90278MBB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18221123 | PA      | $803453.13      | 0.00%             | 2052-10-15      | Variable      | 1.44%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                              | UWM Holdings LLC                                                                 | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       644000 | PA      | $652100.88      | 0.00%             | 2030-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24                        | 90-DAY BANK BILL                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |          289 | NC      | $22995.62       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMDB Commercial Mortgage Secu                                | JPMDB Commercial Mortgage Securities Trust 2016-C4                               | CUSIP: 46646RAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4940000 | PA      | $21988.93       | 0.00%             | 2049-12-15      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| PROGROUP AG                                                   | Progroup AG                                                                      | CUSIP: 000000000<br>LEI: 529900YI5W5TQ8F2FP82 | Long             | DBT              | CORP              | DE        |      2833000 | PA      | $3403277.95     | 0.02%             | 2031-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810QE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      8144000 | PA      | $8232438.79     | 0.04%             | 2040-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                            | Energy Transfer LP                                                               | CUSIP: 226373AT5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     26362000 | PA      | $27389128.37    | 0.15%             | 2031-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| IndyMac INDX Mortgage Loan Tru                                | IndyMac INDX Mortgage Loan Trust 2007-AR19                                       | CUSIP: 45669NAT3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2393827 | PA      | $1546127.93     | 0.01%             | 2037-09-25      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307NQR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        64193 | PA      | $62756.68       | 0.00%             | 2030-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 PLC                                           | Avianca Midco 2 PLC                                                              | CUSIP: 05369YAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      2716110 | PA      | $2737594.43     | 0.01%             | 2028-12-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                      | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp               | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       389000 | PA      | $386404.01      | 0.00%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solu                                | GoodLeap Home Improvement Solutions Trust 2025-3                                 | CUSIP: 38237FAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14051783 | PA      | $14084834.07    | 0.08%             | 2049-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mortgage Loan Resecuritization                                | Mortgage Loan Resecuritization Trust                                             | CUSIP: 61914WAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1141924 | PA      | $1122570.78     | 0.01%             | 2036-04-16      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |    157151000 | NC      | $354198.46      | 0.00%             |  |  |  | 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        |       780000 | PA      | $1055779.03     | 0.01%             | 2032-07-15      | Floating      | 5.74%                 | 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        |       300000 | PA      | $350581.43      | 0.00%             | 2057-12-27      | Floating      | 3.89%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                                      | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |       197000 | PA      | $183496.44      | 0.00%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing a                                | C-BASS 2006-CB9 TRUST                                                            | CUSIP: 12465MAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       320722 | PA      | $145605.02      | 0.00%             | 2036-11-25      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK                                | Port of Beaumont Navigation District                                             | CUSIP: 73360CAS3<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |      7045000 | PA      | $7072445.21     | 0.04%             | 2026-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2025-LIFE                                                               | CUSIP: 05616HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3018000 | PA      | $3086277.72     | 0.02%             | 2047-06-13      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                                  | Hudson Yards 2019-55HY Mortgage Trust                                            | CUSIP: 44421MAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2974955 | PA      | $2560335.22     | 0.01%             | 2041-12-10      | Variable      | 2.94%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                | Palmer Square Loan Funding 2024-3 Ltd                                            | CUSIP: 69690EAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1340000 | PA      | $1343289.97     | 0.01%             | 2032-08-08      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFYN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       235200 | PA      | $228599.39      | 0.00%             | 2030-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MGM CHINA HOLDINGS LTD                                        | MGM China Holdings Ltd                                                           | CUSIP: 000000000<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |      7000000 | PA      | $7402500.00     | 0.04%             | 2031-06-26      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              | CORP              | GB        |    -79708000 | NC      | $-2834585.46    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| 522 Funding CLO LTD                                           | 522 Funding CLO 2019-5 Ltd                                                       | CUSIP: 33829WAC3<br>LEI: 549300HKB0UTKU91DG08 | Long             | ABS-CBDO         | CORP              | KY        |       510000 | PA      | $510000.36      | 0.00%             | 2035-04-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                              | UWM Holdings LLC                                                                 | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       404000 | PA      | $403355.94      | 0.00%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2024-1                                    | CUSIP: 92261CAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       534301 | PA      | $537298.56      | 0.00%             | 2054-01-25      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                  | CSMC Trust 2017-CALI                                                             | CUSIP: 12652FAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1729000 | PA      | $510089.58      | 0.00%             | 2032-11-10      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| Long Beach Mortgage Loan Trust                                | Long Beach Mortgage Loan Trust 2006-7                                            | CUSIP: 54251TAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7583893 | PA      | $2998675.90     | 0.02%             | 2036-08-25      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                  | GS Mortgage Securities Corp Trust 2023-FUN                                       | CUSIP: 36267CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5374000 | PA      | $5393937.00     | 0.03%             | 2028-03-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certi                                | CWHEQ Home Equity Loan Trust Series 2006-S5                                      | CUSIP: 126683AE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        36325 | PA      | $57578.70       | 0.00%             | 2035-06-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QGJX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       903734 | PA      | $823218.43      | 0.00%             | 2035-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XAY55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1690792 | PA      | $1629529.60     | 0.01%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru                                | Vista Point Securitization Trust 2020-2                                          | CUSIP: 92838TAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       640000 | PA      | $628451.20      | 0.00%             | 2065-04-25      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | CDS PITNEY BOWES INC                                                             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-143.72        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | CDS CMBX.NA.BBB-.9                                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-235986.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wireless PropCo Funding LLC                                   | Wireless PropCo Funding LLC                                                      | CUSIP: 97655EAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5688000 | PA      | $5819654.45     | 0.03%             | 2055-06-25      | Fixed         | 8.51%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      2448000 | PA      | $2471991.38     | 0.01%             | 2028-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                               | Gen Digital Inc                                                                  | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |       102000 | PA      | $105185.56      | 0.00%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140X8MY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2117822 | PA      | $1840687.65     | 0.01%             | 2050-11-01      | Fixed         | 2.50%                 | 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        |       742000 | PA      | $717747.88      | 0.00%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SG Commercial Mortgage Securit                                | SG Commercial Mortgage Securities Trust 2019-PREZ                                | CUSIP: 78430EAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2200000 | PA      | $1963056.04     | 0.01%             | 2039-09-15      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                            | Expand Energy Corp                                                               | CUSIP: 000000000<br>LEI: X2MT1W32SPAZ9WSKLE78 | N/A              | DE               | CORP              | US        |          962 | NC      | $95516.98       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Student Loan Trust                                        | SLM Private Education Loan Trust 2010-C                                          | CUSIP: 78445QAE1<br>LEI: 549300JEA36NHBYED811 | Long             | ABS-O            | CORP              | US        |      9161730 | PA      | $9631197.46     | 0.05%             | 2041-10-15      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru                                | Vista Point Securitization Trust 2020-2                                          | CUSIP: 92838TAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1480000 | PA      | $1414627.07     | 0.01%             | 2065-04-25      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DQB54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3858476 | PA      | $4011376.29     | 0.02%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | CDS SIMON PROPERTY GROUP LP                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-55962.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36181GFM6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       394918 | PA      | $369411.55      | 0.00%             | 2043-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                                           | Churchill Downs Inc                                                              | CUSIP: 171484AG3<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |       244000 | PA      | $243999.83      | 0.00%             | 2027-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Starz Entertainment Corp                                      | Starz Entertainment Corp                                                         | CUSIP: 855919106<br>LEI: 5493000JSMHPHZURLM72 | Long             | EC               | CORP              | US        |         8031 | NS      | $93962.70       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance CDO Ltd                                           | Eaton Vance CLO 2014-1R Ltd                                                      | CUSIP: 27830TAC9<br>LEI: 549300FPTLP8I41O7F48 | Long             | ABS-CBDO         | CORP              | KY        |       173696 | PA      | $173732.05      | 0.00%             | 2030-07-15      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                      | Duke Energy Progress LLC                                                         | CUSIP: 26442UAV6<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |       975000 | PA      | $961734.22      | 0.01%             | 2055-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ESSENDI SA                                                    | Essendi SA                                                                       | CUSIP: 000000000<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |      1652000 | PA      | $1989905.57     | 0.01%             | 2032-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DBC 2025-DBC Mortgage Trust                                   | DBC 2025-DBC Mortgage Trust                                                      | CUSIP: 23306HAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16000000 | PA      | $16063206.40    | 0.09%             | 2042-11-15      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| SG Mortgage Securities Trust                                  | SG Mortgage Securities Trust 2006-FRE2                                           | CUSIP: 784208AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       854228 | PA      | $176048.10      | 0.00%             | 2036-07-25      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                               | Nissan Motor Co Ltd                                                              | CUSIP: 000000000<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |      3637000 | PA      | $4383516.92     | 0.02%             | 2033-07-17      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PEQ5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |       930000 | PA      | $943057.68      | 0.01%             | 2030-10-22      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | CDS BOEING CO/THE                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              | CORP              | DE        |            1 | NC      | $-73391.57      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FJP2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        14944 | PA      | $14546.52       | 0.00%             | 2040-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINEJESA CAPITAL BV                                           | Minejesa Capital BV                                                              | CUSIP: 000000000<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |     16461000 | PA      | $16316966.25    | 0.09%             | 2037-08-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                                   | McAfee Corp                                                                      | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |      1025000 | PA      | $893879.51      | 0.00%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CIP Commercial Mortgage Trust                                 | CIP Commercial Mortgage Trust 2025-SBAY                                          | CUSIP: 12576AAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11127000 | PA      | $11137333.64    | 0.06%             | 2037-10-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| ITHACA ENERGY NORTH                                           | Ithaca Energy North Sea PLC                                                      | CUSIP: 000000000<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |      1619000 | PA      | $1912418.79     | 0.01%             | 2031-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VF CORP                                                       | VF Corp                                                                          | CUSIP: 918204BC1<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |       185000 | PA      | $167471.00      | 0.00%             | 2030-04-23      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138ERM49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       359949 | PA      | $353708.51      | 0.00%             | 2031-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YTMV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       130051 | PA      | $125897.85      | 0.00%             | 2030-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                                      | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       772000 | PA      | $772613.89      | 0.00%             | 2033-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Asimi Funding Holdings Limited                                | Asimi Funding 2025-1 PLC                                                         | CUSIP: 000000000<br>LEI: 6354002PZBGQEXUI2V51 | Long             | ABS-O            | CORP              | GB        |       584499 | PA      | $788951.22      | 0.00%             | 2032-05-16      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                     | CDS CREDIT SUISSE GROUP AG                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-75133.94      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO XXVI Ltd                                             | CUSIP: 08186AAJ5<br>LEI: 2549008S0Y5AP2WIEL43 | Long             | ABS-CBDO         | CORP              | KY        |      1310000 | PA      | $1314397.54     | 0.01%             | 2037-07-20      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| WORLDLINE SA/FRANCE                                           | Worldline SA/France                                                              | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |      1000000 | PA      | $1037196.73     | 0.01%             | 2029-11-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132HRMP2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       503769 | PA      | $466434.08      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                                         | KKR Clo 34 Ltd                                                                   | CUSIP: 48253UAJ5<br>LEI: 254900DSRKUNUNRNUG13 | Long             | ABS-CBDO         | CORP              | KY        |      3680000 | PA      | $3677237.42     | 0.02%             | 2034-07-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                                | Sabre GLBL Inc                                                                   | CUSIP: 78573NAN2<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |      1780000 | PA      | $1463747.95     | 0.01%             | 2030-03-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| BlackRock Capital Finance L.P.                                | BlackRock Capital Finance LP                                                     | CUSIP: 05535DBD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |          830 | PA      | $0.00           | 0.00%             | 2035-12-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| GSR Mortgage Loan Trust                                       | GSR Mortgage Loan Trust 2007-OA2                                                 | CUSIP: 3622NCAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       763498 | PA      | $437446.73      | 0.00%             | 2047-06-25      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| Park Avenue Trust                                             | 245 Park Avenue Trust 2017-245P                                                  | CUSIP: 90187LAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2463000 | PA      | $2357198.39     | 0.01%             | 2037-06-05      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| Deutsche Alt-A Securities INC                                 | Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA4/DE                 | CUSIP: 25151XAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       729576 | PA      | $683007.07      | 0.00%             | 2047-08-25      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F032419<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       124000 | PA      | $120532.34      | 0.00%             | 2040-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | CDS PITNEY BOWES INC                                                             | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-251.67        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F032419<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |     -3003000 | PA      | $-2919021.23    | -0.02%            | 2040-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                | Mariner Finance issuance Trust 2024-B                                            | CUSIP: 56847GAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1400000 | PA      | $1433562.90     | 0.01%             | 2038-11-20      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| MINEJESA CAPITAL BV                                           | Minejesa Capital BV                                                              | CUSIP: 602736AB6<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |       200000 | PA      | $198250.00      | 0.00%             | 2037-08-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                        | Lendmark Funding Trust 2021-2                                                    | CUSIP: 52604DAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       730000 | PA      | $676876.88      | 0.00%             | 2032-04-20      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2020-I Ltd                                                          | CUSIP: 12555QAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1200000 | PA      | $1200605.16     | 0.01%             | 2036-07-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WHFF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       239871 | PA      | $218842.30      | 0.00%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru                                | Vista Point Securitization Trust 2020-2                                          | CUSIP: 92838TAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       429440 | PA      | $417589.95      | 0.00%             | 2065-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Milos CLO, LTD                                                | Milos CLO Ltd                                                                    | CUSIP: 60162PAE2<br>LEI: 254900GFWI4EEB8IJS18 | Long             | ABS-CBDO         | CORP              | KY        |       266235 | PA      | $266234.63      | 0.00%             | 2030-10-20      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                                  | Atrium Hotel Portfolio Trust 2024-ATRM                                           | CUSIP: 04963XAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2226000 | PA      | $2266159.49     | 0.01%             | 2029-11-10      | Variable      | 9.21%                 | No            |                  2 | On Loan: No      |
| DANAOS CORP                                                   | Danaos Corp                                                                      | CUSIP: 23585WAC8<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |       275000 | PA      | $284119.55      | 0.00%             | 2032-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                             | EURO-BOBL                                                                        | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |         -357 | NC      | $123059.16      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gracie Point International Fun                                | Gracie Point International Funding 2024-1 LLC                                    | CUSIP: 38410KAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7816000 | PA      | $7821900.30     | 0.04%             | 2028-03-01      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                      | Permian Resources Operating LLC                                                  | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |       319000 | PA      | $332505.31      | 0.00%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179RF95<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4231333 | PA      | $3944071.89     | 0.02%             | 2045-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DUOMO BIDCO SPA                                               | Duomo Bidco SpA                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |       864000 | PA      | $1023147.29     | 0.01%             | 2032-01-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                                | Sabre GLBL Inc                                                                   | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |      1110000 | PA      | $943863.82      | 0.01%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YMQX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       352542 | PA      | $335909.73      | 0.00%             | 2045-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                | Morgan Stanley Capital I Trust 2016-UBS9                                         | CUSIP: 61766CAM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13984000 | PA      | $267221.65      | 0.00%             | 2049-03-15      | Variable      | 1.60%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Alternative Note                                | Merrill Lynch Alternative Note Asset Trust Series 2007-OAR2                      | CUSIP: 59024BAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       850166 | PA      | $685854.43      | 0.00%             | 2037-04-25      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| Rain City Mortgage Trust                                      | Rain City Mortgage Trust 2024-RTL1                                               | CUSIP: 75079KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1197623 | PA      | $1211776.75     | 0.01%             | 2029-09-25      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding XXXV Ltd                                                    | CUSIP: 55819MAU0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1030000 | PA      | $1031481.86     | 0.01%             | 2032-04-20      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK                 | MYR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 1VUV7VQFKUOQSJ21A208 | N/A              | DFE              | CORP              | US        |            1 | NC      | $499793.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                          | Diameter Capital CLO 8 Ltd                                                       | CUSIP: 25256JAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     22190000 | PA      | $22274634.88    | 0.12%             | 2037-10-20      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| CML PROJECT COLD 15-AUGUST-2030:TL LOAN/TERM                  | CML PROJECT COLD 15-AUGUST-2030:TL LOAN/TERM                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |      3416109 | PA      | $4600740.09     | 0.02%             | 2030-09-11      | Floating      | 6.87%                 | No            |                  3 | On Loan: No      |
| POLAND GOVERNMENT BOND                                        | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      5691228 | PA      | $1439889.68     | 0.01%             | 2036-08-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANO 7.5 BDS 20/03/26 USD200000                 | PETROLEOS MEXICANO 7.5 BDS 20/03/26 USD200000                                    | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     22921000 | PA      | $22978302.50    | 0.12%             | 2026-03-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138E2GK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        36109 | PA      | $37077.65       | 0.00%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WHNX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       406473 | PA      | $394154.23      | 0.00%             | 2031-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                                                | Brink's Co/The                                                                   | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |        18000 | PA      | $18756.65       | 0.00%             | 2032-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pas                                | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-4 Trust   | CUSIP: 939344AK3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       677785 | PA      | $599293.21      | 0.00%             | 2036-05-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                     | Amgen Inc                                                                        | CUSIP: 031162CY4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      2354000 | PA      | $1396691.62     | 0.01%             | 2053-09-01      | Fixed         | 2.77%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                       | United Rentals North America Inc                                                 | CUSIP: 911363AM1<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |       160000 | PA      | $152592.86      | 0.00%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                     | CDS ALTICE FRANCE SA                                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | US        |            1 | NC      | $26004.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                                | HarborView Mortgage Loan Trust 2005-1                                            | CUSIP: 41161PLC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       917457 | PA      | $443757.43      | 0.00%             | 2035-03-19      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO I, Ltd.                                       | Halseypoint CLO 7 LTD                                                            | CUSIP: 40638LAL3<br>LEI: 5493000LI3XMVBCJEF82 | Long             | ABS-CBDO         | CORP              | JE        |      1080000 | PA      | $1083643.92     | 0.01%             | 2038-07-20      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Park Avenue Trust                                             | 245 Park Avenue Trust 2017-245P                                                  | CUSIP: 90187LAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       480000 | PA      | $463745.76      | 0.00%             | 2037-06-05      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVI, LTD.                                    | Sixth Street CLO IX Ltd                                                          | CUSIP: 83012CAC9<br>LEI: 549300T5OQR4UD880D68 | Long             | ABS-CBDO         | CORP              | KY        |      1690000 | PA      | $1696241.17     | 0.01%             | 2037-07-21      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| RUNITONETIME LLC: TL LOAN/TERM                                | RUNITONETIME LLC: TL LOAN/TERM                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1533185 | PA      | $1498688.35     | 0.01%             | 2026-05-06      | Floating      | 4.72%                 | No            |                  3 | On Loan: No      |
| NYC Trust                                                     | NYCT Trust 2024-3ELV                                                             | CUSIP: 62956HAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2195000 | PA      | $2196342.24     | 0.01%             | 2029-08-15      | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                      | Foundation Finance Trust 2024-2                                                  | CUSIP: 35040VAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1331508 | PA      | $1335762.03     | 0.01%             | 2050-03-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810QC5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      7196100 | PA      | $7208468.30     | 0.04%             | 2039-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 000000000<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      8623000 | PA      | $10305993.65    | 0.06%             | 2036-05-22      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTIVE INC                                          | Sonic Automotive Inc                                                             | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |       103000 | PA      | $101098.94      | 0.00%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                   | CDS ITRAXX.XO.42.V3                                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              | CORP              | FR        |            1 | NC      | $316249.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sage AR Funding                                               | Sage AR Funding                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |      1617769 | PA      | $2178620.14     | 0.01%             | 2037-05-17      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                                                | Brink's Co/The                                                                   | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |       200000 | PA      | $207079.00      | 0.00%             | 2029-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2024-1                                    | CUSIP: 92261CAK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       525338 | PA      | $536939.69      | 0.00%             | 2054-01-25      | Variable      | 8.44%                 | No            |                  2 | On Loan: No      |
| PRM5 Trust                                                    | PRM5 Trust 2025-PRM5                                                             | CUSIP: 693980AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1700000 | PA      | $1700930.58     | 0.01%             | 2033-03-10      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132GTR33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        22833 | PA      | $21880.76       | 0.00%             | 2042-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Thornburg Mortgage Securities                                 | Thornburg Mortgage Securities Trust 2006-3                                       | CUSIP: 885221AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       957562 | PA      | $550320.83      | 0.00%             | 2046-06-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                                 | Metropolitan Transportation Authority                                            | CUSIP: 59259YBY4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |      3060000 | PA      | $3331402.72     | 0.02%             | 2039-11-15      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QUBY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10483434 | PA      | $10820794.29    | 0.06%             | 2054-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                       | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       294000 | PA      | $303552.65      | 0.00%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                                           | Churchill Downs Inc                                                              | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |       100000 | PA      | $103692.70      | 0.00%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS USD                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-66930.84      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138ALJW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        71625 | PA      | $73656.47       | 0.00%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM5                                           | CUSIP: 06745XAM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     49408093 | PA      | $49179709.03    | 0.27%             | 2055-10-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                              | Symphony CLO 36 Ltd                                                              | CUSIP: 87170MAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1000000 | PA      | $1000000.00     | 0.01%             | 2036-01-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140X7CB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10521934 | PA      | $10104718.49    | 0.05%             | 2049-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certi                                | CWHEQ Home Equity Loan Trust Series 2006-S3                                      | CUSIP: 23242MAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        28542 | PA      | $71455.98       | 0.00%             | 2029-01-25      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                       | Hungary Government Bond                                                          | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    805700000 | PA      | $2496012.44     | 0.01%             | 2035-10-24      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RTE RESEAU DE TRANSPORT                                       | RTE Reseau de Transport d'Electricite SADIR                                      | CUSIP: 000000000<br>LEI: 969500JRJW0K2ET1UP76 | Long             | DBT              | CORP              | FR        |      1000000 | PA      | $1168536.62     | 0.01%             | 2037-11-24      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                                | BRAVO 2024-NQM6                                                                  | CUSIP: 05613JAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       250000 | PA      | $254595.08      | 0.00%             | 2064-08-01      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                            | Dominican Republic International Bond                                            | CUSIP: 25714PED6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |       150000 | PA      | $146714.07      | 0.00%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                             | Cedar Funding II CLO Ltd                                                         | CUSIP: 15032TBU9<br>LEI: 254900Q56WTD2BRLBE32 | Long             | ABS-CBDO         | CORP              | KY        |      3110000 | PA      | $3120228.48     | 0.02%             | 2038-07-22      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                       | TRY/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-30653.86      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS USD                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-571313.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PEJ1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     15668000 | PA      | $16085338.49    | 0.09%             | 2030-07-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QKWP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1178147 | PA      | $1143936.82     | 0.01%             | 2036-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                                           | Cirsa Finance International Sarl                                                 | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |       569000 | PA      | $695100.08      | 0.00%             | 2029-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138Y15V3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1580608 | PA      | $1558049.82     | 0.01%             | 2029-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2025-P2                                   | CUSIP: 92262XAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       757863 | PA      | $755253.47      | 0.00%             | 2055-10-25      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2024-CNYN                                                               | CUSIP: 05612HAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2642517 | PA      | $2639456.11     | 0.01%             | 2041-04-15      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                          | BlueMountain CLO XXVI Ltd                                                        | CUSIP: 09630GAU7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1080000 | PA      | $1080141.37     | 0.01%             | 2034-10-20      | Floating      | 7.65%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                                      | Thailand Government Bond                                                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |      2606000 | PA      | $109312.62      | 0.00%             | 2055-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                          | Bank of America Corp                                                             | CUSIP: 06051GML0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     10624000 | PA      | $10967732.08    | 0.06%             | 2031-01-24      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                          | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  76420000000 | PA      | $4707609.49     | 0.03%             | 2027-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS HUF                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $50140.31       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                     | Anchorage Capital CLO 7 Ltd                                                      | CUSIP: 03328TBS3<br>LEI: 54930014PVHLSZJQK139 | Long             | ABS-CBDO         | CORP              | KY        |      5686000 | PA      | $5706878.99     | 0.03%             | 2037-04-28      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2020-I Ltd                                                          | CUSIP: 12555QAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3260000 | PA      | $3261673.36     | 0.02%             | 2036-07-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KR5K6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3620623 | PA      | $3687386.60     | 0.02%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                                      | Performance Food Group Inc                                                       | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |       160000 | PA      | $160236.32      | 0.00%             | 2027-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STAR ENERGY GEOTHERMAL                                        | Star Energy Geothermal Wayang Windu Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |      2555738 | PA      | $2634019.74     | 0.01%             | 2033-04-24      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179NBB3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1370201 | PA      | $1292847.77     | 0.01%             | 2043-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36178N7H6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        81578 | PA      | $76181.87       | 0.00%             | 2042-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Westways Funding Ltd                                          | WEST Trust 2025-ROSE                                                             | CUSIP: 955909AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2278000 | PA      | $2313259.80     | 0.01%             | 2035-04-10      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer II,                                | Compass Datacenters Issuer II LLC                                                | CUSIP: 20469CAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5467337 | PA      | $5456973.29     | 0.03%             | 2050-11-25      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT INC                                                 | Open Text Holdings Inc                                                           | CUSIP: 683720AC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       233000 | PA      | $217366.49      | 0.00%             | 2031-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | IRS COP                                                                          | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $50802.73       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EP6D1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       179998 | PA      | $175707.05      | 0.00%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                  | CSMC Series 2015-6R                                                              | CUSIP: 12650EBQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1375765 | PA      | $1092263.56     | 0.01%             | 2036-03-27      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Acquisition                                | JP Morgan Mortgage Acquisition Trust 2007-CH1                                    | CUSIP: 46630LAH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       120000 | PA      | $124241.56      | 0.00%             | 2036-11-25      | Variable      | 4.42%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2025-P2                                   | CUSIP: 92262XAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       678416 | PA      | $676454.17      | 0.00%             | 2055-10-25      | Variable      | 6.04%                 | No            |                  2 | On Loan: No      |
| Wellington Management CLO                                     | Wellington Management Clo 4 Ltd                                                  | CUSIP: 94957LAA7<br>LEI: 213800VJVBC3KZIDZU56 | Long             | ABS-CBDO         | CORP              | KY        |      1840000 | PA      | $1837753.73     | 0.01%             | 2038-04-18      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                          | Bank of America Corp                                                             | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       380000 | PA      | $396187.19      | 0.00%             | 2036-01-24      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                           | NCL Corp Ltd                                                                     | CUSIP: 62886HBG5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |       300000 | PA      | $319350.59      | 0.00%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QGKB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2822739 | PA      | $2729299.48     | 0.01%             | 2035-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QMLV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3647675 | PA      | $3015169.10     | 0.02%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| IndyMac INDX Mortgage Loan Tru                                | IndyMac INDX Mortgage Loan Trust 2006-AR15                                       | CUSIP: 456610AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       261309 | PA      | $260835.47      | 0.00%             | 2036-07-25      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS ZAR                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-136742.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                                        | Cogent Communications Group LLC / Cogent Finance Inc                             | CUSIP: 19240WAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       595000 | PA      | $556448.46      | 0.00%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investo                                | Merrill Lynch Mortgage Investors Trust Series 2006-A3                            | CUSIP: 59023CAK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       492483 | PA      | $464106.08      | 0.00%             | 2036-05-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| ARAMARK INTL FINANCE                                          | Aramark International Finance Sarl                                               | CUSIP: 000000000<br>LEI: 5493006HLPNGDDC12P30 | Long             | DBT              | CORP              | LU        |      1619000 | PA      | $1901145.69     | 0.01%             | 2033-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Tri Pointe Homes Inc                                          | Tri Pointe Homes Inc                                                             | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        51773 | NS      | $1629296.31     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140NBEX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       673186 | PA      | $688196.73      | 0.00%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EQT Trust 2024-EXTR                                           | EQT Trust 2024-EXTR                                                              | CUSIP: 29439DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1697000 | PA      | $1736576.76     | 0.01%             | 2041-07-05      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                                  | Fibercop SpA                                                                     | CUSIP: 683879AD2<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |       343000 | PA      | $324939.13      | 0.00%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31412N6H4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        15877 | PA      | $16013.80       | 0.00%             | 2039-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                                   | Wayfair LLC                                                                      | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |       283000 | PA      | $295358.61      | 0.00%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                      | OHA Credit Funding 7 Ltd                                                         | CUSIP: 67098WAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      6345618 | PA      | $6362992.30     | 0.03%             | 2038-07-19      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | IRS COP                                                                          | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $44728.06       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2025-P2                                   | CUSIP: 92262XAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       788433 | PA      | $785293.35      | 0.00%             | 2055-10-25      | Variable      | 9.45%                 | No            |                  2 | On Loan: No      |
| Regatta 31 Funding Ltd.                                       | Regatta 31 Funding Ltd                                                           | CUSIP: 758962AE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1920000 | PA      | $1926242.50     | 0.01%             | 2038-03-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QGKA4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10198260 | PA      | $9699183.19     | 0.05%             | 2035-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                                       | Bryant Park Funding 2024-25 Ltd                                                  | CUSIP: 117913AA1<br>LEI: 391200WG98O5N39H7C57 | Long             | ABS-CBDO         | CORP              | KY        |      2250000 | PA      | $2258104.50     | 0.01%             | 2038-01-18      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| LATCH INC LEGENDED                                            | LATCH INC LEGENDED                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       411849 | NS      | $61859.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                           | COMM 2025-167G Mortgage Trust                                                    | CUSIP: 12674VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2062000 | PA      | $2068077.13     | 0.01%             | 2040-08-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417FSK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       210080 | PA      | $194205.92      | 0.00%             | 2043-03-01      | Fixed         | 3.00%                 | 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        |       492000 | PA      | $663476.57      | 0.00%             | 2049-06-25      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                     | Anchorage Capital CLO 7 Ltd                                                      | CUSIP: 03328TBU8<br>LEI: 54930014PVHLSZJQK139 | Long             | ABS-CBDO         | CORP              | KY        |      7620000 | PA      | $7654713.67     | 0.04%             | 2037-04-28      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XTBE4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       192613 | PA      | $188677.41      | 0.00%             | 2029-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $9671.71        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                         | Costa Rica Government International Bond                                         | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |       809000 | PA      | $896477.17      | 0.00%             | 2045-03-12      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| iShares AAA CLO Active ETF                                    | iShares AAA CLO Active ETF                                                       | CUSIP: 092528504<br>LEI: 529900KNSFG5S5J6YP44 | Long             | EC               | RF                | US        |       200000 | NS      | $10348920.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Mortgage Securities Trust                                  | GS Mortgage Securities Trust 2020-GSA2                                           | CUSIP: 36264KAX8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17421775 | PA      | $1066033.21     | 0.01%             | 2053-12-12      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding XXII Ltd                                                    | CUSIP: 55819XBJ0<br>LEI: 254900YXXBTCF4NGD347 | Long             | ABS-CBDO         | CORP              | KY        |      3000000 | PA      | $3010638.00     | 0.02%             | 2038-01-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                                      | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc        | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       266000 | PA      | $248316.45      | 0.00%             | 2031-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FBR Securitization Trust                                      | FBR Securitization Trust                                                         | CUSIP: 30246QCQ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3046077 | PA      | $3026572.61     | 0.02%             | 2035-11-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| IRB INFRASTRUCTURE DEVE                                       | IRB Infrastructure Developers Ltd                                                | CUSIP: 000000000<br>LEI: 335800XGO3AITGW6AK27 | Long             | DBT              | CORP              | IN        |     14000000 | PA      | $14472500.00    | 0.08%             | 2032-03-11      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| PICARD GROUPE SAS                                             | Picard Groupe SAS                                                                | CUSIP: 000000000<br>LEI: 969500C0PA29TV19CT55 | Long             | DBT              | CORP              | FR        |      1619000 | PA      | $1984219.73     | 0.01%             | 2029-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QRBU6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11649420 | PA      | $11685362.54    | 0.06%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2025-P2                                   | CUSIP: 92262XAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1326260 | PA      | $1321647.79     | 0.01%             | 2055-10-25      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS USD                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $49454.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WHARF Commercial Mortgage Trus                                | WHARF Commercial Mortgage Trust 2025-DC                                          | CUSIP: 92987LAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2708000 | PA      | $2767189.30     | 0.02%             | 2040-07-15      | Variable      | 7.72%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT INC                                                 | Open Text Holdings Inc                                                           | CUSIP: 683720AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       434000 | PA      | $414826.46      | 0.00%             | 2030-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J9L25<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1193820 | PA      | $1189163.46     | 0.01%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                      | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp               | CUSIP: 505742AS5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |        69000 | PA      | $70599.28       | 0.00%             | 2030-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                               | Madison IAQ LLC                                                                  | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |       100000 | PA      | $98260.51       | 0.00%             | 2028-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2005-76                                                   | CUSIP: 12668BDE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       377804 | PA      | $349470.98      | 0.00%             | 2036-02-25      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2020-19 Ltd                                                              | CUSIP: 670881BE0<br>LEI: 254900ZMV4RGFPV8TK42 | Long             | ABS-CBDO         | CORP              | KY        |       530000 | PA      | $531531.81      | 0.00%             | 2038-04-20      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| CQS US CLO Ltd                                                | CQS US CLO 2025-4 Ltd                                                            | CUSIP: 12674KAC9<br>LEI: 25490009GM1MG9XIPV52 | Long             | ABS-CBDO         | CORP              | KY        |      3660000 | PA      | $3672971.04     | 0.02%             | 2036-07-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                              | Georgia Power Co                                                                 | CUSIP: 373334KQ3<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |      5017000 | PA      | $5085269.68     | 0.03%             | 2032-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                                              | Boyd Gaming Corp                                                                 | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |        38000 | PA      | $37125.53       | 0.00%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $158594.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                                         | Williams Scotsman Inc                                                            | CUSIP: 96950GAE2<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |       424000 | PA      | $422699.55      | 0.00%             | 2028-08-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFGB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11335101 | PA      | $9735083.42     | 0.05%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                                 | GS Mortgage-Backed Securities Corp Trust 2019-PJ2                                | CUSIP: 36257LAT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1343888 | PA      | $1229791.85     | 0.01%             | 2049-11-25      | Variable      | 4.36%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                        | Reperforming Loan REMIC Trust 2005-R2                                            | CUSIP: 12669GN64<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       122834 | PA      | $119382.34      | 0.00%             | 2035-06-25      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                               | Gen Digital Inc                                                                  | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |       456000 | PA      | $462792.58      | 0.00%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                                | Opal Bidco SAS                                                                   | CUSIP: 000000000<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |      1619000 | PA      | $1962741.76     | 0.01%             | 2032-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WQPF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        52502 | PA      | $51882.67       | 0.00%             | 2028-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                      | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp               | CUSIP: 505742AP1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       100000 | PA      | $98876.98       | 0.00%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                     | Anchorage Capital CLO 7 Ltd                                                      | CUSIP: 03328TBW4<br>LEI: 54930014PVHLSZJQK139 | Long             | ABS-CBDO         | CORP              | KY        |      4250000 | PA      | $4272381.78     | 0.02%             | 2037-04-28      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| SG Commercial Mortgage Securit                                | SG Commercial Mortgage Securities Trust 2019-PREZ                                | CUSIP: 78430EAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1792000 | PA      | $1530269.44     | 0.01%             | 2039-09-15      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS JPY                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-100859.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HUNGARY                                                       | Hungary Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |       652000 | PA      | $784225.32      | 0.00%             | 2029-07-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cerberus                                                      | Cerberus Loan Funding XLIV LLC                                                   | CUSIP: 15674DAA2<br>LEI: 6354005DPIRML7EMPA20 | Long             | ABS-CBDO         | CORP              | US        |      1480000 | PA      | $1483355.46     | 0.01%             | 2036-01-15      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128MAFB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1742086 | PA      | $1795646.94     | 0.01%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PEG7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     46499000 | PA      | $48509022.97    | 0.26%             | 2030-04-22      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YJGR1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        78587 | PA      | $78371.19       | 0.00%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing a                                | Credit-Based Asset Servicing and Securitization LLC                              | CUSIP: 12498NAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       298775 | PA      | $244381.96      | 0.00%             | 2036-12-25      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2007-OH2                                                  | CUSIP: 02151RAC7<br>LEI: 549300QKXMAFE33VN106 | Long             | ABS-MBS          | CORP              | US        |       178576 | PA      | $166833.00      | 0.00%             | 2047-08-25      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                       | AEP Transmission Co LLC                                                          | CUSIP: 00115AAN9<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |      2495000 | PA      | $1536045.33     | 0.01%             | 2051-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                     | Anchorage Capital CLO 7 Ltd                                                      | CUSIP: 03328TBY0<br>LEI: 54930014PVHLSZJQK139 | Long             | ABS-CBDO         | CORP              | KY        |      1140000 | PA      | $1142724.37     | 0.01%             | 2037-04-28      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HHC58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7371477 | PA      | $7386995.85     | 0.04%             | 2054-11-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS IFS USD                                                                      | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               | CORP              | GB        |            1 | NC      | $-92617.37      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                               | Oaktree CLO 2025-31 Ltd                                                          | CUSIP: 67400BAA8<br>LEI: 254900UVA9JUCC0JI897 | Long             | ABS-CBDO         | CORP              | KY        |      1200000 | PA      | $1203837.12     | 0.01%             | 2038-07-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                               | Gen Digital Inc                                                                  | CUSIP: 668771AL2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |        12000 | PA      | $12391.62       | 0.00%             | 2030-09-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Equity Loan T                                | CWHEQ Revolving Home Equity Loan Trust Series 2006-H                             | CUSIP: 126686AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       146990 | PA      | $144992.63      | 0.00%             | 2036-11-15      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                                              | Boyd Gaming Corp                                                                 | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |       110000 | PA      | $109859.26      | 0.00%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                                           | LCM 31 Ltd                                                                       | CUSIP: 50201QAL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2490000 | PA      | $2491826.66     | 0.01%             | 2034-07-20      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2025-P2                                   | CUSIP: 92262XAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       287221 | PA      | $261999.09      | 0.00%             | 2055-10-25      | Variable      | 10.21%                | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                                         | Philippine Government Bond                                                       | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    139500000 | PA      | $2416752.94     | 0.01%             | 2029-02-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418D6B3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     58872909 | PA      | $47794505.03    | 0.26%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.                                       | Loanpal Solar Loan 2020-2 Ltd                                                    | CUSIP: 53948KAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4023262 | PA      | $3427377.91     | 0.02%             | 2047-07-20      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CJG7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     24670900 | PA      | $25916009.48    | 0.14%             | 2030-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-5697.12       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                     | TRS ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |            1 | NC      | $-53680.28      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                      | Standard Industries Inc/NY                                                       | CUSIP: 853496AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       203000 | PA      | $202453.16      | 0.00%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                                      | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1382000 | PA      | $1319794.38     | 0.01%             | 2030-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2024-CNYN                                                               | CUSIP: 05612HAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4620799 | PA      | $4643666.45     | 0.03%             | 2041-04-15      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EGVA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        45429 | PA      | $46675.77       | 0.00%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132JPTF9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        54636 | PA      | $54482.10       | 0.00%             | 2043-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                                  | Fibercop SpA                                                                     | CUSIP: 683879AH3<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |       200000 | PA      | $200279.60      | 0.00%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138Y9NU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        31382 | PA      | $30702.98       | 0.00%             | 2030-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                    | Progress Residential 2021-SFR9 Trust                                             | CUSIP: 74333QAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1342000 | PA      | $1299115.45     | 0.01%             | 2040-11-17      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Aimco                                                         | AIMCO CLO 21 Ltd                                                                 | CUSIP: 00901WAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |       750000 | PA      | $753454.13      | 0.00%             | 2037-04-18      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FSF4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       212065 | PA      | $216648.50      | 0.00%             | 2041-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS ZAR                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-22854.96      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHINA CITY CONST INTL                                         | CHINA CITY CONSTRUCTION INTERNATIONAL CO LTD                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | HK        |       339725 | PA      | $0.00           | 0.00%             | 2017-07-03      | Fixed         | 5.35%                 | No            |                  3 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418ES50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     84530288 | PA      | $86000250.51    | 0.47%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QDS54<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1185123 | PA      | $1098959.30     | 0.01%             | 2035-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                       | AEP Transmission Co LLC                                                          | CUSIP: 00115AAL3<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |      1476000 | PA      | $997783.00      | 0.01%             | 2049-09-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                                      | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       430000 | PA      | $409958.67      | 0.00%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132GTPY7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        61620 | PA      | $59010.87       | 0.00%             | 2042-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFGY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       187938 | PA      | $182997.55      | 0.00%             | 2030-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                           | Benin Government International Bond                                              | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |       436000 | PA      | $474117.00      | 0.00%             | 2035-01-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810QK7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      8144000 | PA      | $7542425.60     | 0.04%             | 2040-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                          | Diameter Capital CLO 13 Ltd                                                      | CUSIP: 25256GAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2570000 | PA      | $2570000.00     | 0.01%             | 2039-01-20      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS KRW                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-46611.05      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                      | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |       302000 | PA      | $265101.64      | 0.00%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     30329000 | PA      | $30932320.54    | 0.17%             | 2028-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                | CFMT 2024-HB15 LLC                                                               | CUSIP: 15723AAC5<br>LEI: 98450050957GF5E1CD92 | Long             | ABS-MBS          | CORP              | US        |       265016 | PA      | $258953.20      | 0.00%             | 2034-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                             | Cedar Funding VII Clo Ltd                                                        | CUSIP: 15032FAW6<br>LEI: 549300G87EGFMLOYN341 | Long             | ABS-CBDO         | CORP              | KY        |       280000 | PA      | $280420.28      | 0.00%             | 2038-10-20      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XJSK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2634951 | PA      | $2403284.22     | 0.01%             | 2037-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Visio 2019-2 Trust                                            | Visio 2019-2 Trust                                                               | CUSIP: 92837DAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       906000 | PA      | $850017.72      | 0.00%             | 2054-11-25      | Variable      | 3.91%                 | No            |                  2 | On Loan: No      |
| ALLWYN ENTERTAINMENT FIN                                      | Allwyn Entertainment Financing UK PLC                                            | CUSIP: 000000000<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |      2591000 | PA      | $2999260.01     | 0.02%             | 2031-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                                    | NMLT 2021-INV1 Trust                                                             | CUSIP: 62923JAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1327100 | PA      | $1048199.98     | 0.01%             | 2056-05-25      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WEV89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       406390 | PA      | $399947.41      | 0.00%             | 2030-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Last Mile Logistics Pan Euro F                                | Last Mile Logistics Pan Euro Finance DAC                                         | CUSIP: 000000000<br>LEI: 635400NOPX1IKIAX7N90 | Long             | ABS-MBS          | CORP              | IE        |      2617629 | PA      | $3070613.91     | 0.02%             | 2033-08-17      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | IRS COP                                                                          | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-48005.21      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DV6T7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11741880 | PA      | $9059850.54     | 0.05%             | 2050-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810QL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     24556800 | PA      | $23693475.00    | 0.13%             | 2040-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                                 | NYC Commercial Mortgage Trust 2025-28L                                           | CUSIP: 67123JAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4981000 | PA      | $4991537.80     | 0.03%             | 2038-11-05      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2024-CNYN                                                               | CUSIP: 05612HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4210016 | PA      | $4213912.25     | 0.02%             | 2041-04-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                    | Verus Securitization Trust 2021-6                                                | CUSIP: 92538MAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       806000 | PA      | $621413.18      | 0.00%             | 2066-10-25      | Variable      | 2.94%                 | No            |                  2 | On Loan: No      |
| ARES Commercial Mortgage Trust                                | ARES Commercial Mortgage Trust 2024-IND                                          | CUSIP: 03990DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8860000 | PA      | $8870947.42     | 0.05%             | 2041-07-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YNTD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        67774 | PA      | $65937.09       | 0.00%             | 2030-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                       | Dryden 65 CLO Ltd                                                                | CUSIP: 26251YAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       300000 | PA      | $301052.04      | 0.00%             | 2030-07-18      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| SCC POWER PLC                                                 | SCC Power PLC                                                                    | CUSIP: 78397YAB8<br>LEI: 529900IYGYC6VSDSDF37 | Long             | DBT              | CORP              | GB        |       695632 | PA      | $429204.94      | 0.00%             | 2028-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J7W35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       630431 | PA      | $613360.53      | 0.00%             | 2033-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS CNY                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $465.63         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BARBADOS GOVT OF                                              | Barbados Government International Bond                                           | CUSIP: 067070AK8<br>LEI: 529900UD1KUUS4SFD905 | Long             | DBT              | NUSS              | BB        |       975000 | PA      | $1027708.50     | 0.01%             | 2035-06-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810QW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     23919000 | PA      | $19248254.59    | 0.10%             | 2042-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                     | IQVIA Inc                                                                        | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |       403000 | PA      | $421102.01      | 0.00%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS D                                      | Axalta Coating Systems Dutch Holding B BV                                        | CUSIP: 05455JAA5<br>LEI: 5493007DMEBZH3CQ5E51 | Long             | DBT              | CORP              | NL        |       690000 | PA      | $727684.96      | 0.00%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                          | Bank of America Corp                                                             | CUSIP: 06051GMT3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     32120000 | PA      | $32546094.28    | 0.18%             | 2029-05-09      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOSTAD AB                                          | Heimstaden Bostad AB                                                             | CUSIP: 000000000<br>LEI: 549300TJR3PR8EXILG79 | Long             | DBT              | CORP              | SE        |      2117000 | PA      | $2600155.71     | 0.01%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38381MRL6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2250960 | PA      | $2261842.22     | 0.01%             | 2058-06-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                             | CLARIOS GLOBAL LP                                                                | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |      1000000 | PA      | $1185882.57     | 0.01%             | 2032-01-28      | Floating      | 5.19%                 | No            |                  3 | On Loan: No      |
| American Home Mortgage Assets                                 | American Home Mortgage Assets Trust 2006-3                                       | CUSIP: 02660UAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       555517 | PA      | $368869.39      | 0.00%             | 2046-10-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179WDR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     29620769 | PA      | $25565159.04    | 0.14%             | 2051-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS AUD                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-107793.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certi                                | CWABS Asset-Backed Certificates Trust 2005-16                                    | CUSIP: 126670NV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1731448 | PA      | $1558851.43     | 0.01%             | 2036-04-25      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| Battalion CLO LTD                                             | Battalion CLO 18 Ltd                                                             | CUSIP: 07134QBA3<br>LEI: 549300WYAEH0STKIKE49 | Long             | ABS-CBDO         | CORP              | KY        |      1827000 | PA      | $1828474.57     | 0.01%             | 2036-10-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                     | Amgen Inc                                                                        | CUSIP: 031162DG2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      2430000 | PA      | $1898049.77     | 0.01%             | 2062-02-22      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| XHR LP                                                        | XHR LP                                                                           | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              | CORP              | US        |       289000 | PA      | $284937.30      | 0.00%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SCC POWER PLC                                                 | SCC Power PLC                                                                    | CUSIP: 78397YAC6<br>LEI: 529900IYGYC6VSDSDF37 | Long             | DBT              | CORP              | GB        |       493685 | PA      | $51836.92       | 0.00%             | 2032-05-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140HAFK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       172011 | PA      | $171113.46      | 0.00%             | 2048-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                    | MFA 2021-NQM1 Trust                                                              | CUSIP: 55283FAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3310000 | PA      | $2797066.51     | 0.02%             | 2065-04-25      | Variable      | 3.51%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                                | PRPM 2025-NQM3 Trust                                                             | CUSIP: 69382NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5849646 | PA      | $5890921.18     | 0.03%             | 2070-05-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| INDIA CLEANTECH ENERGY                                        | India Cleantech Energy                                                           | CUSIP: 000000000<br>LEI: 254900DGTS4HHR3Q6F66 | Long             | DBT              | CORP              | MU        |      6072000 | PA      | $5998528.80     | 0.03%             | 2026-08-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| LATAM AIRLINES GROUP SA                                       | Latam Airlines Group SA                                                          | CUSIP: 51817RAE6<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |      1738000 | PA      | $1824900.00     | 0.01%             | 2031-01-07      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $-11332.53      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                                      | British Telecommunications PLC                                                   | CUSIP: 11102AAF8<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |       200000 | PA      | $197474.18      | 0.00%             | 2081-11-23      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Secu                                | Bear Stearns Asset Backed Securities I Trust 2007-HE3                            | CUSIP: 073852AD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7006557 | PA      | $6811540.33     | 0.04%             | 2037-04-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2022-VAMF                                                               | CUSIP: 05609TAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       673000 | PA      | $672590.75      | 0.00%             | 2039-01-15      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 312943JY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        37209 | PA      | $36584.73       | 0.00%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                     | Anchorage Capital CLO 8 Ltd                                                      | CUSIP: 03329KBJ1<br>LEI: 549300PKM3N9LK4JM015 | Long             | ABS-CBDO         | CORP              | KY        |      2395000 | PA      | $2401327.83     | 0.01%             | 2038-10-27      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                        | Mosaic Solar Loan Trust 2019-2                                                   | CUSIP: 61945LAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       409568 | PA      | $364397.84      | 0.00%             | 2040-09-20      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                       | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |       100000 | PA      | $103423.43      | 0.00%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                 | New Residential Mortgage Loan Trust 2025-NQM5                                    | CUSIP: 64832GAC8<br>LEI: 213800USJ6KQFZEWGZ76 | Long             | ABS-MBS          | CORP              | US        |      3652765 | PA      | $3663316.63     | 0.02%             | 2065-08-25      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                       | AEP Transmission Co LLC                                                          | CUSIP: 00115AAK5<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |      1262000 | PA      | $950557.46      | 0.01%             | 2049-06-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MULTIVERSITY SPA                                              | Multiversity SpA                                                                 | CUSIP: 000000000<br>LEI: 8945002RM8LY280ZUC12 | Long             | DBT              | CORP              | IT        |       599000 | PA      | $711808.36      | 0.00%             | 2031-05-17      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS CNY                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-1546.20       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WHARF Commercial Mortgage Trus                                | WHARF Commercial Mortgage Trust 2025-DC                                          | CUSIP: 92987LAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4623000 | PA      | $4750534.70     | 0.03%             | 2040-07-15      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PEB8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     25378000 | PA      | $26004836.85    | 0.14%             | 2030-01-23      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QEN57<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3805549 | PA      | $3287927.90     | 0.02%             | 2050-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                      | Florida Power & Light Co                                                         | CUSIP: 341081FX0<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |      5738000 | PA      | $3929680.32     | 0.02%             | 2049-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                                | Port Authority of New York & New Jersey                                          | CUSIP: 73358WCX0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |      2780000 | PA      | $2961911.80     | 0.02%             | 2040-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| NGPL PIPECO LLC                                               | NGPL PipeCo LLC                                                                  | CUSIP: 62928CAA0<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |     18873000 | PA      | $17362399.61    | 0.09%             | 2031-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QGSZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1945210 | PA      | $1886144.06     | 0.01%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Securitized Asset Backed Recei                                | Securitized Asset Backed Receivables LLC Trust 2007-BR1                          | CUSIP: 81378KAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       328615 | PA      | $132845.14      | 0.00%             | 2037-02-25      | Floating      | 4.07%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                        | CHL Mortgage Pass-Through Trust 2005-16                                          | CUSIP: 12669G3W9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2683137 | PA      | $1608357.74     | 0.01%             | 2035-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36179DEK2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       172264 | PA      | $161404.91      | 0.00%             | 2042-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS MXN                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $15543.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                        | Mosaic Solar Loan Trust 2020-1                                                   | CUSIP: 61946NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       543336 | PA      | $481163.15      | 0.00%             | 2046-04-20      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| One Market Plaza Trust                                        | One Market Plaza Trust 2017-1MKT                                                 | CUSIP: 68245HAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1754000 | PA      | $1616390.98     | 0.01%             | 2032-02-10      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179TCX1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3268734 | PA      | $3036124.90     | 0.02%             | 2047-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Romark CLO Ltd                                                | Romark CLO Ltd                                                                   | CUSIP: 77587UAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       750000 | PA      | $752086.80      | 0.00%             | 2030-10-23      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38379RHB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       567274 | PA      | $15727.74       | 0.00%             | 2057-08-16      | Variable      | 0.66%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO I, Ltd                                           | Owl Rock CLO VII LLC                                                             | CUSIP: 69121BAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |       290000 | PA      | $289496.07      | 0.00%             | 2038-04-20      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                       | AEP Transmission Co LLC                                                          | CUSIP: 00115AAH2<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |      4846000 | PA      | $3709201.04     | 0.02%             | 2047-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                      | Standard Industries Inc/NY                                                       | CUSIP: 853496AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       590000 | PA      | $569176.16      | 0.00%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H030617<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |     -1506000 | PA      | $-1352988.05    | -0.01%            | 2056-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H030617<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     87418000 | PA      | $78536194.83    | 0.43%             | 2056-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $-923822.26     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                    | Verus Securitization Trust 2023-2                                                | CUSIP: 92539DAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2041000 | PA      | $2042289.71     | 0.01%             | 2068-03-25      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| Securitized Asset Backed Recei                                | Securitized Asset Backed Receivables LLC Trust 2007-BR1                          | CUSIP: 81378KAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3502173 | PA      | $1415758.79     | 0.01%             | 2037-02-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| SONDER1LPIKNOTES                                              | SONDER1LPIKNOTES                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10986164 | PA      | $1.10           | 0.00%             | 2027-12-10      | Fixed         | 7.00%                 | No            |                  3 | On Loan: No      |
| GREENSAIF PIPELINES BIDC                                      | Greensaif Pipelines Bidco Sarl                                                   | CUSIP: 000000000<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |       435000 | PA      | $454109.55      | 0.00%             | 2036-02-23      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QKWK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       467212 | PA      | $452814.79      | 0.00%             | 2036-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                        | Rockford Tower CLO 2019-1 Ltd                                                    | CUSIP: 77342MBA3<br>LEI: 549300GGUAM1ZV2SKK63 | Long             | ABS-CBDO         | CORP              | KY        |      1000000 | PA      | $1000507.20     | 0.01%             | 2034-04-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                    | Verus Securitization Trust 2021-6                                                | CUSIP: 92538MAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       291000 | PA      | $234836.80      | 0.00%             | 2066-10-25      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                         | Venezuela Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      1221000 | PA      | $388278.00      | 0.00%             | 2031-08-05      | Fixed         | 11.95%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133W7J30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       506797 | PA      | $523354.42      | 0.00%             | 2054-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 312942H40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       431149 | PA      | $424161.20      | 0.00%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                     | AUD/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-4676.53       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS MXN                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $-23866.10      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XBKH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2759624 | PA      | $2558854.89     | 0.01%             | 2036-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                  | GS Mortgage Securities Trust 2019-GSA1                                           | CUSIP: 36261PAV4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7656029 | PA      | $192884.47      | 0.00%             | 2052-11-10      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| Bridge Street CLO I Ltd                                       | Bridge Street CLO II Ltd                                                         | CUSIP: 10806JAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       500000 | PA      | $500000.00      | 0.00%             | 2034-07-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                              | Symphony CLO 43 Ltd                                                              | CUSIP: 87170BAA4<br>LEI: 254900QCSPTCYRSY3N68 | Long             | ABS-CBDO         | CORP              | KY        |       570000 | PA      | $571967.98      | 0.00%             | 2037-04-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| BRACELET HOLDINGS INC                                         | Bracelet Holdings Inc                                                            | CUSIP: 10374QAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5752000 | PA      | $5626651.37     | 0.03%             | 2028-07-02      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 30 Ltd                                            | Elmwood CLO 30 Ltd                                                               | CUSIP: 29001JAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2410000 | PA      | $2416425.30     | 0.01%             | 2037-07-17      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F030611<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1390000 | PA      | $1229226.96     | 0.01%             | 2056-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F030611<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |    -41838200 | PA      | $-36999023.92   | -0.20%            | 2056-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                                           | Prestige Brands Inc                                                              | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |       171000 | PA      | $170796.20      | 0.00%             | 2028-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                                | Czech Republic Government Bond                                                   | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     27600000 | PA      | $1295642.00     | 0.01%             | 2036-12-04      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS JPY                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $549566.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                                             | INEOS Finance PLC                                                                | CUSIP: 000000000<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |       882000 | PA      | $891907.10      | 0.00%             | 2031-03-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                                   | Wayfair LLC                                                                      | CUSIP: 94419NAC1<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |       184000 | PA      | $189166.72      | 0.00%             | 2032-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418CLH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3636162 | PA      | $3528969.28     | 0.02%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133A7KE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2052320 | PA      | $1770328.70     | 0.01%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H042612<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |     -1028000 | PA      | $-1001175.63    | -0.01%            | 2055-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H042612<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     78482000 | PA      | $76434110.31    | 0.42%             | 2055-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GARFUNKELUX HOLDCO 3 SA                                       | Garfunkelux Holdco 3 SA                                                          | CUSIP: 000000000<br>LEI: 2221007QVSNJV7EWBX69 | Long             | DBT              | CORP              | LU        |      1643000 | PA      | $1848430.48     | 0.01%             | 2028-09-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11                   | CUSIP: 46639YAT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2855868 | PA      | $7384.70        | 0.00%             | 2046-04-15      | Variable      | 0.44%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                        | Rockford Tower CLO 2018-1 Ltd                                                    | CUSIP: 77342JAA1<br>LEI: 549300KPFGDIQ0PMP224 | Long             | ABS-CBDO         | CORP              | KY        |      1706399 | PA      | $1706402.79     | 0.01%             | 2031-05-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                        | Rockford Tower CLO 2019-1 Ltd                                                    | CUSIP: 77342MAY2<br>LEI: 549300GGUAM1ZV2SKK63 | Long             | ABS-CBDO         | CORP              | KY        |      1240000 | PA      | $1239607.79     | 0.01%             | 2034-04-20      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS JPY                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-10311.91      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QKWL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       950497 | PA      | $918943.31      | 0.00%             | 2036-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                              | Trestles CLO VI Ltd                                                              | CUSIP: 894940AQ8<br>LEI: 254900837GHK5VH7YU15 | Long             | ABS-CBDO         | CORP              | KY        |      3450000 | PA      | $3448540.65     | 0.02%             | 2038-04-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                | Amazon.com Inc                                                                   | CUSIP: 023135CV6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     22350000 | PA      | $22259616.38    | 0.12%             | 2035-11-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                       | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAK1<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |       325000 | PA      | $325915.85      | 0.00%             | 2028-09-29      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                                        | Motorola Solutions Inc                                                           | CUSIP: 620076BW8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |      3009000 | PA      | $3164333.49     | 0.02%             | 2032-06-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                                          | Alpha Generation LLC                                                             | CUSIP: 02073LAC5<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |       277000 | PA      | $279486.63      | 0.00%             | 2034-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810QS0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     27881000 | PA      | $25127751.25    | 0.14%             | 2041-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                 | Ballyrock Clo 29 Ltd                                                             | CUSIP: 05876GAA2<br>LEI: 254900DD7OSYIC2KWA70 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250839.90      | 0.00%             | 2038-07-25      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                         | Argentine Republic Government International Bond                                 | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      1165000 | PA      | $866760.00      | 0.00%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                      | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    115187000 | PA      | $114412021.86   | 0.62%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $-422562.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan T                                | Morgan Stanley Mortgage Loan Trust 2006-12XS                                     | CUSIP: 61749EAH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       711619 | PA      | $185947.59      | 0.00%             | 2036-10-25      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                      | Republic of South Africa Government Bond                                         | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    284811488 | PA      | $16814989.91    | 0.09%             | 2031-02-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GreenPoint Mortgage Funding Tr                                | GreenPoint Mortgage Funding Trust 2006-AR2                                       | CUSIP: 39538WGJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       384065 | PA      | $354788.64      | 0.00%             | 2036-03-25      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CJP7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |          300 | PA      | $302.35         | 0.00%             | 2026-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                                          | Amentum Holdings Inc                                                             | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |       331000 | PA      | $348901.80      | 0.00%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                           | Petroleos Mexicanos                                                              | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |       297000 | PA      | $296147.61      | 0.00%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                                   | Wayfair LLC                                                                      | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |       152000 | PA      | $161950.07      | 0.00%             | 2030-09-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                                         | Scotts Miracle-Gro Co/The                                                        | CUSIP: 810186AX4<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |        57000 | PA      | $53629.19       | 0.00%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QKWM6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       712225 | PA      | $690275.35      | 0.00%             | 2036-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LQR Trust                                                     | LQR Trust 2025-CALI                                                              | CUSIP: 50216WAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1859000 | PA      | $1858995.17     | 0.01%             | 2043-01-15      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS JPY                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $454755.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2025-IV Ltd                                                         | CUSIP: 12575MAD3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       890000 | PA      | $892913.15      | 0.00%             | 2038-10-24      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                             | Park Blue CLO 2024-VI Ltd                                                        | CUSIP: 70019KAA5<br>LEI: 213800RLFYTJFPXOL592 | Long             | ABS-CBDO         | CORP              | KY        |      1080000 | PA      | $1084191.48     | 0.01%             | 2038-01-25      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                                      | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc        | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       342000 | PA      | $332194.14      | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                             | Post Holdings Inc                                                                | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |       112000 | PA      | $112621.68      | 0.00%             | 2034-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QU2G0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27798780 | PA      | $28919973.23    | 0.16%             | 2054-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179TUA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3524227 | PA      | $3269623.89     | 0.02%             | 2048-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                         | Argentine Republic Government International Bond                                 | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |        33470 | PA      | $28516.10       | 0.00%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                                          | SCG Commercial Mortgage Trust 2025-DLFN                                          | CUSIP: 78398EAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       532000 | PA      | $530011.81      | 0.00%             | 2035-03-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31410LN57<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       620541 | PA      | $612226.07      | 0.00%             | 2029-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                | EFMT 2024-NQM1                                                                   | CUSIP: 26845DAA3<br>LEI: 254900GTI06L3BTCLG55 | Long             | ABS-MBS          | CORP              | US        |      3560515 | PA      | $3590877.71     | 0.02%             | 2069-11-25      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS IFS USD                                                                      | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               | CORP              | GB        |            1 | NC      | $-1063897.98    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J5XZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       198337 | PA      | $195499.15      | 0.00%             | 2031-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO V-B Ltd                                              | CUSIP: 08181JAH5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      6170000 | PA      | $6190628.78     | 0.03%             | 2037-07-20      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                | Amazon.com Inc                                                                   | CUSIP: 023135CY0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     12071000 | PA      | $11708822.92    | 0.06%             | 2065-11-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QSF48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1335580 | PA      | $1375975.66     | 0.01%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Coinstar Funding, LLC                                         | Coinstar Funding LLC Series 2017-1                                               | CUSIP: 19260MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       594750 | PA      | $679799.25      | 0.00%             | 2047-04-25      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Impac Secured Assets Corp.                                    | Impac Secured Assets Trust 2006-3                                                | CUSIP: 45255RAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1605506 | PA      | $1483692.25     | 0.01%             | 2036-11-25      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| First Franklin Mtg Loan Asset                                 | First Franklin Mortgage Loan Trust 2006-FF17                                     | CUSIP: 32028KAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7626468 | PA      | $6681300.53     | 0.04%             | 2036-12-25      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2025-P2                                   | CUSIP: 92262XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8079727 | PA      | $8064964.15     | 0.04%             | 2055-10-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                        | Rockford Tower CLO 2018-1 Ltd                                                    | CUSIP: 77342JAC7<br>LEI: 549300KPFGDIQ0PMP224 | Long             | ABS-CBDO         | CORP              | KY        |      1500000 | PA      | $1501991.70     | 0.01%             | 2031-05-20      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KYT41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1009781 | PA      | $884982.56      | 0.00%             | 2040-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS GBP                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-12662.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                                          | Alpha Generation LLC                                                             | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |       120000 | PA      | $124222.76      | 0.00%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFQ25<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       298404 | PA      | $290170.17      | 0.00%             | 2030-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                                       | Bryant Park Funding 2024-25 Ltd                                                  | CUSIP: 117913AE3<br>LEI: 391200WG98O5N39H7C57 | Long             | ABS-CBDO         | CORP              | KY        |      4000000 | PA      | $4011176.00     | 0.02%             | 2038-01-18      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust                                | MSWF Commercial Mortgage Trust 2023-2                                            | CUSIP: 55361AAV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     56137055 | PA      | $3144056.79     | 0.02%             | 2056-12-15      | Variable      | 0.91%                 | No            |                  2 | On Loan: No      |
| GCAT                                                          | GCAT 2021-NQM3 Trust                                                             | CUSIP: 36167HAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1642000 | PA      | $1246975.19     | 0.01%             | 2066-05-25      | Variable      | 3.47%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                    | Navient Private Education Refi Loan Trust 2020-F                                 | CUSIP: 63941XAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2590000 | PA      | $2243831.48     | 0.01%             | 2069-07-15      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding XXXIII Ltd                                                  | CUSIP: 55819JAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2918460 | PA      | $2921124.63     | 0.02%             | 2032-10-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| MIRA Trust                                                    | MIRA Trust 2023-MILE                                                             | CUSIP: 55318EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3432000 | PA      | $3564365.03     | 0.02%             | 2038-06-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                         | Argentine Republic Government International Bond                                 | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      1109000 | PA      | $767428.00      | 0.00%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                  | GS Mortgage Securities Trust 2019-GSA1                                           | CUSIP: 36261PAZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       260000 | PA      | $237805.98      | 0.00%             | 2052-11-10      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS CNY                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $1874.14        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMER AIRLINE 25-1B PTT                                        | American Airlines 2025-1 Class B Pass Through Trust                              | CUSIP: 02377PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       740000 | PA      | $745835.64      | 0.00%             | 2034-11-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| FLEXSYS CAYMAN HOLDINGS LP: TL LOAN/TERM                      | FLEXSYS CAYMAN HOLDINGS LP: TL LOAN/TERM                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |      1962310 | PA      | $107927.05      | 0.00%             | 2029-08-01      | Floating      | 9.08%                 | No            |                  3 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CJR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     32456900 | PA      | $32640737.83    | 0.18%             | 2028-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31402CTT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         1526 | PA      | $1591.93        | 0.00%             | 2034-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140GW3B7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       115323 | PA      | $114727.75      | 0.00%             | 2047-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CK HUTCHISON INTL 23                                          | CK Hutchison International 23 Ltd                                                | CUSIP: 000000000<br>LEI: 2549003AJI1YI8883K46 | Long             | DBT              | CORP              | KY        |       640000 | PA      | $649734.40      | 0.00%             | 2028-04-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                 | Citigroup Mortgage Loan Trust 2007-AHL3                                          | CUSIP: 17312GAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2951807 | PA      | $2088525.35     | 0.01%             | 2045-07-25      | Floating      | 4.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140HBRA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       235003 | PA      | $233626.15      | 0.00%             | 2048-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3131YBQJ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       783471 | PA      | $775652.21      | 0.00%             | 2049-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan T                                | Morgan Stanley Mortgage Loan Trust 2006-12XS                                     | CUSIP: 61749EAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1858286 | PA      | $391970.98      | 0.00%             | 2036-10-25      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS CNY                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-1831.76       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QGKD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1185082 | PA      | $1145860.22     | 0.01%             | 2035-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307UV47<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       287376 | PA      | $280537.76      | 0.00%             | 2032-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DNHX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4337470 | PA      | $4188908.41     | 0.02%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3131XJ4U3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       112353 | PA      | $108052.16      | 0.00%             | 2042-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                                | Barings CLO Ltd 2015-I                                                           | CUSIP: 056162AQ3<br>LEI: 549300QR3VQZ1T0JUI29 | Long             | ABS-CBDO         | CORP              | KY        |       972842 | PA      | $973179.73      | 0.01%             | 2031-01-20      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| New Mountain CLO Ltd                                          | New Mountain CLO 3 Ltd                                                           | CUSIP: 647550AQ5<br>LEI: 549300CEYMYPINCEX579 | Long             | ABS-CBDO         | CORP              | KY        |      1070000 | PA      | $1072972.89     | 0.01%             | 2038-10-20      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138E4ES6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       593030 | PA      | $569836.70      | 0.00%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                       | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAL9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |       107000 | PA      | $107014.94      | 0.00%             | 2030-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                       | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       774000 | PA      | $769241.37      | 0.00%             | 2028-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                         | Tenet Healthcare Corp                                                            | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |       259000 | PA      | $259579.28      | 0.00%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | IRS COP                                                                          | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $48550.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2023-C                                                  | CUSIP: 009926AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       835600 | PA      | $741213.63      | 0.00%             | 2063-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                                 | FirstCash Inc                                                                    | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |       162000 | PA      | $160961.01      | 0.00%             | 2028-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                       | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB86<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      4081000 | PA      | $4082298.49     | 0.02%             | 2045-11-19      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                         | Wells Fargo & Co                                                                 | CUSIP: 95000U3R2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      1537000 | PA      | $1549939.02     | 0.01%             | 2028-01-24      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133BMN27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       535035 | PA      | $538870.31      | 0.00%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 31427QMY5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     20429355 | PA      | $21255390.04    | 0.12%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                           | Ecuador Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |      1113000 | PA      | $864488.25      | 0.00%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                           | Buckeye Partners LP                                                              | CUSIP: 118230AR2<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |       100000 | PA      | $98787.26       | 0.00%             | 2027-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Jubilee Place                                                 | Jubilee Place 7 BV                                                               | CUSIP: 000000000<br>LEI: 724500E73QDBSXZ44959 | Long             | ABS-MBS          | CORP              | NL        |       185000 | PA      | $217418.74      | 0.00%             | 2062-09-18      | Floating      | 3.97%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                | Amazon.com Inc                                                                   | CUSIP: 023135CJ3<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     15658000 | PA      | $12220106.19    | 0.07%             | 2052-04-13      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                     | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              | CORP              | US        |            1 | NC      | $318009.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $668853.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36198QTY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        64252 | PA      | $61798.92       | 0.00%             | 2044-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2025-IV Ltd                                                         | CUSIP: 12575MAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3450000 | PA      | $3459665.87     | 0.02%             | 2038-10-24      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                 | Citigroup Inc                                                                    | CUSIP: 172967QH7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      1015000 | PA      | $1024487.53     | 0.01%             | 2036-09-11      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                         | Argentine Republic Government International Bond                                 | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |       137600 | PA      | $122670.40      | 0.00%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                         | Molina Healthcare Inc                                                            | CUSIP: 60855RAK6<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |       265000 | PA      | $245891.13      | 0.00%             | 2030-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SONDER HOLDINGS CLS A LEGENDED                                | SONDER HOLDINGS CLS A LEGENDED                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        45465 | NS      | $454.65         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Option One Mortgage Loan Trust                                | Option One Mortgage Loan Trust 2005-4 Asset-Backed Certificates Series 2005-4    | CUSIP: 68389FJK1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4030000 | PA      | $3556435.91     | 0.02%             | 2035-11-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Voyager OPTONE Delaware Trust                                 | Voyager OPTONE Delaware Trust                                                    | CUSIP: 92911BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11352518 | PA      | $2463772.29     | 0.01%             | 2038-02-25      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| GREENKO WIND PROJECTS MU                                      | Greenko Wind Projects Mauritius Ltd                                              | CUSIP: 000000000<br>LEI: 254900MSUXE1FF83DP82 | Long             | DBT              | CORP              | MU        |      4136000 | PA      | $4176067.50     | 0.02%             | 2028-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2023-C                                                  | CUSIP: 009926AB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1567000 | PA      | $1430593.75     | 0.01%             | 2063-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | IRS CLP                                                                          | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-1323.20       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DBMS                                                          | DBMS 2025-1 DAC                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |       417000 | PA      | $562079.92      | 0.00%             | 2036-02-18      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133D3NG6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1139878 | PA      | $1009715.58     | 0.01%             | 2040-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 31427QMX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     24713500 | PA      | $25231489.41    | 0.14%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31419AR25<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        41588 | PA      | $41857.62       | 0.00%             | 2040-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CHX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     26800300 | PA      | $27366665.65    | 0.15%             | 2028-08-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer                                | WaMu Mortgage Pass-Through Certificates Series 2007-OA5 Trust                    | CUSIP: 93364BAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       831659 | PA      | $704423.47      | 0.00%             | 2047-06-25      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                         | Molina Healthcare Inc                                                            | CUSIP: 60855RAL4<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |       344000 | PA      | $312412.99      | 0.00%             | 2032-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                                                      | State of Texas                                                                   | CUSIP: 882722KF7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |      5356722 | PA      | $5489454.51     | 0.03%             | 2039-04-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DPEZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2187784 | PA      | $2113190.54     | 0.01%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                                      | Petroleos de Venezuela SA                                                        | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |       954000 | PA      | $221805.00      | 0.00%             | 2026-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS BRL                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $592.10         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GALAXY DIGITAL HOLDIN LP                                      | Galaxy Digital Holdings LP                                                       | CUSIP: 36317GAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       719000 | PA      | $543204.50      | 0.00%             | 2031-05-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                              | BAT Capital Corp                                                                 | CUSIP: 05526DBV6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     12058000 | PA      | $11398043.71    | 0.06%             | 2052-03-16      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179V7D6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3440015 | PA      | $2849853.33     | 0.02%             | 2051-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                        | Sequoia Mortgage Trust 2007-3                                                    | CUSIP: 81744MAM4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       638158 | PA      | $499597.84      | 0.00%             | 2037-07-20      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 27 Ltd                                            | Elmwood CLO 27 Ltd                                                               | CUSIP: 29003FAB8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1040000 | PA      | $1044295.62     | 0.01%             | 2037-04-18      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2021-LBA                                                                | CUSIP: 05609BCD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4963989 | PA      | $4957895.21     | 0.03%             | 2036-02-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                 | Citigroup Inc                                                                    | CUSIP: 172967QF1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      9125000 | PA      | $9153239.87     | 0.05%             | 2031-09-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 31427QMW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     23495951 | PA      | $23668844.85    | 0.13%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                      | OHA Credit Funding 4 Ltd                                                         | CUSIP: 67098DBC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3170000 | PA      | $3179867.58     | 0.02%             | 2038-01-22      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                          | LifePoint Health Inc                                                             | CUSIP: 53219LAY5<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |       284000 | PA      | $308271.78      | 0.00%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | IRS COP                                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-91593.61      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                      | Vistra Operations Co LLC                                                         | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |       603000 | PA      | $638683.84      | 0.00%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                         | Toorak Mortgage Trust 2024-2                                                     | CUSIP: 89055KAA0<br>LEI: 254900ZRJRVK75Z6JJ57 | Long             | ABS-MBS          | CORP              | US        |       937000 | PA      | $941423.95      | 0.01%             | 2031-10-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2023-PL1                                               | CUSIP: 64034UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2267326 | PA      | $2297393.82     | 0.01%             | 2053-11-25      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J57D5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        62865 | PA      | $61389.96       | 0.00%             | 2032-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                                               | Cameron LNG LLC                                                                  | CUSIP: 133434AC4<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |      8998000 | PA      | $7810983.30     | 0.04%             | 2038-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                    | Apidos CLO XXXI                                                                  | CUSIP: 03767VAL2<br>LEI: 549300IG6PHVJ3WBR394 | Long             | ABS-CBDO         | CORP              | KY        |       500000 | PA      | $500225.50      | 0.00%             | 2031-04-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae REMICS                                                                | CUSIP: 3136BQF38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9544080 | PA      | $9568305.70     | 0.05%             | 2054-01-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2023-C                                                  | CUSIP: 009926AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20203734 | PA      | $19629540.22    | 0.11%             | 2063-05-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2025-IV Ltd                                                         | CUSIP: 12575MAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       890000 | PA      | $892855.03      | 0.00%             | 2038-10-24      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2020-20 Ltd                                                              | CUSIP: 670859AQ0<br>LEI: 25490028U8Y2XMZWXO46 | Long             | ABS-CBDO         | CORP              | KY        |       360000 | PA      | $361038.35      | 0.00%             | 2037-04-18      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS CNY                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-24594.31      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                       | NYMT 2024-RR1 Trust                                                              | CUSIP: 62956VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6469577 | PA      | $6432775.13     | 0.03%             | 2064-05-25      | Variable      | 7.38%                 | 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        |      6587000 | PA      | $6595805.50     | 0.04%             | 2041-11-25      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                                               | Cameron LNG LLC                                                                  | CUSIP: 133434AB6<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |     13346000 | PA      | $11672654.36    | 0.06%             | 2035-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Exmoor Funding PLC                                            | Exmoor Funding 2024-1 PLC                                                        | CUSIP: 000000000<br>LEI: 635400TJWGCUUIZAGH30 | Long             | ABS-MBS          | CORP              | GB        |       197000 | PA      | $268956.56      | 0.00%             | 2094-03-25      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                  | GS Mortgage Securities Corp Trust 2023-SHIP                                      | CUSIP: 36270GAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15141000 | PA      | $15201003.78    | 0.08%             | 2038-09-10      | Variable      | 7.43%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                                       | Beach Acquisition Bidco LLC                                                      | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |       527000 | PA      | $581693.64      | 0.00%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132M7YQ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        37161 | PA      | $35544.91       | 0.00%             | 2044-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                        | Pacific Gas and Electric Co                                                      | CUSIP: 694308JH1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      7852000 | PA      | $5943590.95     | 0.03%             | 2040-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                      | Vistra Operations Co LLC                                                         | CUSIP: 92840VAQ5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     29724000 | PA      | $33122582.71    | 0.18%             | 2033-10-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                      | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1055000 | PA      | $1093896.80     | 0.01%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS PLN                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-68888.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                                | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137FMUR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     32499259 | PA      | $641057.63      | 0.00%             | 2029-05-25      | Variable      | 0.78%                 | No            |                  2 | On Loan: No      |
| Residential Funding Mtg Sec I                                 | RFMSI Series 2006-SA2 Trust                                                      | CUSIP: 749574AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4016590 | PA      | $2654963.24     | 0.01%             | 2036-08-25      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418CV35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       474335 | PA      | $458385.05      | 0.00%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certi                                | CWABS Asset-Backed Certificates Trust 2006-22                                    | CUSIP: 12666BAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       839602 | PA      | $828461.76      | 0.00%             | 2047-05-25      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                           | Ecuador Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |       566000 | PA      | $498646.00      | 0.00%             | 2035-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                             | Iliad Holding SAS                                                                | CUSIP: 449691AC8<br>LEI: 9695009BGMXB527HV965 | Long             | DBT              | CORP              | FR        |       900000 | PA      | $911190.60      | 0.00%             | 2028-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     12751000 | PA      | $12678972.92    | 0.07%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2023-C                                                  | CUSIP: 009926AG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7502966 | PA      | $4039433.48     | 0.02%             | 2063-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                 | TransDigm Inc                                                                    | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |       402000 | PA      | $399334.86      | 0.00%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 31427QMU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10521588 | PA      | $9586842.19     | 0.05%             | 2050-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $13213.45       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36178EDP1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        83928 | PA      | $78274.84       | 0.00%             | 2043-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                           | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |      3116000 | PA      | $3755575.93     | 0.02%             | 2033-07-10      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                          | LifePoint Health Inc                                                             | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |       423000 | PA      | $463876.57      | 0.00%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                             | Park Blue CLO 2025-X LTD                                                         | CUSIP: 70019YAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       990000 | PA      | $990000.00      | 0.01%             | 2039-01-20      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                           | SG Residential Mortgage Trust 2025-1                                             | CUSIP: 81880NAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3763542 | PA      | $3763535.98     | 0.02%             | 2065-12-25      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                 | Ballyrock Clo 32 Ltd                                                             | CUSIP: 058944AA7<br>LEI: 254900RL3S1UBVHQYH63 | Long             | ABS-CBDO         | CORP              | KY        |       820000 | PA      | $821227.87      | 0.00%             | 2039-01-25      | Floating      | 4.88%                 | 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        |        80000 | PA      | $81454.04       | 0.00%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                                 | ZF North America Capital Inc                                                     | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |       245000 | PA      | $247635.47      | 0.00%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LMRE 2025-SFR1 Trust Issuing E                                | LMRE 2025 SFR1 Trust                                                             | CUSIP: 50208WAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3162000 | PA      | $3085443.45     | 0.02%             | 2042-12-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| One Market Plaza Trust                                        | One Market Plaza Trust 2017-1MKT                                                 | CUSIP: 68245HAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8844961 | PA      | $23134.88       | 0.00%             | 2032-02-10      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | IRS COP                                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $80114.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132J7RZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       229837 | PA      | $212742.17      | 0.00%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                                | Bayview Commercial Asset Trust 2007-6                                            | CUSIP: 07326FAE8<br>LEI: 5493003DOWFR7J1QCW02 | Long             | ABS-MBS          | CORP              | US        |      1224048 | PA      | $1098195.80     | 0.01%             | 2037-12-25      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| ACROPOLIS TRADE & INVESTMENTS LTD                             | ACROPOLIS TRADE & INVESTMENTS LTD                                                | CUSIP: 000000000<br>LEI: 894500HOU2R49R9MRX51 | Long             | DBT              | CORP              | MU        |     18402392 | PA      | $19046475.72    | 0.10%             | 2028-04-02      | Fixed         | 11.04%                | No            |                  3 | On Loan: No      |
| Ellington Financial Mortgage T                                | EFMT 2025-INV3                                                                   | CUSIP: 26847NAA9<br>LEI: 254900C1B6ZW3SK54M36 | Long             | ABS-MBS          | CORP              | US        |      5874811 | PA      | $5926050.35     | 0.03%             | 2070-07-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| ALEN 2021-ACEN Mortgage Trust                                 | Alen 2021-ACEN Mortgage Trust                                                    | CUSIP: 01449NAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1144000 | PA      | $1089307.30     | 0.01%             | 2034-04-15      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J8HY2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2000936 | PA      | $2003014.73     | 0.01%             | 2048-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                          | LifePoint Health Inc                                                             | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |       252000 | PA      | $271326.64      | 0.00%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                        | Pacific Gas and Electric Co                                                      | CUSIP: 694308JJ7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      7742000 | PA      | $5220439.58     | 0.03%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | Cifc Funding 2023-III Ltd                                                        | CUSIP: 12598YAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2660000 | PA      | $2668271.00     | 0.01%             | 2037-01-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140A84Q2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       719183 | PA      | $742676.11      | 0.00%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS KRW                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $7497.11        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                      | Vistra Operations Co LLC                                                         | CUSIP: 92840VAS1<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     14213000 | PA      | $14956808.93    | 0.08%             | 2034-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers                                 | Retained Vantage Data Centers Issuer LLC                                         | CUSIP: 76134KAM6<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |      6786000 | PA      | $6723450.72     | 0.04%             | 2050-08-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                       | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB60<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     12001000 | PA      | $12164739.48    | 0.07%             | 2030-10-23      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                         | Indonesia Government International Bond                                          | CUSIP: 455780CQ7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     17370000 | PA      | $16432020.00    | 0.09%             | 2030-02-14      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                                  | Ares XLI Clo Ltd                                                                 | CUSIP: 04016DAS4<br>LEI: 549300X38KZ67Q2FQG11 | Long             | ABS-CBDO         | CORP              | KY        |      1070000 | PA      | $1071795.78     | 0.01%             | 2034-04-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                 | Citigroup Inc                                                                    | CUSIP: 17327CAW3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      8699000 | PA      | $8823639.97     | 0.05%             | 2029-03-04      | Fixed         | 4.79%                 | 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        |       100000 | PA      | $103747.54      | 0.00%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418DY71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1169361 | PA      | $1019165.05     | 0.01%             | 2041-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2023-C                                                  | CUSIP: 009926AE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4533700 | PA      | $3754277.18     | 0.02%             | 2063-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                         | Wells Fargo & Co                                                                 | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      1722000 | PA      | $1783165.32     | 0.01%             | 2031-01-24      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS ZAR                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-15418.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE                                      | Perrigo Finance Unlimited Co                                                     | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |       213000 | PA      | $207476.25      | 0.00%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                                 | ZF North America Capital Inc                                                     | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |       339000 | PA      | $331520.07      | 0.00%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALLWYN ENTERTAINMENT FIN                                      | Allwyn Entertainment Financing UK PLC                                            | CUSIP: 000000000<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |       572400 | PA      | $706318.70      | 0.00%             | 2030-04-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CHENIERE CORP CHRISTI HD                                      | Cheniere Corpus Christi Holdings LLC                                             | CUSIP: 16412XAL9<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |     21789000 | PA      | $18578561.89    | 0.10%             | 2039-12-31      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| CIFC European Funding                                         | CIFC European Funding CLO II DAC                                                 | CUSIP: 000000000<br>LEI: 549300NYQTL91Z5R9B69 | Long             | ABS-CBDO         | CORP              | IE        |      1000000 | PA      | $1180214.70     | 0.01%             | 2039-10-15      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132JQEV8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       140947 | PA      | $140818.65      | 0.00%             | 2043-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                                        | Motorola Solutions Inc                                                           | CUSIP: 620076CC1<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |      8112000 | PA      | $8429998.27     | 0.05%             | 2035-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                                 | FirstCash Inc                                                                    | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |       170000 | PA      | $176834.29      | 0.00%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                                   | Legacy Mortgage Asset Trust 2019-SL2                                             | CUSIP: 52473FAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2416157 | PA      | $2249121.91     | 0.01%             | 2059-02-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3142GUKJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4567451 | PA      | $4718975.83     | 0.03%             | 2055-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | PALO ALTO NETWORKS INC                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |         -116 | NC      | $-638.00        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| LCH LIMITED                                                   | IRS PLN                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-1994.31       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Structured Asset Mortgage Inve                                | Structured Asset Mortgage Investments II Trust 2006-AR4                          | CUSIP: 86360QAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1523645 | PA      | $1363466.96     | 0.01%             | 2036-06-25      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| PROJECT MONTAGE NOTE: TL LOAN/REVOLVE                         | PROJECT MONTAGE NOTE: TL LOAN/REVOLVE                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1348835 | PA      | $1301625.35     | 0.01%             | 2029-02-16      | Floating      | 5.72%                 | No            |                  3 | On Loan: No      |
| SOFTBANK GROUP CORP                                           | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |       200000 | PA      | $200249.08      | 0.00%             | 2031-01-10      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MAGYAR EXPORT-IMPORT BAN                                      | Magyar Export-Import Bank Zrt                                                    | CUSIP: 000000000<br>LEI: 529900O4UGETQ9Q3AA63 | Long             | DBT              | NUSS              | HU        |       100000 | PA      | $125802.81      | 0.00%             | 2029-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Small Business Origination Loa                                | Small Business Origination Loan Trust 2025-1 DAC                                 | CUSIP: 000000000<br>LEI: 635400ZO4NUYBCC9ZI87 | Long             | ABS-CBDO         | CORP              | IE        |       158224 | PA      | $213073.68      | 0.00%             | 2036-12-15      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing a                                | Credit-Based Asset Servicing and Securitization LLC                              | CUSIP: 1248P8AL3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2962365 | PA      | $2498139.81     | 0.01%             | 2036-10-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Hermitage Plc                                                 | Hermitage 2024 PLC                                                               | CUSIP: 000000000<br>LEI: 635400OUUMGTAI2EJA52 | Long             | ABS-O            | CORP              | GB        |       403672 | PA      | $548892.04      | 0.00%             | 2033-04-21      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| LQR Trust                                                     | LQR Trust 2025-CALI                                                              | CUSIP: 50216WAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5519000 | PA      | $5518970.20     | 0.03%             | 2043-01-15      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                      | Vistra Operations Co LLC                                                         | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      4530000 | PA      | $4562317.02     | 0.02%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| One Market Plaza Trust                                        | One Market Plaza Trust 2017-1MKT                                                 | CUSIP: 68245HAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     44224804 | PA      | $137698.35      | 0.00%             | 2032-02-10      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS INR                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-36534.44      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD                                      | Transocean Titan Financing Ltd                                                   | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      1056429 | PA      | $1078911.49     | 0.01%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                 | Citigroup Inc                                                                    | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      3652000 | PA      | $3681041.22     | 0.02%             | 2030-09-19      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2020-1                                    | CUSIP: 92259LAH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       510054 | PA      | $412054.69      | 0.00%             | 2050-02-25      | Variable      | 2.98%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                  | CSMC 2021-NQM8                                                                   | CUSIP: 12659FAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       759500 | PA      | $585595.99      | 0.00%             | 2066-10-25      | Variable      | 3.26%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                               | Nissan Motor Co Ltd                                                              | CUSIP: 000000000<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |       220000 | PA      | $265448.01      | 0.00%             | 2029-07-17      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                        | CHL Mortgage Pass-Through Trust 2007-1                                           | CUSIP: 170255AL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       404966 | PA      | $174165.49      | 0.00%             | 2037-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE                                      | Perrigo Finance Unlimited Co                                                     | CUSIP: 71429MAC9<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |       231000 | PA      | $223466.03      | 0.00%             | 2030-06-15      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC RR 2014-1                                       | Union Pacific Railroad Co 2014-1 Pass Through Trust                              | CUSIP: 907825AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2023317 | PA      | $2018037.40     | 0.01%             | 2026-05-14      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2020-VIV4                                           | CUSIP: 05608MAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4397364 | PA      | $4084437.02     | 0.02%             | 2044-03-09      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                                | CARLYLE US CLO 2021-11 LTD                                                       | CUSIP: 143122AJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250873.75      | 0.00%             | 2037-07-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS PLN                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-17522.62      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                 | TransDigm Inc                                                                    | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |       114000 | PA      | $119301.76      | 0.00%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     23763000 | PA      | $21826686.68    | 0.12%             | 2030-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                                  | CaixaBank SA                                                                     | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |      1000000 | PA      | $1235384.34     | 0.01%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307QBA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        60688 | PA      | $60027.83       | 0.00%             | 2031-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                         | Silver Point Clo 3 Ltd                                                           | CUSIP: 827925AL2<br>LEI: 5493000HU7LKTSD3BK48 | Long             | ABS-CBDO         | CORP              | JE        |       840000 | PA      | $841942.67      | 0.00%             | 2039-01-18      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2005-11CB                                                 | CUSIP: 12667GJJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       453163 | PA      | $362019.77      | 0.00%             | 2025-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP                  | CUSIP: 46651MAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1823919 | PA      | $1399857.64     | 0.01%             | 2036-07-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417YSH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         3471 | PA      | $3607.09        | 0.00%             | 2040-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                      | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       330000 | PA      | $329709.67      | 0.00%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QQYZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1328194 | PA      | $1353667.09     | 0.01%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS EUR                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-49044.52      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                 | TransDigm Inc                                                                    | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |       278000 | PA      | $282897.23      | 0.00%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing a                                | Credit-Based Asset Servicing and Securitization LLC                              | CUSIP: 1248P8AK5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       225110 | PA      | $224505.44      | 0.00%             | 2036-10-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                         | Costa Rica Government International Bond                                         | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |       739000 | PA      | $828049.50      | 0.00%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                         | Molina Healthcare Inc                                                            | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |       304000 | PA      | $298967.44      | 0.00%             | 2028-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QAAJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       578977 | PA      | $559452.78      | 0.00%             | 2048-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                      | Vistra Operations Co LLC                                                         | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     18960000 | PA      | $19569791.52    | 0.11%             | 2034-12-30      | Fixed         | 5.70%                 | 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        |       158000 | PA      | $155695.33      | 0.00%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QRY20<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        56471 | PA      | $54632.78       | 0.00%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2023-C                                                  | CUSIP: 009926AD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       731400 | PA      | $644719.66      | 0.00%             | 2063-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                                       | Duke Energy Florida LLC                                                          | CUSIP: 26444HAF8<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |      1916000 | PA      | $1557159.28     | 0.01%             | 2048-07-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS BRL                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $-18115.53      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2006-11CB                                                 | CUSIP: 12668BWF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1355613 | PA      | $601992.24      | 0.00%             | 2036-05-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Avenue of Americas                                            | 1301 Trust 2025-AOA                                                              | CUSIP: 682461AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1955000 | PA      | $1979102.61     | 0.01%             | 2042-08-11      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2020-1                                    | CUSIP: 92259LAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       433404 | PA      | $352667.74      | 0.00%             | 2050-02-25      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| MAHLE GMBH                                                    | Mahle GmbH                                                                       | CUSIP: 000000000<br>LEI: 52990098TR1QJBWIYG58 | Long             | DBT              | CORP              | DE        |      1619000 | PA      | $1978363.97     | 0.01%             | 2031-05-02      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                      | Vistra Operations Co LLC                                                         | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |       326000 | PA      | $326750.02      | 0.00%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417WUF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        22954 | PA      | $23917.03       | 0.00%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                             | Chord Energy Corp                                                                | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |       195000 | PA      | $197391.29      | 0.00%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC POWER CORP                                             | Public Power Corp SA                                                             | CUSIP: 000000000<br>LEI: 213800T9Y5XCOVRZ4Y57 | Long             | DBT              | CORP              | GR        |       578000 | PA      | $688418.76      | 0.00%             | 2030-10-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                                            | Ardonagh Finco Ltd                                                               | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |       521000 | PA      | $546192.85      | 0.00%             | 2031-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31416BMP0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       436382 | PA      | $448434.07      | 0.00%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS JPY                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $552950.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Golub Capital Private Credit F                                | Golub Capital Private Credit Fund CLO 2                                          | CUSIP: 38181WAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      7720000 | PA      | $7720811.37     | 0.04%             | 2039-10-18      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                                        | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 98380MAB1<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |       436000 | PA      | $458678.23      | 0.00%             | 2033-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Sand Trust                                                    | Sandstone Peak II Ltd                                                            | CUSIP: 80013TAL7<br>LEI: 254900ZRRTOYR8JJD593 | Long             | ABS-CBDO         | CORP              | KY        |      1840000 | PA      | $1847292.10     | 0.01%             | 2038-07-20      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                        | GSAA Home Equity Trust 2006-18                                                   | CUSIP: 3622ELAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1074911 | PA      | $287812.62      | 0.00%             | 2036-11-25      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Secu                                | Bear Stearns Asset Backed Securities I Trust 2006-HE7                            | CUSIP: 07388HAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       604020 | PA      | $594660.95      | 0.00%             | 2036-09-25      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140GYJX8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1737513 | PA      | $1633186.78     | 0.01%             | 2048-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                                        | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 98380MAA3<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |       296000 | PA      | $310690.78      | 0.00%             | 2031-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                                         | Philippine Government Bond                                                       | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    531760000 | PA      | $9247772.11     | 0.05%             | 2035-04-28      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SLM CORP                                                      | SLM Corp                                                                         | CUSIP: 78442PGE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       180000 | PA      | $176933.23      | 0.00%             | 2026-11-02      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418DXJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14372873 | PA      | $11125488.21    | 0.06%             | 2051-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS KRW                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-54683.89      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                              | Peruvian Government International Bond                                           | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      2517000 | PA      | $816072.34      | 0.00%             | 2039-08-12      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132XCSJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1746990 | PA      | $1736474.57     | 0.01%             | 2049-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                        | Pacific Gas and Electric Co                                                      | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     38798000 | PA      | $32793316.96    | 0.18%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                  | GS Mortgage Securities Corp Trust 2025-800D                                      | CUSIP: 36273XAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5849000 | PA      | $5828326.71     | 0.03%             | 2041-11-25      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| Thayer Park CLO, Ltd.                                         | Thayer Park CLO Ltd                                                              | CUSIP: 883310AW4<br>LEI: 5493000PRLDBEVKBE571 | Long             | ABS-CBDO         | CORP              | KY        |      1900000 | PA      | $1897543.68     | 0.01%             | 2034-04-20      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                                | Carlyle US CLO 2025-6 LTD                                                        | CUSIP: 14320LAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1000000 | PA      | $999971.40      | 0.01%             | 2039-01-20      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KR6D1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2862428 | PA      | $2985656.64     | 0.02%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners Clo XXXVII Ltd                                           | CUSIP: 08182TAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      4500000 | PA      | $4514926.50     | 0.02%             | 2038-01-25      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                                 | ZF North America Capital Inc                                                     | CUSIP: 98877DAE5<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |       755000 | PA      | $760835.40      | 0.00%             | 2030-04-14      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Arini European CLO                                            | Arini European CLO II DAC                                                        | CUSIP: 000000000<br>LEI: 635400I3AJDMBZIMZK57 | Long             | ABS-CBDO         | CORP              | IE        |      6000000 | PA      | $7068880.18     | 0.04%             | 2038-10-15      | Floating      | 3.29%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS IFS USD                                                                      | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               | CORP              | GB        |            1 | NC      | $-46976.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                        | Diamondback Energy Inc                                                           | CUSIP: 25278XAR0<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     42090000 | PA      | $39329409.08    | 0.21%             | 2031-03-24      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31402Q2V2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        22718 | PA      | $23303.16       | 0.00%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu                                | JPMBB Commercial Mortgage Securities Trust 2014-C23                              | CUSIP: 46643ABG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1568156 | PA      | $15.68          | 0.00%             | 2047-09-15      | Variable      | 0.33%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                 | Citigroup Inc                                                                    | CUSIP: 172967QA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     13625000 | PA      | $13916365.86    | 0.08%             | 2031-05-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XB2F6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4254988 | PA      | $4101220.62     | 0.02%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179TSG1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2861367 | PA      | $2654207.73     | 0.01%             | 2048-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Taurus CMBS                                                   | Taurus 2025-4 UK DAC                                                             | CUSIP: 000000000<br>LEI: 635400ARN6VSOEBJXY74 | Long             | ABS-MBS          | CORP              | IE        |       790000 | PA      | $1064782.53     | 0.01%             | 2035-08-18      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                          | Cross 2025-H8 Mortgage Trust                                                     | CUSIP: 22757XAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4770028 | PA      | $4780387.95     | 0.03%             | 2070-11-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ION PLATFORM FINANCE SAR                                      | ION Platform Finance SARL                                                        | CUSIP: 000000000<br>LEI: 6488IU1F9M51Z3P60R77 | Long             | DBT              | CORP              | LU        |      1524000 | PA      | $1733148.29     | 0.01%             | 2030-09-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Equity Loan T                                | CWHEQ Revolving Home Equity Loan Trust Series 2006-I                             | CUSIP: 12668FAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       176418 | PA      | $171164.29      | 0.00%             | 2037-01-15      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS HUF                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $10697.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MIDWEST GMNG BOR/MWG FIN                                      | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp                        | CUSIP: 59833DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1349000 | PA      | $1326920.65     | 0.01%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140E1RT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        16346 | PA      | $16032.36       | 0.00%             | 2030-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418EB82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        29458 | PA      | $23882.23       | 0.00%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HHSB8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4941409 | PA      | $4979663.26     | 0.03%             | 2054-02-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                                         | McGraw-Hill Education Inc                                                        | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |        23000 | PA      | $23118.75       | 0.00%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                      | Vistra Operations Co LLC                                                         | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |       225000 | PA      | $222175.06      | 0.00%             | 2029-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                             | Iliad Holding SAS                                                                | CUSIP: 449691AF1<br>LEI: 9695009BGMXB527HV965 | Long             | DBT              | CORP              | FR        |       314000 | PA      | $337942.19      | 0.00%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                                   | Legacy Mortgage Asset Trust 2019-SL2                                             | CUSIP: 52473FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1846782 | PA      | $1795580.79     | 0.01%             | 2059-02-25      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                      | Permian Resources Operating LLC                                                  | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |      2171000 | PA      | $2199353.67     | 0.01%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                                          | Pilgrim's Pride Corp                                                             | CUSIP: 72147KAH1<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |       252000 | PA      | $232796.40      | 0.00%             | 2032-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS ZAR                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-65767.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Interface Security System                                     | Interface Security System                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      9150371 | PA      | $3111126.31     | 0.02%             | 2028-08-07      | Floating      | 10.82%                | No            |                  3 | On Loan: No      |
| CHENIERE CORP CHRISTI HD                                      | Cheniere Corpus Christi Holdings LLC                                             | CUSIP: 16412XAG0<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |     18860000 | PA      | $19042385.44    | 0.10%             | 2027-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2020-1                                    | CUSIP: 92259LAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2406950 | PA      | $2246233.42     | 0.01%             | 2050-02-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31416VGJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       253498 | PA      | $264199.95      | 0.00%             | 2039-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SLST                                            | Seasoned Loans Structured Transaction Trust Series 2020-2                        | CUSIP: 35564CGD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6708075 | PA      | $6669446.90     | 0.04%             | 2060-09-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| GRANITE RIDGE RESOURCES                                       | Granite Ridge Resources Inc                                                      | CUSIP: 387432AA5<br>LEI: 254900CAHJQKOQ1YZC67 | Long             | DBT              | CORP              | US        |      8014000 | PA      | $7723893.20     | 0.04%             | 2029-11-05      | Fixed         | 8.88%                 | No            |                  3 | On Loan: No      |
| Merrill Lynch Mortgage Investo                                | Merrill Lynch Mortgage Investors Trust Series 2006-AF2                           | CUSIP: 59023NAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       637412 | PA      | $314755.73      | 0.00%             | 2037-09-25      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XTUA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        15416 | PA      | $15129.27       | 0.00%             | 2029-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                                 | State of California                                                              | CUSIP: 13063DGE2<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |     22215000 | PA      | $22621572.27    | 0.12%             | 2038-04-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                         | Indonesia Government International Bond                                          | CUSIP: 455780CW4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     11595000 | PA      | $7757750.70     | 0.04%             | 2051-03-12      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | USD/GBP FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-584920.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS JPY                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-204168.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QAJH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1127920 | PA      | $1118870.76     | 0.01%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                             | Iliad Holding SAS                                                                | CUSIP: 449691AG9<br>LEI: 9695009BGMXB527HV965 | Long             | DBT              | CORP              | FR        |       252000 | PA      | $259724.56      | 0.00%             | 2032-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140X9ZP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1709090 | PA      | $1586325.49     | 0.01%             | 2036-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                            | Expand Energy Corp                                                               | CUSIP: 000000000<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |       425000 | PA      | $0.04           | 0.00%             | 2021-06-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Park Blue CLO Ltd                                             | Park Blue CLO 2025-X LTD                                                         | CUSIP: 70019YAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      4760000 | PA      | $4760000.00     | 0.03%             | 2039-01-20      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                        | GSAA Home Equity Trust 2006-18                                                   | CUSIP: 3622ELAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       109050 | PA      | $29213.24       | 0.00%             | 2036-11-25      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138W6SU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       296066 | PA      | $273507.46      | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BankAmerica Manufactured Housi                                | BankAmerica Manufactured Housing Contract Trust                                  | CUSIP: 06606TAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2790000 | PA      | $205900.05      | 0.00%             | 2025-12-10      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU 2019-1 Ltd                                      | Trimaran CAVU 2023-1 Ltd                                                         | CUSIP: 89624WAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1350000 | PA      | $1353003.89     | 0.01%             | 2038-03-20      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Terwin Mortgage Trust                                         | Terwin Mortgage Trust Series TMTS 2005-10HE                                      | CUSIP: 881561VF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       358645 | PA      | $334823.40      | 0.00%             | 2036-06-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | IRS CLP                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |            1 | NC      | $-1314.61       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                      | Ford Motor Credit Co LLC                                                         | CUSIP: 345397C43<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |       789000 | PA      | $790778.99      | 0.00%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                 | Citigroup Inc                                                                    | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     12756000 | PA      | $12859547.47    | 0.07%             | 2028-05-07      | Fixed         | 4.64%                 | 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        |       274000 | PA      | $283620.51      | 0.00%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU                                      | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin  | CUSIP: 26150TAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1200000 | PA      | $1144607.53     | 0.01%             | 2030-09-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                                              | Allied Universal Holdco LLC / Allied Universal Finance Corp                      | CUSIP: 019576AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1125000 | PA      | $1113359.06     | 0.01%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                    | Progress Residential 2022-SFR1 Trust                                             | CUSIP: 74333YAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2617000 | PA      | $2582193.64     | 0.01%             | 2041-02-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                       | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |       130000 | PA      | $160511.05      | 0.00%             | 2034-09-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Quarzo Srl                                                    | Quarzo Srl                                                                       | CUSIP: 000000000<br>LEI: 815600702F68B2ED0B22 | Long             | ABS-O            | CORP              | IT        |       279237 | PA      | $332086.40      | 0.00%             | 2041-06-15      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                              | Deutsche Bank AG                                                                 | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      2400000 | PA      | $2793352.62     | 0.02%             | N/A             | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Golden Bar Securitisation                                     | Golden Bar Securitisation Srl                                                    | CUSIP: 000000000<br>LEI: 549300GESLGUWWGJRM09 | Long             | ABS-O            | CORP              | IT        |      1174443 | PA      | $1386928.85     | 0.01%             | 2043-09-22      | Floating      | 3.54%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS BRL                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $3437.41        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XHVB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3362774 | PA      | $3411403.24     | 0.02%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QC6Z4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       128785 | PA      | $126581.42      | 0.00%             | 2049-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                              | COLT 2021-HX1 Mortgage Loan Trust                                                | CUSIP: 19688KAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1000000 | PA      | $786586.70      | 0.00%             | 2066-10-25      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                        | Pacific Gas and Electric Co                                                      | CUSIP: 694308JQ1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     10244610 | PA      | $8927145.16     | 0.05%             | 2040-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALI Mortgage Trust                                           | Cali 2024-Sun                                                                    | CUSIP: 12988DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4289000 | PA      | $4294298.63     | 0.02%             | 2041-07-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| AETHON SR SEC 2L NOTES 144A                                   | AETHON SR SEC 2L NOTES 144A                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3155143 | PA      | $3139367.15     | 0.02%             | 2027-01-10      | Floating      | 10.08%                | No            |                  3 | On Loan: No      |
| Barclays Commercial Mortgage S                                | BBCMS 2018-TALL Mortgage Trust                                                   | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3309000 | PA      | $3132283.85     | 0.02%             | 2037-03-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                        | Global Atlantic Fin Co                                                           | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |       100000 | PA      | $103247.60      | 0.00%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                                      | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       189000 | PA      | $191266.11      | 0.00%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                  | Broadcom Inc                                                                     | CUSIP: 11135FCG4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     11520000 | PA      | $11951732.97    | 0.06%             | 2032-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $947332.93      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                                         | QXO Building Products Inc                                                        | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |       315000 | PA      | $328991.88      | 0.00%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36179DLP3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       105150 | PA      | $98385.11       | 0.00%             | 2043-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                          | Glencore Funding LLC                                                             | CUSIP: 378272BZ0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      2359000 | PA      | $2424268.08     | 0.01%             | 2030-04-01      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA                                              | Beazer Homes USA Inc                                                             | CUSIP: 07556QBT1<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |      3721000 | PA      | $3802932.70     | 0.02%             | 2029-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Quarzo Srl                                                    | Quarzo Srl                                                                       | CUSIP: 000000000<br>LEI: 815600702F68B2ED0B22 | Long             | ABS-O            | CORP              | IT        |       227502 | PA      | $270029.27      | 0.00%             | 2041-06-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                                       | Allied Universal Holdco LLC                                                      | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |       385000 | PA      | $405743.31      | 0.00%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DWBB8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18740981 | PA      | $15272884.90    | 0.08%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QSFD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8246885 | PA      | $8445502.74     | 0.05%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                                | Bayview Commercial Asset Trust 2005-3                                            | CUSIP: 07324SCB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1064507 | PA      | $1039655.53     | 0.01%             | 2035-11-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| AB Bsl CLO 1 Ltd                                              | AB BSL CLO 3 Ltd                                                                 | CUSIP: 00037QAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1190000 | PA      | $1192857.79     | 0.01%             | 2038-04-20      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | IRS COP                                                                          | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-50308.88      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Milford Park CLO, Ltd.                                        | Milford Park CLO Ltd                                                             | CUSIP: 59966PAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      2370000 | PA      | $2368769.50     | 0.01%             | 2038-01-20      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                                      | Primo Water Holdings Inc / Triton Water Holdings Inc                             | CUSIP: 74168RAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       286000 | PA      | $278244.86      | 0.00%             | 2029-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SLM CORP                                                      | SLM Corp                                                                         | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       285000 | PA      | $294991.53      | 0.00%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                    | BFLD Trust 2025-EWEST                                                            | CUSIP: 05494JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10008000 | PA      | $10007983.99    | 0.05%             | 2042-06-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Cordatus CLO PLC                                              | CVC Cordatus Loan Fund IV DAC                                                    | CUSIP: 000000000<br>LEI: 2138005AFEIY5AMT4165 | Long             | ABS-CBDO         | CORP              | IE        |       990000 | PA      | $1157065.91     | 0.01%             | 2034-02-22      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| Castle Hill INGOTS Ltd                                        | CSTL Commercial Mortgage Trust 2025-GATE2                                        | CUSIP: 12676JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1290000 | PA      | $1285919.47     | 0.01%             | 2042-11-10      | Variable      | 4.56%                 | No            |                  2 | On Loan: No      |
| CML St Regis Aspen                                            | CML St Regis Aspen                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29087605 | PA      | $29296605.26    | 0.16%             | 2027-02-09      | Floating      | 7.27%                 | No            |                  3 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                        | EquipmentShare.com Inc                                                           | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |       388000 | PA      | $403202.23      | 0.00%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                    | Progress Residential 2022-SFR1 Trust                                             | CUSIP: 74333YAN8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2617000 | PA      | $2554202.21     | 0.01%             | 2041-02-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                  | Broadcom Inc                                                                     | CUSIP: 11135FCD1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     17109000 | PA      | $17141900.78    | 0.09%             | 2034-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS USD                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-10459.16      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36177YDZ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       157901 | PA      | $147264.73      | 0.00%             | 2042-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KQ2Z8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1747755 | PA      | $1810622.36     | 0.01%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                            | Ally Financial Inc                                                               | CUSIP: 02005NBY5<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |       122000 | PA      | $122789.44      | 0.00%             | 2040-01-17      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Asset-Backed                                | Washington Mutural Asset-Backed Certificates WMABS Series 2006-HE5 Trust         | CUSIP: 93934XAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1122076 | PA      | $865221.97      | 0.00%             | 2036-10-25      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31416BMV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         4317 | PA      | $4501.65        | 0.00%             | 2038-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SUNRISE FINCO I BV                                            | Sunrise FinCo I BV                                                               | CUSIP: 000000000<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |      1431000 | PA      | $1698578.41     | 0.01%             | 2032-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31416WSC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       235596 | PA      | $237633.20      | 0.00%             | 2039-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                  | Broadcom Inc                                                                     | CUSIP: 11135FCC3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |       955000 | PA      | $957662.63      | 0.01%             | 2032-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                      | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |       889000 | PA      | $921886.33      | 0.01%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                                | CarVal CLO VC Ltd                                                                | CUSIP: 14687LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $247006.28      | 0.00%             | 2034-10-15      | Floating      | 10.92%                | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS KRW                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-196804.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                             | Chord Energy Corp                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |       100000 | PA      | $103411.70      | 0.00%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                        | Verizon Communications Inc                                                       | CUSIP: 92343VHJ6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     18627000 | PA      | $18403501.15    | 0.10%             | 2055-11-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                        | EquipmentShare.com Inc                                                           | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |       448000 | PA      | $473209.86      | 0.00%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                | Morgan Stanley Capital I Trust 2024-NSTB                                         | CUSIP: 61690BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3011009 | PA      | $2971701.66     | 0.02%             | 2057-09-24      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417KZW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       112524 | PA      | $113497.00      | 0.00%             | 2039-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                           | American Tower Corp                                                              | CUSIP: 03027XAU4<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |      1687000 | PA      | $1672776.63     | 0.01%             | 2029-03-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| AG ISSUER LLC                                                 | AG Issuer LLC                                                                    | CUSIP: 00119LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       127000 | PA      | $127575.69      | 0.00%             | 2028-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| INDIA GREEN POWER HOLD                                        | India Green Power Holdings                                                       | CUSIP: 000000000<br>LEI: 254900I7N0GT4VVL6V29 | Long             | DBT              | CORP              | MU        |      7299372 | PA      | $7116887.51     | 0.04%             | 2027-02-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132ACS35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       153346 | PA      | $144394.25      | 0.00%             | 2048-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179XFF8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2402060 | PA      | $2218411.08     | 0.01%             | 2052-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | IRS COP                                                                          | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-54557.64      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COREWEAVE SENIOR                                              | COREWEAVE SENIOR                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     10945125 | PA      | $10808310.95    | 0.06%             | 2028-07-30      | Floating      | 13.41%                | No            |                  3 | On Loan: No      |
| BX Trust                                                      | BX Trust 2025-VLT6                                                               | CUSIP: 12433KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4516486 | PA      | $4510840.39     | 0.02%             | 2042-03-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit                                | Bain Capital Credit CLO 2024-2 Ltd                                               | CUSIP: 056921AA7<br>LEI: 254900KJZFJF5PZOFD13 | Long             | ABS-CBDO         | CORP              | KY        |      7880000 | PA      | $7905907.08     | 0.04%             | 2037-07-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                                       | Bryant Park Funding 2023-19 Ltd                                                  | CUSIP: 11765AAQ2<br>LEI: 5493004CTFWJSWYD8564 | Long             | ABS-CBDO         | CORP              | KY        |       710000 | PA      | $709976.93      | 0.00%             | 2038-04-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced S                                | Homes 2024-Nqm2 Trust                                                            | CUSIP: 43761CAA0<br>LEI: 254900MQRASV1D1NGZ28 | Long             | ABS-MBS          | CORP              | US        |      3949075 | PA      | $3982728.18     | 0.02%             | 2069-10-25      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFAD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       311851 | PA      | $303790.86      | 0.00%             | 2030-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                        | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |       587000 | PA      | $552593.41      | 0.00%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONTINUUM ENERGY AURA                                         | Continuum Energy Aura Pte Ltd                                                    | CUSIP: 000000000<br>LEI: 984500AB52D7C8GC2E33 | Long             | DBT              | CORP              | SG        |      8000000 | PA      | $8120000.00     | 0.04%             | 2027-02-24      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Summer Issuer, LLC                                            | Summit Issuer LLC                                                                | CUSIP: 86613XAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5981000 | PA      | $5993925.54     | 0.03%             | 2055-11-20      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                | BBCMS 2018-TALL Mortgage Trust                                                   | CUSIP: 05548WAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1166000 | PA      | $1050373.73     | 0.01%             | 2037-03-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS CZK                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $58761.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                        | Verizon Communications Inc                                                       | CUSIP: 92343VHK3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     15442000 | PA      | $15240509.70    | 0.08%             | 2065-11-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                  | CSMC 2022-LION                                                                   | CUSIP: 12660TAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10100000 | PA      | $10042855.21    | 0.05%             | 2027-02-15      | Floating      | 7.19%                 | No            |                  3 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132KE3D5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       320772 | PA      | $312930.55      | 0.00%             | 2030-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                                           | Avantor Funding Inc                                                              | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |       263000 | PA      | $261570.99      | 0.00%             | 2028-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                                | Deephaven Residential Mortgage Trust 2022-3                                      | CUSIP: 24381YAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3171000 | PA      | $3097311.35     | 0.02%             | 2067-07-25      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON & CO                                         | Becton Dickinson & Co                                                            | CUSIP: 075887BX6<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |      1125000 | PA      | $979533.83      | 0.01%             | 2047-06-06      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QM4E1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11826200 | PA      | $10238411.88    | 0.06%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Alt-A Securities INC                                 | Deutsche Alt-B Securities Mortgage Loan Trust Series 2006-AB3                    | CUSIP: 25151EAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       235474 | PA      | $206057.44      | 0.00%             | 2036-07-25      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                               | IHS Holding Ltd                                                                  | CUSIP: 000000000<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |       859000 | PA      | $896125.98      | 0.00%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36180E5C5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       170393 | PA      | $159070.91      | 0.00%             | 2043-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS PLN                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-47948.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MFRA Trust                                                    | MFA 2020-NQM1 Trust                                                              | CUSIP: 552754AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        61649 | PA      | $59732.03       | 0.00%             | 2049-08-25      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Canyon Capital CLO Ltd                                        | Canyon CLO 2023-2 Ltd                                                            | CUSIP: 13887AAE8<br>LEI: 254900FXDN97BW4YMK55 | Long             | ABS-CBDO         | CORP              | JE        |      6800000 | PA      | $6828520.56     | 0.04%             | 2037-05-15      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| MOBICO GROUP PLC                                              | Mobico Group PLC                                                                 | CUSIP: 000000000<br>LEI: 213800A8IQEMY8PA5X34 | Long             | DBT              | CORP              | GB        |       335000 | PA      | $265729.74      | 0.00%             | N/A             | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132XCSC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15974753 | PA      | $15896589.70    | 0.09%             | 2048-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MAVERICK GAMING LLC SO:TL-SO                                  | MAVERICK GAMING LLC SO:TL-SO                                                     | CUSIP: 57770JAE6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      2705840 | PA      | $1488212.23     | 0.01%             | 2028-06-03      | Floating      | 15.25%                | No            |                  3 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QFZC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6800344 | PA      | $6467526.61     | 0.04%             | 2035-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                                   | RAD CLO 23 Ltd                                                                   | CUSIP: 75009CAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1400000 | PA      | $1406228.88     | 0.01%             | 2037-04-20      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Upland CLO Ltd                                                | Upland CLO Ltd                                                                   | CUSIP: 915328AW8<br>LEI: 54930052JF7HYEE5CO91 | Long             | ABS-CBDO         | CORP              | KY        |      1780000 | PA      | $1780924.53     | 0.01%             | 2031-04-20      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Wildwood Park CLO LTD                                         | Wildwood Park CLO Ltd                                                            | CUSIP: 96820DAA5<br>LEI: 254900BZ1VFIEIOEK304 | Long             | ABS-CBDO         | CORP              | JE        |       900000 | PA      | $908774.28      | 0.00%             | 2037-10-20      | Floating      | 9.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128MFCP1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        17410 | PA      | $17177.70       | 0.00%             | 2028-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | USD/AUD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $7237.68        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS JPY                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-140953.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179QRY9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3925321 | PA      | $3664896.38     | 0.02%             | 2044-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132AACD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1926073 | PA      | $1890660.98     | 0.01%             | 2034-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2025-45 Ltd                                                              | CUSIP: 67126BAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1260000 | PA      | $1262066.27     | 0.01%             | 2038-10-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY GROUP                                          | Ryan Specialty LLC                                                               | CUSIP: 78351MAA0<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |       178000 | PA      | $174695.64      | 0.00%             | 2030-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38381MZB9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4500844 | PA      | $4431124.10     | 0.02%             | 2066-07-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GFKLDE (GARFUNKELUX HOLDCO 3 SA): TL-B LOAN/TERM              | GFKLDE (GARFUNKELUX HOLDCO 3 SA): TL-B LOAN/TERM                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |      6275000 | PA      | $7145774.22     | 0.04%             | 2028-08-01      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| ALBION FINANCING 3 SARL                                       | ALBION FINANCING 3 SARL                                                          | CUSIP: 01330EAC2<br>LEI: 259400QTZA08U7DIP580 | Long             | LON              | CORP              | LU        |      1000000 | PA      | $1188174.21     | 0.01%             | 2031-05-21      | Floating      | 5.01%                 | No            |                  3 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 312941KX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        35042 | PA      | $35327.19       | 0.00%             | 2040-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                                | BRAVO Residential Funding Trust 2024-CES2                                        | CUSIP: 10570PAA1<br>LEI: 2549009UFWL9U1TS6959 | Long             | ABS-MBS          | CORP              | US        |      1353550 | PA      | $1361512.71     | 0.01%             | 2054-09-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| SONDER WARRANTS                                               | SONDER WARRANTS                                                                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        26279 | NC      | $0.26           | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | TRS ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF                                | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               | CORP              | GB        |            1 | NC      | $-1125317.58    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QM4F8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14461275 | PA      | $12531065.63    | 0.07%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                              | BAT Capital Corp                                                                 | CUSIP: 05526DBF1<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      7090000 | PA      | $5881344.37     | 0.03%             | 2047-08-15      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                               | Fair Isaac Corp                                                                  | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |       326000 | PA      | $321517.83      | 0.00%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                              | Symphony CLO XVI Ltd                                                             | CUSIP: 87165VAX7<br>LEI: 5493004PWOYFPAFQVT02 | Long             | ABS-CBDO         | CORP              | KY        |       884985 | PA      | $885589.84      | 0.00%             | 2031-10-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING                                      | Nidda Healthcare Holding GmbH                                                    | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | DBT              | CORP              | DE        |      1078000 | PA      | $1294608.80     | 0.01%             | 2030-10-23      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                                | Deephaven Residential Mortgage Trust 2025-INV1                                   | CUSIP: 24382EAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5573664 | PA      | $5585082.21     | 0.03%             | 2060-11-25      | Variable      | 5.09%                 | 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        |       520000 | PA      | $521784.64      | 0.00%             | 2037-07-18      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| ELIOR GROUP SA                                                | Elior Group SA                                                                   | CUSIP: 000000000<br>LEI: 969500LYSYS0E800SQ95 | Long             | DBT              | CORP              | FR        |       891000 | PA      | $1085846.26     | 0.01%             | 2030-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                                | Bombardier Inc                                                                   | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |       374000 | PA      | $404072.59      | 0.00%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investo                                | Merrill Lynch Mortgage Investors Trust Series 2006-RM3                           | CUSIP: 590217AD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       805314 | PA      | $166089.00      | 0.00%             | 2037-06-25      | Floating      | 4.03%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS BRL                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $-8635.70       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HMZ94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5427550 | PA      | $5470537.89     | 0.03%             | 2055-09-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307JVS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        35880 | PA      | $34961.57       | 0.00%             | 2029-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WHFL1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1106574 | PA      | $1015376.78     | 0.01%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                                       | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |        31000 | PA      | $31027.13       | 0.00%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                      | OCP SA                                                                           | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |       200000 | PA      | $220996.00      | 0.00%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| OHIO POWER COMPANY                                            | Ohio Power Co                                                                    | CUSIP: 677415CS8<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |      2332000 | PA      | $2176321.58     | 0.01%             | 2030-04-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                               | Oaktree CLO 2020-1 Ltd                                                           | CUSIP: 67402FAW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       930000 | PA      | $931590.30      | 0.01%             | 2038-01-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QM4G6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21779863 | PA      | $18800681.28    | 0.10%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| arbor multifamily mortgage sec                                | Arbor Multifamily Mortgage Securities Trust 2021-MF3                             | CUSIP: 03882KAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       679000 | PA      | $613046.76      | 0.00%             | 2054-10-15      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| DF RESIDENTIAL III                                            | DF RESIDENTIAL III                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5690612 | NS      | $6145860.88     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | IRS COP                                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $86998.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IVORY COAST                                                   | Ivory Coast Government International Bond                                        | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |       200000 | PA      | $216012.76      | 0.00%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128MJY20<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2674033 | PA      | $2588449.22     | 0.01%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DM3L7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1074683 | PA      | $958992.68      | 0.01%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance Designated Act                                | Prodigy Finance CM2021-1 DAC                                                     | CUSIP: 742855AC3<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |       113574 | PA      | $112943.17      | 0.00%             | 2051-07-25      | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                          | Bank of America Corp                                                             | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      6931000 | PA      | $7135786.38     | 0.04%             | 2034-04-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DU2R7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5120803 | PA      | $5295624.61     | 0.03%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                  | Broadcom Inc                                                                     | CUSIP: 11135FCX7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      7695000 | PA      | $7543613.65     | 0.04%             | 2038-02-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BIOCON BIOLOGICS GLOBAL                                       | Biocon Biologics Global PLC                                                      | CUSIP: 000000000<br>LEI: 254900PMQN51VACG2D55 | Long             | DBT              | CORP              | GB        |      5296000 | PA      | $5322480.00     | 0.03%             | 2029-10-09      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                                       | Turkiye Government Bond                                                          | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     35296165 | PA      | $801466.03      | 0.00%             | 2029-09-12      | Fixed         | 30.00%                | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                      | OCP SA                                                                           | CUSIP: 67091TAF2<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |      1283000 | PA      | $1383651.35     | 0.01%             | 2034-05-02      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | IRS COP                                                                          | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-52059.47      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                                      | Aston Martin Capital Holdings Ltd                                                | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |      1973000 | PA      | $1836362.25     | 0.01%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| LUX 2023-LION                                                 | LUX 2023-LION                                                                    | CUSIP: 55067LAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2293684 | PA      | $2316430.69     | 0.01%             | 2040-08-15      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| ATLANTICA SUSTAIN INFRA                                       | Atlantica Sustainable Infrastructure Ltd                                         | CUSIP: 04916WAA2<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |       200000 | PA      | $193957.86      | 0.00%             | 2028-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CLARIANE SE                                                   | Clariane SE                                                                      | CUSIP: 000000000<br>LEI: 969500WEPS61H6TJM037 | Long             | DBT              | CORP              | FR        |         4721 | PA      | $3180.41        | 0.00%             | 2027-03-06      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                                           | Avantor Funding Inc                                                              | CUSIP: 05352TAB5<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |       351000 | PA      | $335645.61      | 0.00%             | 2029-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J8ZR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3877307 | PA      | $3853769.01     | 0.02%             | 2048-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cascade MH Asset Trust                                        | Cascade MH Asset Trust 2019-MH1                                                  | CUSIP: 14732FAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5939642 | PA      | $5729892.61     | 0.03%             | 2044-11-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TVC DSCR_21-1: CERT                                           | TVC DSCR_21-1: CERT                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7160429 | PA      | $6043738.83     | 0.03%             | 2028-03-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance Designated Act                                | Prodigy Finance CM2021-1 DAC                                                     | CUSIP: 742855AB5<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |       195979 | PA      | $194965.17      | 0.00%             | 2051-07-25      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Asset-Backed European Securiti                                | Asset-Backed European Securitisation Transaction Twenty-Three Sarl               | CUSIP: 000000000<br>LEI: 213800WQKYRCMTF4FR47 | Long             | ABS-O            | CORP              | LU        |       432154 | PA      | $510879.73      | 0.00%             | 2034-03-21      | Floating      | 3.52%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS USD                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-8229.40       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                                       | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       714000 | PA      | $737273.80      | 0.00%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                         | Tenet Healthcare Corp                                                            | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |       660000 | PA      | $675373.65      | 0.00%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                  | CSMC 2022-NQM3 Trust                                                             | CUSIP: 12661NAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3821000 | PA      | $3796702.26     | 0.02%             | 2067-03-25      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| OHIO POWER COMPANY                                            | Ohio Power Co                                                                    | CUSIP: 677415CU3<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |      5350000 | PA      | $3297242.08     | 0.02%             | 2051-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| RCI BANQUE SA                                                 | RCI Banque SA                                                                    | CUSIP: 000000000<br>LEI: 96950001WI712W7PQG45 | Long             | DBT              | CORP              | FR        |      2000000 | PA      | $2395373.54     | 0.01%             | 2037-03-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HET_24                                                        | HET_24                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     29645392 | PA      | $30964612.34    | 0.17%             | 2054-12-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132JN3G0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       367371 | PA      | $363722.22      | 0.00%             | 2043-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417TM62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       317755 | PA      | $331081.43      | 0.00%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                                       | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |       580000 | PA      | $616774.32      | 0.00%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                        | CHL Mortgage Pass-Through Trust 2007-9                                           | CUSIP: 12544XAV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       696361 | PA      | $309322.02      | 0.00%             | 2037-07-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $20187.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EGFA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        87062 | PA      | $87503.38       | 0.00%             | 2041-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J5YR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1238683 | PA      | $1197546.20     | 0.01%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                      | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |       493000 | PA      | $499120.66      | 0.00%             | 2030-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WEF61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       496178 | PA      | $483785.20      | 0.00%             | 2030-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                                  | Ares LIX CLO Ltd                                                                 | CUSIP: 04018EAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       500000 | PA      | $500630.15      | 0.00%             | 2034-04-25      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                                              | Lamar Media Corp                                                                 | CUSIP: 513075CA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       100000 | PA      | $99344.73       | 0.00%             | 2033-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2023-B                                                  | CUSIP: 009691AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3884437 | PA      | $2778889.84     | 0.02%             | 2062-10-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                       | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |      1114000 | PA      | $1057132.33     | 0.01%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QMVL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5514948 | PA      | $4962557.62     | 0.03%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                      | Angel Oak Mortgage Trust 2020-4                                                  | CUSIP: 03464LAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       389078 | PA      | $380090.88      | 0.00%             | 2065-06-25      | Variable      | 2.81%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS INR                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-71101.35      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                         | Tenet Healthcare Corp                                                            | CUSIP: 88033GDV9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |        30000 | PA      | $30887.82       | 0.00%             | 2033-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                        | Cloud Software Group Inc                                                         | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |      1786000 | PA      | $1860137.56     | 0.01%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                              | Altice France SA                                                                 | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |       650000 | PA      | $726831.82      | 0.00%             | 2032-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                            | Subway Funding LLC                                                               | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5718240 | PA      | $5838510.60     | 0.03%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance Designated Act                                | Prodigy Finance CM2021-1 DAC                                                     | CUSIP: 742855AA7<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |       999224 | PA      | $996740.87      | 0.01%             | 2051-07-25      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Castle Hill INGOTS Ltd                                        | CSTL Commercial Mortgage Trust 2025-GATE2                                        | CUSIP: 12676JAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2030000 | PA      | $2025408.75     | 0.01%             | 2042-11-10      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| OHIO POWER COMPANY                                            | Ohio Power Co                                                                    | CUSIP: 677415CR0<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |      2212000 | PA      | $1699521.30     | 0.01%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YJYV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       250577 | PA      | $243552.01      | 0.00%             | 2030-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                    | Verus Securitization Trust 2021-8                                                | CUSIP: 92538GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1868329 | PA      | $1733064.94     | 0.01%             | 2066-11-25      | Variable      | 2.82%                 | 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        |      2230000 | PA      | $2347532.15     | 0.01%             | 2033-12-10      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS PLN                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-70157.23      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                                          | Pilgrim's Pride Corp                                                             | CUSIP: 72147KAJ7<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |       183000 | PA      | $178657.00      | 0.00%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QDSX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2383378 | PA      | $2222910.45     | 0.01%             | 2035-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418RQM6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       968105 | PA      | $995556.66      | 0.01%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae REMICS                                                                | CUSIP: 3136BWXP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4422789 | PA      | $4463530.18     | 0.02%             | 2055-08-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140N6TX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       260432 | PA      | $270788.07      | 0.00%             | 2053-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                         | Civitas Resources Inc                                                            | CUSIP: 097793AE3<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |      3557000 | PA      | $3546548.82     | 0.02%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2023-B                                                  | CUSIP: 009691AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1749300 | PA      | $1717951.67     | 0.01%             | 2062-10-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| CIT Mortgage Loan Trust                                       | CIT Mortgage Loan Trust 2007-1                                                   | CUSIP: 12559QAH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1821000 | PA      | $1826327.88     | 0.01%             | 2037-10-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                 | Boeing Co/The                                                                    | CUSIP: 097023DU6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     10443000 | PA      | $11865862.93    | 0.06%             | 2064-05-01      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31402ER34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       129350 | PA      | $127128.80      | 0.00%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS CZK                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $50201.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Regatta Funding                                               | Regatta XI Funding Ltd                                                           | CUSIP: 75887XAQ0<br>LEI: 254900TUAAER6MTE4E64 | Long             | ABS-CBDO         | CORP              | KY        |      3270000 | PA      | $3282551.90     | 0.02%             | 2037-07-17      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                                | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1                         | CUSIP: 617932AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7259430 | PA      | $7334258.81     | 0.04%             | 2069-11-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| COREWEAVE ACQ CO IV LLC(AMND): TL LOAN/TERM                   | COREWEAVE ACQ CO IV LLC(AMND): TL LOAN/TERM                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      7715132 | PA      | $7367950.66     | 0.04%             | 2030-09-29      | Floating      | 7.90%                 | No            |                  3 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YUQD6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       185158 | PA      | $181661.83      | 0.00%             | 2030-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                          | Bank of America Corp                                                             | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      5811000 | PA      | $5959807.27     | 0.03%             | 2029-04-25      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| VEGAS Trust                                                   | VEGAS 2024-GCS                                                                   | CUSIP: 92254BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7390000 | PA      | $7436849.64     | 0.04%             | 2036-07-10      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA CMNTY CLG DIST                                 | Los Angeles Community College District/CA                                        | CUSIP: 54438CNZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      3990000 | PA      | $4323612.28     | 0.02%             | 2042-08-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QE4W9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1182933 | PA      | $1097990.32     | 0.01%             | 2035-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132VMSZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1393470 | PA      | $1384226.86     | 0.01%             | 2049-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                           | COMM 2018-COR3 Mortgage Trust                                                    | CUSIP: 12595VAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3200000 | PA      | $110321.28      | 0.00%             | 2051-05-10      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                                   | TRS CFD EQUITY BASKET                                                            | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               | CORP              | GB        |            1 | NC      | $-35598.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |    -12557600 | NC      | $-79971.10      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS INR                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-34900.61      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                                | Deephaven Residential Mortgage Trust 2025-INV1                                   | CUSIP: 24382EAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       773214 | PA      | $773309.96      | 0.00%             | 2060-11-25      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| Lyra MUSIC Assets (Delaware) L                                | Lyra Music Assets Delaware LP                                                    | CUSIP: 552339AD5<br>LEI: 9845007N9EAB0C048A12 | Long             | ABS-O            | CORP              | US        |      2282066 | PA      | $2301084.43     | 0.01%             | 2065-09-20      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| New Century Home Equity Loan T                                | New Century Home Equity Loan Trust Series 2005-C                                 | CUSIP: 64352VPA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2183535 | PA      | $1958381.47     | 0.01%             | 2035-12-25      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Avenue of Americas                                            | 1301 Trust 2025-AOA                                                              | CUSIP: 682461AL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1346000 | PA      | $1356531.64     | 0.01%             | 2042-08-11      | Variable      | 7.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140JGV85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       367750 | PA      | $365254.50      | 0.00%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM7                                           | CUSIP: 06690AAM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     48368100 | PA      | $49704481.58    | 0.27%             | 2064-12-25      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| AVAYA INC                                                     | AVAYA INC                                                                        | CUSIP: 05349UBN1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |        10665 | PA      | $9537.54        | 0.00%             | 2028-08-01      | Floating      | 11.22%                | No            |                  2 | On Loan: No      |
| ADLER FINANCING SARL                                          | Adler Financing Sarl                                                             | CUSIP: 000000000<br>LEI: 213800BAQB59IVKP7S93 | Long             | DBT              | CORP              | LU        |      4405537 | PA      | $5670713.64     | 0.03%             | 2028-12-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                       | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |       272000 | PA      | $270188.48      | 0.00%             | 2034-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                    | MFA 2024-NPL1 Trust                                                              | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4533745 | PA      | $4540089.39     | 0.02%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS KRW                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-20567.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QEEX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       186817 | PA      | $183655.44      | 0.00%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALTAR BIDCO INC                                               | Altar Bidco Inc                                                                  | CUSIP: 02090CAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       618125 | PA      | $580777.89      | 0.00%             | 2030-02-01      | Floating      | 9.28%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                  | CSMC 2020-FACT                                                                   | CUSIP: 126395AN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2484000 | PA      | $2251398.24     | 0.01%             | 2037-10-15      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                    | BFLD 2024-VICT Mortgage Trust                                                    | CUSIP: 05555VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4170000 | PA      | $4188071.11     | 0.02%             | 2041-07-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2023-B                                                  | CUSIP: 009691AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       184098 | PA      | $179147.37      | 0.00%             | 2062-10-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                        | Cloud Software Group Inc                                                         | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |       769000 | PA      | $803635.94      | 0.00%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CITADEL PLC                                                   | Citadel 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800XKX6NBEB5W9Z43 | Long             | ABS-MBS          | CORP              | GB        |       506000 | PA      | $686888.29      | 0.00%             | 2060-04-28      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                  | Comcast Corp                                                                     | CUSIP: 20030NDQ1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      4063000 | PA      | $2046150.69     | 0.01%             | 2062-08-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| BBAM US CLO LTD.                                              | Bbam US Clo V Ltd                                                                | CUSIP: 05556BAA0<br>LEI: 213800MKXSA1BGWGVJ66 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250891.50      | 0.00%             | 2038-07-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140EXCP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        58297 | PA      | $56520.69       | 0.00%             | 2031-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS KRW                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-164280.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                                | Deephaven Residential Mortgage Trust 2022-3                                      | CUSIP: 24381YAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1716000 | PA      | $1563962.57     | 0.01%             | 2067-07-25      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                                                | NCR Atleos Corp                                                                  | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |      1740000 | PA      | $1888554.24     | 0.01%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Brex Inc                                                      | Brex Commercial Charge Card Master Trust                                         | CUSIP: 05601DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3325000 | PA      | $3335041.83     | 0.02%             | 2027-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                                | Bombardier Inc                                                                   | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |       279000 | PA      | $294802.84      | 0.00%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                                          | Reworld Holding Corp                                                             | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |       780000 | PA      | $749720.09      | 0.00%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ENERGEAN PLC                                                  | Energean PLC                                                                     | CUSIP: 000000000<br>LEI: 549300RVMKU0CYUZBB05 | Long             | DBT              | CORP              | GB        |       625000 | PA      | $734495.62      | 0.00%             | 2031-05-12      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HKBM5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    117028903 | PA      | $117941646.17   | 0.64%             | 2055-03-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                      | AT&T Inc                                                                         | CUSIP: 00206RKB7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     11080000 | PA      | $7601630.67     | 0.04%             | 2060-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                 | New Residential Mortgage Loan Trust 2022-SFR1                                    | CUSIP: 64831KAN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       699000 | PA      | $684173.30      | 0.00%             | 2039-02-17      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                   | RCKT Mortgage Trust 2024-CES8                                                    | CUSIP: 749421AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1671526 | PA      | $1683597.83     | 0.01%             | 2044-11-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| LCH LIMITED                                                   | IRS ZAR                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-20833.58      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                      | OCP SA                                                                           | CUSIP: 000000000<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |      5089000 | PA      | $5488232.05     | 0.03%             | 2034-05-02      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                         | Tenet Healthcare Corp                                                            | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |       140000 | PA      | $145671.26      | 0.00%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VEGAS Trust                                                   | VEGAS 2024-GCS                                                                   | CUSIP: 92254BAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16670000 | PA      | $16499199.18    | 0.09%             | 2036-07-10      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132WJUH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       217000 | PA      | $199348.17      | 0.00%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31401WBZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       197874 | PA      | $195156.10      | 0.00%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                                   | PRKCM 2021-AFC2 Trust                                                            | CUSIP: 69361JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1196805 | PA      | $1072219.12     | 0.01%             | 2056-11-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                    | Apidos CLO XVIII-R                                                               | CUSIP: 03767NAW6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       880000 | PA      | $882882.00      | 0.00%             | 2038-01-22      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132J65H3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6938074 | PA      | $6625731.20     | 0.04%             | 2043-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132WJUE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       447637 | PA      | $409978.43      | 0.00%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFGV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10068142 | PA      | $8271407.98     | 0.04%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS MXN                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $-140583.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                      | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |       170000 | PA      | $159365.00      | 0.00%             | 2029-08-15      | Fixed         | 3.88%                 | 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        |      2033611 | PA      | $2428886.64     | 0.01%             | 2034-10-18      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2025-LUNR                                                               | CUSIP: 05594CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1027046 | PA      | $1028329.30     | 0.01%             | 2040-06-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QMPY1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        71759 | PA      | $70030.18       | 0.00%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DV6A8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       162453 | PA      | $160346.12      | 0.00%             | 2050-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                 | TransDigm Inc                                                                    | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |       310000 | PA      | $325800.70      | 0.00%             | 2031-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38385BZM5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5394931 | PA      | $5418419.69     | 0.03%             | 2055-01-20      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Cheshire                                                      | Cheshire 2025-1 PLC                                                              | CUSIP: 000000000<br>LEI: 635400KAD9IOWKUKQR96 | Long             | ABS-MBS          | CORP              | GB        |       934000 | PA      | $1258418.76     | 0.01%             | 2048-06-28      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-D                                                  | CUSIP: 009723AC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8300406 | PA      | $10272704.23    | 0.06%             | 2060-03-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418MRR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       432781 | PA      | $443895.05      | 0.00%             | 2035-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | IRS COP                                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $-84421.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38383R2G1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     20329084 | PA      | $3302315.41     | 0.02%             | 2051-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SUN COUNTRY 2022-1A                                           | SUN COUNTRY 2022-1A                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3053729 | PA      | $3027161.71     | 0.02%             | 2031-03-15      | Fixed         | 4.84%                 | No            |                  3 | On Loan: No      |
| CROWN PROPTECH ACQUISITIONS FOUNDE                            | CROWN PROPTECH ACQUISITIONS FOUNDE                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       147660 | NS      | $163902.60      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418EBJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5494470 | PA      | $4772228.54     | 0.03%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFGW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9746636 | PA      | $8014307.67     | 0.04%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                                          | Signal Peak CLO 14 Ltd                                                           | CUSIP: 82667FAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3700000 | PA      | $3712169.30     | 0.02%             | 2038-01-22      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                                  | Atrium Hotel Portfolio Trust 2024-ATRM                                           | CUSIP: 04963XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7110000 | PA      | $7252472.31     | 0.04%             | 2029-11-10      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                                | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1                         | CUSIP: 617932AF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1220265 | PA      | $1236872.20     | 0.01%             | 2069-11-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Navient Refinance Loan Trust                                  | Navient Refinance Loan Trust 2025-B                                              | CUSIP: 63943NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6947405 | PA      | $6952673.36     | 0.04%             | 2055-09-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| DBGS Mortgage Trust                                           | DBGS 2019-1735 Mortgage Trust                                                    | CUSIP: 23307EAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21535000 | PA      | $192975.14      | 0.00%             | 2037-04-10      | Variable      | 0.29%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | IRS COP                                                                          | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              | CORP              | GB        |            1 | NC      | $46803.35       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LIBERTY COSTA RICA SR SF                                      | Liberty Costa Rica Senior Secured Finance                                        | CUSIP: 530371AA1<br>LEI: 549300W6O2PHTPCYQ751 | Long             | DBT              | CORP              | KY        |       200000 | PA      | $209626.00      | 0.00%             | 2031-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| LGI HOMES INC                                                 | LGI Homes Inc                                                                    | CUSIP: 50187TAH9<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |      1568000 | PA      | $1635530.62     | 0.01%             | 2028-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                                                | CVR Energy Inc                                                                   | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |       242000 | PA      | $248739.06      | 0.00%             | 2029-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128MFCX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1551468 | PA      | $1509439.50     | 0.01%             | 2031-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                 | TransDigm Inc                                                                    | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |       545000 | PA      | $562041.58      | 0.00%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Great Wolf Trust                                              | Great Wolf Trust 2024-WOLF                                                       | CUSIP: 39152MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       570000 | PA      | $570880.08      | 0.00%             | 2039-03-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                                                  | Magnera Corp                                                                     | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |       311000 | PA      | $305296.26      | 0.00%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VANTAGE DATA CENTERS GERMANY B                                | Vantage Data Centers Germany Borrower Lux Sarl                                   | CUSIP: 000000000<br>LEI: 2549008VW14T3IH21H24 | Long             | ABS-O            | CORP              | LU        |      4157000 | PA      | $4930954.70     | 0.03%             | 2050-06-28      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                    | Navient Private Education Refi Loan Trust 2024-A                                 | CUSIP: 63943CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11399981 | PA      | $11681672.47    | 0.06%             | 2072-10-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Consumo Santander                                             | Santander Consumo 8 Fondo de Titulizacion                                        | CUSIP: 000000000<br>LEI: 529900MNYVA8N0FZJK96 | Long             | ABS-O            | CORP              | ES        |       900000 | PA      | $1061198.90     | 0.01%             | 2040-01-21      | Floating      | 3.51%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC.                                                | IRS MXN                                                                          | CUSIP: 000000000<br>LEI: LCZ7XYGSLJUHFXXNXD88 | N/A              | DIR              | CORP              | US        |            1 | NC      | $-409.14        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                          | Bank of America Corp                                                             | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      8645000 | PA      | $9017459.28     | 0.05%             | 2029-09-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| VONOVIA SE                                                    | Vonovia SE                                                                       | CUSIP: 000000000<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | DBT              | CORP              | DE        |      2500000 | PA      | $2839577.00     | 0.02%             | 2032-05-20      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| OHIO POWER PARTNERS LLC                                       | OHIO POWER PARTNERS LLC                                                          | CUSIP: 000000000<br>LEI: 549300Z0YR6RZJ5V9548 | Long             | LON              | CORP              | US        |      1334655 | PA      | $1331318.36     | 0.01%             | 2032-11-12      | Floating      | 6.47%                 | No            |                  3 | On Loan: No      |
| MTN Commercial Mortgage Trust                                 | MTN Commercial Mortgage Trust 2022-LPFL                                          | CUSIP: 62475WAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1330000 | PA      | $1329172.21     | 0.01%             | 2039-03-15      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| BALTIMORE GAS & ELECTRIC                                      | Baltimore Gas and Electric Co                                                    | CUSIP: 059165EJ5<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |      1396000 | PA      | $1065442.14     | 0.01%             | 2047-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                         | Northrop Grumman Corp                                                            | CUSIP: 666807BP6<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |      7774000 | PA      | $6244440.31     | 0.03%             | 2047-10-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| Bombardier Capital Mortgage Se                                | BCMSC Trust 2000-A                                                               | CUSIP: 09774XBP6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1554106 | PA      | $95001.59       | 0.00%             | 2030-06-15      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                        | Verizon Communications Inc                                                       | CUSIP: 92343VHA5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      2202001 | PA      | $2225582.28     | 0.01%             | 2037-07-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                              | FirstEnergy Corp                                                                 | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |      7174000 | PA      | $7145378.18     | 0.04%             | 2027-07-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KNCZ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     27824487 | PA      | $24037964.95    | 0.13%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XBG95<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9061024 | PA      | $8253515.84     | 0.04%             | 2036-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Oakwood Mortgage Investors Inc                                | Oakwood Mortgage Investors Inc                                                   | CUSIP: 67087TDS7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2937360 | PA      | $2981655.13     | 0.02%             | 2032-06-15      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| AGL Core 4 CLO Ltd                                            | AGL Core CLO 4 LTD                                                               | CUSIP: 001199AQ1<br>LEI: 549300HS2AZ4GZPCZ864 | Long             | ABS-CBDO         | CORP              | KY        |      3620000 | PA      | $3633771.93     | 0.02%             | 2037-10-20      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| BCAP LLC Trust                                                | BCAP LLC 2011-RR5-I Trust                                                        | CUSIP: 05533YBJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1178178 | PA      | $1143362.13     | 0.01%             | 2036-05-28      | Floating      | 3.91%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QMMP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12939949 | PA      | $11641639.92    | 0.06%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Battalion CLO LTD                                             | Battalion CLO X Ltd                                                              | CUSIP: 07132JBL7<br>LEI: 549300RRK5G3IT4Y7N27 | Long             | ABS-CBDO         | CORP              | KY        |      1780000 | PA      | $1779783.55     | 0.01%             | 2035-01-24      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                 | Ballyrock Clo 32 Ltd                                                             | CUSIP: 058944AG4<br>LEI: 254900RL3S1UBVHQYH63 | Long             | ABS-CBDO         | CORP              | KY        |       830000 | PA      | $832307.82      | 0.00%             | 2039-01-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                                       | ALLIED UNIVERSAL HOLDCO                                                          | CUSIP: 01957TAX5<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |      3634915 | PA      | $3651453.85     | 0.02%             | 2032-08-20      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417FL48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        49326 | PA      | $48659.74       | 0.00%             | 2028-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                                | OneMain Financial Issuance Trust 2020-2                                          | CUSIP: 682696AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2620000 | PA      | $2526521.81     | 0.01%             | 2035-09-14      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                 | TransDigm Inc                                                                    | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |       939000 | PA      | $976953.44      | 0.01%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     25354000 | PA      | $24844939.35    | 0.13%             | 2044-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                         | Tenet Healthcare Corp                                                            | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |       680000 | PA      | $681263.02      | 0.00%             | 2028-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                        | Cloud Software Group Inc                                                         | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |       100000 | PA      | $99105.73       | 0.00%             | 2033-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                        | GSAA Home Equity Trust 2006-5                                                    | CUSIP: 362334GR9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        10326 | PA      | $3281.91        | 0.00%             | 2036-03-25      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                       | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB29<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     22579000 | PA      | $23134752.73    | 0.13%             | 2030-07-23      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2023-B                                                  | CUSIP: 009691AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11341459 | PA      | $11248934.08    | 0.06%             | 2062-10-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Consumo Santander                                             | Santander Consumo 8 Fondo de Titulizacion                                        | CUSIP: 000000000<br>LEI: 529900MNYVA8N0FZJK96 | Long             | ABS-O            | CORP              | ES        |       300000 | PA      | $352796.57      | 0.00%             | 2040-01-21      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31335BFU5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1074207 | PA      | $1069954.55     | 0.01%             | 2047-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179RVB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2353097 | PA      | $2189445.59     | 0.01%             | 2045-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Carrington Mortgage Loan Trust                                | Carrington Mortgage Loan Trust Series 2006-NC1                                   | CUSIP: 144531EZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       610000 | PA      | $550621.62      | 0.00%             | 2036-01-25      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae REMICS                                                                | CUSIP: 3136BQEZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9052777 | PA      | $9078146.46     | 0.05%             | 2053-08-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                         | USD/ZAR FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |            1 | NC      | $110368.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VIVION INVESTMENTS                                            | Vivion Investments Sarl                                                          | CUSIP: 000000000<br>LEI: 529900SJ7X71ESJK9N76 | Long             | DBT              | CORP              | LU        |      1914000 | PA      | $2242819.32     | 0.01%             | 2029-02-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                                                 | LGI Homes Inc                                                                    | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |      2417000 | PA      | $2310342.91     | 0.01%             | 2032-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                                  | Voya CLO 2025-4 Ltd                                                              | CUSIP: 92946DAA3<br>LEI: 254900U7M8PTC5C6HY46 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250731.13      | 0.00%             | 2038-10-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                          | BlueMountain CLO 2018-3 Ltd                                                      | CUSIP: 09630AAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       933911 | PA      | $933965.61      | 0.01%             | 2030-10-25      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFGS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14652321 | PA      | $12648058.59    | 0.07%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                                  | Calpine Corp                                                                     | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |       200000 | PA      | $200132.40      | 0.00%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                  | Broadcom Inc                                                                     | CUSIP: 11135FCQ2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     28982000 | PA      | $26509211.42    | 0.14%             | 2031-02-15      | Fixed         | 2.45%                 | 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        |        22000 | PA      | $23188.26       | 0.00%             | 2031-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133B13G4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2421759 | PA      | $1998640.86     | 0.01%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 3622A24Y5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1157057 | PA      | $1066516.16     | 0.01%             | 2045-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132WJUD1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       430983 | PA      | $395526.55      | 0.00%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                                  | TICP CLO VII Ltd                                                                 | CUSIP: 87248TAW5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      4165000 | PA      | $4169393.66     | 0.02%             | 2033-04-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                              | COLT 2022-1 Mortgage Loan Trust                                                  | CUSIP: 19688HAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       316000 | PA      | $271005.20      | 0.00%             | 2066-12-27      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                      | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |       402000 | PA      | $365809.10      | 0.00%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307MX43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       269805 | PA      | $264882.31      | 0.00%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                              | T-Mobile USA Inc                                                                 | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     13386000 | PA      | $13163456.81    | 0.07%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EEHB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        40720 | PA      | $39026.77       | 0.00%             | 2042-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                            | Dominican Republic International Bond                                            | CUSIP: 25714PFA1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     78800000 | PA      | $1357553.68     | 0.01%             | 2036-06-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                 | TransDigm Inc                                                                    | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |        80000 | PA      | $81877.60       | 0.00%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                      | Benchmark 2019-B9 Mortgage Trust                                                 | CUSIP: 08160JAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12114391 | PA      | $300470.82      | 0.00%             | 2052-03-15      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417F2C1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       101159 | PA      | $99709.03       | 0.00%             | 2028-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                              | FirstEnergy Corp                                                                 | CUSIP: 337932AJ6<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     13994000 | PA      | $12319431.50    | 0.07%             | 2047-07-15      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DVLU7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9222450 | PA      | $7624005.08     | 0.04%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                                | HarborView Mortgage Loan Trust 2006-12                                           | CUSIP: 41162DAA7<br>LEI: 549300SZXFEQICAU3R39 | Long             | ABS-MBS          | CORP              | US        |      4958687 | PA      | $4037016.19     | 0.02%             | 2036-12-19      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Lo                                | Banc of America Alternative Loan Trust 2006-7                                    | CUSIP: 059469AD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1923721 | PA      | $494760.08      | 0.00%             | 2036-10-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Bombardier Capital Mortgage Se                                | BCMSC Trust 2000-A                                                               | CUSIP: 09774XBN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1674455 | PA      | $99126.56       | 0.00%             | 2030-06-15      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| CIT Mortgage Loan Trust                                       | CIT Mortgage Loan Trust 2007-1                                                   | CUSIP: 12559QAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       396721 | PA      | $391336.50      | 0.00%             | 2037-10-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Avenue of Americas                                            | 1301 Trust 2025-AOA                                                              | CUSIP: 682461AN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16834000 | PA      | $17227866.78    | 0.09%             | 2042-08-11      | Variable      | 8.10%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                                   | Legacy Mortgage Asset Trust 2021-GS2                                             | CUSIP: 52476DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13452506 | PA      | $13457110.66    | 0.07%             | 2061-04-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307MG34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       118781 | PA      | $116257.47      | 0.00%             | 2030-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                     | Anchorage Capital CLO 6 Ltd                                                      | CUSIP: 03328QBW0<br>LEI: 54930064GO7DB3TVDY21 | Long             | ABS-CBDO         | CORP              | KY        |      4570000 | PA      | $4585777.93     | 0.02%             | 2038-07-22      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                      | Uruguay Government International Bond                                            | CUSIP: 760942BJ0<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     75858940 | PA      | $2001506.71     | 0.01%             | 2035-10-29      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFGT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17985697 | PA      | $15476938.47    | 0.08%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128MAAK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        18941 | PA      | $19126.65       | 0.00%             | 2042-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Alt-A Securities INC                                 | Deutsche Alt-B Securities Mortgage Loan Trust Series 2006-AB3                    | CUSIP: 25151EAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       150143 | PA      | $131402.13      | 0.00%             | 2036-07-25      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                           | Buckeye Partners LP                                                              | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |       323000 | PA      | $335988.48      | 0.00%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WC7G2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       247652 | PA      | $244042.33      | 0.00%             | 2029-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Aimco                                                         | AIMCO CLO Series 2018-A                                                          | CUSIP: 00900GAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3190000 | PA      | $3201882.75     | 0.02%             | 2037-10-17      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                                       | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       451000 | PA      | $463498.34      | 0.00%             | 2031-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                   | Visio 2022-1 Trust                                                               | CUSIP: 92838CAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2429000 | PA      | $2418758.36     | 0.01%             | 2057-08-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                                  | Calpine Corp                                                                     | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |       292000 | PA      | $292327.33      | 0.00%             | 2028-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YMZX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        29273 | PA      | $28283.27       | 0.00%             | 2030-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                                         | Philippine Government Bond                                                       | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |   1470425000 | PA      | $25143928.84    | 0.14%             | 2030-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2006-28CB                                                 | CUSIP: 02147TAP1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1121054 | PA      | $531480.35      | 0.00%             | 2036-10-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Mortimer BTL Plc                                              | Mortimer 2024-Mix PLC                                                            | CUSIP: 000000000<br>LEI: 213800F12CZ391USLI51 | Long             | ABS-MBS          | CORP              | GB        |       654000 | PA      | $884528.39      | 0.00%             | 2067-09-22      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                                | Bayview Commercial Asset Trust 2005-4                                            | CUSIP: 07324SCS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        32401 | PA      | $30965.62       | 0.00%             | 2036-01-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                                   | Rad CLO 15 Ltd                                                                   | CUSIP: 750103AJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3760000 | PA      | $3773899.22     | 0.02%             | 2040-07-20      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| ANTHROPIC PBC                                                 | ANTHROPIC PBC                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        27805 | NS      | $5654424.80     | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HalseyPoint CLO I, Ltd.                                       | Sagard-Halseypoint Clo 9 Ltd                                                     | CUSIP: 78662EAA2<br>LEI: 254900XOQCO9R6J0SO60 | Long             | ABS-CBDO         | CORP              | KY        |      1840000 | PA      | $1844603.68     | 0.01%             | 2038-04-20      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XJTH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1828903 | PA      | $1897852.95     | 0.01%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132ADUA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        30491 | PA      | $29260.33       | 0.00%             | 2043-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                            | Expand Energy Corp                                                               | CUSIP: 000000000<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |      9090000 | PA      | $0.91           | 0.00%             | 2021-02-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| L3HARRIS TECH INC                                             | L3Harris Technologies Inc                                                        | CUSIP: 502431AU3<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |       767000 | PA      | $793974.01      | 0.00%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                                        | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAK6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |       583000 | PA      | $583676.22      | 0.00%             | 2028-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QMHE4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        31333 | PA      | $30603.44       | 0.00%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC                                              | Cinemark USA Inc                                                                 | CUSIP: 172441BH9<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |       404000 | PA      | $419231.61      | 0.00%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3131XUDS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       435483 | PA      | $412503.19      | 0.00%             | 2046-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                                | Deephaven Residential Mortgage Trust 2025-CES1                                   | CUSIP: 24380WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3068213 | PA      | $3079040.76     | 0.02%             | 2055-10-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                | Upgrade Master Pass-Thru Trust Series 2025-ST4                                   | CUSIP: 91533MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3101584 | PA      | $3117963.70     | 0.02%             | 2032-08-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                          | BlueMountain CLO 2018-3 Ltd                                                      | CUSIP: 09630AAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     10020000 | PA      | $10035017.98    | 0.05%             | 2030-10-25      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                       | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       209000 | PA      | $233325.29      | 0.00%             | 2026-10-15      | Fixed         | 0.99%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                                          | Signal Peak CLO 8 Ltd                                                            | CUSIP: 826937AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1430000 | PA      | $1435186.61     | 0.01%             | 2037-10-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                 | TransDigm Inc                                                                    | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      1035000 | PA      | $1062041.45     | 0.01%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                           | Buckeye Partners LP                                                              | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |        41000 | PA      | $43039.79       | 0.00%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J75N1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       446942 | PA      | $438015.15      | 0.00%             | 2030-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                           | COMM 2025-SBX Mortgage Trust                                                     | CUSIP: 20047UAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       953000 | PA      | $956756.63      | 0.01%             | 2041-08-10      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                            | Panama Government International Bond                                             | CUSIP: 698299BF0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     17669000 | PA      | $17350958.00    | 0.09%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                      | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |       500000 | PA      | $690748.26      | 0.00%             | N/A             | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                | Morgan Stanley Capital I Trust 2018-MP                                           | CUSIP: 61691DAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2730000 | PA      | $2073218.51     | 0.01%             | 2040-07-11      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                        | Pacific Gas and Electric Co                                                      | CUSIP: 694308KD8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      4819000 | PA      | $4201679.11     | 0.02%             | 2052-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                         | Directv Financing LLC                                                            | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |        90178 | PA      | $90202.81       | 0.00%             | 2027-08-02      | Floating      | 9.10%                 | No            |                  3 | On Loan: No      |
| PENN Commercial Mortgage Trust                                | PENN Commercial Mortgage Trust 2025-P11                                          | CUSIP: 69382VAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1742000 | PA      | $1804138.53     | 0.01%             | 2042-08-10      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                               | Impac CMB Trust Series 2004-11                                                   | CUSIP: 45254NMA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       525670 | PA      | $735987.91      | 0.00%             | 2035-03-25      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                               | CVS Health Corp                                                                  | CUSIP: 126650BR0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      1843000 | PA      | $1911089.10     | 0.01%             | 2039-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                                              | Lamar Media Corp                                                                 | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       319000 | PA      | $318446.25      | 0.00%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140X8XE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8768139 | PA      | $7234986.14     | 0.04%             | 2050-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                          | Colombian TES                                                                    | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  44816100000 | PA      | $9717014.13     | 0.05%             | 2030-09-18      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                         | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |       820000 | PA      | $839918.08      | 0.00%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FRONERI LUX FINCO SARL                                        | Froneri Lux FinCo SARL                                                           | CUSIP: 000000000<br>LEI: 9845005YBZ75E5AA3B94 | Long             | DBT              | CORP              | LU        |      1244000 | PA      | $1472927.16     | 0.01%             | 2032-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| First Citizens BancShares Inc/                                | First Citizens BancShares Inc/NC                                                 | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |         1799 | NS      | $3860977.82     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OCADO GROUP PLC                                               | Ocado Group PLC                                                                  | CUSIP: 000000000<br>LEI: 213800LO8F61YB8MBC74 | Long             | DBT              | CORP              | GB        |       508000 | PA      | $690669.65      | 0.00%             | 2030-06-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding                                 | Bear Stearns Mortgage Funding Trust 2007-AR2                                     | CUSIP: 07401TAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       171398 | PA      | $157700.84      | 0.00%             | 2037-03-25      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                                | Regional Management Issuance Trust 2024-1                                        | CUSIP: 758983AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1047000 | PA      | $1078465.70     | 0.01%             | 2036-07-15      | Fixed         | 7.46%                 | No            |                  2 | On Loan: No      |
| Auto1 Car Funding                                             | Auto1 Car Funding Sarl                                                           | CUSIP: 000000000<br>LEI: 984500380CAE46K6F380 | Long             | ABS-O            | CORP              | LU        |       300000 | PA      | $354004.09      | 0.00%             | 2033-12-15      | Floating      | 3.44%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2005-11CB                                                 | CUSIP: 12667GJD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        83024 | PA      | $66325.86       | 0.00%             | 2035-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                     | Anchorage Capital CLO 6 Ltd                                                      | CUSIP: 03328QBY6<br>LEI: 54930064GO7DB3TVDY21 | Long             | ABS-CBDO         | CORP              | KY        |      5490000 | PA      | $5513624.57     | 0.03%             | 2038-07-22      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WJDN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1088428 | PA      | $1054013.31     | 0.01%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                                  | Calpine Corp                                                                     | CUSIP: 131347CP9<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |       100000 | PA      | $99625.62       | 0.00%             | 2029-02-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XATV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5651933 | PA      | $4670631.86     | 0.03%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38381MZA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4530044 | PA      | $4563178.69     | 0.02%             | 2056-10-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                  | Broadcom Inc                                                                     | CUSIP: 11135FCT6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     26093000 | PA      | $23792721.75    | 0.13%             | 2034-04-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| APLD COMPUTECO LLC                                            | APLD ComputeCo LLC                                                               | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       600000 | PA      | $588540.25      | 0.00%             | 2030-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912828ZS2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |         2000 | PA      | $1918.36        | 0.00%             | 2027-05-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                              | TRESTLES CLO V LTD                                                               | CUSIP: 89532UAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       230000 | PA      | $229987.30      | 0.00%             | 2034-10-20      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                              | FirstEnergy Corp                                                                 | CUSIP: 337932AM9<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     31118000 | PA      | $21462758.93    | 0.12%             | 2050-03-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                                | Bayview Commercial Asset Trust 2005-4                                            | CUSIP: 07324SCR1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2145448 | PA      | $2047465.43     | 0.01%             | 2036-01-25      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO IV Ltd                                            | Elmwood CLO IV Ltd                                                               | CUSIP: 29002GAS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1000000 | PA      | $1000623.60     | 0.01%             | 2037-04-18      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36180DSX6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       513937 | PA      | $479624.06      | 0.00%             | 2043-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bombardier Capital Mortgage Se                                | BCMSC Trust 2000-A                                                               | CUSIP: 09774XBQ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1121074 | PA      | $72556.14       | 0.00%             | 2030-06-15      | Variable      | 8.29%                 | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL                                          | ION Platform Finance US Inc / ION Platform Finance SARL                          | CUSIP: 46206AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       799000 | PA      | $809145.85      | 0.00%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                                | Bayview Commercial Asset Trust 2007-5                                            | CUSIP: 07325WAE2<br>LEI: 549300I4K1GWFS0CTQ34 | Long             | ABS-MBS          | CORP              | US        |      2681198 | PA      | $1570275.98     | 0.01%             | 2037-10-25      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Silver Point Euro CLO Designat                                | Silver Point Euro Clo 1 DAC                                                      | CUSIP: 000000000<br>LEI: 254900E59SU5T0V8CI79 | Long             | ABS-CBDO         | CORP              | IE        |      1112000 | PA      | $1309561.89     | 0.01%             | 2039-01-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Wildwood Park CLO LTD                                         | Wildwood Park CLO Ltd                                                            | CUSIP: 968209AA4<br>LEI: 254900BZ1VFIEIOEK304 | Long             | ABS-CBDO         | CORP              | JE        |      3450000 | PA      | $3462844.35     | 0.02%             | 2037-10-20      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                              | BAT Capital Corp                                                                 | CUSIP: 05526DBK0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     10088000 | PA      | $8523448.95     | 0.05%             | 2049-09-06      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                         | Quikrete Holdings Inc                                                            | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |        45000 | PA      | $46993.10       | 0.00%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                         | Tenet Healthcare Corp                                                            | CUSIP: 88033GDM9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |       339000 | PA      | $333937.09      | 0.00%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                      | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |      3200000 | PA      | $3914901.23     | 0.02%             | N/A             | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFZF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       298967 | PA      | $290718.12      | 0.00%             | 2030-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Exmoor Funding PLC                                            | Exmoor Funding 2024-1 PLC                                                        | CUSIP: 000000000<br>LEI: 635400TJWGCUUIZAGH30 | Long             | ABS-MBS          | CORP              | GB        |       454000 | PA      | $616794.68      | 0.00%             | 2094-03-25      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                           | Buckeye Partners LP                                                              | CUSIP: 118230AU5<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |       100000 | PA      | $99358.15       | 0.00%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | CDS WARNERMEDIA HOLDINGS INC                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DCR              | CORP              | US        |            1 | NC      | $22916.43       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Centragas                                                     | CENT 2025-CITY                                                                   | CUSIP: 12517TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5603000 | PA      | $5671147.05     | 0.03%             | 2040-07-10      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                            | Expand Energy Corp                                                               | CUSIP: 000000000<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |       623000 | PA      | $0.06           | 0.00%             | 2026-08-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                                       | Fantasia Holdings Group Co Ltd                                                   | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |       530000 | PA      | $5300.00        | 0.00%             | 2022-07-05      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Canyon Capital CLO Ltd                                        | Canyon Capital CLO 2019-2 Ltd                                                    | CUSIP: 13887WAS9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      5700000 | PA      | $5691581.67     | 0.03%             | 2034-10-15      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| American Home Mortgage Assets                                 | American Home Mortgage Assets Trust 2007-1                                       | CUSIP: 02660BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       605365 | PA      | $206140.05      | 0.00%             | 2047-02-25      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                  | Broadcom Inc                                                                     | CUSIP: 11135FCU3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     12299000 | PA      | $11384751.01    | 0.06%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer                                | WaMu Mortgage Pass-Through Certificates Series 2007-OA5 Trust                    | CUSIP: 93364BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2038127 | PA      | $1750684.69     | 0.01%             | 2047-06-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179MG87<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       263276 | PA      | $269918.08      | 0.00%             | 2042-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                                                | CVR Energy Inc                                                                   | CUSIP: 12662PAD0<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |       221000 | PA      | $217922.66      | 0.00%             | 2028-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                                       | Fantasia Holdings Group Co Ltd                                                   | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |       200000 | PA      | $2000.00        | 0.00%             | 2022-10-18      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| ALPHA STAR HO IX LTD                                          | Alpha Star Holding IX Ltd                                                        | CUSIP: 000000000<br>LEI: 254900IL2SBV9ANGBE89 | Long             | DBT              | CORP              | AE        |       200000 | PA      | $204414.00      | 0.00%             | 2028-08-26      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307NV50<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        48153 | PA      | $47254.91       | 0.00%             | 2030-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                         | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |      1054000 | PA      | $1097087.52     | 0.01%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132D9JF2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       132342 | PA      | $115028.24      | 0.00%             | 2042-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                                | CARLYLE US CLO 2019-4 LTD                                                        | CUSIP: 14317VAQ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      5130000 | PA      | $5133534.06     | 0.03%             | 2035-04-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| WASH MUT BANK NV                                              | WASHINGTON MUTUAL BANK / DEBT NOT ACQUIRED BY JPMORGAN ESCROW                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13308000 | PA      | $1.33           | 0.00%             | 2049-12-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AMC NETWORKS INC                                              | AMC Networks Inc                                                                 | CUSIP: 00164VAJ2<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |      1097000 | PA      | $1118391.50     | 0.01%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Inc                                    | Morgan Stanley ABS Capital I Inc Trust 2005-HE1                                  | CUSIP: 61744CKH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       819807 | PA      | $785268.64      | 0.00%             | 2034-12-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2022-1                                    | CUSIP: 92258XAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       580202 | PA      | $494576.81      | 0.00%             | 2052-02-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                    | Verus Securitization Trust 2025-5                                                | CUSIP: 92540XAA9<br>LEI: 213800Z7TIVJRAYLRV98 | Long             | ABS-MBS          | CORP              | US        |      4134940 | PA      | $4167989.92     | 0.02%             | 2070-06-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV7                                             | CUSIP: 46654CAU9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       992979 | PA      | $842746.32      | 0.00%             | 2052-02-25      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179NLD8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        15589 | PA      | $14488.76       | 0.00%             | 2043-08-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128M6RM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        89033 | PA      | $91553.18       | 0.00%             | 2035-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                                  | Centene Corp                                                                     | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |      3900000 | PA      | $3877038.24     | 0.02%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140GSRR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       330745 | PA      | $319709.31      | 0.00%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sesac Finance                                                 | Sesac Finance LLC                                                                | CUSIP: 78396YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7131000 | PA      | $7086745.73     | 0.04%             | 2055-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XJU62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        83782 | PA      | $83094.44       | 0.00%             | 2029-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2023-NQM3                                           | CUSIP: 06744FAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |          603 | PA      | $560.03         | 0.00%             | 2063-10-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                              | AMC Networks Inc                                                                 | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |       671000 | PA      | $741280.95      | 0.00%             | 2032-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140KSBC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1807535 | PA      | $1474352.56     | 0.01%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2025-ROIC                                                               | CUSIP: 05593VAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10713217 | PA      | $10659821.09    | 0.06%             | 2030-03-15      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Winchester PLC                                                | Winchester 1 PLC                                                                 | CUSIP: 000000000<br>LEI: 213800AWJGG72JJNBW66 | Long             | ABS-MBS          | CORP              | GB        |       425000 | PA      | $575410.87      | 0.00%             | 2056-10-21      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YBX65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        63785 | PA      | $62573.71       | 0.00%             | 2030-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                         | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CAT1<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      5364000 | PA      | $4049693.95     | 0.02%             | 2047-12-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CONNECTWISE LLC                                               | ConnectWise LLC                                                                  | CUSIP: 20786NAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      2689435 | PA      | $2637340.57     | 0.01%             | 2028-09-29      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV7                                             | CUSIP: 46654CAT2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       714228 | PA      | $612271.67      | 0.00%             | 2052-02-25      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F042418<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36053000 | PA      | $36065674.79    | 0.20%             | 2041-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F042418<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |     -1250000 | PA      | $-1250439.45    | -0.01%            | 2041-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OCTAGON INVESTMENT PARTNERS 39                                | Octagon Investment Partners 39 Ltd                                               | CUSIP: 67592CAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      8890000 | PA      | $8891935.35     | 0.05%             | 2030-10-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                        | Pacific Gas and Electric Co                                                      | CUSIP: 694308KH9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     17712000 | PA      | $18837179.60    | 0.10%             | 2053-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PAPREC HOLDING SA                                             | Paprec Holding SA                                                                | CUSIP: 000000000<br>LEI: 969500ASAFSVN9KVC873 | Long             | DBT              | CORP              | FR        |       818000 | PA      | $965897.94      | 0.01%             | 2030-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Sesac Finance                                                 | Sesac Finance LLC                                                                | CUSIP: 78396YAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1276268 | PA      | $1294499.36     | 0.01%             | 2054-01-25      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                  | GS Mortgage Securities Corp Trust 2017-GPTX                                      | CUSIP: 36257CAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1943158 | PA      | $1704121.16     | 0.01%             | 2034-05-10      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179VKL3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      7402202 | PA      | $6677297.85     | 0.04%             | 2050-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                                | Wynn Macau Ltd                                                                   | CUSIP: 000000000<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |      8000000 | PA      | $7984160.00     | 0.04%             | 2028-08-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                              | Altria Group Inc                                                                 | CUSIP: 02209SAQ6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |      6482000 | PA      | $5529603.63     | 0.03%             | 2043-05-02      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2021-III Ltd                                                        | CUSIP: 12564DAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       637000 | PA      | $637642.48      | 0.00%             | 2038-10-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                                            | Voyager Parent LLC                                                               | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |       687000 | PA      | $728990.13      | 0.00%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PCW4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      7053000 | PA      | $6966978.93     | 0.04%             | 2028-02-24      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31415AZP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |          387 | PA      | $403.24         | 0.00%             | 2038-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2024-PAT                                                                | CUSIP: 05612FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3750000 | PA      | $3750000.00     | 0.02%             | 2041-03-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179XQR0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     10186745 | PA      | $8800436.47     | 0.05%             | 2053-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANGKOK BANK PCL/HK                                           | Bangkok Bank PCL/Hong Kong                                                       | CUSIP: 059895AW2<br>LEI: 549300CCL2BKJGMYXV60 | Long             | DBT              | CORP              | TH        |       200000 | PA      | $205554.00      | 0.00%             | 2028-09-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                           | SG Residential Mortgage Trust 2022-2                                             | CUSIP: 78434KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       982574 | PA      | $982612.11      | 0.01%             | 2062-08-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Canyon Capital CLO Ltd                                        | Canyon Capital CLO 2016-1 Ltd                                                    | CUSIP: 13887PAK1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       184231 | PA      | $184298.69      | 0.00%             | 2031-07-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| AKBANK TAS                                                    | Akbank TAS                                                                       | CUSIP: 000000000<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |       852000 | PA      | $894600.00      | 0.00%             | N/A             | Fixed         | 9.37%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                              | T-Mobile USA Inc                                                                 | CUSIP: 87264ADS1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      1464000 | PA      | $1506561.45     | 0.01%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                       | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GA87<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       898000 | PA      | $938160.28      | 0.01%             | 2030-04-25      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                            | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2080000 | PA      | $2108574.62     | 0.01%             | 2039-06-12      | Fixed         | 8.72%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5900000 | PA      | $5943616.34     | 0.03%             | 2039-11-09      | Variable      | 8.22%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV7                                             | CUSIP: 46654CAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3041720 | PA      | $2639675.07     | 0.01%             | 2052-02-25      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2023-NQM3                                           | CUSIP: 06744FAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     45005238 | PA      | $317115.91      | 0.00%             | 2063-10-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO I Ltd                                            | Whitebox Clo II Ltd                                                              | CUSIP: 96466CBA5<br>LEI: 549300C89ZJ5IWOT1F21 | Long             | ABS-CBDO         | CORP              | KY        |      1850000 | PA      | $1852779.07     | 0.01%             | 2037-10-24      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36176DHP1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       362468 | PA      | $351719.36      | 0.00%             | 2041-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                         | Silver Point CLO 12 Ltd                                                          | CUSIP: 82809MAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3270000 | PA      | $3278175.00     | 0.02%             | 2038-10-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2019-16 Ltd                                                              | CUSIP: 67570QAK7<br>LEI: 254900XAI48J82ID5O83 | Long             | ABS-CBDO         | CORP              | KY        |      3388850 | PA      | $3389573.23     | 0.02%             | 2033-04-10      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                      | Neuberger Berman CLO XXI Ltd                                                     | CUSIP: 64130DBS8<br>LEI: 549300VBBLOSKH8XQ869 | Long             | ABS-CBDO         | CORP              | KY        |      8100000 | PA      | $8131509.00     | 0.04%             | 2039-01-20      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XCGT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15630433 | PA      | $12855803.21    | 0.07%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                            | Vodafone Group PLC                                                               | CUSIP: 92857WBW9<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |       174000 | PA      | $162464.25      | 0.00%             | 2081-06-04      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                                          | FS Rialto 2025-FL10 Issuer LLC                                                   | CUSIP: 30340KAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      1610000 | PA      | $1609307.06     | 0.01%             | 2042-08-19      | Floating      | 5.12%                 | 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        |      3340000 | PA      | $3340010.02     | 0.02%             | 2034-07-27      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO                                      | Jaguar Land Rover Automotive PLC                                                 | CUSIP: 47010BAK0<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |       360000 | PA      | $359637.07      | 0.00%             | 2028-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                         | Silver Point Clo 5 Ltd                                                           | CUSIP: 82809BAA4<br>LEI: 254900IB4JHW6SUR0Q75 | Long             | ABS-CBDO         | CORP              | KY        |       860000 | PA      | $861720.86      | 0.00%             | 2037-10-20      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                                         | KKR CLO 54 LTD                                                                   | CUSIP: 48256VAA9<br>LEI: 254900EAKW6RIW3QK367 | Long             | ABS-CBDO         | CORP              | KY        |       570000 | PA      | $572058.27      | 0.00%             | 2038-01-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding LXXI Ltd                                                    | CUSIP: 55817DAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250315.73      | 0.00%             | 2038-04-23      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XDK88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1469911 | PA      | $1365152.16     | 0.01%             | 2036-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36181D7A8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       275701 | PA      | $257293.37      | 0.00%             | 2043-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                         | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |       100000 | PA      | $104884.80      | 0.00%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                                | Bayview Commercial Asset Trust 2005-4                                            | CUSIP: 07324SCT7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        86296 | PA      | $82562.14       | 0.00%             | 2036-01-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418VDS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        38038 | PA      | $39148.59       | 0.00%             | 2040-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                                  | Voya CLO 2016-1 Ltd                                                              | CUSIP: 92915CAQ7<br>LEI: 549300BRUAMTEA33B077 | Long             | ABS-CBDO         | CORP              | KY        |       185089 | PA      | $185092.63      | 0.00%             | 2031-01-20      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                          | BlueMountain CLO 2016-3 Ltd                                                      | CUSIP: 09628VAW4<br>LEI: 549300EYIDIF4X8MHI21 | Long             | ABS-CBDO         | CORP              | KY        |       308945 | PA      | $308956.96      | 0.00%             | 2030-11-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MUTUAL BANK / DEBT NOT ACQUIRED BY JPMORGAN ESCROW | WASHINGTON MUTUAL BANK / DEBT NOT ACQUIRED BY JPMORGAN ESCROW                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2570000 | PA      | $0.26           | 0.00%             | 2049-12-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Atlas Funding                                                 | Atlas Funding 2024-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400BMBKLDPBSN2U43 | Long             | ABS-MBS          | CORP              | GB        |       342654 | PA      | $471298.95      | 0.00%             | 2061-09-20      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                        | Pacific Gas and Electric Co                                                      | CUSIP: 694308KJ5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |       907000 | PA      | $962413.49      | 0.01%             | 2033-01-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                      | OHA Credit Funding 2 LTD                                                         | CUSIP: 67707EBJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     15470000 | PA      | $15502405.01    | 0.08%             | 2038-01-21      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                                             | Seagate Data Storage Technology Pte Ltd                                          | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |      1348000 | PA      | $1429469.08     | 0.01%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV7                                             | CUSIP: 46654CAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     46065719 | PA      | $702101.44      | 0.00%             | 2052-02-25      | Variable      | 0.27%                 | No            |                  2 | On Loan: No      |
| RCI BANQUE SA                                                 | RCI Banque SA                                                                    | CUSIP: 000000000<br>LEI: 96950001WI712W7PQG45 | Long             | DBT              | CORP              | FR        |      1800000 | PA      | $2126495.26     | 0.01%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                                  | Voya CLO 2019-2 Ltd                                                              | CUSIP: 92917RAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       670957 | PA      | $671388.53      | 0.00%             | 2032-07-20      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| PRYSMIAN SPA                                                  | Prysmian SpA                                                                     | CUSIP: 000000000<br>LEI: 529900X0H1IO3RS1A464 | Long             | DBT              | CORP              | IT        |       673000 | PA      | $823207.18      | 0.00%             | N/A             | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Rockford Tower Europe CLO                                     | Rockford Tower Europe Clo 2025-3 DAC                                             | CUSIP: 000000000<br>LEI: 6354009EFUWKAOBABO62 | Long             | ABS-CBDO         | CORP              | IE        |       830000 | PA      | $970528.39      | 0.01%             | 2040-01-15      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KNDA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10116914 | PA      | $8775668.95     | 0.05%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2023-NQM3                                           | CUSIP: 06744FAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2594401 | PA      | $2627254.02     | 0.01%             | 2063-10-25      | Variable      | 7.69%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                                 | GoldenTree Loan Management US CLO 25 Ltd                                         | CUSIP: 38139XAC5<br>LEI: 254900NWYEI4MM854T50 | Long             | ABS-CBDO         | CORP              | KY        |      1370000 | PA      | $1374642.52     | 0.01%             | 2037-04-20      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding XXIV Ltd                                                    | CUSIP: 55820NAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       711753 | PA      | $711805.69      | 0.00%             | 2029-10-20      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV7                                             | CUSIP: 46654CAY1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       710489 | PA      | $371770.09      | 0.00%             | 2052-02-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| GLENCORE CAP FIN DAC                                          | Glencore Capital Finance DAC                                                     | CUSIP: 000000000<br>LEI: 213800HCUCI1HC7X6Q34 | Long             | DBT              | CORP              | IE        |      3062000 | PA      | $3575299.10     | 0.02%             | 2032-10-06      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| Regatta 30 Funding Ltd.                                       | Regatta 30 Funding Ltd                                                           | CUSIP: 75903UAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      5320000 | PA      | $5336860.68     | 0.03%             | 2038-01-25      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                                  | AES Corp/The                                                                     | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |       733000 | PA      | $723704.83      | 0.00%             | 2055-07-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Home Equity Loa                                | Morgan Stanley Home Equity Loan Trust 2006-3                                     | CUSIP: 61749GAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1254670 | PA      | $867044.86      | 0.00%             | 2036-04-25      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                        | Pacific Gas and Electric Co                                                      | CUSIP: 694308KK2<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     11091000 | PA      | $11703425.39    | 0.06%             | 2053-04-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J6D46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5325899 | PA      | $5341594.29     | 0.03%             | 2046-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KYUA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1100257 | PA      | $975837.40      | 0.01%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2023-NQM3                                           | CUSIP: 06744FAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3195800 | PA      | $3249938.45     | 0.02%             | 2063-10-25      | Variable      | 7.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J7X91<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       132021 | PA      | $129778.72      | 0.00%             | 2030-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YD3M9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        79898 | PA      | $73810.42       | 0.00%             | 2045-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HEINEKEN NV                                                   | Heineken NV                                                                      | CUSIP: 000000000<br>LEI: 724500K5PTPSST86UQ23 | Long             | DBT              | CORP              | NL        |      8380000 | PA      | $9791371.72     | 0.05%             | 2034-05-03      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CGR6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     31501000 | PA      | $31560024.68    | 0.17%             | 2026-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179W5B0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25631084 | PA      | $22120315.15    | 0.12%             | 2052-05-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | EUR CALL VERSUS USD PUT                                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              | CORP              | DE        |      3114138 | NC      | $11209.81       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WORLDLINE SA/FRANCE                                           | Worldline SA/France                                                              | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |      3500000 | PA      | $3704966.71     | 0.02%             | 2028-09-12      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Secu                                | Bear Stearns Asset Backed Securities I Trust 2007-HE2                            | CUSIP: 07389YAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       364970 | PA      | $351965.59      | 0.00%             | 2037-03-25      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                      | OHA Credit Funding 2 LTD                                                         | CUSIP: 67707EBQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250929.58      | 0.00%             | 2038-01-21      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                              | BAT Capital Corp                                                                 | CUSIP: 054989AF5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      8035000 | PA      | $7989160.57     | 0.04%             | 2033-03-22      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| INSIGHT M INC SERIES D                                        | INSIGHT M INC SERIES D                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3271821 | NS      | $1058106.91     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179VKP4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2786315 | PA      | $2754002.62     | 0.01%             | 2050-04-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                        | RR 5 Ltd                                                                         | CUSIP: 74979VAV5<br>LEI: 549300213Q1LH7O32902 | Long             | ABS-CBDO         | CORP              | KY        |      1000000 | PA      | $1005301.70     | 0.01%             | 2039-07-15      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                                | PRPM 2025-NQM6 Trust                                                             | CUSIP: 69383RAM4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       100000 | PA      | $99403.47       | 0.00%             | 2070-12-25      | Variable      | 6.96%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                            | Dominican Republic International Bond                                            | CUSIP: 25714PFD5<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    110150000 | PA      | $1871379.68     | 0.01%             | 2037-03-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| First Franklin Mtg Loan Asset                                 | First Franklin Mortgage Loan Trust 2006-FF13                                     | CUSIP: 30247DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1763449 | PA      | $1137345.37     | 0.01%             | 2036-10-25      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| AGL CLO 1 Ltd.                                                | AGL Core CLO 38 Ltd                                                              | CUSIP: 00852QAA9<br>LEI: 254900ZPMRHE5M6S8F18 | Long             | ABS-CBDO         | CORP              | KY        |      3370000 | PA      | $3376981.97     | 0.02%             | 2038-01-22      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                                | Microsoft Corp                                                                   | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     16941000 | PA      | $11096978.94    | 0.06%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| Warwick Capital CLO Ltd                                       | Warwick Capital CLO 5 Ltd                                                        | CUSIP: 93656FAA6<br>LEI: 254900WYTOTUQQSCN403 | Long             | ABS-CBDO         | CORP              | KY        |       300000 | PA      | $301017.00      | 0.00%             | 2038-01-20      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2023-NQM3                                           | CUSIP: 06744FAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1917500 | PA      | $1946649.64     | 0.01%             | 2063-10-25      | Variable      | 7.95%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                       | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GA46<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      1450000 | PA      | $1537705.15     | 0.01%             | 2029-10-24      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                 | Ballyrock CLO 2019-2 Ltd                                                         | CUSIP: 05875MBF8<br>LEI: 254900IF22Z7SA13VI60 | Long             | ABS-CBDO         | CORP              | KY        |       460000 | PA      | $461515.56      | 0.00%             | 2038-10-25      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307MU38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       118448 | PA      | $116466.78      | 0.00%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Citicorp Mortgage Securities,                                 | Citicorp Mortgage Securities Trust Series 2007-9                                 | CUSIP: 17313VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       845324 | PA      | $805570.16      | 0.00%             | 2037-12-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132M6DM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       196274 | PA      | $190951.62      | 0.00%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                            | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3570000 | PA      | $3617579.89     | 0.02%             | 2039-06-12      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H040616<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |      -691000 | PA      | $-652644.10     | -0.00%            | 2056-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H040616<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     27659000 | PA      | $26123709.48    | 0.14%             | 2056-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES PASS THROUGH TRU                            | AMERICAN AIRLINES PASS THROUGH TRU                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2613238 | PA      | $2597035.43     | 0.01%             | 2026-06-15      | Fixed         | 3.53%                 | No            |                  3 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV7                                             | CUSIP: 46654CAW5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       217205 | PA      | $180276.70      | 0.00%             | 2052-02-25      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Secu                                | Bear Stearns Asset Backed Securities I Trust 2007-HE2                            | CUSIP: 07389YAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       322500 | PA      | $306605.98      | 0.00%             | 2037-03-25      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                        | Pacific Gas and Electric Co                                                      | CUSIP: 694308KM8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      3466000 | PA      | $3737721.19     | 0.02%             | 2033-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| First Franklin Mtg Loan Asset                                 | First Franklin Mortgage Loan Trust 2006-FF13                                     | CUSIP: 30247DAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1034002 | PA      | $682822.42      | 0.00%             | 2036-10-25      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| Golden Bar Securitisation                                     | Golden Bar Securitisation Srl 2025-1                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |       509000 | PA      | $602132.54      | 0.00%             | 2044-12-20      | Floating      | 3.94%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                                             | Seagate Data Storage Technology Pte Ltd                                          | CUSIP: 81180LAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |       284000 | PA      | $322419.88      | 0.00%             | 2032-12-01      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2023-NQM3                                           | CUSIP: 06744FAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1613000 | PA      | $1623611.77     | 0.01%             | 2063-10-25      | Variable      | 7.95%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 19 Ltd                                            | Elmwood CLO 19 Ltd                                                               | CUSIP: 29004JAW3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       780000 | PA      | $781636.21      | 0.00%             | 2038-10-17      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA VENDOR FIN                                       | Virgin Media Vendor Financing Notes III DAC                                      | CUSIP: 000000000<br>LEI: 635400SSKC2QCGEPIQ43 | Long             | DBT              | CORP              | IE        |       182000 | PA      | $238837.28      | 0.00%             | 2028-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO 42 Ltd                                               | CUSIP: 08187LAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3180000 | PA      | $3188045.08     | 0.02%             | 2038-10-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                           | Axon Enterprise Inc                                                              | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |       138000 | PA      | $142463.47      | 0.00%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2025-3                                    | CUSIP: 92262RAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1599604 | PA      | $1629165.88     | 0.01%             | 2055-06-25      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-D                                                  | CUSIP: 009723AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12848018 | PA      | $12844494.62    | 0.07%             | 2060-03-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140GW4M2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       166798 | PA      | $165751.76      | 0.00%             | 2047-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EJCD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         2145 | PA      | $2146.09        | 0.00%             | 2026-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                      | Brazil Notas do Tesouro Nacional Serie F                                         | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     48840000 | PA      | $8630690.27     | 0.05%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KQDV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1605749 | PA      | $1670713.43     | 0.01%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DWA52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7300827 | PA      | $5954345.40     | 0.03%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                           | American Tower Corp                                                              | CUSIP: 03027XBM1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |      2086000 | PA      | $1915375.94     | 0.01%             | 2031-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 3620C5BR7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        29962 | PA      | $29559.95       | 0.00%             | 2040-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AROUNDTOWN SA                                                 | Aroundtown SA                                                                    | CUSIP: 000000000<br>LEI: 529900H4DWG3KWMBMQ39 | Long             | DBT              | CORP              | LU        |       300000 | PA      | $341164.71      | 0.00%             | N/A             | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138E7AT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        14716 | PA      | $14306.30       | 0.00%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                                | Wells Fargo Commercial Mortgage Trust 2019-C50                                   | CUSIP: 95001XBF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20914110 | PA      | $725253.24      | 0.00%             | 2052-05-15      | Variable      | 1.40%                 | No            |                  2 | On Loan: No      |
| JOSE ANDRES GROUP 1L NOTES                                    | JOSE ANDRES GROUP 1L NOTES                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3914000 | PA      | $2955070.00     | 0.02%             | 2032-11-14      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| Nomura Asset Acceptance Corpor                                | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2006-S5               | CUSIP: 65538AAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        40846 | PA      | $83207.29       | 0.00%             | 2036-10-25      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DM2W4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1057715 | PA      | $876741.10      | 0.00%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVI, LTD.                                    | Sixth Street CLO XVIII Ltd                                                       | CUSIP: 83012HAL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1020000 | PA      | $1021943.51     | 0.01%             | 2038-10-17      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132WJTW1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       861085 | PA      | $784649.71      | 0.00%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                      | OHA Credit Funding 17 Ltd                                                        | CUSIP: 67109SAA5<br>LEI: 254900ZA7EPUCGQUTA43 | Long             | ABS-CBDO         | CORP              | BM        |      3170000 | PA      | $3181224.97     | 0.02%             | 2037-04-20      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140GW4L4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       139628 | PA      | $138781.49      | 0.00%             | 2047-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-D                                                  | CUSIP: 009723AB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6093732 | PA      | $6712464.46     | 0.04%             | 2060-03-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV7                                             | CUSIP: 46654CAV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       527796 | PA      | $444212.19      | 0.00%             | 2052-02-25      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN                                      | Weekley Homes LLC / Weekley Finance Corp                                         | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1032000 | PA      | $1017742.92     | 0.01%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| OCTAGON INVESTMENT PARTNERS 39                                | Octagon Investment Partners 39 Ltd                                               | CUSIP: 67592CAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       425041 | PA      | $425128.71      | 0.00%             | 2030-10-20      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| CROWN PROPTECH ACQUISITIONS PRIVAT RIGHTS                     | CROWN PROPTECH ACQUISITIONS PRIVAT                                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       214560 | NC      | $46752.62       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Credit Suisse Mortgage Trust                                  | Credit Suisse Mortgage Capital Certificates                                      | CUSIP: 12642MAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8100994 | PA      | $3064803.79     | 0.02%             | 2037-10-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418ECG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     40804429 | PA      | $35415303.18    | 0.19%             | 2042-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Clover CLO                                                    | Clover CLO 2018-1 LLC                                                            | CUSIP: 18914GAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      4120000 | PA      | $4133838.67     | 0.02%             | 2037-04-20      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2023-NQM3                                           | CUSIP: 06744FAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4413500 | PA      | $4312053.50     | 0.02%             | 2063-10-25      | Variable      | 7.95%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding LXXI Ltd                                                    | CUSIP: 55817DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1900000 | PA      | $1897478.32     | 0.01%             | 2038-04-23      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| ECL ENTERTAINMENT LLC                                         | ECL ENTERTAINMENT LLC                                                            | CUSIP: 000000000<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |      5675150 | PA      | $5653868.44     | 0.03%             | 2030-08-30      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138M8YB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        98912 | PA      | $97770.38       | 0.00%             | 2027-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307NG40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        56120 | PA      | $54903.63       | 0.00%             | 2030-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418DSH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5902460 | PA      | $4824955.31     | 0.03%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                                      | Aptiv Swiss Holdings Ltd                                                         | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |       200000 | PA      | $208600.69      | 0.00%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F030413<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |     -2686000 | PA      | $-2583701.17    | -0.01%            | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2022-CSMO                                           | CUSIP: 05610MAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2784000 | PA      | $2789159.03     | 0.02%             | 2027-06-15      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                                           | LCM XVII LP                                                                      | CUSIP: 50190AAK8<br>LEI: 549300K6S4MWQOINB710 | Long             | ABS-CBDO         | CORP              | KY        |        22647 | PA      | $22646.92       | 0.00%             | 2031-10-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                      | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AV8<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |      2384000 | PA      | $2387373.55     | 0.01%             | 2026-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YJWF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       851594 | PA      | $836436.04      | 0.00%             | 2030-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Elm Park CLO                                                  | Elm Park CLO DAC                                                                 | CUSIP: 000000000<br>LEI: 549300U4MCTO5672RE42 | Long             | ABS-CBDO         | CORP              | IE        |       952000 | PA      | $1125113.36     | 0.01%             | 2038-01-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                      | Ford Motor Credit Co LLC                                                         | CUSIP: 345397D26<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      1941000 | PA      | $1957901.14     | 0.01%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                                      | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1619000 | PA      | $1982387.67     | 0.01%             | 2030-12-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                                       | VZ Secured Financing BV                                                          | CUSIP: 91845AAB1<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |       401000 | PA      | $406224.15      | 0.00%             | 2033-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VIVION INVESTMENTS                                            | Vivion Investments Sarl                                                          | CUSIP: 000000000<br>LEI: 529900SJ7X71ESJK9N76 | Long             | DBT              | CORP              | LU        |       334409 | PA      | $393253.06      | 0.00%             | 2028-08-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu                                | GreenSky Home Improvement Trust 2024-1                                           | CUSIP: 39571MAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5529555 | PA      | $5667148.34     | 0.03%             | 2059-06-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| FRONTIER NORTH INC                                            | Frontier North Inc                                                               | CUSIP: 362337AK3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1500000 | PA      | $1547812.50     | 0.01%             | 2028-02-15      | Fixed         | 6.73%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                                            | Ardonagh Finco Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |      3883000 | PA      | $4703268.83     | 0.03%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                      | Petrobras Global Finance BV                                                      | CUSIP: 71645WAS0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |       143000 | PA      | $144399.97      | 0.00%             | 2041-01-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                                       | Asbury Automotive Group Inc                                                      | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |       179000 | PA      | $176456.88      | 0.00%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                          | Cross 2023-H2 Mortgage Trust                                                     | CUSIP: 22757NAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1745017 | PA      | $1765977.95     | 0.01%             | 2068-11-25      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                                | Newday Funding Master Issuer PLC - Series 2025-2                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |       981000 | PA      | $1319522.37     | 0.01%             | 2033-07-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Lehman XS Trust                                               | Lehman XS Trust Series 2007-16N                                                  | CUSIP: 52525BBH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1450107 | PA      | $2053653.92     | 0.01%             | 2047-09-25      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2021-LBA                                                                | CUSIP: 05609BBK4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4055272 | PA      | $4052822.30     | 0.02%             | 2036-02-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                              | BAT Capital Corp                                                                 | CUSIP: 054989AC2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |       800000 | PA      | $898574.13      | 0.00%             | 2043-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                  | CSMC Mortgage-Backed Trust Series 2006-4                                         | CUSIP: 12637HAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       722540 | PA      | $370853.57      | 0.00%             | 2036-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                                | Owens-Brockway Glass Container Inc                                               | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |       177000 | PA      | $180677.53      | 0.00%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                      | Republic of South Africa Government Bond                                         | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    208460735 | PA      | $12867927.44    | 0.07%             | 2030-01-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140Q9U84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       608601 | PA      | $609226.55      | 0.00%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DWAC7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        15392 | PA      | $15287.30       | 0.00%             | 2050-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV7                                             | CUSIP: 46654CAM7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6755774 | PA      | $283745.21      | 0.00%             | 2052-02-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179W5D6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     29806140 | PA      | $27453563.53    | 0.15%             | 2052-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                         | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAJ8<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |       200000 | PA      | $200260.00      | 0.00%             | 2033-09-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                          | Cross 2024-H7 Mortgage Trust                                                     | CUSIP: 22757CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4026752 | PA      | $4057568.70     | 0.02%             | 2069-11-25      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140NBPH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       523240 | PA      | $532467.69      | 0.00%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                  | UBS Group AG                                                                     | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      4749000 | PA      | $4569744.67     | 0.02%             | 2033-01-18      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                                 | MHC Commercial Mortgage Trust 2021-MHC                                           | CUSIP: 55316VAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       471122 | PA      | $471708.90      | 0.00%             | 2038-04-15      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Taurus CMBS                                                   | Taurus 2025-2 UK DAC                                                             | CUSIP: 000000000<br>LEI: 635400ZUSGYHROR9ZX12 | Long             | ABS-MBS          | CORP              | IE        |      4598201 | PA      | $6197903.05     | 0.03%             | 2035-02-18      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| NEW GENERATION GAS BOND                                       | NEW GENERATION GAS BOND                                                          | CUSIP: 000000000<br>LEI: 9845008CB7EPB0KCD474 | Long             | DBT              | CORP              | US        |      9843514 | PA      | $9905527.65     | 0.05%             | 2029-09-30      | Floating      | 9.41%                 | No            |                  3 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3142GUTY9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9751356 | PA      | $10074847.78    | 0.05%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132M9MM3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       319498 | PA      | $301029.17      | 0.00%             | 2044-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                    | Navient Private Education Loan Trust 2014-A                                      | CUSIP: 63939CAE7<br>LEI: 54930094LU45XF2CP718 | Long             | ABS-O            | CORP              | US        |      4955096 | PA      | $4918200.10     | 0.03%             | 2044-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                                       | VZ Secured Financing BV                                                          | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |       600000 | PA      | $542971.90      | 0.00%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                                           | Cirsa Finance International Sarl                                                 | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |       537000 | PA      | $636681.23      | 0.00%             | 2032-10-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                      | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       349000 | PA      | $327016.77      | 0.00%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                                                | Azorra Finance Ltd                                                               | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |       356000 | PA      | $376025.00      | 0.00%             | 2030-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| USAVFLOW II LTD: TL-B                                         | USAVFLOW II LTD: TL-B                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |      1912500 | PA      | $1924548.75     | 0.01%             | 2029-08-16      | Floating      | 10.27%                | No            |                  3 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | SWOP CDS ITRAXX.XO.44.V1                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              | CORP              | GB        |      5729000 | NC      | $3552.18        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132JNRR0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        36612 | PA      | $36588.55       | 0.00%             | 2043-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Silver Point Capital CLO 1, Lt                                | Silver Point CLO 1 Ltd                                                           | CUSIP: 828085AN0<br>LEI: 549300UJUGKIKZF7CD63 | Long             | ABS-CBDO         | CORP              | JE        |      1250000 | PA      | $1254505.00     | 0.01%             | 2038-01-20      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                     | Apple Inc                                                                        | CUSIP: 037833EF3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |      7821000 | PA      | $4834725.01     | 0.03%             | 2051-02-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| AGL CLO 1 Ltd.                                                | AGL Core CLO 27 Ltd                                                              | CUSIP: 00092DAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      1000000 | PA      | $1002993.10     | 0.01%             | 2039-01-21      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MUTUAL BANK / DEBT NOT ACQUIRED BY JPMORGAN ESCROW | WASHINGTON MUTUAL BANK / DEBT NOT ACQUIRED BY JPMORGAN ESCROW                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3115000 | PA      | $0.31           | 0.00%             | 2049-12-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Bankers Healthcare Group Secur                                | Bankers Healthcare Group Securitization Trust 2020-A                             | CUSIP: 06616PAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       362431 | PA      | $362326.33      | 0.00%             | 2031-09-17      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2260000 | PA      | $2266128.22     | 0.01%             | 2039-11-09      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| Aimco                                                         | Aimco CLO 14 Ltd                                                                 | CUSIP: 00144GAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2850000 | PA      | $2852152.89     | 0.02%             | 2038-10-20      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140JHYV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2091161 | PA      | $2076539.86     | 0.01%             | 2048-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2023-NQM3                                           | CUSIP: 06744FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     26974401 | PA      | $27277437.17    | 0.15%             | 2063-10-25      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit                                | Bain Capital Credit CLO 2019-2                                                   | CUSIP: 05682LBC0<br>LEI: 549300WZ8E2KQS66KT95 | Long             | ABS-CBDO         | CORP              | KY        |       590000 | PA      | $590203.02      | 0.00%             | 2032-10-17      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KYWH8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     16129487 | PA      | $13999277.31    | 0.08%             | 2042-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                      | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |       100000 | PA      | $98575.18       | 0.00%             | 2028-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                | Palmer Square Loan Funding 2024-1 Ltd                                            | CUSIP: 69703NAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       290000 | PA      | $290470.03      | 0.00%             | 2032-10-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128M9QK1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       600774 | PA      | $610876.97      | 0.00%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV7                                             | CUSIP: 46654CAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10539000 | PA      | $7257745.58     | 0.04%             | 2052-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                                  | Ares XLIII CLO Ltd                                                               | CUSIP: 04016PAS7<br>LEI: 549300ECLIGB6OZRBA51 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250875.50      | 0.00%             | 2038-01-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132VMK53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       196789 | PA      | $196658.15      | 0.00%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                          | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  27625000000 | PA      | $1708328.84     | 0.01%             | 2033-05-15      | Fixed         | 6.62%                 | 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      | $336541.27      | 0.00%             | 2031-10-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                       | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       140000 | PA      | $147724.43      | 0.00%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                                       | Asbury Automotive Group Inc                                                      | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |       259000 | PA      | $251695.66      | 0.00%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                                 | AEP Texas Inc                                                                    | CUSIP: 00108WAF7<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |      2473000 | PA      | $1826919.03     | 0.01%             | 2047-10-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133A7UC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       700942 | PA      | $637713.73      | 0.00%             | 2050-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                                         | KKR CLO 26 Ltd                                                                   | CUSIP: 48253HAW5<br>LEI: 549300S5YSR4S7FFS332 | Long             | ABS-CBDO         | CORP              | KY        |      1250000 | PA      | $1250389.88     | 0.01%             | 2034-10-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu                                | GreenSky Home Improvement Issuer Trust 2024-2                                    | CUSIP: 39571XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1424537 | PA      | $1442944.93     | 0.01%             | 2059-10-27      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO XII Ltd.                                          | Elmwood CLO XII Ltd                                                              | CUSIP: 29002YAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1310000 | PA      | $1314667.14     | 0.01%             | 2037-10-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP                                           | Clarivate Science Holdings Corp                                                  | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       281000 | PA      | $272795.84      | 0.00%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AMC Networks Inc                                              | AMC Networks Inc                                                                 | CUSIP: 00164V103<br>LEI: 549300VGG9K75226LR46 | Long             | EC               | CORP              | US        |        51468 | NS      | $489975.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132J82N9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        77541 | PA      | $71782.34       | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | 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        |       100000 | PA      | $100573.90      | 0.00%             | 2028-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY OHIO INC                                          | Duke Energy Ohio Inc                                                             | CUSIP: 26442EAH3<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |      1427000 | PA      | $1306292.05     | 0.01%             | 2030-06-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu                                | GreenSky Home Improvement Trust 2024-1                                           | CUSIP: 39571MAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       886580 | PA      | $906390.65      | 0.00%             | 2059-06-25      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                  | CSMC Mortgage-Backed Trust Series 2006-4                                         | CUSIP: 12637HAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       955832 | PA      | $490593.84      | 0.00%             | 2036-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140Q9U68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       795580 | PA      | $796397.94      | 0.00%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417FU63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1189211 | PA      | $1099358.04     | 0.01%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                              | CSC Holdings LLC                                                                 | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      1731000 | PA      | $1286041.95     | 0.01%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                                | Port Authority of New York & New Jersey                                          | CUSIP: 73358WEK6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |      1400000 | PA      | $1303841.28     | 0.01%             | 2051-10-01      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418D7E6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2822547 | PA      | $2290529.90     | 0.01%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QSP47<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3916321 | PA      | $4000206.36     | 0.02%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO XVI Ltd                                              | CUSIP: 08181VAY1<br>LEI: 2549001UGYKGM9DWMY60 | Long             | ABS-CBDO         | CORP              | KY        |       920000 | PA      | $923174.00      | 0.01%             | 2038-01-17      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                                      | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       100000 | PA      | $103135.50      | 0.00%             | 2032-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                             | Trinidad & Tobago Government International Bond                                  | CUSIP: 896292AM1<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |       200000 | PA      | $201400.00      | 0.00%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                                                     | Olin Corp                                                                        | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |       595000 | PA      | $590518.93      | 0.00%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                                 | GoldenTree Loan Management US CLO 23 Ltd                                         | CUSIP: 38139KAG4<br>LEI: 254900TP00US14X9AP48 | Long             | ABS-CBDO         | CORP              | KY        |      3020000 | PA      | $3029376.50     | 0.02%             | 2039-01-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| ABRA GLOBAL FINANCE                                           | ABRA Global Finance                                                              | CUSIP: 000852AC7<br>LEI: 2549007QS3P0D4KT9G26 | Long             | DBT              | CORP              | KY        |       583906 | PA      | $582813.68      | 0.00%             | 2029-10-22      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                 | Citigroup Inc                                                                    | CUSIP: 17292GKU8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     21220000 | PA      | $21220000.00    | 0.12%             | 2030-12-11      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investo                                | Merrill Lynch Mortgage Investors Trust Series 2006-OPT1                          | CUSIP: 59022VAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       395032 | PA      | $390628.95      | 0.00%             | 2037-08-25      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2023-NQM3                                           | CUSIP: 06744FAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4296723 | PA      | $4348861.84     | 0.02%             | 2063-10-25      | Variable      | 7.36%                 | No            |                  2 | On Loan: No      |
| ION PLATFORM FINANCE SAR                                      | ION Platform Finance SARL                                                        | CUSIP: 000000000<br>LEI: 6488IU1F9M51Z3P60R77 | Long             | DBT              | CORP              | LU        |      2147000 | PA      | $2413488.02     | 0.01%             | 2032-09-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                                                | Azorra Finance Ltd                                                               | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |       100000 | PA      | $104783.24      | 0.00%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BALLY'S CORP                                                  | Bally's Corp                                                                     | CUSIP: 05875CAB0<br>LEI: 549300NS4D5IK406VT62 | Long             | LON              | CORP              | US        |      8981812 | PA      | $8846097.13     | 0.05%             | 2028-10-02      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu                                | GreenSky Home Improvement Issuer Trust 2024-2                                    | CUSIP: 39571XAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1135275 | PA      | $1153798.18     | 0.01%             | 2059-10-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF MOZAMBIQUE                                        | Mozambique International Bond                                                    | CUSIP: 000000000<br>LEI: 213800759WLKYIKPER73 | Long             | DBT              | NUSS              | MZ        |       202000 | PA      | $172520.12      | 0.00%             | 2031-09-15      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                              | CSC Holdings LLC                                                                 | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |       773000 | PA      | $615049.28      | 0.00%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                         | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AE6<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |        84000 | PA      | $85540.93       | 0.00%             | 2030-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                     | Block Inc                                                                        | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |       284000 | PA      | $291556.96      | 0.00%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                                     | Prosus NV                                                                        | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |       200000 | PA      | $139000.00      | 0.00%             | 2050-08-03      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| 280 Park Avenue Mortgage Trust                                | 280 Park Avenue 2017-280P Mortgage Trust                                         | CUSIP: 90205FAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       997000 | PA      | $991056.28      | 0.01%             | 2034-09-15      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                              | BAT Capital Corp                                                                 | CUSIP: 054989AD0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     15877000 | PA      | $18000794.05    | 0.10%             | 2053-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                      | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AU0<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |      3370000 | PA      | $3373314.23     | 0.02%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                      | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       351000 | PA      | $333580.59      | 0.00%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                                       | Kodiak Gas Services LLC                                                          | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |       207000 | PA      | $211391.06      | 0.00%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417GWY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       508892 | PA      | $470494.37      | 0.00%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                                       | Kodiak Gas Services LLC                                                          | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |       200000 | PA      | $208070.40      | 0.00%             | 2029-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2021-LBA                                                                | CUSIP: 05609BBM0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4206317 | PA      | $4201152.22     | 0.02%             | 2036-02-15      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                                      | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |       603000 | PA      | $598678.54      | 0.00%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Pass-throu                                | ILPT Commercial Mortgage Trust 2025-LPF2                                         | CUSIP: 451955AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10261000 | PA      | $10459010.62    | 0.06%             | 2042-07-13      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XCGM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       572947 | PA      | $549187.60      | 0.00%             | 2051-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV7                                             | CUSIP: 46654CAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13247971 | PA      | $239453.10      | 0.00%             | 2052-02-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                        | Match Group Holdings II LLC                                                      | CUSIP: 57665RAN6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |       174000 | PA      | $172443.26      | 0.00%             | 2028-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                            | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       696000 | PA      | $520260.00      | 0.00%             | 2029-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                   | BNP Paribas SA                                                                   | CUSIP: 05565AB28<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |       462000 | PA      | $457654.06      | 0.00%             | N/A             | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                | Palmer Square Loan Funding 2024-1 Ltd                                            | CUSIP: 69703NAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1680000 | PA      | $1681368.19     | 0.01%             | 2032-10-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| WAMU Asset-Backed Certificates                                | WaMu Asset-Backed Certificates WaMu Series 2007-HE3 Trust                        | CUSIP: 93364EAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       807318 | PA      | $727694.71      | 0.00%             | 2037-05-25      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                                  | Huntington Bank Auto Credit-Linked Notes Series 2025-2                           | CUSIP: 44644NAP4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3032995 | PA      | $3037275.28     | 0.02%             | 2033-09-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trus                                | CFCRE Commercial Mortgage Trust 2016-C4                                          | CUSIP: 12531YAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5810000 | PA      | $94.70          | 0.00%             | 2058-05-10      | Variable      | 0.69%                 | No            |                  2 | On Loan: No      |
| BCP MODULAR SERVICES                                          | BCP V Modular Services Finance II PLC                                            | CUSIP: 000000000<br>LEI: 213800227GGD6UI7PI97 | Long             | DBT              | CORP              | GB        |      2827000 | PA      | $3097521.84     | 0.02%             | 2031-07-10      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bank                                                          | BANK 2019-BNK20                                                                  | CUSIP: 06540AAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     39279000 | PA      | $492146.23      | 0.00%             | 2062-09-15      | Variable      | 0.36%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                             | Iron Mountain Inc                                                                | CUSIP: 000000000<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |      3082000 | PA      | $3522087.05     | 0.02%             | 2034-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QKPN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1981144 | PA      | $1836950.85     | 0.01%             | 2036-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2024-VLT4                                                               | CUSIP: 05612TAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3100000 | PA      | $3092300.22     | 0.02%             | 2041-06-15      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                       | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    176946400 | PA      | $9812504.51     | 0.05%             | 2026-09-03      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OCP Aegis CLO Ltd                                             | OCP Aegis CLO 2024-39 Ltd                                                        | CUSIP: 67120EAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |       310000 | PA      | $309813.47      | 0.00%             | 2037-01-16      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                      | Service Properties Trust                                                         | CUSIP: 81761LAF9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |      2220000 | PA      | $2006116.76     | 0.01%             | 2027-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Verdelite Static CLO Ltd                                      | Verdelite Static CLO 2024-1 Ltd                                                  | CUSIP: 92338VAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |       210000 | PA      | $210107.31      | 0.00%             | 2032-07-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY OHIO INC                                          | Duke Energy Ohio Inc                                                             | CUSIP: 26442EAJ9<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |      1527000 | PA      | $1581794.32     | 0.01%             | 2033-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2006-OA16                                                 | CUSIP: 23242GAZ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2837009 | PA      | $2159597.36     | 0.01%             | 2046-10-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                         | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |       284000 | PA      | $305032.19      | 0.00%             | 2031-05-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                                                    | Federal National Mortgage Association                                            | CUSIP: 31359MGK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |      1450000 | PA      | $1634937.87     | 0.01%             | 2030-11-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mor                                | Credit Suisse First Boston Mortgage Securities Corp                              | CUSIP: 22541SD70<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       304440 | PA      | $257349.13      | 0.00%             | 2043-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QG3H8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       940276 | PA      | $821856.77      | 0.00%             | 2041-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                      | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AZ9<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |      9226036 | PA      | $9692191.31     | 0.05%             | 2037-09-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6887000 | PA      | $6898951.70     | 0.04%             | 2039-11-09      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202E4F3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        34956 | PA      | $34121.47       | 0.00%             | 2039-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                        | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     23204000 | PA      | $23158715.31    | 0.13%             | 2029-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                            | Vodafone Group PLC                                                               | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |       449000 | PA      | $475631.26      | 0.00%             | 2079-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                                | PRPM 2025-NQM6 Trust                                                             | CUSIP: 69383RAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       727258 | PA      | $726527.39      | 0.00%             | 2070-12-25      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV7                                             | CUSIP: 46654CAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2559002 | PA      | $73631.96       | 0.00%             | 2052-02-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| Asset-Backed European Securiti                                | Asset-Backed European Securitisation Transaction Twenty-Three Sarl               | CUSIP: 000000000<br>LEI: 213800WQKYRCMTF4FR47 | Long             | ABS-O            | CORP              | LU        |       259292 | PA      | $306944.40      | 0.00%             | 2034-03-21      | Floating      | 3.82%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DPML9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5333878 | PA      | $5494447.47     | 0.03%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                              | Altria Group Inc                                                                 | CUSIP: 02209SAV5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |      7491000 | PA      | $5629898.36     | 0.03%             | 2046-09-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2020-8R Ltd                                                              | CUSIP: 670898AW5<br>LEI: 254900K70GBA8CMARX66 | Long             | ABS-CBDO         | CORP              | KY        |       750000 | PA      | $751199.10      | 0.00%             | 2038-10-17      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                                 | FirstCash Inc                                                                    | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |       129000 | PA      | $129479.49      | 0.00%             | 2030-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                     | Block Inc                                                                        | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |       458000 | PA      | $476255.88      | 0.00%             | 2032-05-15      | Fixed         | 6.50%                 | 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        |       100000 | PA      | $95240.42       | 0.00%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                | Upgrade Master Pass-Thru Trust Series 2025-ST7                                   | CUSIP: 91533RAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2311000 | PA      | $2314082.87     | 0.01%             | 2032-11-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XTA35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3770210 | PA      | $3077777.65     | 0.02%             | 2050-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                       | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GZM9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      3745000 | PA      | $3449989.76     | 0.02%             | 2033-02-24      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                              | COLT 2022-3 Mortgage Loan Trust                                                  | CUSIP: 12659YAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1300000 | PA      | $1095980.99     | 0.01%             | 2067-02-25      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                     | USD CALL VERSUS GBP PUT                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |     -1408000 | NC      | $-3158.71       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EDvestinU Private Education Lo                                | EDvestinU Private Education Loan Issue No 4 LLC                                  | CUSIP: 28165AAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1983447 | PA      | $1986442.90     | 0.01%             | 2040-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Avoca CLO                                                     | Avoca CLO XXII DAC                                                               | CUSIP: 000000000<br>LEI: 5493000BN1WPGQDK4X78 | Long             | ABS-CBDO         | CORP              | IE        |       500000 | PA      | $586358.28      | 0.00%             | 2035-04-15      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV7                                             | CUSIP: 46654CAP0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4741292 | PA      | $3922307.29     | 0.02%             | 2052-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                             | Republic of Kenya Government International Bond                                  | CUSIP: 491798AM6<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |       200000 | PA      | $218500.00      | 0.00%             | 2031-02-16      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132J8LD0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        65361 | PA      | $60492.99       | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133L8FQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2809749 | PA      | $2557589.08     | 0.01%             | 2036-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON EURO                                         | Becton Dickinson Euro Finance Sarl                                               | CUSIP: 000000000<br>LEI: 549300W40NLZ25XUTH09 | Long             | DBT              | CORP              | LU        |      2700000 | PA      | $2465991.27     | 0.01%             | 2036-02-12      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                     | Block Inc                                                                        | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |       280000 | PA      | $285690.16      | 0.00%             | 2030-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                        | Pacific Gas and Electric Co                                                      | CUSIP: 694308KT3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      5906000 | PA      | $5660341.82     | 0.03%             | 2054-10-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                           | SG Residential Mortgage Trust 2022-2                                             | CUSIP: 78434KAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2583000 | PA      | $2553518.93     | 0.01%             | 2062-08-25      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| 280 Park Avenue Mortgage Trust                                | 280 Park Avenue 2017-280P Mortgage Trust                                         | CUSIP: 90205FAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7007175 | PA      | $6923608.83     | 0.04%             | 2034-09-15      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                                  | TICP CLO VII Ltd                                                                 | CUSIP: 87248TAU9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1413022 | PA      | $1414434.27     | 0.01%             | 2033-04-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                      | iHeartCommunications Inc                                                         | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |       733000 | PA      | $705959.63      | 0.00%             | 2029-05-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HHMR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3981393 | PA      | $4012215.84     | 0.02%             | 2054-12-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QRDC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2289440 | PA      | $2385070.35     | 0.01%             | 2053-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                | BBCMS Mortgage Trust 2025-C35                                                    | CUSIP: 07337DAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2941000 | PA      | $3092160.05     | 0.02%             | 2058-07-15      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                       | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       100000 | PA      | $102733.45      | 0.00%             | 2034-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| METRO Finance Trust                                           | Metro Finance 2025-1 Trust                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |       650000 | PA      | $438215.04      | 0.00%             | 2031-10-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust 2022-1                                   | CHNGE Mortgage Trust 2022-1                                                      | CUSIP: 17030JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1702183 | PA      | $1647784.88     | 0.01%             | 2067-01-25      | Variable      | 3.01%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                | Upgrade Master Pass-Thru Trust Series 2025-ST7                                   | CUSIP: 91533RAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6085602 | PA      | $6082912.05     | 0.03%             | 2032-11-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                      | Permian Resources Operating LLC                                                  | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |       322000 | PA      | $323887.33      | 0.00%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Alternative Loan T                                | JP Morgan Alternative Loan Trust 2007-A2                                         | CUSIP: 466278AR9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       141083 | PA      | $123981.49      | 0.00%             | 2037-05-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-C                                                  | CUSIP: 009733AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6097389 | PA      | $6097190.79     | 0.03%             | 2061-01-25      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Edenbrook Mortgage Funding Plc                                | Edenbrook Mortgage Funding PLC                                                   | CUSIP: 000000000<br>LEI: 635400URO7UOS6PWLH17 | Long             | ABS-MBS          | CORP              | GB        |       930788 | PA      | $1280473.63     | 0.01%             | 2057-03-22      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179T4N2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2509083 | PA      | $2319981.27     | 0.01%             | 2048-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| 280 Park Avenue Mortgage Trust                                | 280 Park Avenue 2017-280P Mortgage Trust                                         | CUSIP: 90205FAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2920000 | PA      | $2892146.12     | 0.02%             | 2034-09-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2024-VLT4                                                               | CUSIP: 05612TAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7980000 | PA      | $7989256.80     | 0.04%             | 2041-06-15      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| ATOS SE: TL LOAN/TERM                                         | ATOS SE: TL LOAN/TERM                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |      1800000 | PA      | $2160840.24     | 0.01%             | 2029-12-17      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| Natixis Commercial Mortgage Se                                | Natixis Commercial Mortgage Securities Trust 2018-SOX                            | CUSIP: 63874NAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4162000 | PA      | $4112368.98     | 0.02%             | 2038-06-17      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                      | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AX4<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     28735000 | PA      | $28851331.92    | 0.16%             | 2030-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pas                                | Washington Mutual Mortgage Pass-Through Certificates WMALT Ser 2006-AR10 Trust   | CUSIP: 93935YAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       590341 | PA      | $495390.95      | 0.00%             | 2036-12-25      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132D9B86<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6703915 | PA      | $6545548.35     | 0.04%             | 2035-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418C4G6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1202159 | PA      | $1192761.83     | 0.01%             | 2048-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                                        | Oman Government International Bond                                               | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |       200000 | PA      | $220562.00      | 0.00%             | 2048-01-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY OHIO INC                                          | Duke Energy Ohio Inc                                                             | CUSIP: 26442EAL4<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |      5416000 | PA      | $5292808.58     | 0.03%             | 2054-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                     | Block Inc                                                                        | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |      3347000 | PA      | $3145895.84     | 0.02%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                             | Republic of Kenya Government International Bond                                  | CUSIP: 491798AQ7<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |       535000 | PA      | $540881.42      | 0.00%             | 2038-10-09      | Fixed         | 8.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132CWXG4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2724114 | PA      | $2528413.26     | 0.01%             | 2037-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pas                                | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OA1 Trust | CUSIP: 93935NAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       214689 | PA      | $178482.76      | 0.00%             | 2046-12-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2021-VI Ltd                                                         | CUSIP: 12553SAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       840000 | PA      | $840215.80      | 0.00%             | 2034-10-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                                         | Philippine Government Bond                                                       | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    195170000 | PA      | $3390818.38     | 0.02%             | 2030-07-27      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                              | COLT 2022-3 Mortgage Loan Trust                                                  | CUSIP: 12659YAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1000000 | PA      | $884332.70      | 0.00%             | 2067-02-25      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| Conseco Financial Corp                                        | Conseco Finance Corp                                                             | CUSIP: 393505TZ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       268461 | PA      | $272602.12      | 0.00%             | 2028-03-15      | Variable      | 7.53%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                        | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2363000 | PA      | $2347371.24     | 0.01%             | 2027-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QEQC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2045156 | PA      | $1910109.73     | 0.01%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO I Ltd                                            | Whitebox Clo II Ltd                                                              | CUSIP: 96466CBE7<br>LEI: 549300C89ZJ5IWOT1F21 | Long             | ABS-CBDO         | CORP              | KY        |       670621 | PA      | $669019.36      | 0.00%             | 2037-10-24      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                      | AT&T Inc                                                                         | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      2132000 | PA      | $1426786.02     | 0.01%             | 2053-09-15      | Fixed         | 3.50%                 | 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        |       170884 | PA      | $170391.14      | 0.00%             | 2033-06-15      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                 | Citigroup Mortgage Loan Trust 2007-AHL2                                          | CUSIP: 17312TAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4137748 | PA      | $2825540.10     | 0.02%             | 2037-05-25      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                          | Cross 2025-H2 Mortgage Trust                                                     | CUSIP: 22758PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1741867 | PA      | $1751515.40     | 0.01%             | 2070-03-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| HESS CORP                                                     | Hess Corp                                                                        | CUSIP: 42809HAC1<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |      1812000 | PA      | $1955423.50     | 0.01%             | 2040-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QM4T8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6635520 | PA      | $5751940.83     | 0.03%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3131XUM53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       179345 | PA      | $170813.79      | 0.00%             | 2046-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                        | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KDU1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     16000000 | PA      | $18739269.12    | 0.10%             | 2056-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                      | Ford Motor Credit Co LLC                                                         | CUSIP: 345397D59<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      7991000 | PA      | $8383516.56     | 0.05%             | 2028-11-07      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMRY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3735452 | PA      | $3637527.52     | 0.02%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2020-VIV3                                           | CUSIP: 05608EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3861513 | PA      | $3659755.12     | 0.02%             | 2044-03-09      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                      | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       299000 | PA      | $305295.45      | 0.00%             | 2033-11-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| VERITAS NEWCO PFD                                             | VERITAS NEWCO PFD                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        13357 | NS      | $313889.50      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Anchorage Capital CLO LTD                                     | Anchorage Capital Clo 29 Ltd                                                     | CUSIP: 03332QAA3<br>LEI: 213800XVU2BADRNDSO76 | Long             | ABS-CBDO         | CORP              | KY        |      3020000 | PA      | $3030808.58     | 0.02%             | 2037-07-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                      | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAV3<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |      1084000 | PA      | $1108257.93     | 0.01%             | 2035-10-30      | Fixed         | 5.55%                 | 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        |       456000 | PA      | $453124.87      | 0.00%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Hermitage Plc                                                 | Hermitage 2024 PLC                                                               | CUSIP: 000000000<br>LEI: 635400OUUMGTAI2EJA52 | Long             | ABS-O            | CORP              | GB        |       248567 | PA      | $337174.20      | 0.00%             | 2033-04-21      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                        | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     17747000 | PA      | $17209006.44    | 0.09%             | 2030-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                 | Citigroup Mortgage Loan Trust 2007-AHL2                                          | CUSIP: 17312TAK9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1879641 | PA      | $1284374.60     | 0.01%             | 2037-05-25      | Floating      | 4.12%                 | No            |                  2 | On Loan: No      |
| Option One Mortgage Loan Trust                                | Option One Mortgage Loan Trust 2007-CP1                                          | CUSIP: 68402YAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2360000 | PA      | $2033468.04     | 0.01%             | 2037-03-25      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mor                                | Credit Suisse First Boston Mortgage Securities Corp                              | CUSIP: 22540VHP0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       419802 | PA      | $426098.62      | 0.00%             | 2031-09-25      | Variable      | 8.10%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2025-BCAT                                           | CUSIP: 12433HAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3240919 | PA      | $3234461.14     | 0.02%             | 2042-08-15      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| Verdelite Static CLO Ltd                                      | Verdelite Static CLO 2024-1 Ltd                                                  | CUSIP: 92338VAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      1675438 | PA      | $1675874.20     | 0.01%             | 2032-07-20      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                                        | Full House Resorts Inc                                                           | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |       562000 | PA      | $488237.50      | 0.00%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIR 2017-1 PTT AA                                      | Spirit Airlines Pass Through Trust 2017-1AA                                      | CUSIP: 84858WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       987502 | PA      | $929010.15      | 0.01%             | 2030-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| DAVIDSON HOMES PREF EQUITY                                    | DAVIDSON HOMES PREF EQUITY                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        18658 | NS      | $20975696.76    | 0.11%             |  |  |  | No            |                  3 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                        | Pacific Gas and Electric Co                                                      | CUSIP: 694308KV8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      8533000 | PA      | $8441466.68     | 0.05%             | 2055-03-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                                      | Eagle Funding Luxco Sarl                                                         | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |      5138000 | PA      | $5225346.00     | 0.03%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO XII-B Ltd                                            | CUSIP: 081917AC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2000000 | PA      | $2006291.20     | 0.01%             | 2037-10-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                      | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |       394000 | PA      | $404473.13      | 0.00%             | 2029-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                                            | Osaic Holdings Inc                                                               | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |       100000 | PA      | $104461.98      | 0.00%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WORLDLINE SA/FRANCE                                           | Worldline SA/France                                                              | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |       600000 | PA      | $615057.81      | 0.00%             | 2030-06-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding                                 | Bear Stearns Mortgage Funding Trust 2006-SL1                                     | CUSIP: 07400WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       218293 | PA      | $217625.94      | 0.00%             | 2036-08-25      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179RQ28<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       424716 | PA      | $395682.94      | 0.00%             | 2045-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                            | Expand Energy Corp                                                               | CUSIP: 165167DH7<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     47947000 | PA      | $49618933.47    | 0.27%             | 2035-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                            | Credit Agricole SA                                                               | CUSIP: 000000000<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |      1600000 | PA      | $1928813.45     | 0.01%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132KE2B0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         2437 | PA      | $2378.50        | 0.00%             | 2030-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                       | Millrose Properties Inc                                                          | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       381000 | PA      | $384422.67      | 0.00%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE                                | City of San Antonio TX Electric & Gas Systems Revenue                            | CUSIP: 796253Y30<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |      4375000 | PA      | $4511605.00     | 0.02%             | 2041-02-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| TELE COLUMBUS AG                                              | Tele Columbus AG                                                                 | CUSIP: 000000000<br>LEI: 3912004GMFDLY04RUQ19 | Long             | DBT              | CORP              | DE        |      1508365 | PA      | $1165687.01     | 0.01%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                            | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       765000 | PA      | $447525.00      | 0.00%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| CITYCON TREASURY BV                                           | Citycon Treasury BV                                                              | CUSIP: 000000000<br>LEI: 549300WAE0CGQ0IE1H63 | Long             | DBT              | CORP              | NL        |      1208000 | PA      | $1346624.52     | 0.01%             | 2031-07-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                  | UBS Group AG                                                                     | CUSIP: 902613AJ7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |       483000 | PA      | $478540.03      | 0.00%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                      | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAS0<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |      9908000 | PA      | $10345120.15    | 0.06%             | 2034-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140HLPX8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       115934 | PA      | $114941.45      | 0.00%             | 2048-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2018-II Ltd                                                         | CUSIP: 17180WAJ4<br>LEI: 635400A7PBKNR7KBOY58 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250935.58      | 0.00%             | 2037-10-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Consumo Santander                                             | FTA Consumo Santander                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | ES        |       927880 | PA      | $1093659.77     | 0.01%             | 2038-07-20      | Floating      | 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        |       786000 | PA      | $700235.92      | 0.00%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                                  | Entegris Inc                                                                     | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |       219000 | PA      | $219477.86      | 0.00%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307NNV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       112145 | PA      | $109305.47      | 0.00%             | 2030-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140JAUJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3210817 | PA      | $3259041.10     | 0.02%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FHW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         8254 | PA      | $8030.69        | 0.00%             | 2040-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                             | Park Blue CLO 2022-II Ltd                                                        | CUSIP: 70018CAS5<br>LEI: 2138008W8XU9WO8BZO09 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250741.60      | 0.00%             | 2037-07-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Pierpont BTL                                                  | Pierpont BTL 2024-1 PLC                                                          | CUSIP: 000000000<br>LEI: 6354004XBFL8EVVJME24 | Long             | ABS-MBS          | CORP              | GB        |       322000 | PA      | $433304.20      | 0.00%             | 2061-09-21      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                        | RR 41 LTD                                                                        | CUSIP: 749764AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       570000 | PA      | $571369.71      | 0.00%             | 2040-10-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HJSS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4856480 | PA      | $4897272.10     | 0.03%             | 2055-02-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| RMF Buyout Issuance Trust                                     | RMF Buyout Issuance Trust 2021-HB1                                               | CUSIP: 74969TAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2335433 | PA      | $2096239.35     | 0.01%             | 2031-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                                       | Darling Ingredients Inc                                                          | CUSIP: 237266AJ0<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |       286000 | PA      | $290670.67      | 0.00%             | 2030-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                        | Match Group Holdings II LLC                                                      | CUSIP: 57665RAG1<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |       100000 | PA      | $99783.99       | 0.00%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31416WLG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       150130 | PA      | $151336.02      | 0.00%             | 2040-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138X55F0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       130032 | PA      | $128656.40      | 0.00%             | 2043-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XUKQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       132853 | PA      | $131701.80      | 0.00%             | 2029-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                            | Expand Energy Corp                                                               | CUSIP: 165167DG9<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |      4042000 | PA      | $4042285.45     | 0.02%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Nomura Asset Acceptance Corpor                                | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2006-AF1              | CUSIP: 65536PAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       499866 | PA      | $87594.55       | 0.00%             | 2036-05-25      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | CDS WORLDLINE SA                                                                 | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              | CORP              | DE        |            1 | NC      | $-10018.75      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                                 | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |       946000 | PA      | $879564.88      | 0.00%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                              | Paramount Global                                                                 | CUSIP: 92556HAB3<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      9840000 | PA      | $9462392.26     | 0.05%             | 2031-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 24 Ltd                                            | Elmwood CLO 24 Ltd                                                               | CUSIP: 290020AL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      8090000 | PA      | $8121704.71     | 0.04%             | 2038-01-17      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| VNO Mortgage Trust                                            | VNDO Trust 2016-350P                                                             | CUSIP: 91831UAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3390000 | PA      | $3339212.04     | 0.02%             | 2035-01-10      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                             | Park Blue CLO 2022-II Ltd                                                        | CUSIP: 70018CAQ9<br>LEI: 2138008W8XU9WO8BZO09 | Long             | ABS-CBDO         | CORP              | KY        |      1460000 | PA      | $1465383.02     | 0.01%             | 2037-07-20      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                       | Millrose Properties Inc                                                          | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       100000 | PA      | $102322.40      | 0.00%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2017-13 Ltd                                                              | CUSIP: 67097LAV8<br>LEI: 254900M77QLN2EBJHE11 | Long             | ABS-CBDO         | CORP              | KY        |      8965000 | PA      | $8999291.13     | 0.05%             | 2037-11-26      | Floating      | 5.21%                 | 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        |       951012 | PA      | $947892.87      | 0.01%             | 2034-09-15      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133BJEZ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2905648 | PA      | $2847075.63     | 0.02%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOSTAD AB                                          | Heimstaden Bostad AB                                                             | CUSIP: 000000000<br>LEI: 549300TJR3PR8EXILG79 | Long             | DBT              | CORP              | SE        |       500000 | PA      | $570744.65      | 0.00%             | N/A             | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DP3F3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1734357 | PA      | $1787275.80     | 0.01%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Post CLO LTD                                                  | Post CLO 2023-1 Ltd                                                              | CUSIP: 73743CAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1340000 | PA      | $1343678.97     | 0.01%             | 2038-10-20      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2018-I Ltd                                                          | CUSIP: 17181NAG9<br>LEI: 635400VBVF8AYJQBI411 | Long             | ABS-CBDO         | CORP              | KY        |      1510000 | PA      | $1516329.92     | 0.01%             | 2038-01-18      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                  | Broadcom Inc                                                                     | CUSIP: 11135FBY6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      7915000 | PA      | $8211410.10     | 0.04%             | 2031-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                 | New Residential Mortgage Loan Trust 2025-NQM7                                    | CUSIP: 64831YAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       875000 | PA      | $877284.54      | 0.00%             | 2065-10-26      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| TRUST 2401                                                    | Trust 2401                                                                       | CUSIP: 89834MAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      2008000 | PA      | $2219743.60     | 0.01%             | 2032-01-23      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128M9ZF2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       153391 | PA      | $157922.54      | 0.00%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARDAGH GROUP SA                                               | Ardagh Group SA                                                                  | CUSIP: 039959AA9<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |      5260762 | PA      | $5705916.32     | 0.03%             | 2030-12-01      | Fixed         | 9.50%                 | 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        |      2920865 | PA      | $2900341.09     | 0.02%             | 2031-02-12      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                                  | Entegris Inc                                                                     | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |       144000 | PA      | $146881.51      | 0.00%             | 2030-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WD6X4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        47348 | PA      | $46206.94       | 0.00%             | 2030-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                            | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16557000 | PA      | $135285.59      | 0.00%             | 2039-06-12      | Fixed         | 0.92%                 | No            |                  2 | On Loan: No      |
| BIFFA GROUP HOLDINGS LTD                                      | Biffa Group Holdings Ltd                                                         | CUSIP: 000000000<br>LEI: 21380012LWLXNMXB8I44 | Long             | DBT              | CORP              | JE        |       328000 | PA      | $384351.40      | 0.00%             | 2031-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| The BAHA Trust                                                | BAHA Trust 2024-MAR                                                              | CUSIP: 05493XAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2452000 | PA      | $2568483.73     | 0.01%             | 2041-12-10      | Variable      | 7.52%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO                                          | Stillwater Mining Co                                                             | CUSIP: 000000000<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |       980000 | PA      | $923650.00      | 0.01%             | 2029-11-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2025-BCAT                                           | CUSIP: 12433HAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       393855 | PA      | $394347.15      | 0.00%             | 2042-08-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36197MQM3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       411344 | PA      | $406872.78      | 0.00%             | 2047-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NCMF Trust                                                    | NCMF Trust 2025-MFS                                                              | CUSIP: 62887TAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10742000 | PA      | $10894177.62    | 0.06%             | 2033-06-10      | Variable      | 7.53%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                              | Trinitas CLO XXXII Ltd                                                           | CUSIP: 89642NAA4<br>LEI: 254900KN2E57M5580B74 | Long             | ABS-CBDO         | CORP              | KY        |      1110000 | PA      | $1113364.63     | 0.01%             | 2038-07-23      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2021-VI Ltd                                                         | CUSIP: 12553SAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       700000 | PA      | $701527.33      | 0.00%             | 2034-10-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| PINNACLE WEST CAPITAL                                         | Pinnacle West Capital Corp                                                       | CUSIP: 723484AN1<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | DBT              | CORP              | US        |     16456000 | PA      | $16956468.26    | 0.09%             | 2030-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2025-B                                                 | CUSIP: 64032BAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7795000 | PA      | $7809684.22     | 0.04%             | 2055-05-17      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132ACYJ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       252711 | PA      | $250787.97      | 0.00%             | 2048-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Nomura Asset Acceptance Corpor                                | NACC Reperforming Loan REMIC Trust 2004-R1                                       | CUSIP: 62951MAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       310384 | PA      | $292894.90      | 0.00%             | 2034-03-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                  | Broadcom Inc                                                                     | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      2536000 | PA      | $2503053.23     | 0.01%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                      | iHeartCommunications Inc                                                         | CUSIP: 45174HBM8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |       300000 | PA      | $262500.00      | 0.00%             | 2030-08-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME                                         | Six Flags Entertainment Corp                                                     | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |       704000 | PA      | $675500.24      | 0.00%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SALZGITTER AG                                                 | Salzgitter AG                                                                    | CUSIP: 000000000<br>LEI: 529900E12Z6HXIMHFA15 | Long             | DBT              | CORP              | DE        |       500000 | PA      | $640190.20      | 0.00%             | 2032-10-22      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                                  | Huntington Bank Auto Credit-Linked Notes Series 2024-2                           | CUSIP: 44644NAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5879316 | PA      | $5897222.58     | 0.03%             | 2032-10-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae REMICS                                                                | CUSIP: 3136BUE63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6652159 | PA      | $6699917.95     | 0.04%             | 2055-02-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                                | Bayview Commercial Asset Trust 2006-1                                            | CUSIP: 07324SDF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       109032 | PA      | $103468.89      | 0.00%             | 2036-04-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                | BBCMS Mortgage Trust 2020-C7                                                     | CUSIP: 05492VAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1596000 | PA      | $61179.15       | 0.00%             | 2053-04-15      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138W5M21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       235582 | PA      | $217656.55      | 0.00%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2017-13 Ltd                                                              | CUSIP: 67097LAT3<br>LEI: 254900M77QLN2EBJHE11 | Long             | ABS-CBDO         | CORP              | KY        |       502500 | PA      | $502501.66      | 0.00%             | 2037-11-26      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179XBQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     12637044 | PA      | $10915883.14    | 0.06%             | 2052-07-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                    | Apidos CLO XXIV                                                                  | CUSIP: 03759CAV2<br>LEI: 549300PPHIOJQEKPJH29 | Long             | ABS-CBDO         | CORP              | KY        |       660000 | PA      | $660621.85      | 0.00%             | 2030-10-20      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| OZLM Ltd                                                      | OZLM XXIV Ltd                                                                    | CUSIP: 67113DBC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       750000 | PA      | $750665.78      | 0.00%             | 2032-07-20      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| IndyMac INDX Mortgage Loan Tru                                | IndyMac INDX Mortgage Loan Trust 2006-AR41                                       | CUSIP: 45668NAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       352092 | PA      | $343296.16      | 0.00%             | 2037-02-25      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                                               | Cemex SAB de CV                                                                  | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |      5377000 | PA      | $5604984.80     | 0.03%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| FORMENTERA PARTNERS FUND II LP                                | FORMENTERA PARTNERS FUND II LP                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6060376 | NS      | $4605885.76     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XHWU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4205515 | PA      | $4268837.16     | 0.02%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME                                         | Six Flags Entertainment Corp                                                     | CUSIP: 83001AAC6<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |        71000 | PA      | $70557.13       | 0.00%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36200KST5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        24186 | PA      | $24287.53       | 0.00%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QHPG4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1568826 | PA      | $1430951.10     | 0.01%             | 2036-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC/FINANCE CORP                                      | Chobani LLC / Chobani Finance Corp Inc                                           | CUSIP: 17027NAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       429000 | PA      | $447499.34      | 0.00%             | 2029-07-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QTSD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        38659 | PA      | $37346.14       | 0.00%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138X8XC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       141888 | PA      | $140011.78      | 0.00%             | 2028-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2025-B                                                 | CUSIP: 64032BAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15566482 | PA      | $15670694.52    | 0.09%             | 2055-05-17      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                                  | TICP CLO XI Ltd                                                                  | CUSIP: 87249QAS9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $251696.83      | 0.00%             | 2037-04-25      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                  | CSMC 2021-BHAR                                                                   | CUSIP: 12659VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       641000 | PA      | $636604.21      | 0.00%             | 2038-11-15      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                        | Pacific Gas and Electric Co                                                      | CUSIP: 694308KZ9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     20494000 | PA      | $20112560.55    | 0.11%             | 2055-10-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| SHR Trust                                                     | SHR Trust 2024-LXRY                                                              | CUSIP: 784234AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2553000 | PA      | $2559315.10     | 0.01%             | 2041-10-15      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2024-6                                    | CUSIP: 92261BAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       432431 | PA      | $434261.09      | 0.00%             | 2054-12-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418ECY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7505119 | PA      | $6513930.71     | 0.04%             | 2042-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38381MYE4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1394348 | PA      | $1391051.55     | 0.01%             | 2054-09-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2025-TAIL                                                               | CUSIP: 123912AJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2352000 | PA      | $2350417.81     | 0.01%             | 2035-06-15      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | VCC 2025-MC1 Trust                                                               | CUSIP: 91825JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2674351 | PA      | $2661325.55     | 0.01%             | 2055-05-25      | Variable      | 8.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31416TL49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         5998 | PA      | $6049.94        | 0.00%             | 2039-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Great Lakes CLO Ltd                                           | Great Lakes CLO IX Ltd                                                           | CUSIP: 390922AC6<br>LEI: 254900GD0BIHJ4BVAE98 | Long             | ABS-CBDO         | CORP              | KY        |       450000 | PA      | $450443.21      | 0.00%             | 2039-01-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 3617ALXR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       306956 | PA      | $305023.09      | 0.00%             | 2047-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                 | Citigroup Inc                                                                    | CUSIP: 172967ML2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      6049000 | PA      | $5662116.12     | 0.03%             | 2031-01-29      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                              | Peruvian Government International Bond                                           | CUSIP: 715638FB3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      5320000 | PA      | $1704790.84     | 0.01%             | 2035-08-12      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                                                  | Magnera Corp                                                                     | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |       100000 | PA      | $92458.06       | 0.00%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                         | China Government Bond                                                            | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     17820000 | PA      | $2606557.29     | 0.01%             | 2034-08-25      | Fixed         | 2.11%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                      | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     13588000 | PA      | $12515013.66    | 0.07%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2025-ARIA                                                               | CUSIP: 05619TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9570000 | PA      | $9656752.05     | 0.05%             | 2042-12-13      | Variable      | 5.03%                 | No            |                  2 | On Loan: No      |
| BankAmerica Manufactured Housi                                | BankAmerica Manufactured Housing Contract Trust                                  | CUSIP: 06606FAM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1680000 | PA      | $121166.14      | 0.00%             | 2022-02-10      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179XBS4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      9948178 | PA      | $9147635.19     | 0.05%             | 2052-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31335BEU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1229471 | PA      | $1225816.22     | 0.01%             | 2047-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                        | Diamondback Energy Inc                                                           | CUSIP: 25278XAM1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     54757000 | PA      | $54360433.93    | 0.30%             | 2026-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2021-B                                                 | CUSIP: 64034QAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     13069000 | PA      | $11740525.69    | 0.06%             | 2062-04-20      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                                    | Viasat Inc                                                                       | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |       413000 | PA      | $412405.57      | 0.00%             | 2027-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                              | Duke Energy Corp                                                                 | CUSIP: 26441CBF1<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      1211000 | PA      | $953099.11      | 0.01%             | 2049-06-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Century Communities Inc                                       | Century Communities Inc                                                          | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |        29770 | NS      | $1766849.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Asset-Backed European Securiti                                | Asset-Backed European Securitisation Transaction Twenty-Five Srl                 | CUSIP: 000000000<br>LEI: 8156006F7517955B5E95 | Long             | ABS-O            | CORP              | IT        |       273392 | PA      | $323736.92      | 0.00%             | 2039-11-15      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFNC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       226354 | PA      | $220209.28      | 0.00%             | 2030-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                      | Texas Capital Bancshares Inc                                                     | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |      4001000 | PA      | $3953282.07     | 0.02%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KYUP2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1171521 | PA      | $1024985.19     | 0.01%             | 2040-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2019-VI Ltd                                                         | CUSIP: 12555XAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      6170000 | PA      | $6190410.36     | 0.03%             | 2037-07-16      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2025-B                                                 | CUSIP: 64032BAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3153000 | PA      | $3147408.15     | 0.02%             | 2055-05-17      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140H4SG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       152766 | PA      | $151871.29      | 0.00%             | 2047-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WEBP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1006164 | PA      | $926683.70      | 0.01%             | 2045-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SHR Trust                                                     | SHR Trust 2024-LXRY                                                              | CUSIP: 784234AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9897000 | PA      | $9917605.55     | 0.05%             | 2041-10-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| LAVORO LTD-CL A                                               | Lavoro Ltd                                                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | BR        |        79561 | NC      | $867.21         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CQS US CLO Ltd                                                | CQS US CLO 2023-3 Ltd                                                            | CUSIP: 223929AE0<br>LEI: 254900OIQPM0JE7KVZ52 | Long             | ABS-CBDO         | CORP              | JE        |      1910000 | PA      | $1913684.96     | 0.01%             | 2037-01-25      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2025-BCAT                                           | CUSIP: 12433HAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1033031 | PA      | $1033031.05     | 0.01%             | 2042-08-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                  | CSMC 2021-BHAR                                                                   | CUSIP: 12659VAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1150000 | PA      | $1140679.71     | 0.01%             | 2038-11-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QUVV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16428547 | PA      | $17095923.40    | 0.09%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                      | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       284000 | PA      | $307312.98      | 0.00%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-C                                                  | CUSIP: 009733AB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3510384 | PA      | $3477187.36     | 0.02%             | 2061-01-25      | Variable      | 6.72%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                        | Match Group Holdings II LLC                                                      | CUSIP: 57665RAL0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |       195000 | PA      | $184569.68      | 0.00%             | 2030-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                      | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |       713000 | PA      | $778196.72      | 0.00%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM4                                           | CUSIP: 06745KAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     52485713 | PA      | $1982973.23     | 0.01%             | 2064-12-26      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132A4DH8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       535097 | PA      | $513177.94      | 0.00%             | 2043-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                      | Oriental Republic of Uruguay                                                     | CUSIP: 760942BG6<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |       113887 | PA      | $106484.35      | 0.00%             | 2060-09-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2018-I Ltd                                                          | CUSIP: 17181NAC8<br>LEI: 635400VBVF8AYJQBI411 | Long             | ABS-CBDO         | CORP              | KY        |      3140000 | PA      | $3149766.03     | 0.02%             | 2038-01-18      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31414JRV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       146951 | PA      | $150507.19      | 0.00%             | 2037-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                     | Nelnet Student Loan Trust 2025-B                                                 | CUSIP: 64032BAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4319000 | PA      | $4332338.80     | 0.02%             | 2055-05-17      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140H36P6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       143457 | PA      | $134763.61      | 0.00%             | 2048-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                                         | KKR CLO 21 Ltd                                                                   | CUSIP: 48252KAA7<br>LEI: 5493008X0MRR4A6VYF15 | Long             | ABS-CBDO         | CORP              | KY        |       147909 | PA      | $147929.20      | 0.00%             | 2031-04-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| STATE STREET GLOBAL MARKETS, LLC                              | USD/AUD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 549300FDEDF5ORXCMQ56 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-1839.01       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                       | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GXG4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      2053000 | PA      | $1929142.92     | 0.01%             | 2030-02-07      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                      | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAT6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |       233000 | PA      | $237237.34      | 0.00%             | 2029-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2024-6                                    | CUSIP: 92261BAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1190178 | PA      | $1202763.06     | 0.01%             | 2054-12-25      | Variable      | 9.67%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                                              | Vital Energy Inc                                                                 | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |       528000 | PA      | $520229.93      | 0.00%             | 2032-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                              | Paramount Global                                                                 | CUSIP: 92553PBB7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      4155000 | PA      | $4085256.95     | 0.02%             | 2026-10-04      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                        | Diamondback Energy Inc                                                           | CUSIP: 25278XAN9<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     42622000 | PA      | $41346693.93    | 0.22%             | 2029-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                        | RR 8 Ltd                                                                         | CUSIP: 74980FBA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1760000 | PA      | $1763365.12     | 0.01%             | 2039-01-15      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                             | L3Harris Technologies Inc                                                        | CUSIP: 413875AS4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |      1266000 | PA      | $1262735.95     | 0.01%             | 2035-04-27      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BXP Trust                                                     | BXP Trust 2017-CC                                                                | CUSIP: 05607CAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       750000 | PA      | $609905.85      | 0.00%             | 2037-08-13      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                             | Cedar Funding XIV CLO Ltd                                                        | CUSIP: 15034AAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       770000 | PA      | $772422.65      | 0.00%             | 2037-10-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                                | Deephaven Residential Mortgage Trust 2022-2                                      | CUSIP: 24380XAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1629000 | PA      | $1452697.24     | 0.01%             | 2067-03-25      | Variable      | 4.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128LXBH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       397570 | PA      | $404247.61      | 0.00%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2025-BCAT                                           | CUSIP: 12433HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3937592 | PA      | $3942497.45     | 0.02%             | 2042-08-15      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| DEEPOCEAN LTD                                                 | Deepocean Ltd                                                                    | CUSIP: 000000000<br>LEI: 213800OYKN2J6ZFIFU40 | Long             | DBT              | CORP              | JE        |       502000 | PA      | $605278.35      | 0.00%             | 2031-04-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Saxon Asset Securities Trust                                  | Saxon Asset Securities Trust 2004-2                                              | CUSIP: 805564QE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       586832 | PA      | $457414.56      | 0.00%             | 2035-08-25      | Variable      | 2.83%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                              | Paramount Global                                                                 | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |       737000 | PA      | $661022.67      | 0.00%             | 2057-02-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CHF1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     54677000 | PA      | $54811556.82    | 0.30%             | 2030-05-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFA43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5477414 | PA      | $4754788.34     | 0.03%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Conseco Financial Corp                                        | Conseco Finance Corp                                                             | CUSIP: 3935053Q3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       820277 | PA      | $204088.87      | 0.00%             | 2030-03-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                        | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13926000 | PA      | $13655305.16    | 0.07%             | 2029-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Ares Direct Lending CLO LLC                                   | Ares Direct Lending CLO 6 LLC                                                    | CUSIP: 039960AA7<br>LEI: 254900F5EQV7KVCD4M68 | Long             | ABS-CBDO         | CORP              | US        |       820000 | PA      | $820668.79      | 0.00%             | 2037-10-16      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                                 | State of California                                                              | CUSIP: 13063A5G5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |      4000000 | PA      | $4854309.60     | 0.03%             | 2039-04-01      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                    | Apidos CLO XXXIX Ltd                                                             | CUSIP: 03766HAQ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      4110000 | PA      | $4117904.76     | 0.02%             | 2038-10-21      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                                           | Go Daddy Operating Co LLC / GD Finance Co Inc                                    | CUSIP: 38016LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       224000 | PA      | $224610.40      | 0.00%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2024-6                                    | CUSIP: 92261BAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       655171 | PA      | $658156.27      | 0.00%             | 2054-12-25      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WJJ25<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1018713 | PA      | $984939.46      | 0.01%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced S                                | HOMES 2025-NQM2 Trust                                                            | CUSIP: 403966AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2950557 | PA      | $2969807.78     | 0.02%             | 2070-02-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                                      | Live Nation Entertainment Inc                                                    | CUSIP: 538034BD0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |       270000 | PA      | $265275.00      | 0.00%             | 2031-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XPE90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       195546 | PA      | $191954.71      | 0.00%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XGTV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17008451 | PA      | $16349612.56    | 0.09%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PGA National Resort Commercial                                | PGA Trust 2024-RSR2                                                              | CUSIP: 69381CAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2559000 | PA      | $2559792.01     | 0.01%             | 2039-06-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                            | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       938000 | PA      | $527625.00      | 0.00%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                                             | Seagate Data Storage Technology Pte Ltd                                          | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |      3400000 | PA      | $3504944.40     | 0.02%             | 2030-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                                 | MHC Commercial Mortgage Trust 2021-MHC                                           | CUSIP: 55316VAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        63199 | PA      | $63198.95       | 0.00%             | 2038-04-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WF4T0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        31373 | PA      | $31257.16       | 0.00%             | 2045-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KRPY4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2852545 | PA      | $2908368.63     | 0.02%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Nationstar Home Equity Loan Tr                                | Nationstar Home Equity Loan Trust 2007-B                                         | CUSIP: 63860LAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3320000 | PA      | $3173787.53     | 0.02%             | 2037-04-25      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| INDIA CLEAN ENERGY HLDG                                       | India Clean Energy Holdings                                                      | CUSIP: 000000000<br>LEI: 254900XQFJ9593DCY022 | Long             | DBT              | CORP              | MU        |     14000000 | PA      | $13580000.00    | 0.07%             | 2027-04-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                           | Altice Financing SA                                                              | CUSIP: 000000000<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |      1737000 | PA      | $1402739.78     | 0.01%             | 2028-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Asimi Funding Holdings Limited                                | Asimi Funding 2025-1 PLC                                                         | CUSIP: 000000000<br>LEI: 6354002PZBGQEXUI2V51 | Long             | ABS-O            | CORP              | GB        |       230061 | PA      | $310713.55      | 0.00%             | 2032-05-16      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Asset-Backed European Securiti                                | Asset-Backed European Securitisation Transaction Twenty-Five Srl                 | CUSIP: 000000000<br>LEI: 8156006F7517955B5E95 | Long             | ABS-O            | CORP              | IT        |       705247 | PA      | $833682.86      | 0.00%             | 2039-11-15      | Floating      | 5.93%                 | 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        |       144000 | PA      | $144853.12      | 0.00%             | 2029-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31292LHU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       262104 | PA      | $251655.61      | 0.00%             | 2042-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8100000 | PA      | $8181430.11     | 0.04%             | 2039-11-09      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMRZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2412771 | PA      | $2334554.74     | 0.01%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOELS TOPHOLDING BV                                           | Boels Topholding BV                                                              | CUSIP: 000000000<br>LEI: 724500V913SEHSEW2O75 | Long             | DBT              | CORP              | NL        |       692000 | PA      | $840882.45      | 0.00%             | 2030-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133L8GG4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8120275 | PA      | $7529285.81     | 0.04%             | 2036-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM4                                           | CUSIP: 06745KAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1760300 | PA      | $1772045.95     | 0.01%             | 2064-12-26      | Variable      | 6.96%                 | No            |                  2 | On Loan: No      |
| DEMIRE REAL ESTATE AG                                         | DEMIRE Deutsche Mittelstand Real Estate AG                                       | CUSIP: 000000000<br>LEI: 391200FHEFGXUKL2BO93 | Long             | DBT              | CORP              | DE        |       792682 | PA      | $875687.82      | 0.00%             | 2027-12-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DM2T1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6770537 | PA      | $5585805.82     | 0.03%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                                  | TICP CLO XI Ltd                                                                  | CUSIP: 87249QAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       750000 | PA      | $752673.38      | 0.00%             | 2037-04-25      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                                          | IHO Verwaltungs GmbH                                                             | CUSIP: 000000000<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |      1186000 | PA      | $1504776.70     | 0.01%             | 2031-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                      | Uruguay Government International Bond                                            | CUSIP: 760942BB7<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |      3948674 | PA      | $3974340.40     | 0.02%             | 2027-10-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trus                                | Republic Finance Issuance Trust 2025-A                                           | CUSIP: 76042FAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9326000 | PA      | $9356067.02     | 0.05%             | 2034-11-20      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| ONTEX GROUP NV                                                | Ontex Group NV                                                                   | CUSIP: 000000000<br>LEI: 549300AQESC6JJOPW253 | Long             | DBT              | CORP              | BE        |       429000 | PA      | $499812.27      | 0.00%             | 2030-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Visio 2020-1 Trust                                            | Visio 2020-1 Trust                                                               | CUSIP: 92837KAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1100000 | PA      | $1076657.23     | 0.01%             | 2055-08-25      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                                | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54627RAM2<br>LEI: 5493004WIZ1HV87IVF85 | Long             | ABS-O            | MUN               | US        |      2630000 | PA      | $2632046.93     | 0.01%             | 2033-02-01      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| TOTALENERGIES CAP INTL                                        | TotalEnergies Capital International SA                                           | CUSIP: 000000000<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | CORP              | FR        |      1200000 | PA      | $1292227.51     | 0.01%             | 2045-03-03      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| INCREF LLC                                                    | INCREF 2025-FL1 LLC                                                              | CUSIP: 45339NAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      4155000 | PA      | $4163115.13     | 0.02%             | 2042-10-19      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Spruce Hill Mortgage Loan Trus                                | Spruce Hill Mortgage Loan Trust 2022-SH1                                         | CUSIP: 85213XAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       810650 | PA      | $781715.96      | 0.00%             | 2057-07-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QSYY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         7456 | PA      | $7198.92        | 0.00%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AVAYA HOLDINGS CORP                                           | AVAYA HOLDINGS CORP                                                              | CUSIP: 05351X507<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          333 | NS      | $4717.61        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| A10 Securitization                                            | A10 2025-FL6 Issuer LLC                                                          | CUSIP: 00028AAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      4881000 | PA      | $4871867.16     | 0.03%             | 2042-05-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                    | Verus Securitization Trust 2024-7                                                | CUSIP: 924925AG5<br>LEI: 213800HQOHEFNJCQYJ07 | Long             | ABS-MBS          | CORP              | US        |       870000 | PA      | $876658.20      | 0.00%             | 2069-09-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Acquisition                                | JP Morgan Mortgage Acquisition Trust 2006-CW1                                    | CUSIP: 46628MAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       378776 | PA      | $382258.53      | 0.00%             | 2036-05-25      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO VII Ltd.                                          | Elmwood CLO VII Ltd                                                              | CUSIP: 29002QAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       790000 | PA      | $792809.16      | 0.00%             | 2037-10-17      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Nomura Asset Acceptance Corpor                                | NACC Reperforming Loan REMIC Trust 2004-R1                                       | CUSIP: 62951MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1351777 | PA      | $1238529.71     | 0.01%             | 2034-03-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| The BAHA Trust                                                | BAHA Trust 2024-MAR                                                              | CUSIP: 05493XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27690000 | PA      | $28659941.93    | 0.16%             | 2041-12-10      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                             | Newell Brands Inc                                                                | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       100000 | PA      | $100544.64      | 0.00%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HLTN Commercial Mortgage Trust                                | HLTN Commercial Mortgage Trust 2024-DPLO                                         | CUSIP: 40424UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3176000 | PA      | $3181891.16     | 0.02%             | 2041-06-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36180KJT9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       182393 | PA      | $170216.52      | 0.00%             | 2043-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                                | PRPM 2025-NQM1 Trust                                                             | CUSIP: 74391EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3998918 | PA      | $4032262.17     | 0.02%             | 2069-11-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2021-22 Ltd                                                              | CUSIP: 67117TAN5<br>LEI: 254900PS626FB00CVF06 | Long             | ABS-CBDO         | CORP              | KY        |      1380000 | PA      | $1385888.60     | 0.01%             | 2037-10-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM3                                           | CUSIP: 06745VAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       710000 | PA      | $723171.14      | 0.00%             | 2065-05-25      | Variable      | 7.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140H3H82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       413406 | PA      | $409119.83      | 0.00%             | 2032-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WD7A3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        57920 | PA      | $56497.92       | 0.00%             | 2030-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                              | Altria Group Inc                                                                 | CUSIP: 02209SBK8<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |      1835000 | PA      | $1470845.79     | 0.01%             | 2050-05-06      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                         | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CAU8<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      2643000 | PA      | $2093181.63     | 0.01%             | 2048-03-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                                  | Huntington Bank Auto Credit-Linked Notes Series 2024-1                           | CUSIP: 44644NAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3236056 | PA      | $3244945.43     | 0.02%             | 2032-05-20      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                          | Bank of America Corp                                                             | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     11665000 | PA      | $11636417.83    | 0.06%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307LZ92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |          926 | PA      | $904.96         | 0.00%             | 2030-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM4                                           | CUSIP: 06745KAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1342700 | PA      | $1344397.58     | 0.01%             | 2064-12-26      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H052611<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    137100000 | PA      | $138429375.07   | 0.75%             | 2056-01-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H052611<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |     -4362000 | PA      | $-4404295.65    | -0.02%            | 2056-01-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BXP Trust                                                     | BXP Trust 2017-CC                                                                | CUSIP: 05607CAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1450000 | PA      | $1143379.38     | 0.01%             | 2037-08-13      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                              | Symphony CLO 38 Ltd                                                              | CUSIP: 87169NAZ6<br>LEI: 254900T60KIPND298026 | Long             | ABS-CBDO         | CORP              | BM        |      1240000 | PA      | $1243788.20     | 0.01%             | 2038-07-24      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                        | GSAA Home Equity Trust 2005-14                                                   | CUSIP: 362341B32<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       835528 | PA      | $375546.14      | 0.00%             | 2035-12-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Sunrise Srl                                                   | Sunrise Spv 97 Srl                                                               | CUSIP: 000000000<br>LEI: 815600D891F71DDF9E74 | Long             | ABS-O            | CORP              | IT        |       420000 | PA      | $492382.62      | 0.00%             | 2050-10-27      | Floating      | 3.44%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                | Palmer Square Loan Funding 2025-3 Ltd                                            | CUSIP: 696918AG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       310000 | PA      | $310827.39      | 0.00%             | 2034-01-15      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Post CLO LTD                                                  | Post CLO VI Ltd                                                                  | CUSIP: 73742RAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       950000 | PA      | $953872.96      | 0.01%             | 2038-01-20      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                      | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAK7<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     19597000 | PA      | $19082755.71    | 0.10%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Conseco Financial Corp                                        | Conseco Finance Corp                                                             | CUSIP: 3935053P5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       765203 | PA      | $199011.52      | 0.00%             | 2030-03-01      | Variable      | 7.86%                 | No            |                  2 | On Loan: No      |
| NCMF Trust                                                    | NCMF Trust 2025-MFS                                                              | CUSIP: 62887TAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5715000 | PA      | $5735578.00     | 0.03%             | 2033-06-10      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFEW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       166014 | PA      | $161650.46      | 0.00%             | 2030-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YJF68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        39695 | PA      | $39582.73       | 0.00%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| 3650R Commercial Mortgage Trus                                | 3650R 2021-PF1 Commercial Mortgage Trust                                         | CUSIP: 88575JAW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1000000 | PA      | $1022957.00     | 0.01%             | 2055-11-15      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2021-22 Ltd                                                              | CUSIP: 67117TAQ8<br>LEI: 254900PS626FB00CVF06 | Long             | ABS-CBDO         | CORP              | KY        |       660000 | PA      | $662206.91      | 0.00%             | 2037-10-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM4                                           | CUSIP: 06745KAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3073100 | PA      | $2964260.63     | 0.02%             | 2064-12-26      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418CET7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       226470 | PA      | $216759.80      | 0.00%             | 2031-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp                                                 | EchoStar Corp                                                                    | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |        91736 | NS      | $9971703.20     | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| BREAKWATER ENRGY HOLD                                         | Breakwater Energy Holdings Sarl                                                  | CUSIP: 000000000<br>LEI: 984500969HAFA937F390 | Long             | DBT              | CORP              | LU        |      1051000 | PA      | $1100559.91     | 0.01%             | 2030-11-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                       | Starwood Property Trust Inc                                                      | CUSIP: 85571BAU9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |       279000 | PA      | $277633.46      | 0.00%             | 2026-07-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                      | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |       754000 | PA      | $791947.78      | 0.00%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                                             | Xerox Corp                                                                       | CUSIP: 984121CT8<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |      2132000 | PA      | $1736247.50     | 0.01%             | 2031-04-15      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                                      | California Resources Corp                                                        | CUSIP: 13057QAL1<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |      1706000 | PA      | $1680492.43     | 0.01%             | 2034-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GSAMP Trust                                                   | GSAMP Trust 2007-H1                                                              | CUSIP: 36245YAW4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       636459 | PA      | $314040.41      | 0.00%             | 2047-01-25      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Italian Stella Loans Srl                                      | Auto ABS Italian Stella Loans 2025-1 SRL                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |       692000 | PA      | $814210.22      | 0.00%             | 2040-12-28      | Floating      | 3.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QEP89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10311325 | PA      | $9739280.12     | 0.05%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F052615<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |     -2658000 | PA      | $-2695165.72    | -0.01%            | 2056-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F052615<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2767762427 | PA      | $2806462914.23  | 15.25%            | 2056-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |       -12442 | NC      | $-95747.56      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                        | Egypt Government International Bond                                              | CUSIP: 03846JAG5<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |       200000 | PA      | $228886.00      | 0.00%             | 2033-02-04      | Fixed         | 9.45%                 | No            |                  2 | On Loan: No      |
| INTRUM INV AND FIN                                            | Intrum Investments And Financing AB                                              | CUSIP: 000000000<br>LEI: 984500D7B1EFD7460452 | Long             | DBT              | CORP              | SE        |       114531 | PA      | $117340.26      | 0.00%             | 2028-09-11      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AGL CLO 7 LTD                                                 | AGL CLO 7 Ltd                                                                    | CUSIP: 008511AW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1490000 | PA      | $1493628.90     | 0.01%             | 2038-10-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM4                                           | CUSIP: 06745KAH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         6000 | PA      | $5017.56        | 0.00%             | 2064-12-26      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DM2S3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5499161 | PA      | $4528956.48     | 0.02%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Alternative Loan T                                | JP Morgan Alternative Loan Trust 2007-A1                                         | CUSIP: 466287AD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       578116 | PA      | $485444.43      | 0.00%             | 2037-03-25      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                 | Citigroup Inc                                                                    | CUSIP: 17308CC53<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      2305000 | PA      | $2195229.05     | 0.01%             | 2030-11-05      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| WOM NEW HOLDCO COMMON                                         | WOM NEW HOLDCO COMMON                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |         9330 | NS      | $214590.00      | 0.00%             |  |  |  | No            |                  3 | 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        |       154204 | PA      | $183105.18      | 0.00%             | 2042-10-27      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO I Ltd                                            | Whitebox Clo II Ltd                                                              | CUSIP: 96466CAW8<br>LEI: 549300C89ZJ5IWOT1F21 | Long             | ABS-CBDO         | CORP              | KY        |     11763534 | PA      | $11805141.62    | 0.06%             | 2037-10-24      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                              | Duke Energy Corp                                                                 | CUSIP: 26441CAY1<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      3057000 | PA      | $2354199.40     | 0.01%             | 2047-08-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2021-IV Ltd                                                         | CUSIP: 12547DAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      4132414 | PA      | $4147254.33     | 0.02%             | 2037-07-23      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                                          | Kaiser Aluminum Corp                                                             | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       103000 | PA      | $99510.78       | 0.00%             | 2031-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2025-TAIL                                                               | CUSIP: 123912AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1136000 | PA      | $1135999.89     | 0.01%             | 2035-06-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31410K3E2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        32886 | PA      | $34680.11       | 0.00%             | 2038-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                    | BFLD Commercial Mortgage Trust 2024-UNIV                                         | CUSIP: 08861RAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2290000 | PA      | $2293639.50     | 0.01%             | 2041-11-15      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                                             | Xerox Corp                                                                       | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |      2555000 | PA      | $2444492.65     | 0.01%             | 2030-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                                      | California Resources Corp                                                        | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |      1230000 | PA      | $1286556.32     | 0.01%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| DOLCETTO HOLDCO SPA                                           | Dolcetto Holdco SpA                                                              | CUSIP: 000000000<br>LEI: 81560029E819F2CE4A42 | Long             | DBT              | CORP              | IT        |      3318000 | PA      | $3957739.12     | 0.02%             | 2032-07-14      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                                            | Tricon Residential 2021-SFR1 Trust                                               | CUSIP: 89614YAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3324000 | PA      | $3290265.72     | 0.02%             | 2038-07-17      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                 | Citigroup Inc                                                                    | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |         7133 | NS      | $832349.77      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Solar Loans LLC                                        | Mosaic Solar Loan Trust 2018-2-GS                                                | CUSIP: 61946LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1108528 | PA      | $1041184.53     | 0.01%             | 2044-02-22      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H050615<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |     -1184000 | PA      | $-1181201.53    | -0.01%            | 2056-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                                | Wynn Macau Ltd                                                                   | CUSIP: 000000000<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |      8000000 | PA      | $7982720.00     | 0.04%             | 2027-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM4                                           | CUSIP: 06745KAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     36196580 | PA      | $36196218.14    | 0.20%             | 2064-12-26      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                           | Nigeria Government International Bond                                            | CUSIP: 65412AFF4<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |       462000 | PA      | $497025.38      | 0.00%             | 2036-01-13      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                             | Newell Brands Inc                                                                | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       117000 | PA      | $122680.70      | 0.00%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                              | Symphony CLO XIX Ltd                                                             | CUSIP: 87165YAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |        83121 | PA      | $83118.88       | 0.00%             | 2031-04-16      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140Q9DC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       100532 | PA      | $99921.57       | 0.00%             | 2048-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132A5H40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2319572 | PA      | $2180289.03     | 0.01%             | 2048-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140NKJM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2373764 | PA      | $2430933.46     | 0.01%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                              | AMC Networks Inc                                                                 | CUSIP: 00164VAF0<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |      2822000 | PA      | $2507850.73     | 0.01%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Taurus CMBS                                                   | Taurus 2025-2 UK DAC                                                             | CUSIP: 000000000<br>LEI: 635400ZUSGYHROR9ZX12 | Long             | ABS-MBS          | CORP              | IE        |      2096724 | PA      | $2826191.04     | 0.02%             | 2035-02-18      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H050615<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     54990000 | PA      | $54860027.29    | 0.30%             | 2056-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2018-II Ltd                                                         | CUSIP: 17180WAN5<br>LEI: 635400A7PBKNR7KBOY58 | Long             | ABS-CBDO         | CORP              | KY        |      1000000 | PA      | $1005251.10     | 0.01%             | 2037-10-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL / MS DIG                                       | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC          | CUSIP: 60832QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       942000 | PA      | $995404.81      | 0.01%             | 2031-04-15      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                           | American Tower Corp                                                              | CUSIP: 03027XBG4<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     14802000 | PA      | $13221881.62    | 0.07%             | 2030-10-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                   | Southern Co/The                                                                  | CUSIP: 842587EA1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     12203000 | PA      | $12052933.97    | 0.07%             | 2035-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                              | Trestles CLO VII Ltd                                                             | CUSIP: 89532XAC1<br>LEI: 254900F81BZ53L0B6092 | Long             | ABS-CBDO         | CORP              | KY        |      1000000 | PA      | $1003539.90     | 0.01%             | 2037-10-25      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138ENGF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5722087 | PA      | $5725697.89     | 0.03%             | 2044-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARDAGH GROUP SA                                               | Ardagh Group SA                                                                  | CUSIP: 03969UAA4<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |     10163000 | PA      | $9286441.25     | 0.05%             | 2030-12-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| CRSO 2023-BRND A                                              | CRSO 2023-BRND A                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2270716 | PA      | $2358256.19     | 0.01%             | 2040-07-12      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| SHR Trust                                                     | SHR Trust 2024-LXRY                                                              | CUSIP: 784234AJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       440000 | PA      | $443162.90      | 0.00%             | 2041-10-15      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179TNS0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1247152 | PA      | $1200655.62     | 0.01%             | 2047-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                           | Petroleos Mexicanos                                                              | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      2229000 | PA      | $1789708.68     | 0.01%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                                       | KazMunayGas National Co JSC                                                      | CUSIP: 000000000<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |       200000 | PA      | $188644.00      | 0.00%             | 2047-04-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                              | AMC Networks Inc                                                                 | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |      1854000 | PA      | $1944126.65     | 0.01%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| 720 East CLO Ltd.                                             | 720 East CLO VII Ltd                                                             | CUSIP: 81800WAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      7410000 | PA      | $7399368.13     | 0.04%             | 2037-04-20      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WHD25<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       423548 | PA      | $410651.12      | 0.00%             | 2031-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                           | Nigeria Government International Bond                                            | CUSIP: 65412AFG2<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |       467000 | PA      | $501441.25      | 0.00%             | 2046-01-13      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                                                 | Nordstrom Inc                                                                    | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |       100000 | PA      | $95589.08       | 0.00%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                   | RCKT Mortgage Trust 2024-CES2                                                    | CUSIP: 74938PAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       848000 | PA      | $871829.82      | 0.00%             | 2044-04-25      | Variable      | 9.58%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM4                                           | CUSIP: 06745KAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3404741 | PA      | $3402317.54     | 0.02%             | 2064-12-26      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| The BAHA Trust                                                | BAHA Trust 2024-MAR                                                              | CUSIP: 05493XAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1001000 | PA      | $1047602.46     | 0.01%             | 2041-12-10      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                          | Diameter Capital CLO 12 Ltd                                                      | CUSIP: 25255YAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2240000 | PA      | $2243955.84     | 0.01%             | 2038-10-20      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| AMBAC ASSURANCE CORP                                          | Ambac Assurance Corp                                                             | CUSIP: 023138AA8<br>LEI: 549300RYYRVPPB8NC636 | Long             | DBT              | CORP              | US        |       462203 | PA      | $600863.54      | 0.00%             | N/A             | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| AES ANDES SA                                                  | AES Andes SA                                                                     | CUSIP: 000000000<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |       443000 | PA      | $457034.24      | 0.00%             | 2029-03-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                                 | NYC Trust 2025-77C                                                               | CUSIP: 67123LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11020000 | PA      | $11066522.03    | 0.06%             | 2038-01-10      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| Soundview Home Equity Loan Tru                                | Soundview Home Loan Trust 2005-OPT3                                              | CUSIP: 83611MGX0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       547041 | PA      | $463633.00      | 0.00%             | 2035-11-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                        | Northern Oil & Gas Inc                                                           | CUSIP: 665530AB7<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |        82000 | PA      | $82786.79       | 0.00%             | 2031-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XX3E4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       107654 | PA      | $106550.39      | 0.00%             | 2029-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OZLM Ltd                                                      | OZLM XVIII Ltd                                                                   | CUSIP: 67112GAC2<br>LEI: 5493002SZMQH8ZTTHX49 | Long             | ABS-CBDO         | CORP              | KY        |      2340000 | PA      | $2343498.77     | 0.01%             | 2031-04-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                                 | Goldentree Loan Management US Clo 11 Ltd                                         | CUSIP: 38138KAL4<br>LEI: 549300TMEEKUOKVHYV65 | Long             | ABS-CBDO         | CORP              | KY        |     18440000 | PA      | $18429511.33    | 0.10%             | 2034-10-20      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31414S2T9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        41378 | PA      | $42895.27       | 0.00%             | 2038-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2024-PAT                                                                | CUSIP: 05612FAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8022000 | PA      | $8050738.01     | 0.04%             | 2041-03-15      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179NDR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       725726 | PA      | $684755.61      | 0.00%             | 2043-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2022-A                                                  | CUSIP: 009695AG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4977300 | PA      | $4006817.09     | 0.02%             | 2061-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DM2Q7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2605499 | PA      | $2147222.42     | 0.01%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PCL Funding II                                                | PCL Funding IX PLC                                                               | CUSIP: 000000000<br>LEI: 213800OC928ETRJNHM43 | Long             | ABS-O            | CORP              | GB        |       151000 | PA      | $204452.51      | 0.00%             | 2029-07-16      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| OZLM Ltd                                                      | OZLM XVIII Ltd                                                                   | CUSIP: 67112GAA6<br>LEI: 5493002SZMQH8ZTTHX49 | Long             | ABS-CBDO         | CORP              | KY        |       866642 | PA      | $866649.34      | 0.00%             | 2031-04-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                                        | Cogent Communications Group LLC / Cogent Finance Inc                             | CUSIP: 19240CAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       130000 | PA      | $130087.36      | 0.00%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding XXVII Ltd                                                   | CUSIP: 55820YAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       500000 | PA      | $499913.80      | 0.00%             | 2038-04-20      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140HN5B4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       255632 | PA      | $252854.15      | 0.00%             | 2048-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                                       | Darling Ingredients Inc                                                          | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |       181000 | PA      | $180812.86      | 0.00%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                                           | BWAY Trust 2025-1535                                                             | CUSIP: 12430BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       891000 | PA      | $921613.07      | 0.01%             | 2042-05-05      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J76Q3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2252490 | PA      | $2181666.48     | 0.01%             | 2032-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                             | Newell Brands Inc                                                                | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       348000 | PA      | $337616.15      | 0.00%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2021-C                                                  | CUSIP: 009733AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8052962 | PA      | $8354921.89     | 0.05%             | 2061-01-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                    | Apidos CLO XXXVII                                                                | CUSIP: 03769HAG2<br>LEI: 549300OGB01ASKLNI660 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250703.00      | 0.00%             | 2034-10-22      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                                | Golub Capital Partners CLO 77 B Ltd                                              | CUSIP: 38180QAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2252462 | PA      | $2256843.26     | 0.01%             | 2038-01-25      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132VN3L5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1672747 | PA      | $1664563.40     | 0.01%             | 2048-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NJ Trust 2023-GSP                                             | NJ Trust 2023-GSP                                                                | CUSIP: 65486XAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5050000 | PA      | $5294474.04     | 0.03%             | 2029-01-06      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM4                                           | CUSIP: 06745KAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3814086 | PA      | $3816319.49     | 0.02%             | 2064-12-26      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179TNQ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        25069 | PA      | $22819.04       | 0.00%             | 2047-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                                 | AIB Group PLC                                                                    | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |      1214000 | PA      | $1460909.17     | 0.01%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP Clo 2019-17 Ltd                                                              | CUSIP: 67113LAW6<br>LEI: 2549003HLFPQ7ATPYA23 | Long             | ABS-CBDO         | CORP              | KY        |      1570000 | PA      | $1575463.60     | 0.01%             | 2037-07-20      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| LendingClub Rated Notes Issuer                                | LendingClub Rated Notes Issuer Trust Series 2025-P1                              | CUSIP: 525943AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8411438 | PA      | $8459194.49     | 0.05%             | 2031-06-16      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                           | Nigeria Government International Bond                                            | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |       200000 | PA      | $236988.66      | 0.00%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3142GRMY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3865316 | PA      | $3986628.72     | 0.02%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                                  | TICP CLO XI Ltd                                                                  | CUSIP: 87249QAN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2680000 | PA      | $2686749.04     | 0.01%             | 2037-04-25      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                      | Uruguay Government International Bond                                            | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     10406600 | PA      | $9829033.70     | 0.05%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2006-OA8                                                  | CUSIP: 02147CAA1<br>LEI: 549300EBNJLBIQBKE071 | Long             | ABS-MBS          | CORP              | US        |       220740 | PA      | $202949.71      | 0.00%             | 2046-07-25      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                      | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAC3<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     17477000 | PA      | $14845448.44    | 0.08%             | 2049-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Clover CLO                                                    | Clover CLO 2021-3 LLC                                                            | CUSIP: 18915FAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |       270000 | PA      | $269812.13      | 0.00%             | 2035-01-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| First Franklin Mtg Loan Asset                                 | First Franklin Mortgage Loan Trust 2006-FF16                                     | CUSIP: 320275AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8737551 | PA      | $3522456.37     | 0.02%             | 2036-12-25      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QWUC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        15388 | PA      | $14902.26       | 0.00%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA REVENUES                                   | University of California                                                         | CUSIP: 91412GHA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      2467000 | PA      | $2047234.77     | 0.01%             | 2112-05-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| CIRKUL COM 35.41 WARR                                         | CIRKUL COM 35.41 WARR                                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        11359 | NC      | $0.11           | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NEWELL BRANDS INC                                             | Newell Brands Inc                                                                | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       391000 | PA      | $381835.59      | 0.00%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 39 Ltd                                            | Elmwood CLO 39 Ltd                                                               | CUSIP: 289910AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1250000 | PA      | $1248549.75     | 0.01%             | 2038-04-17      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                                  | ARES LX CLO LTD                                                                  | CUSIP: 04018FAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      7690000 | PA      | $7696012.81     | 0.04%             | 2034-07-18      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2024-NQM4                                           | CUSIP: 06745KAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2894200 | PA      | $2930358.11     | 0.02%             | 2064-12-26      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| Securitized Asset Backed Recei                                | Securitized Asset Backed Receivables LLC Trust 2006-OP1                          | CUSIP: 81375WJL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       340000 | PA      | $269403.66      | 0.00%             | 2035-10-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QWM30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        44504 | PA      | $43079.40       | 0.00%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F040610<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2486000 | PA      | $2357783.46     | 0.01%             | 2056-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F040610<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -121717000 | PA      | $-115439392.17  | -0.63%            | 2056-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FHX7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        25766 | PA      | $25951.74       | 0.00%             | 2040-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179TNR2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1994440 | PA      | $1858467.24     | 0.01%             | 2047-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Regatta 32 Funding Ltd.                                       | Regatta 32 Funding Ltd                                                           | CUSIP: 75884AAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2870000 | PA      | $2880924.66     | 0.02%             | 2038-07-25      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2024-PAT                                                                | CUSIP: 05612FAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3845000 | PA      | $3869492.27     | 0.02%             | 2041-03-15      | Floating      | 9.14%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                  | USD/BRL FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $105467.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                                       | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |       194000 | PA      | $230268.69      | 0.00%             | 2033-06-07      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Consumo Santander                                             | FTA Consumo Santander                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | ES        |       785129 | PA      | $924707.79      | 0.01%             | 2038-07-20      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                          | Bank of America Corp                                                             | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     16911000 | PA      | $15465183.74    | 0.08%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| ARES Commercial Mortgage Trust                                | ARES1 2024-IND2                                                                  | CUSIP: 04021EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10370000 | PA      | $10376395.18    | 0.06%             | 2034-10-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| LendingClub Rated Notes Issuer                                | LendingClub Rated Notes Issuer Trust Series 2025-P1                              | CUSIP: 525943AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       871000 | PA      | $878720.02      | 0.00%             | 2031-06-16      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| SHR Trust                                                     | SHR Trust 2024-LXRY                                                              | CUSIP: 784234AG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1783000 | PA      | $1793833.69     | 0.01%             | 2041-10-15      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                              | Trestles CLO VIII Ltd                                                            | CUSIP: 89533DAC4<br>LEI: 2549002BMO2L1UMJWE02 | Long             | ABS-CBDO         | CORP              | KY        |      2030000 | PA      | $2032222.85     | 0.01%             | 2035-06-11      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                                 | Metropolitan Transportation Authority                                            | CUSIP: 59261A6J1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |       515000 | PA      | $574768.12      | 0.00%             | 2040-11-15      | Fixed         | 6.81%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                                | PRPM 2025-NQM1 Trust                                                             | CUSIP: 74391EAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       982519 | PA      | $998563.73      | 0.01%             | 2069-11-25      | Variable      | 6.64%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                              | Peruvian Government International Bond                                           | CUSIP: 715638EA6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      2507000 | PA      | $812830.10      | 0.00%             | 2039-08-12      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Euro Galaxy CLO DAC                                           | Euro-Galaxy III CLO DAC                                                          | CUSIP: 000000000<br>LEI: 635400H1W7SGWXGQOB43 | Long             | ABS-CBDO         | CORP              | IE        |       700000 | PA      | $823253.11      | 0.00%             | 2034-04-24      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-                                | One New York Plaza Trust 2020-1NYP                                               | CUSIP: 68249DAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       960000 | PA      | $896132.54      | 0.00%             | 2036-01-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| RMF Buyout Issuance Trust                                     | RMF Buyout Issuance Trust 2021-HB1                                               | CUSIP: 74969TAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3112000 | PA      | $2980106.28     | 0.02%             | 2031-11-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                           | NCL Corp Ltd                                                                     | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |       100000 | PA      | $99621.64       | 0.00%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                      | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAH2<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     16781000 | PA      | $16814278.40    | 0.09%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Alt-A Trust                                      | Bear Stearns ALT-A Trust 2007-1                                                  | CUSIP: 07386XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       693928 | PA      | $605620.56      | 0.00%             | 2047-01-25      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2014 Ltd                                                            | CUSIP: 12549JBC4<br>LEI: 54930034H2IEPBE5Q044 | Long             | ABS-CBDO         | CORP              | KY        |      5180000 | PA      | $5185467.49     | 0.03%             | 2031-01-18      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM2                                           | CUSIP: 066930AB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2256287 | PA      | $2294940.78     | 0.01%             | 2065-05-25      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FGD2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         2211 | PA      | $2226.92        | 0.00%             | 2040-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                                                | NCR Voyix Corp                                                                   | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |       273000 | PA      | $271078.71      | 0.00%             | 2029-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140JLMJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1514491 | PA      | $1502342.20     | 0.01%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                    | PacifiCorp                                                                       | CUSIP: 695114DF2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |       133000 | PA      | $135559.85      | 0.00%             | 2055-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H062628<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     34233000 | PA      | $35346909.98    | 0.19%             | 2056-02-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912828X88<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     15187000 | PA      | $14958008.59    | 0.08%             | 2027-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Brant Point CLO Ltd                                           | Brant Point Clo 2024-6 Ltd                                                       | CUSIP: 83617JAJ8<br>LEI: 254900XHQ73AT2SOPY37 | Long             | ABS-CBDO         | CORP              | KY        |      1080000 | PA      | $1078951.00     | 0.01%             | 2038-01-15      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| Dowson                                                        | Dowson 2024-1 PLC                                                                | CUSIP: 000000000<br>LEI: 635400IRBWDPWKGK1C24 | Long             | ABS-O            | CORP              | GB        |       496000 | PA      | $659274.52      | 0.00%             | 2031-08-20      | Floating      | 10.74%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138ELS79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       452348 | PA      | $478431.26      | 0.00%             | 2040-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WH3T7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       295665 | PA      | $286536.34      | 0.00%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                                         | Japan Government Thirty Year Bond                                                | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   4241400000 | PA      | $22239460.30    | 0.12%             | 2055-03-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                                | Regional Management Issuance Trust 2022-1                                        | CUSIP: 75907DAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        44934 | PA      | $44871.89       | 0.00%             | 2032-03-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| CROSSCOUNTRY INTER                                            | CrossCountry Intermediate HoldCo LLC                                             | CUSIP: 22757VAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       229000 | PA      | $232715.98      | 0.00%             | 2032-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Yale Mortgage Loan Trust                                      | Yale Mortgage Loan Trust 2007-1                                                  | CUSIP: 984582AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1939239 | PA      | $593515.90      | 0.00%             | 2037-06-25      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                           | Medline Borrower LP                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |       664000 | PA      | $648269.21      | 0.00%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                        | BP Capital Markets America Inc                                                   | CUSIP: 10373QCA6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     11649000 | PA      | $12017391.00    | 0.07%             | 2034-11-17      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                          | Raizen Fuels Finance SA                                                          | CUSIP: 75102XAF3<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |      2178000 | PA      | $1830609.00     | 0.01%             | 2032-07-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QM5X8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       295492 | PA      | $263681.48      | 0.00%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FP67<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         9826 | PA      | $9557.47        | 0.00%             | 2041-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 31329JKD8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       455343 | PA      | $438193.81      | 0.00%             | 2042-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UNIV Trust                                                    | UNIV Trust 2025-APTS                                                             | CUSIP: 91336XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8745000 | PA      | $8755786.08     | 0.05%             | 2042-11-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                       | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYG3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     16102000 | PA      | $15819873.64    | 0.09%             | 2027-09-10      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128M9GP1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       490390 | PA      | $469931.63      | 0.00%             | 2042-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM2                                           | CUSIP: 066930AC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4432913 | PA      | $4508763.19     | 0.02%             | 2065-05-25      | Variable      | 6.04%                 | No            |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.                                       | Loanpal Solar Loan 2021-1 Ltd                                                    | CUSIP: 53948PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3853248 | PA      | $3250073.13     | 0.02%             | 2048-01-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Noria                                                         | Noria DE 2024                                                                    | CUSIP: 000000000<br>LEI: 9695003DRUTU793B4N34 | Long             | ABS-O            | CORP              | FR        |       402515 | PA      | $473433.16      | 0.00%             | 2043-02-25      | Floating      | 3.54%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | JP Morgan Mortgage Trust 2021-4                                                  | CUSIP: 46652VBZ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3413118 | PA      | $2797660.28     | 0.02%             | 2051-08-25      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO 52(                                | Golub Capital Partners CLO 52 B R Ltd                                            | CUSIP: 381945AC8<br>LEI: 254900GLBB9HMWF4NZ09 | Long             | ABS-CBDO         | CORP              | KY        |       940000 | PA      | $944365.08      | 0.01%             | 2037-04-20      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Panorama Auto Trust                                           | Panorama Auto Trust 2025-4                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |      2337000 | PA      | $1561710.67     | 0.01%             | 2034-04-20      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                         | Wells Fargo & Co                                                                 | CUSIP: 000000000<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      4200000 | PA      | $5053191.37     | 0.03%             | 2032-07-22      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SELF Commercial Mortgage Trust                                | SELF Commercial Mortgage Trust 2024-STRG                                         | CUSIP: 81631WAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2890000 | PA      | $2887198.72     | 0.02%             | 2034-11-15      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                        | RR 24 Ltd                                                                        | CUSIP: 75000HBA1<br>LEI: 2549005CH9FMTJFP8I04 | Long             | ABS-CBDO         | CORP              | BM        |       500000 | PA      | $501880.50      | 0.00%             | 2037-01-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138ELS87<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       133902 | PA      | $141623.08      | 0.00%             | 2041-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140NBHP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       208049 | PA      | $216124.22      | 0.00%             | 2053-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 31329KW83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       276128 | PA      | $261498.03      | 0.00%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                        | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       385000 | PA      | $396591.58      | 0.00%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                              | Paramount Global                                                                 | CUSIP: 92553PAP7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      3414000 | PA      | $2374633.27     | 0.01%             | 2043-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Bayview Financial Acquisition                                 | Bayview Financial Revolving Asset Trust 2004-B                                   | CUSIP: 073250BE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4862063 | PA      | $4029804.03     | 0.02%             | 2039-05-28      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140NVJY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5495000 | PA      | $5708660.22     | 0.03%             | 2031-06-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                           | Medline Borrower LP                                                              | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |       147000 | PA      | $147794.68      | 0.00%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                                | CARLYLE US CLO 2022-2 LTD                                                        | CUSIP: 143119AL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       270000 | PA      | $270992.01      | 0.00%             | 2038-01-20      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179TLT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2508120 | PA      | $2415064.98     | 0.01%             | 2047-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31416XXK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        83877 | PA      | $84460.01       | 0.00%             | 2041-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KHAZANAH GLOBAL SUKUK                                         | Khazanah Global Sukuk Bhd                                                        | CUSIP: 000000000<br>LEI: 213800VIN16ILYRCKD86 | Long             | DBT              | CORP              | MY        |       895000 | PA      | $908210.20      | 0.00%             | 2028-06-01      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                     | Anchorage Capital Clo 18 Ltd                                                     | CUSIP: 03331AAA9<br>LEI: 549300JIJ617WYIUFX18 | Long             | ABS-CBDO         | CORP              | KY        |       550000 | PA      | $550246.46      | 0.00%             | 2034-04-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2022-B                                                  | CUSIP: 00971BAH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4561568 | PA      | $3631220.69     | 0.02%             | 2062-03-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                          | BlueMountain Fuji US Clo II Ltd                                                  | CUSIP: 09629EAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       553104 | PA      | $553348.78      | 0.00%             | 2030-10-20      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                                     | Ball Corp                                                                        | CUSIP: 058498AZ9<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |       297000 | PA      | $305282.66      | 0.00%             | 2029-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418DJZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       689659 | PA      | $681283.38      | 0.00%             | 2049-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                                | Regional Management Issuance Trust 2022-1                                        | CUSIP: 75907DAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       534000 | PA      | $531623.43      | 0.00%             | 2032-03-15      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                              | T-Mobile USA Inc                                                                 | CUSIP: 87264ACQ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      8659000 | PA      | $7784647.08     | 0.04%             | 2032-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM2                                           | CUSIP: 066930AD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3013000 | PA      | $3077161.84     | 0.02%             | 2065-05-25      | Variable      | 6.71%                 | No            |                  2 | On Loan: No      |
| PERIAMA HOLDINGS LLC/DE                                       | Periama Holdings LLC/DE                                                          | CUSIP: 000000000<br>LEI: 254900NINXO00BLT2Z47 | Long             | DBT              | CORP              | US        |       425000 | PA      | $425956.25      | 0.00%             | 2026-04-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| KIOXIA HOLDINGS CORP                                          | Kioxia Holdings Corp                                                             | CUSIP: 49726JAA6<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |       712000 | PA      | $732531.00      | 0.00%             | 2030-07-24      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                      | EQT Corp                                                                         | CUSIP: 26884LAX7<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     58999000 | PA      | $59138177.46    | 0.32%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                     | IQVIA Inc                                                                        | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |       200000 | PA      | $199945.28      | 0.00%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                                | HarborView Mortgage Loan Trust 2007-4                                            | CUSIP: 41164YAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       334966 | PA      | $331202.32      | 0.00%             | 2037-07-19      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| DEVELOPMENT BANK OF KAZA                                      | Development Bank of Kazakhstan JSC                                               | CUSIP: 000000000<br>LEI: 213800LCDPGJ1BI7KX98 | Long             | DBT              | NUSS              | KZ        |    233500000 | PA      | $477510.72      | 0.00%             | 2028-10-16      | Fixed         | 18.40%                | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38382RHG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     34326152 | PA      | $5765159.53     | 0.03%             | 2051-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                | Morgan Stanley Capital I Trust 2021-230P                                         | CUSIP: 61772WAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       460000 | PA      | $428975.12      | 0.00%             | 2038-12-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| IMOLA MERGER CORP                                             | Imola Merger Corp                                                                | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       389000 | PA      | $383950.68      | 0.00%             | 2029-05-15      | Fixed         | 4.75%                 | 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        |       707343 | PA      | $834471.69      | 0.00%             | 2034-10-18      | Floating      | 3.59%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2022-B                                                  | CUSIP: 00971BAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4463700 | PA      | $3616818.27     | 0.02%             | 2062-03-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                        | CHL Mortgage Pass-Through Trust 2004-29                                          | CUSIP: 12669GHY0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        59258 | PA      | $57668.12       | 0.00%             | 2035-02-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| SP DRI MERGER CORP:TL-B                                       | SP DRI MERGER CORP:TL-B                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |      3066770 | PA      | $3005434.60     | 0.02%             | 2028-12-21      | Floating      | 9.07%                 | No            |                  3 | On Loan: No      |
| Golub Capital Partners CLO, LT                                | Golub Capital Partners CLO 19B-R3 Ltd                                            | CUSIP: 38181YAA4<br>LEI: 2549003VC5PGFRGCQU51 | Long             | ABS-CBDO         | CORP              | KY        |      4740000 | PA      | $4739701.38     | 0.03%             | 2036-10-20      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132XWBS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       456246 | PA      | $432910.44      | 0.00%             | 2048-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM2                                           | CUSIP: 066930AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1484700 | PA      | $1527830.24     | 0.01%             | 2065-05-25      | Variable      | 7.68%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding                                 | Bear Stearns Mortgage Funding Trust 2007-AR4                                     | CUSIP: 07401YAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       275813 | PA      | $262199.99      | 0.00%             | 2037-06-25      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                         | TRK 2021-INV2 Trust                                                              | CUSIP: 87267TAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3051000 | PA      | $2555814.46     | 0.01%             | 2056-11-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KYWE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2188866 | PA      | $1895723.09     | 0.01%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                | Mariner Finance Issuance Trust 2021-B                                            | CUSIP: 56847JAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1265000 | PA      | $1190721.48     | 0.01%             | 2036-11-20      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Avoca CLO                                                     | Avoca CLO XXII DAC                                                               | CUSIP: 000000000<br>LEI: 5493000BN1WPGQDK4X78 | Long             | ABS-CBDO         | CORP              | IE        |       850000 | PA      | $993053.74      | 0.01%             | 2035-04-15      | Floating      | 3.33%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL                                            | CONNECT FINCO SARL                                                               | CUSIP: 000000000<br>LEI: 2594001KNYIQ456J2792 | Long             | LON              | CORP              | LU        |      2403338 | PA      | $2396320.69     | 0.01%             | 2029-09-28      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| Colony American Finance Ltd                                   | CAFL 2024-RTL1 Issuer LLC                                                        | CUSIP: 12770DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1281000 | PA      | $1298266.98     | 0.01%             | 2031-11-28      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                                | Regional Management Issuance Trust 2022-1                                        | CUSIP: 75907DAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       810000 | PA      | $806635.10      | 0.00%             | 2032-03-15      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                      | EQT Corp                                                                         | CUSIP: 26884LAZ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     28074000 | PA      | $29050439.83    | 0.16%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| KSL Resorts                                                   | KSL Commercial Mortgage Trust 2024-HT2                                           | CUSIP: 500937AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7847844 | PA      | $7845392.87     | 0.04%             | 2039-12-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2006-OA16                                                 | CUSIP: 23242GAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1918081 | PA      | $1817710.53     | 0.01%             | 2046-10-25      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| EIS GROUP REVOLVER                                            | EIS GROUP REVOLVER                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1282558 | PA      | $1229716.80     | 0.01%             | 2028-07-10      | Floating      | 10.72%                | No            |                  3 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PDW3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     14235000 | PA      | $14458803.52    | 0.08%             | 2027-10-22      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| OZLM Funding Ltd                                              | OZLM Funding II Ltd                                                              | CUSIP: 67108BCG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1970000 | PA      | $1971379.00     | 0.01%             | 2037-07-30      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                               | Impac CMB Trust Series 2007-A                                                    | CUSIP: 452550AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       791480 | PA      | $777266.63      | 0.00%             | 2037-05-25      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                       | Dryden 41 Senior Loan Fund                                                       | CUSIP: 26244KAN6<br>LEI: 5493000CMI5L15ZSNM78 | Long             | ABS-CBDO         | CORP              | KY        |       356570 | PA      | $356582.65      | 0.00%             | 2031-04-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                              | Symphony CLO XXI Ltd                                                             | CUSIP: 87166RGE1<br>LEI: 5493005CJY0RF4FJJP54 | Long             | ABS-CBDO         | CORP              | KY        |      1218439 | PA      | $1218030.21     | 0.01%             | 2032-07-15      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                                | Golub Capital Partners CLO 83M                                                   | CUSIP: 38182EAA7<br>LEI: 254900VLZT72CPBHZ909 | Long             | ABS-CBDO         | CORP              | US        |      3000000 | PA      | $3001994.40     | 0.02%             | 2038-11-09      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                              | Peruvian Government International Bond                                           | CUSIP: 715638DT6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     14265000 | PA      | $10021162.50    | 0.05%             | 2051-03-10      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132Y1WP9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3126009 | PA      | $3110712.34     | 0.02%             | 2048-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM2                                           | CUSIP: 066930AF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       589400 | PA      | $589130.47      | 0.00%             | 2065-05-25      | Variable      | 7.68%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                       | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      4735000 | PA      | $4317434.41     | 0.02%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                    | Progress Residential 2021-SFR10 Trust                                            | CUSIP: 74333WAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7153911 | PA      | $7044591.34     | 0.04%             | 2040-12-17      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307NXU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        19009 | PA      | $18486.06       | 0.00%             | 2030-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                             | USD CALL VERSUS BRL PUT                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              | CORP              | GB        |     -8310304 | NC      | $-50904.75      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE ROYAL BANK OF SCOTLAND INTERNATIONAL LIMITED              | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 21380078CCZSEEIIKA41 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-8661.17       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL                                          | ION Platform Finance US Inc / ION Platform Finance SARL                          | CUSIP: 46206AAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       125000 | PA      | $123067.55      | 0.00%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                      | EQT Corp                                                                         | CUSIP: 26884LAV1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      3998000 | PA      | $4057069.69     | 0.02%             | 2028-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                            | VICI Properties LP                                                               | CUSIP: 925650AB9<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |     10716000 | PA      | $10820656.85    | 0.06%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                      | Duke Energy Progress LLC                                                         | CUSIP: 26442UAC8<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |      3457000 | PA      | $2634743.60     | 0.01%             | 2046-10-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| MVM ENERGETIKA ZRT                                            | MVM Energetika Zrt                                                               | CUSIP: 000000000<br>LEI: 529900ELI5AQ9F74PF85 | Long             | DBT              | CORP              | HU        |      6120000 | PA      | $6456600.00     | 0.04%             | 2031-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Regatta XXVII Funding Ltd.                                    | Regatta XXVII Funding Ltd                                                        | CUSIP: 758970AA5<br>LEI: 213800A3LAH3GG226R43 | Long             | ABS-CBDO         | CORP              | JE        |      4350000 | PA      | $4365392.48     | 0.02%             | 2037-04-26      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Pony                                                          | Pony SA                                                                          | CUSIP: 000000000<br>LEI: 2221001FWHVHKUW4NQ77 | Long             | ABS-O            | CORP              | LU        |       268840 | PA      | $317308.82      | 0.00%             | 2033-01-14      | Floating      | 3.58%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU 2019-1 Ltd                                      | Trimaran CAVU 2024-1 Ltd                                                         | CUSIP: 895971AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      4940000 | PA      | $4957808.70     | 0.03%             | 2038-01-25      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 312938GD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       122231 | PA      | $123375.54      | 0.00%             | 2039-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                        | Lendmark Funding Trust 2024-2                                                    | CUSIP: 52590AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       399000 | PA      | $401843.11      | 0.00%             | 2034-02-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Winchester PLC                                                | Winchester 1 PLC                                                                 | CUSIP: 000000000<br>LEI: 213800AWJGG72JJNBW66 | Long             | ABS-MBS          | CORP              | GB        |       393000 | PA      | $534449.54      | 0.00%             | 2056-10-21      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DVLP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     17900743 | PA      | $15517577.90    | 0.08%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Invesco Euro CLO                                              | Invesco Euro CLO V DAC                                                           | CUSIP: 000000000<br>LEI: 5493004UWK07M4U35L23 | Long             | ABS-CBDO         | CORP              | IE        |       350000 | PA      | $400197.37      | 0.00%             | 2034-01-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                              | Duke Energy Corp                                                                 | CUSIP: 26441CBU8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      6115000 | PA      | $5398520.31     | 0.03%             | 2052-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMKJ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13938822 | PA      | $13476802.76    | 0.07%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2022-B                                                  | CUSIP: 00971BAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2990600 | PA      | $2658860.22     | 0.01%             | 2062-03-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Noria                                                         | Noria DE 2024                                                                    | CUSIP: 000000000<br>LEI: 9695003DRUTU793B4N34 | Long             | ABS-O            | CORP              | FR        |       241509 | PA      | $285574.36      | 0.00%             | 2043-02-25      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                              | T-Mobile USA Inc                                                                 | CUSIP: 87264ACV5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      2975000 | PA      | $3070632.86     | 0.02%             | 2033-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                                  | Voya CLO 2018-1 Ltd                                                              | CUSIP: 92917AAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       638856 | PA      | $638825.32      | 0.00%             | 2031-04-19      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                           | COMM 2025-167G Mortgage Trust                                                    | CUSIP: 12674VAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1600000 | PA      | $1599372.64     | 0.01%             | 2040-08-10      | Variable      | 8.20%                 | No            |                  2 | On Loan: No      |
| TRONOX INC                                                    | Tronox Inc                                                                       | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |       701000 | PA      | $490739.59      | 0.00%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                | BBCMS Trust 2015-SRCH                                                            | CUSIP: 05547HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       744568 | PA      | $735019.94      | 0.00%             | 2035-08-10      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                          | Cross 2025-H1 Mortgage Trust                                                     | CUSIP: 22758NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4712039 | PA      | $4758242.24     | 0.03%             | 2070-02-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| LBA Trust                                                     | LBA Trust 2024-7IND                                                              | CUSIP: 52109XAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       625507 | PA      | $626473.59      | 0.00%             | 2041-10-15      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                            | VICI Properties LP                                                               | CUSIP: 925650AC7<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |     15918000 | PA      | $16109066.46    | 0.09%             | 2030-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM2                                           | CUSIP: 066930AG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       109200 | PA      | $98537.90       | 0.00%             | 2065-05-25      | Variable      | 7.68%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                          | Bank of America Corp                                                             | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      2487000 | PA      | $2455273.61     | 0.01%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| UNIV Trust                                                    | UNIV Trust 2025-APTS                                                             | CUSIP: 91336XAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1018000 | PA      | $1019267.00     | 0.01%             | 2042-11-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                                | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137HBC77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2327000 | PA      | $2396733.91     | 0.01%             | 2031-10-25      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31410K3K8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        48176 | PA      | $50953.48       | 0.00%             | 2038-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                 | NRZT 2025-NQM6                                                                   | CUSIP: 64832KAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7539547 | PA      | $7563096.54     | 0.04%             | 2065-10-25      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| Regatta XVI Funding Ltd.                                      | Regatta XVI Funding Ltd                                                          | CUSIP: 75888TAQ8<br>LEI: 254900XPJFGKL5R4O429 | Long             | ABS-CBDO         | CORP              | KY        |      2200000 | PA      | $2203846.92     | 0.01%             | 2033-01-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                            | VICI Properties LP                                                               | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |     12283000 | PA      | $12367977.48    | 0.07%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                         | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAE8<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |       271000 | PA      | $271162.88      | 0.00%             | 2031-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solu                                | GoodLeap Home Improvement Solutions Trust 2025-1                                 | CUSIP: 38237EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10761210 | PA      | $10912161.81    | 0.06%             | 2049-02-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| THAMES WATER UTIL FIN                                         | Thames Water Utilities Finance PLC                                               | CUSIP: 000000000<br>LEI: 213800ESMPQ4RQ7G8351 | Long             | DBT              | CORP              | GB        |      2796000 | PA      | $2708330.92     | 0.01%             | 2027-06-19      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                        | Lendmark Funding Trust 2024-2                                                    | CUSIP: 52590AAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1277000 | PA      | $1280707.51     | 0.01%             | 2034-02-21      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                           | American Tower Corp                                                              | CUSIP: 03027XCR9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     10590000 | PA      | $10592296.55    | 0.06%             | 2032-12-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2022-B                                                  | CUSIP: 00971BAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       602600 | PA      | $556279.89      | 0.00%             | 2062-03-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                                       | Bryant Park Funding 2024-25 Ltd                                                  | CUSIP: 117913AJ2<br>LEI: 391200WG98O5N39H7C57 | Long             | ABS-CBDO         | CORP              | KY        |       500000 | PA      | $500476.80      | 0.00%             | 2038-01-18      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Noria                                                         | Noria DE 2024                                                                    | CUSIP: 000000000<br>LEI: 9695003DRUTU793B4N34 | Long             | ABS-O            | CORP              | FR        |       402515 | PA      | $478061.33      | 0.00%             | 2043-02-25      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                                | SMB Private Education Loan Trust 2021-C                                          | CUSIP: 83208AAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       415572 | PA      | $369901.03      | 0.00%             | 2053-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                      | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAJ8<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |      9675000 | PA      | $9671910.87     | 0.05%             | 2033-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Carrington Mortgage Loan Trust                                | Carrington Mortgage Loan Trust Series 2006-NC4                                   | CUSIP: 14453MAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       158765 | PA      | $155771.56      | 0.00%             | 2036-10-25      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140F5BJ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       254993 | PA      | $244084.21      | 0.00%             | 2031-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                    | Progress Residential 2021-SFR10 Trust                                            | CUSIP: 74333WAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1771413 | PA      | $1703981.77     | 0.01%             | 2040-12-17      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFAD3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5363956 | PA      | $4866875.29     | 0.03%             | 2036-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2007-14T2                                                 | CUSIP: 02150BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2090733 | PA      | $1067458.64     | 0.01%             | 2037-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                        | Lendmark Funding Trust 2024-2                                                    | CUSIP: 52590AAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1304000 | PA      | $1310060.86     | 0.01%             | 2034-02-21      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM2                                           | CUSIP: 066930AH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |          644 | PA      | $638.43         | 0.00%             | 2065-05-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                      | EQT Corp                                                                         | CUSIP: 26884LAT6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     10983000 | PA      | $11194768.60    | 0.06%             | 2027-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418ELX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       494047 | PA      | $494755.96      | 0.00%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solu                                | GoodLeap Home Improvement Solutions Trust 2025-1                                 | CUSIP: 38237EAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       413328 | PA      | $419237.33      | 0.00%             | 2049-02-20      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan T                                | Morgan Stanley Mortgage Loan Trust 2006-16AX                                     | CUSIP: 617487AD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       999354 | PA      | $273696.66      | 0.00%             | 2036-11-25      | Floating      | 4.35%                 | 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        |       705000 | PA      | $728801.71      | 0.00%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                                | Carval Clo VIII-C Ltd                                                            | CUSIP: 14686NAL5<br>LEI: 254900NZG2CMHKHNPU97 | Long             | ABS-CBDO         | CORP              | JE        |       730000 | PA      | $732421.41      | 0.00%             | 2037-10-22      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                           | JPMorgan Chase & Co                                                              | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      7639000 | PA      | $7936993.26     | 0.04%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Technology in Housin                                | Pagaya AI Technology in Housing Trust 2023-1                                     | CUSIP: 69547YAN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3423000 | PA      | $2921101.94     | 0.02%             | 2040-10-25      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank Commercial Mortg                                | DBJPM 2017-C6 Mortgage Trust                                                     | CUSIP: 23312JAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5780000 | PA      | $69625.30       | 0.00%             | 2050-06-10      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| 1345 Trust                                                    | 1345T 2025-AOA                                                                   | CUSIP: 68271CAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4620000 | PA      | $4655294.95     | 0.03%             | 2042-06-15      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| PETSMART LLC/PETSMART FI                                      | PetSmart LLC / PetSmart Finance Corp                                             | CUSIP: 71677KAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1202000 | PA      | $1237671.75     | 0.01%             | 2033-09-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| European Loan Conduit                                         | Lagarino European Loan Conduit No 40 DAC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |      3268427 | PA      | $3809381.58     | 0.02%             | 2037-06-22      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2022-B                                                  | CUSIP: 00971BAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       803500 | PA      | $745244.64      | 0.00%             | 2062-03-27      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| BAYER AG                                                      | Bayer AG                                                                         | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |      2400000 | PA      | $3099005.19     | 0.02%             | 2083-09-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                           | COMM 2025-167G Mortgage Trust                                                    | CUSIP: 12674VAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1389000 | PA      | $1388392.87     | 0.01%             | 2040-08-10      | Variable      | 9.16%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                                        | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BG5<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |       230000 | PA      | $230377.91      | 0.00%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO XIV Ltd                                              | CUSIP: 08179LAL5<br>LEI: 5493008E17UEFI73RC63 | Long             | ABS-CBDO         | CORP              | KY        |       750000 | PA      | $752656.50      | 0.00%             | 2037-10-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                                | SMB Private Education Loan Trust 2021-C                                          | CUSIP: 83208AAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       452225 | PA      | $441621.51      | 0.00%             | 2053-01-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                                     | Ball Corp                                                                        | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |        77000 | PA      | $71194.69       | 0.00%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                                   | RAD CLO 21 Ltd                                                                   | CUSIP: 750099AQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1500000 | PA      | $1504189.20     | 0.01%             | 2037-01-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| HRNI HOLDINGS LLC                                             | HRNI Holdings LLC                                                                | CUSIP: 40443NAC4<br>LEI: 549300V1ELIRK8JURN28 | Long             | LON              | CORP              | US        |      7304656 | PA      | $7048992.61     | 0.04%             | 2028-12-11      | Floating      | 8.09%                 | No            |                  2 | On Loan: No      |
| CML LA QUINTA RESORT                                          | CML LA QUINTA RESORT                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1551405 | PA      | $1551404.95     | 0.01%             | 2027-12-09      | Floating      | 3.36%                 | No            |                  3 | On Loan: No      |
| Voya CLO Ltd                                                  | Voya CLO 2018-1 Ltd                                                              | CUSIP: 92917AAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250020.73      | 0.00%             | 2031-04-19      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XJDZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       156458 | PA      | $155025.98      | 0.00%             | 2029-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFZU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1429647 | PA      | $1325105.42     | 0.01%             | 2037-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                   | Gartner Inc                                                                      | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     29005000 | PA      | $27957746.63    | 0.15%             | 2029-06-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SELF Commercial Mortgage Trust                                | SELF Commercial Mortgage Trust 2024-STRG                                         | CUSIP: 81631WAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3381000 | PA      | $3389444.05     | 0.02%             | 2034-11-15      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                    | Apidos CLO XXXIX Ltd                                                             | CUSIP: 03766HAW0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |       250000 | PA      | $241058.90      | 0.00%             | 2038-10-21      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| BXP Trust                                                     | BXP Trust 2021-601L                                                              | CUSIP: 05607TAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2010000 | PA      | $1660091.16     | 0.01%             | 2044-01-15      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                              | Altria Group Inc                                                                 | CUSIP: 02209SBM4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     16847000 | PA      | $13026758.61    | 0.07%             | 2041-02-04      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| iShares iBoxx $ Investment Grade Corporate Bond ETF           | iShares iBoxx $ Investment Grade Corporate Bond ETF                              | CUSIP: 464287242<br>LEI: 549300FYCXFXG8POR355 | Long             | EC               | RF                | US        |        80700 | NS      | $8892333.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2022-B                                                  | CUSIP: 00971BAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       937300 | PA      | $872084.35      | 0.00%             | 2062-03-27      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Point Au Roche Park CLO, Ltd                                  | Point Au Roche Park CLO Ltd                                                      | CUSIP: 73052VAA3<br>LEI: 5493000RMLD359CPH591 | Long             | ABS-CBDO         | CORP              | KY        |       370000 | PA      | $370343.21      | 0.00%             | 2034-07-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                | Fannie Mae-Aces                                                                  | CUSIP: 31396PGT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        90576 | PA      | $90871.14       | 0.00%             | 2032-10-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                            | Meta Platforms Inc                                                               | CUSIP: 30303M8R6<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |       617000 | PA      | $592568.68      | 0.00%             | 2063-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QHPS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2097107 | PA      | $1946449.70     | 0.01%             | 2036-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                           | American Tower Corp                                                              | CUSIP: 03027XCP3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     19744000 | PA      | $20241841.60    | 0.11%             | 2035-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                              | Paramount Global                                                                 | CUSIP: 92553PAW2<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      4000000 | PA      | $3019470.04     | 0.02%             | 2044-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H062610<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     36309000 | PA      | $37531592.29    | 0.20%             | 2056-01-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 38 Ltd                                            | Elmwood CLO 38 Ltd                                                               | CUSIP: 289908AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      4490000 | PA      | $4485127.90     | 0.02%             | 2038-04-22      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                                  | Entegris Inc                                                                     | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |       214000 | PA      | $212433.16      | 0.00%             | 2028-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                      | EQT Corp                                                                         | CUSIP: 26884LAR0<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      7491000 | PA      | $7825436.29     | 0.04%             | 2034-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36241LVF0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       242403 | PA      | $249286.25      | 0.00%             | 2040-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                              | Peruvian Government International Bond                                           | CUSIP: 715638DP4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |       100000 | PA      | $82625.00       | 0.00%             | 2032-12-01      | Fixed         | 1.86%                 | No            |                  2 | On Loan: No      |
| DURST Commercial Mortgage Trus                                | Durst Commercial Mortgage Trust 2025-151                                         | CUSIP: 266895AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1708000 | PA      | $1742233.61     | 0.01%             | 2042-08-10      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KPKT4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8753985 | PA      | $8579870.78     | 0.05%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LBA Trust                                                     | LBA Trust 2024-7IND                                                              | CUSIP: 52109XAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5572698 | PA      | $5576134.75     | 0.03%             | 2041-10-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                                  | Fibercop SpA                                                                     | CUSIP: 000000000<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |       268000 | PA      | $320098.22      | 0.00%             | 2032-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                   | Oracle Corp                                                                      | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     33488000 | PA      | $29670844.20    | 0.16%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H062610<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |    -36309000 | PA      | $-37531592.29   | -0.20%            | 2056-01-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                       | HCA Inc                                                                          | CUSIP: 404121AK1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     10597000 | PA      | $10904789.87    | 0.06%             | 2034-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| RAND PARENT LLC                                               | Rand Parent LLC                                                                  | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |        85000 | PA      | $88557.51       | 0.00%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                | BBCMS Trust 2015-SRCH                                                            | CUSIP: 05547HAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14836802 | PA      | $137537.15      | 0.00%             | 2035-08-10      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DQGA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9894111 | PA      | $10132396.30    | 0.06%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO I, Ltd.                                       | Sagard-Halseypoint Clo 10 Ltd                                                    | CUSIP: 78663BAA7<br>LEI: 254900N7LSI0GVY3UO19 | Long             | ABS-CBDO         | CORP              | KY        |     13510000 | PA      | $13550317.89    | 0.07%             | 2038-10-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| STAR PARENT INC                                               | Star Parent Inc                                                                  | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |       918000 | PA      | $979697.04      | 0.01%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                       | Dryden 30 Senior Loan Fund                                                       | CUSIP: 26249BAU5<br>LEI: 549300AS2O1RYPD2ED41 | Long             | ABS-CBDO         | CORP              | KY        |       230127 | PA      | $230721.36      | 0.00%             | 2028-11-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| 1345 Trust                                                    | 1345T 2025-AOA                                                                   | CUSIP: 68271CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2695000 | PA      | $2703384.41     | 0.01%             | 2042-06-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140Q8AT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         7297 | PA      | $6855.25        | 0.00%             | 2047-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2024-MDHS                                           | CUSIP: 12433BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12627351 | PA      | $12646856.34    | 0.07%             | 2041-05-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                         | USD/TRY FORWARD                                                                  | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-15606.28      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                      | Republic of South Africa Government International Bond                           | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      1760000 | PA      | $1888374.40     | 0.01%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                      | Republic of South Africa Government Bond                                         | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    180201846 | PA      | $10810165.10    | 0.06%             | 2037-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE                                        | Edgewell Personal Care Co                                                        | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |       460000 | PA      | $439503.78      | 0.00%             | 2029-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan T                                | Morgan Stanley Mortgage Loan Trust 2006-16AX                                     | CUSIP: 617487AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3446757 | PA      | $525298.93      | 0.00%             | 2036-11-25      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae REMICS                                                                | CUSIP: 3136BT7D9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5657813 | PA      | $5700498.37     | 0.03%             | 2054-12-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit                                | Bain Capital Credit CLO 2021-4 Ltd                                               | CUSIP: 05685AAQ1<br>LEI: 254900YJBP8866ZPO033 | Long             | ABS-CBDO         | CORP              | KY        |       560000 | PA      | $560433.61      | 0.00%             | 2034-10-20      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140JSAE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3183165 | PA      | $2631264.16     | 0.01%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                      | Angel Oak Mortgage Trust 2020-3                                                  | CUSIP: 03465LAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       847668 | PA      | $821437.38      | 0.00%             | 2065-04-25      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                            | VICI Properties LP                                                               | CUSIP: 925650AH6<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |     10539000 | PA      | $10676328.97    | 0.06%             | 2031-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Henley CLO                                                    | Henley CLO IV DAC                                                                | CUSIP: 000000000<br>LEI: 6354009HFM8XXW6PPK55 | Long             | ABS-CBDO         | CORP              | IE        |       750000 | PA      | $883271.56      | 0.00%             | 2034-04-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138X6T70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3897264 | PA      | $3883018.73     | 0.02%             | 2043-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2022-A                                                  | CUSIP: 009695AF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       207500 | PA      | $171414.86      | 0.00%             | 2061-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140FNBD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       181951 | PA      | $180227.65      | 0.00%             | 2047-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Taurus CMBS                                                   | Taurus 2025-4 UK DAC                                                             | CUSIP: 000000000<br>LEI: 635400ARN6VSOEBJXY74 | Long             | ABS-MBS          | CORP              | IE        |       508000 | PA      | $683978.66      | 0.00%             | 2035-08-18      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                          | Bank of America Corp                                                             | CUSIP: 06051GKA6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      2140000 | PA      | $1913498.03     | 0.01%             | 2032-07-21      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU                                | New Jersey Turnpike Authority                                                    | CUSIP: 646139W35<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |      4596000 | PA      | $5508502.25     | 0.03%             | 2040-01-01      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| RRE Loan Management                                           | RRE 5 Loan Management DAC                                                        | CUSIP: 000000000<br>LEI: 549300D6UNTEPRSJ6X22 | Long             | ABS-CBDO         | CORP              | IE        |      1160000 | PA      | $1367449.57     | 0.01%             | 2037-01-15      | Floating      | 3.76%                 | No            |                  2 | On Loan: No      |
| Ace Securities Corp.                                          | ACE Securities Corp Home Equity Loan Trust Series 2003-OP1                       | CUSIP: 004427BK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       469959 | PA      | $459274.59      | 0.00%             | 2033-12-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Home Equity Asset Trust                                       | Home Equity Asset Trust 2007-1                                                   | CUSIP: 43710LAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1638450 | PA      | $1391699.48     | 0.01%             | 2037-05-25      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| Auto1 Car Funding                                             | Auto1 Car Funding Sarl                                                           | CUSIP: 000000000<br>LEI: 984500380CAE46K6F380 | Long             | ABS-O            | CORP              | LU        |       300000 | PA      | $362782.48      | 0.00%             | 2033-12-15      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                       | Dryden 55 CLO Ltd                                                                | CUSIP: 26245MAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       785866 | PA      | $786227.97      | 0.00%             | 2031-04-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                              | Paramount Global                                                                 | CUSIP: 92553PAU6<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      1424000 | PA      | $1172406.64     | 0.01%             | 2043-09-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QQTM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6692467 | PA      | $6933259.15     | 0.04%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO XXVII Ltd                                            | CUSIP: 08179PAQ5<br>LEI: 254900WANE6M5S0NC534 | Long             | ABS-CBDO         | CORP              | JE        |     10520000 | PA      | $10557461.72    | 0.06%             | 2037-10-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XDTP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2180543 | PA      | $2130306.30     | 0.01%             | 2044-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hermitage Plc                                                 | Hermitage 2024 PLC                                                               | CUSIP: 000000000<br>LEI: 635400OUUMGTAI2EJA52 | Long             | ABS-O            | CORP              | GB        |       399695 | PA      | $540112.63      | 0.00%             | 2033-04-21      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                        | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |      1148000 | PA      | $1138942.68     | 0.01%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                                | Whirlpool Corp                                                                   | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |       351000 | PA      | $340366.84      | 0.00%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WJC71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       710580 | PA      | $688325.10      | 0.00%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MITER BRAND / MIWD BORR                                       | Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC                          | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       381000 | PA      | $390597.59      | 0.00%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EMBRAER NETHERLANDS FINA                                      | Embraer Netherlands Finance BV                                                   | CUSIP: 29082HAE2<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |       859000 | PA      | $909595.10      | 0.00%             | 2035-02-11      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| AGL CLO 1 Ltd.                                                | AGL CLO 43 Ltd                                                                   | CUSIP: 00852TAA3<br>LEI: 254900MOOKTGLK7JFO07 | Long             | ABS-CBDO         | CORP              | KY        |      1870000 | PA      | $1874773.36     | 0.01%             | 2038-09-10      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                          | BlueMountain Fuji US Clo II Ltd                                                  | CUSIP: 09629EAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1380000 | PA      | $1380445.88     | 0.01%             | 2030-10-20      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| New Mountain CLO Ltd                                          | New Mountain CLO 8 Ltd                                                           | CUSIP: 64755GAA5<br>LEI: 254900PW0IZ6YH8P9I85 | Long             | ABS-CBDO         | CORP              | KY        |       560000 | PA      | $561362.87      | 0.00%             | 2038-10-20      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                                | Whirlpool Corp                                                                   | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |       306000 | PA      | $305628.14      | 0.00%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2024-BRBK                                           | CUSIP: 05613NAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2104000 | PA      | $2117025.23     | 0.01%             | 2041-10-15      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                               | Oaktree CLO 2021-2 Ltd                                                           | CUSIP: 67389BAQ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2100000 | PA      | $2096852.73     | 0.01%             | 2035-01-15      | Floating      | 4.87%                 | 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      | $196223.16      | 0.00%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HHLV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7897858 | PA      | $7975769.95     | 0.04%             | 2054-12-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| LUNE HOLDINGS SARL                                            | Lune Holdings Sarl                                                               | CUSIP: 000000000<br>LEI: 54930003WQ56T0558M33 | Long             | DBT              | CORP              | LU        |       316000 | PA      | $42706.81       | 0.00%             | 2028-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                      | EQT Corp                                                                         | CUSIP: 26884LAQ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     14621000 | PA      | $15088062.29    | 0.08%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2021-VIEW                                                               | CUSIP: 05606GAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1482000 | PA      | $1475479.35     | 0.01%             | 2036-06-15      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                        | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAF4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |      2408000 | PA      | $2311680.00     | 0.01%             | 2030-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced S                                | HOMES 2025-NQM5 Trust                                                            | CUSIP: 43762CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5390350 | PA      | $5395816.16     | 0.03%             | 2070-09-25      | Variable      | 5.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XJB30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        49060 | PA      | $48324.09       | 0.00%             | 2029-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                      | Rogers Communications Inc                                                        | CUSIP: 775109BS9<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |       386000 | PA      | $385831.47      | 0.00%             | 2082-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                            | A&D Mortgage Trust 2023-NQM5                                                     | CUSIP: 00249XAA6<br>LEI: 984500L072D83D1AA637 | Long             | ABS-MBS          | CORP              | US        |      7245738 | PA      | $7330162.72     | 0.04%             | 2068-11-25      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128M96X5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1095026 | PA      | $1070150.53     | 0.01%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wellington Management CLO                                     | Wellington Management Clo 5 Ltd                                                  | CUSIP: 94957NAA3<br>LEI: 213800J6I7L5KYTPNH51 | Long             | ABS-CBDO         | CORP              | KY        |       890000 | PA      | $892267.63      | 0.00%             | 2038-10-18      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                              | T-Mobile USA Inc                                                                 | CUSIP: 87264ACX1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     15406000 | PA      | $15163573.65    | 0.08%             | 2062-09-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                            | VICI Properties LP                                                               | CUSIP: 925650AJ2<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |      2384000 | PA      | $2409093.39     | 0.01%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DV4L6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       390357 | PA      | $385777.32      | 0.00%             | 2049-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                    | BFLD Commercial Mortgage Trust 2024-UNIV                                         | CUSIP: 08861RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3690000 | PA      | $3692303.67     | 0.02%             | 2041-11-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                                       | SBA Communications Corp                                                          | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |       931000 | PA      | $923985.85      | 0.01%             | 2027-02-15      | Fixed         | 3.88%                 | 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        |       172000 | PA      | $167508.68      | 0.00%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307UR34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       208999 | PA      | $204194.31      | 0.00%             | 2032-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| THE 2023-MIC Trust                                            | 2023-MIC Trust/THE                                                               | CUSIP: 87256GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1550000 | PA      | $1676875.41     | 0.01%             | 2038-12-05      | Variable      | 8.44%                 | No            |                  2 | On Loan: No      |
| VOLTAGRID LLC                                                 | VoltaGrid LLC                                                                    | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |      1993000 | PA      | $1974556.26     | 0.01%             | 2030-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing a                                | C-BASS 2006-CB7 TRUST                                                            | CUSIP: 12479DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       331385 | PA      | $233224.65      | 0.00%             | 2036-10-25      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                                         | McGraw-Hill Education Inc                                                        | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |       400000 | PA      | $422022.80      | 0.00%             | 2031-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CFY2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     27032000 | PA      | $27257970.76    | 0.15%             | 2029-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                                       | Beach Acquisition Bidco LLC                                                      | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |      1619000 | PA      | $1936996.61     | 0.01%             | 2032-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L                                      | Huntsman International LLC                                                       | CUSIP: 44701QBE1<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |       308000 | PA      | $295323.88      | 0.00%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                            | Meta Platforms Inc                                                               | CUSIP: 30303M8W5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     10428000 | PA      | $9672957.74     | 0.05%             | 2064-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Residential Funding Mtg Sec I                                 | RFMSI Series 2007-SA4 Trust                                                      | CUSIP: 74959AAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       255737 | PA      | $153955.86      | 0.00%             | 2037-10-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132JADY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       270886 | PA      | $258436.61      | 0.00%             | 2043-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2007-OA8                                                  | CUSIP: 02148GAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       162725 | PA      | $135582.09      | 0.00%             | 2047-06-25      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                                         | Encompass Health Corp                                                            | CUSIP: 29261AAA8<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |       169000 | PA      | $168706.87      | 0.00%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae REMICS                                                                | CUSIP: 3136BTQ22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1921248 | PA      | $1937015.24     | 0.01%             | 2054-12-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140JRX22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       620306 | PA      | $616540.10      | 0.00%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                               | CVS Health Corp                                                                  | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |        24000 | PA      | $25064.88       | 0.00%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                      | EQT Corp                                                                         | CUSIP: 26884LAN9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     56576000 | PA      | $53203190.64    | 0.29%             | 2031-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2025-1                                    | CUSIP: 922955AN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       835709 | PA      | $846215.52      | 0.00%             | 2055-02-25      | Variable      | 10.15%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133B3TW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2154651 | PA      | $1775916.06     | 0.01%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WJC97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       330127 | PA      | $319974.51      | 0.00%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Buckhorn Park CLO, Ltd.                                       | Buckhorn Park CLO Ltd                                                            | CUSIP: 118382BA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1600000 | PA      | $1599212.48     | 0.01%             | 2034-07-18      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                       | Dryden 87 CLO Ltd                                                                | CUSIP: 26246GAS2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1740000 | PA      | $1747492.09     | 0.01%             | 2038-08-20      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                | EFMT 2025-INV1                                                                   | CUSIP: 26846XAA8<br>LEI: 2549005YTE90D77H8V23 | Long             | ABS-MBS          | CORP              | US        |      5241783 | PA      | $5293024.00     | 0.03%             | 2070-03-25      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417C3C7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       133206 | PA      | $131618.51      | 0.00%             | 2027-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra                                | VOLT CVI LLC                                                                     | CUSIP: 92873KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2658462 | PA      | $2661746.11     | 0.01%             | 2051-12-26      | Variable      | 6.73%                 | No            |                  2 | On Loan: No      |
| SUNRISE FINCO I BV                                            | Sunrise FinCo I BV                                                               | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |       257000 | PA      | $244792.50      | 0.00%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WBD44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        93801 | PA      | $92278.94       | 0.00%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QLLD6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1449967 | PA      | $1398368.54     | 0.01%             | 2036-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                   | Oracle Corp                                                                      | CUSIP: 68389XDT9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     20030000 | PA      | $17666309.37    | 0.10%             | 2065-09-26      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust                                | Goldman Home Improvement Trust 2022-GRN2 Issuer Trust                            | CUSIP: 38151JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       942425 | PA      | $966549.07      | 0.01%             | 2052-10-25      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132J8KB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        17303 | PA      | $16029.51       | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM1                                           | CUSIP: 06744WAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50690300 | PA      | $1786011.89     | 0.01%             | 2065-01-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                                        | Arsenal AIC Parent LLC                                                           | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       204000 | PA      | $216476.81      | 0.00%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                          | FREMF 2018-K80 Mortgage Trust                                                    | CUSIP: 30307RAE7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      1043000 | PA      | $1026631.99     | 0.01%             | 2050-08-25      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                      | AT&T Inc                                                                         | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      1390000 | PA      | $925242.67      | 0.01%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2024-BRBK                                           | CUSIP: 05613NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8630000 | PA      | $8672736.62     | 0.05%             | 2041-10-15      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding XIX Ltd                                                     | CUSIP: 55819QBJ5<br>LEI: 254900END3IQSN7CTN87 | Long             | ABS-CBDO         | CORP              | KY        |      7000000 | PA      | $7005607.70     | 0.04%             | 2037-01-22      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                                | Regional Management Issuance Trust 2022-1                                        | CUSIP: 75907DAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1695000 | PA      | $1701355.40     | 0.01%             | 2032-03-15      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                               | CVS Health Corp                                                                  | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |       521000 | PA      | $546554.05      | 0.00%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                                        | Arsenal AIC Parent LLC                                                           | CUSIP: 04288BAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       235000 | PA      | $258629.96      | 0.00%             | 2031-10-01      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                          | BlueMountain CLO XXII Ltd                                                        | CUSIP: 09629PAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3970000 | PA      | $3971973.09     | 0.02%             | 2031-07-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, In                                | RALI Series 2007-QO2 Trust                                                       | CUSIP: 75116AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       221013 | PA      | $66266.25       | 0.00%             | 2047-02-25      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138A5WW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         4512 | PA      | $4559.81        | 0.00%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                               | AREIT 2023-CRE8 LLC                                                              | CUSIP: 04002BAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |      1253090 | PA      | $1253154.17     | 0.01%             | 2041-08-17      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31410LHR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        67478 | PA      | $67608.61       | 0.00%             | 2042-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Gracechurch Mortgage Finance P                                | Grace Trust 2020-GRCE                                                            | CUSIP: 38406JAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1489000 | PA      | $1294873.41     | 0.01%             | 2040-12-10      | Variable      | 2.68%                 | 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        |        28000 | PA      | $27332.14       | 0.00%             | 2030-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                      | EQT Corp                                                                         | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     22764000 | PA      | $23060778.37    | 0.13%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128MEK91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       382312 | PA      | $376196.03      | 0.00%             | 2030-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3142GRLM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3542906 | PA      | $3656899.10     | 0.02%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                                   | Corp Nacional del Cobre de Chile                                                 | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |       419000 | PA      | $453054.23      | 0.00%             | 2036-01-26      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DNNR0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5840074 | PA      | $5917458.96     | 0.03%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU 2019-1 Ltd                                      | Trimaran Cavu 2021-1 Ltd                                                         | CUSIP: 89624NAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1970000 | PA      | $1976930.46     | 0.01%             | 2037-07-23      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132GKD37<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        67522 | PA      | $66114.00       | 0.00%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                              | CSC Holdings LLC                                                                 | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      3346000 | PA      | $2868923.97     | 0.02%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                  | BRL/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-21145.44      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                         | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |       172000 | PA      | $185846.17      | 0.00%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                               | CVS Health Corp                                                                  | CUSIP: 126650EE6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      2670000 | PA      | $2683120.86     | 0.01%             | 2044-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                                | Galaxy XXII CLO Ltd                                                              | CUSIP: 36320TBD4<br>LEI: 54930022KENWLYJ8SJ86 | Long             | ABS-CBDO         | CORP              | KY        |      4690000 | PA      | $4691084.80     | 0.03%             | 2034-04-16      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                                      | BXMT 2025-FL5 Ltd                                                                | CUSIP: 05613YAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      7587000 | PA      | $7547329.09     | 0.04%             | 2042-10-18      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2021-LBA                                                                | CUSIP: 05609BAP4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6390000 | PA      | $6386139.16     | 0.03%             | 2036-02-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                      | Electricite de France SA                                                         | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |       400000 | PA      | $448906.66      | 0.00%             | N/A             | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| DURST Commercial Mortgage Trus                                | Durst Commercial Mortgage Trust 2025-151                                         | CUSIP: 266895AG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3270000 | PA      | $3377726.55     | 0.02%             | 2042-08-10      | Variable      | 6.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140ATJ31<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       958055 | PA      | $989354.00      | 0.01%             | 2054-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AGL Core CLO 15 Ltd                                           | AGL Core CLO 15 Ltd                                                              | CUSIP: 00121GAA6<br>LEI: 5493001O95I190NV0196 | Long             | ABS-CBDO         | CORP              | KY        |      1344000 | PA      | $1345344.54     | 0.01%             | 2035-01-20      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                                           | Kinetik Holdings LP                                                              | CUSIP: 49461MAB6<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |       471000 | PA      | $484977.87      | 0.00%             | 2028-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SELF Commercial Mortgage Trust                                | SELF Commercial Mortgage Trust 2024-STRG                                         | CUSIP: 81631WAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3300000 | PA      | $3302060.19     | 0.02%             | 2034-11-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                                           | LCM 34 Ltd                                                                       | CUSIP: 50203CAL7<br>LEI: 54930038DJKYPKSVRB29 | Long             | ABS-CBDO         | CORP              | KY        |      2090000 | PA      | $2090253.31     | 0.01%             | 2034-10-20      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Argent Securities Inc.                                        | Argent Securities Trust 2006-M1                                                  | CUSIP: 04012MAQ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3588527 | PA      | $961844.74      | 0.01%             | 2036-07-25      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                                      | Thailand Government Bond                                                         | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    122000000 | PA      | $4291491.83     | 0.02%             | 2045-06-17      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                      | EQT Corp                                                                         | CUSIP: 26884LAM1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     12370000 | PA      | $12299337.86    | 0.07%             | 2026-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Miltonia Mortgage Finance                                     | Miltonia Mortgage Finance Srl                                                    | CUSIP: 000000000<br>LEI: 815600BC278905BA4594 | Long             | ABS-MBS          | CORP              | IT        |      1776000 | PA      | $2090874.51     | 0.01%             | 2062-04-28      | Floating      | 3.37%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                                                   | KeyBank NA/Cleveland OH                                                          | CUSIP: 49327M3H5<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |     12449000 | PA      | $12573695.53    | 0.07%             | 2033-01-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                           | NCL Corp Ltd                                                                     | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |       515000 | PA      | $527320.01      | 0.00%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OEG FINANCE PLC                                               | OEG Finance PLC                                                                  | CUSIP: 000000000<br>LEI: 254900KMBHWF9UK63G44 | Long             | DBT              | CORP              | GB        |      3626000 | PA      | $4454350.85     | 0.02%             | 2029-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179VSF8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     35802723 | PA      | $29673374.96    | 0.16%             | 2050-08-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XHXB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4811926 | PA      | $4848355.76     | 0.03%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                                | Golub Capital Partners CLO 64B-R Ltd                                             | CUSIP: 38180LAA3<br>LEI: 2549003ONNJ1D27UVJ28 | Long             | ABS-CBDO         | CORP              | JE        |       500000 | PA      | $501655.15      | 0.00%             | 2037-10-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                                       | BDS 2022-FL11 LLC                                                                | CUSIP: 054980AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      1066072 | PA      | $1066066.05     | 0.01%             | 2039-03-19      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138X8QR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       236996 | PA      | $234594.65      | 0.00%             | 2028-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                          | FREMF 2017-KGS1 Mortgage Trust                                                   | CUSIP: 30305QAG6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      1190000 | PA      | $1135801.33     | 0.01%             | 2027-10-25      | Variable      | 3.59%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                             | Nexstar Media Inc                                                                | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |       200000 | PA      | $198548.96      | 0.00%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| IPD 3 BV                                                      | IPD 3 BV                                                                         | CUSIP: 000000000<br>LEI: 724500RBP2J59JMQB629 | Long             | DBT              | CORP              | NL        |       100000 | PA      | $118250.97      | 0.00%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HMKA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11461268 | PA      | $11553247.61    | 0.06%             | 2055-08-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                                      | Smyrna Ready Mix Concrete LLC                                                    | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |       170000 | PA      | $181837.58      | 0.00%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding XIX Ltd                                                     | CUSIP: 55819QBL0<br>LEI: 254900END3IQSN7CTN87 | Long             | ABS-CBDO         | CORP              | KY        |      1000000 | PA      | $1003302.00     | 0.01%             | 2037-01-22      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Inc                                    | Morgan Stanley ABS Capital I Inc Trust 2007-SEA1                                 | CUSIP: 61757MAC2<br>LEI: 5493002PQ8PF80BA0L77 | Long             | ABS-O            | CORP              | US        |       191216 | PA      | $184910.03      | 0.00%             | 2047-02-25      | Floating      | 7.65%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                           | Turkiye Government International Bond                                            | CUSIP: 900123DP2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |       200000 | PA      | $211800.00      | 0.00%             | 2032-02-12      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2025-1                                    | CUSIP: 922955AK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2413909 | PA      | $2447571.52     | 0.01%             | 2055-02-25      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                                 | AEP Texas Inc                                                                    | CUSIP: 00108WAJ9<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |      1090000 | PA      | $837933.66      | 0.00%             | 2049-05-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                                                | NCR Voyix Corp                                                                   | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |       100000 | PA      | $99287.31       | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM2                                           | CUSIP: 066930AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28494426 | PA      | $28984054.16    | 0.16%             | 2065-05-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2022-2                                    | CUSIP: 92259UAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1791832 | PA      | $1731422.69     | 0.01%             | 2052-04-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                      | Service Properties Trust                                                         | CUSIP: 81761LAB8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |       397000 | PA      | $390809.45      | 0.00%             | 2027-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LendingClub Rated Notes Issuer                                | LendingClub Rated Notes Issuer Trust Series 2025-P2                              | CUSIP: 525949AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7422361 | PA      | $7472050.82     | 0.04%             | 2035-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM1                                           | CUSIP: 06744WAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1954800 | PA      | $1971535.82     | 0.01%             | 2065-01-25      | Variable      | 6.94%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                                        | Delek Logistics Partners LP / Delek Logistics Finance Corp                       | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       412000 | PA      | $431843.60      | 0.00%             | 2029-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3131XJSE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       439289 | PA      | $422379.61      | 0.00%             | 2042-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                                         | Egypt Government Bond                                                            | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     94211000 | PA      | $2002138.20     | 0.01%             | 2027-10-01      | Fixed         | 24.46%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFRT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11557430 | PA      | $9560601.14     | 0.05%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Red & Black Auto Italy                                        | Red & Black Auto Italy Srl                                                       | CUSIP: 000000000<br>LEI: 8156003B1C9DCDE30892 | Long             | ABS-O            | CORP              | IT        |       275606 | PA      | $325076.65      | 0.00%             | 2036-07-28      | Floating      | 3.39%                 | No            |                  2 | On Loan: No      |
| TCI-Symphony CLO                                              | TCI-Symphony CLO 2016-1 Ltd                                                      | CUSIP: 87229WAQ4<br>LEI: 5493005WLG3H3B8NI222 | Long             | ABS-CBDO         | CORP              | KY        |      1040778 | PA      | $1041720.29     | 0.01%             | 2032-10-13      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| LSTAR Commercial Mortgage Trus                                | LSTAR Commercial Mortgage Trust 2017-5                                           | CUSIP: 54910TBA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2323518 | PA      | $13156.69       | 0.00%             | 2050-03-10      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307NGG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       429953 | PA      | $420787.77      | 0.00%             | 2030-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FPF7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       655361 | PA      | $637498.42      | 0.00%             | 2041-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                                         | KKR Clo 17 Ltd                                                                   | CUSIP: 48251FAJ0<br>LEI: 549300I0HBY0ZQ3YIB77 | Long             | ABS-CBDO         | CORP              | KY        |       295000 | PA      | $295537.76      | 0.00%             | 2034-04-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31335AAT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       738655 | PA      | $735960.18      | 0.00%             | 2043-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                    | MFA 2024-RTL1 Trust                                                              | CUSIP: 59319NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5663000 | PA      | $5684545.45     | 0.03%             | 2029-02-25      | Variable      | 7.09%                 | No            |                  2 | On Loan: No      |
| Option One Mortgage Loan Trust                                | Option One Mortgage Loan Trust 2007-FXD1                                         | CUSIP: 68402VAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3875847 | PA      | $3371910.44     | 0.02%             | 2037-01-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307NGH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        59971 | PA      | $58877.87       | 0.00%             | 2030-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pas                                | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-4 Trust   | CUSIP: 939344AQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       262768 | PA      | $232370.70      | 0.00%             | 2036-05-25      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| MASTR Resecuritization Trust                                  | MASTR Resecuritization Trust 2008-3                                              | CUSIP: 57643EAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       598085 | PA      | $179806.30      | 0.00%             | 2037-08-25      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EQA51<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       276781 | PA      | $272173.37      | 0.00%             | 2030-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                                   | Rad CLO 16 Ltd                                                                   | CUSIP: 75009LAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       325000 | PA      | $326141.53      | 0.00%             | 2037-07-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2021-LBA                                                                | CUSIP: 05609BAR0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1244264 | PA      | $1242736.17     | 0.01%             | 2036-02-15      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                                        | Delek Logistics Partners LP / Delek Logistics Finance Corp                       | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |        93000 | PA      | $93533.73       | 0.00%             | 2028-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru                                | Vista Point Securitization Trust 2025-CES3                                       | CUSIP: 92842MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2361023 | PA      | $2364234.64     | 0.01%             | 2055-11-25      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140FG5G0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        94226 | PA      | $92270.31       | 0.00%             | 2031-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                                 | GS Mortgage-Backed Securities Trust 2022-NQM1                                    | CUSIP: 36264EAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       559858 | PA      | $524005.20      | 0.00%             | 2062-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 36 Ltd                                            | Elmwood CLO 36 Ltd                                                               | CUSIP: 29004MAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1517000 | PA      | $1523312.24     | 0.01%             | 2037-10-20      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                        | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAA3<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |       171000 | PA      | $173983.78      | 0.00%             | 2029-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                                       | VZ Secured Financing BV                                                          | CUSIP: 000000000<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |      2684000 | PA      | $3092413.76     | 0.02%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 31329JJF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        26277 | PA      | $25249.46       | 0.00%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FORVIA SE                                                     | Forvia SE                                                                        | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |      1619000 | PA      | $1982845.37     | 0.01%             | 2030-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM1                                           | CUSIP: 06744WAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1699600 | PA      | $1709920.82     | 0.01%             | 2065-01-25      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FY67<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         9795 | PA      | $9521.47        | 0.00%             | 2041-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securiti                                | Together Asset Backed Securitisation 2025-Cre-1 PLC                              | CUSIP: 000000000<br>LEI: 635400IHLPBPFA2IVG30 | Long             | ABS-MBS          | CORP              | GB        |       223000 | PA      | $300261.30      | 0.00%             | 2057-01-15      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                      | Duke Energy Progress LLC                                                         | CUSIP: 26442UAP9<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |      4209000 | PA      | $3262753.24     | 0.02%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                                        | Delek Logistics Partners LP / Delek Logistics Finance Corp                       | CUSIP: 24665FAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       274000 | PA      | $279603.03      | 0.00%             | 2033-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFRS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2585133 | PA      | $2499412.01     | 0.01%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LendingClub Structured Loan Ce                                | LendingClub Structured Loan Certificate Issuer Trust Series 2025-P16             | CUSIP: 525950AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9000000 | PA      | $9025419.60     | 0.05%             | 2032-12-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                                      | Charles River Laboratories International Inc                                     | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |       254000 | PA      | $251715.09      | 0.00%             | 2028-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                 | Ballyrock CLO 14 Ltd                                                             | CUSIP: 05874XAQ2<br>LEI: 254900GXTF670X967J67 | Long             | ABS-CBDO         | CORP              | KY        |      2500000 | PA      | $2508967.50     | 0.01%             | 2037-07-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38381JNH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1351625 | PA      | $1232364.87     | 0.01%             | 2065-05-16      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFG26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       310683 | PA      | $302515.93      | 0.00%             | 2030-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                                            | Advance Auto Parts Inc                                                           | CUSIP: 00751YAL0<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |       200000 | PA      | $200794.00      | 0.00%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                        | Rockford Tower CLO 2019-2 Ltd                                                    | CUSIP: 77341GAS9<br>LEI: 549300IG5M07NI4QKK80 | Long             | ABS-CBDO         | CORP              | KY        |       217647 | PA      | $217771.34      | 0.00%             | 2032-08-20      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                 | UBS Commercial Mortgage Trust 2018-C15                                           | CUSIP: 90278LAY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1500000 | PA      | $1487659.35     | 0.01%             | 2051-12-15      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                         | China Government Bond                                                            | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     10630000 | PA      | $1426213.71     | 0.01%             | 2045-07-15      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| LendingClub Rated Notes Issuer                                | LendingClub Rated Notes Issuer Trust Series 2025-P2                              | CUSIP: 525949AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       407000 | PA      | $409572.77      | 0.00%             | 2035-04-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                      | Service Properties Trust                                                         | CUSIP: 81761LAD4<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |      5970000 | PA      | $6002208.15     | 0.03%             | 2029-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                                      | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       100000 | PA      | $100144.55      | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31292LGY5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4200600 | PA      | $4040957.12     | 0.02%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced S                                | HOMES 2025-NQM5 Trust                                                            | CUSIP: 43762CAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1500000 | PA      | $1510039.65     | 0.01%             | 2070-09-25      | Variable      | 6.79%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                                            | Morocco Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |       100000 | PA      | $119826.92      | 0.00%             | 2035-04-02      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31415VYB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        12913 | PA      | $13500.81       | 0.00%             | 2035-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38381PXY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1903060 | PA      | $1905393.43     | 0.01%             | 2065-05-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LendingClub Rated Notes Issuer                                | LendingClub Rated Notes Issuer Trust Series 2025-P2                              | CUSIP: 525949AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       820000 | PA      | $825030.62      | 0.00%             | 2035-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CONTOURGLOBAL POWER HLDG                                      | ContourGlobal Power Holdings SA                                                  | CUSIP: 000000000<br>LEI: 549300O5AGIFK0PQ1516 | Long             | DBT              | CORP              | LU        |      1919000 | PA      | $2308935.43     | 0.01%             | 2030-02-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real E                                | Arbor Realty Commercial Real Estate Notes 2025-FL1 LLC                           | CUSIP: 03881KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      5428000 | PA      | $5417031.10     | 0.03%             | 2043-01-20      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418EE63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1602131 | PA      | $1570595.82     | 0.01%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM1                                           | CUSIP: 06744WAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3768000 | PA      | $3666563.93     | 0.02%             | 2065-01-25      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                                                   | Gap Inc/The                                                                      | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |        39000 | PA      | $36951.06       | 0.00%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                        | RR 32 LTD /old                                                                   | CUSIP: 74988CAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2310000 | PA      | $2318741.50     | 0.01%             | 2039-10-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DV3Q6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1125985 | PA      | $1111731.69     | 0.01%             | 2049-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CEM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     44564000 | PA      | $43578717.59    | 0.24%             | 2029-04-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                              | Duke Energy Corp                                                                 | CUSIP: 26441CCF0<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     17451000 | PA      | $17255342.88    | 0.09%             | 2054-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DVMD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     82302078 | PA      | $73690241.27    | 0.40%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36180UFX2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       163945 | PA      | $153100.64      | 0.00%             | 2043-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                      | Service Properties Trust                                                         | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |      5390000 | PA      | $5316980.86     | 0.03%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit                                | Bain Capital Credit CLO 2020-2 Ltd                                               | CUSIP: 05683EAW2<br>LEI: 254900JJEDONFKODOF95 | Long             | ABS-CBDO         | CORP              | KY        |       550000 | PA      | $550137.94      | 0.00%             | 2034-07-19      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138W5MS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       184634 | PA      | $170450.59      | 0.00%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Commercial Mor                                | Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3                | CUSIP: 06427DAU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11850000 | PA      | $59176.53       | 0.00%             | 2050-02-15      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| LendingClub Rated Notes Issuer                                | LendingClub Rated Notes Issuer Trust Series 2025-P2                              | CUSIP: 525949AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       328000 | PA      | $329574.73      | 0.00%             | 2035-12-15      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Option One Mortgage Loan Trust                                | Option One Mortgage Loan Trust 2007-FXD1                                         | CUSIP: 68402VAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1619270 | PA      | $1395921.75     | 0.01%             | 2037-01-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                                        | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |       144000 | PA      | $147461.04      | 0.00%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| THE ROYAL BANK OF SCOTLAND INTERNATIONAL LIMITED              | USD/JPY FORWARD                                                                  | CUSIP: 000000000<br>LEI: 21380078CCZSEEIIKA41 | N/A              | DFE              | CORP              | US        |            1 | NC      | $7857.11        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                         | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAD0<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |       133000 | PA      | $137729.81      | 0.00%             | 2033-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| EQUINIX EU 2 FINANCING C                                      | Equinix Europe 2 Financing Corp LLC                                              | CUSIP: 29390XAA2<br>LEI: 254900FSZR46BPMCKI50 | Long             | DBT              | CORP              | US        |     22050000 | PA      | $22828193.23    | 0.12%             | 2034-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ace Securities Corp.                                          | ACE Securities Corp Home Equity Loan Trust Series 2005-AG1                       | CUSIP: 004427CD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       495082 | PA      | $440498.29      | 0.00%             | 2035-08-25      | Floating      | 4.54%                 | 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        |       350000 | PA      | $366686.60      | 0.00%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132GSSE0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       645534 | PA      | $619802.25      | 0.00%             | 2042-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                                                   | Gap Inc/The                                                                      | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |       115000 | PA      | $106294.81      | 0.00%             | 2031-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MASTR Asset Backed Securities                                 | Mastr Asset Backed Securities Trust 2007-HE1                                     | CUSIP: 576457AD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1318273 | PA      | $1140929.16     | 0.01%             | 2037-05-25      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| First Franklin Mtg Loan Asset                                 | First Franklin Mortgage Loan Trust 2006-FFH1                                     | CUSIP: 32027NZN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2881780 | PA      | $2649401.61     | 0.01%             | 2036-01-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM1                                           | CUSIP: 06744WAH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         6474 | PA      | $6183.89        | 0.00%             | 2065-01-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Race Point CLO Ltd                                            | Race Point X CLO Ltd                                                             | CUSIP: 74983DAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       211262 | PA      | $211278.90      | 0.00%             | 2031-07-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                                      | Charles River Laboratories International Inc                                     | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |       100000 | PA      | $96553.20       | 0.00%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                         | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |       617000 | PA      | $468022.02      | 0.00%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HKE75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     48728192 | PA      | $49082742.99    | 0.27%             | 2055-01-25      | Floating      | 5.22%                 | 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        |       493000 | PA      | $514549.37      | 0.00%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36177Q6Y4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        74727 | PA      | $69966.13       | 0.00%             | 2042-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae REMICS                                                                | CUSIP: 3136BU2R0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7003573 | PA      | $7047568.94     | 0.04%             | 2055-03-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179TV51<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        63498 | PA      | $58910.18       | 0.00%             | 2048-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                            | Ukraine Government International Bond                                            | CUSIP: 903724BZ4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       811000 | PA      | $606222.50      | 0.00%             | 2029-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                | BBCMS Mortgage Trust 2025-C35                                                    | CUSIP: 07337DAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1295000 | PA      | $1353715.30     | 0.01%             | 2058-07-15      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga                                | MF1 2022-FL10 LLC                                                                | CUSIP: 55285BAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |       553212 | PA      | $553380.32      | 0.00%             | 2037-09-17      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                      | Foundation Finance Trust 2025-2                                                  | CUSIP: 35042NAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1004000 | PA      | $1003479.23     | 0.01%             | 2052-04-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36176Q4Q4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        34442 | PA      | $32260.02       | 0.00%             | 2042-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138LSK41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       224593 | PA      | $219534.49      | 0.00%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LendingClub Rated Notes Issuer                                | LendingClub Rated Notes Issuer Trust Series 2025-P2                              | CUSIP: 525949AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       526000 | PA      | $528381.25      | 0.00%             | 2036-07-15      | Fixed         | 8.99%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV7                                             | CUSIP: 46654CAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20666908 | PA      | $18694346.62    | 0.10%             | 2052-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                      | Foundation Finance Trust 2025-2                                                  | CUSIP: 35042NAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1082000 | PA      | $1093635.18     | 0.01%             | 2052-04-15      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM1                                           | CUSIP: 06744WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     34056754 | PA      | $34392590.84    | 0.19%             | 2065-01-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                        | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |       113000 | PA      | $116195.01      | 0.00%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DVMB8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     23437872 | PA      | $20190195.09    | 0.11%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                              | Symphony CLO XX Ltd                                                              | CUSIP: 87166VAY4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1110000 | PA      | $1111096.57     | 0.01%             | 2032-01-16      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| BB CLEAR CHANNEL OUTDOOR HOLDINGS                             | BB CLEAR CHANNEL OUTDOOR HOLDINGS                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       198500 | PA      | $198500.00      | 0.00%             | 2026-03-04      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                         | Silver Point CLO 13 Ltd                                                          | CUSIP: 82809RAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      5260000 | PA      | $5269735.21     | 0.03%             | 2038-10-15      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| CORE SCIENTIFIC INC                                           | Core Scientific Inc                                                              | CUSIP: 21874AAE6<br>LEI: 5299003RGB2LAZ65RK73 | Long             | DBT              | CORP              | US        |       546000 | PA      | $573682.20      | 0.00%             | 2031-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 61748UAK8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     17795000 | PA      | $17789269.83    | 0.10%             | 2029-10-18      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XJVT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4397779 | PA      | $4076212.38     | 0.02%             | 2037-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                          | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       708000 | PA      | $735550.89      | 0.00%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Option One Mortgage Loan Trust                                | Option One Mortgage Loan Trust 2007-FXD1                                         | CUSIP: 68402VAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       234375 | PA      | $230631.12      | 0.00%             | 2037-01-25      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36196FZH0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       574259 | PA      | $527905.24      | 0.00%             | 2046-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2022-LBA6                                                               | CUSIP: 12433EAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2890000 | PA      | $2887321.84     | 0.02%             | 2039-01-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                                          | Birch Grove CLO 7 Ltd                                                            | CUSIP: 09077RAL3<br>LEI: 254900FP4VB7V5ZG0W95 | Long             | ABS-CBDO         | CORP              | JE        |      4520000 | PA      | $4527909.55     | 0.02%             | 2038-10-20      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                         | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       100000 | PA      | $104388.20      | 0.00%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                       | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAS0<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |       228000 | PA      | $250373.64      | 0.00%             | 2029-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                        | Rockford Tower CLO 2017-1 Ltd                                                    | CUSIP: 77340EAW6<br>LEI: 5493007GXSFXDXOXG741 | Long             | ABS-CBDO         | CORP              | KY        |      4827000 | PA      | $4829259.52     | 0.03%             | 2034-04-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Trust 2021-LBA                                                                | CUSIP: 05609BAV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       963997 | PA      | $963213.86      | 0.01%             | 2036-02-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                           | Axon Enterprise Inc                                                              | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |       100000 | PA      | $104032.72      | 0.00%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                      | EQT Corp                                                                         | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     39707000 | PA      | $39526127.86    | 0.21%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QU4N0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        22373 | PA      | $21576.23       | 0.00%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WH3H3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2326898 | PA      | $2128644.31     | 0.01%             | 2046-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179RXD6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       476007 | PA      | $443474.22      | 0.00%             | 2046-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                          | Republic of Uzbekistan International Bond                                        | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |       684000 | PA      | $821304.17      | 0.00%             | 2027-05-29      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM1                                           | CUSIP: 06744WAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3107314 | PA      | $3141543.28     | 0.02%             | 2065-01-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                      | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     29097000 | PA      | $29292569.96    | 0.16%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                      | AT&T Inc                                                                         | CUSIP: 00206RDS8<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      1917000 | PA      | $1809902.60     | 0.01%             | 2047-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Co                                | Structured Asset Securities Corp Assistance Loan Trust 2003-AL2                  | CUSIP: 86359AWR0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        33847 | PA      | $32519.74       | 0.00%             | 2031-01-25      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                    | Verus Securitization Trust 2023-3                                                | CUSIP: 92539GAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       543000 | PA      | $544355.49      | 0.00%             | 2068-03-25      | Variable      | 7.71%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2017-2                                    | CUSIP: 92258VAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       212105 | PA      | $200728.46      | 0.00%             | 2047-11-25      | Variable      | 4.24%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                 | Ballyrock CLO 2020-2 Ltd                                                         | CUSIP: 05875DAL6<br>LEI: 254900Y6C4AXEAZ9T124 | Long             | ABS-CBDO         | CORP              | KY        |       300000 | PA      | $300066.12      | 0.00%             | 2031-10-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| LendingClub Rated Notes Issuer                                | LendingClub Rated Notes Issuer Trust Series 2025-P2                              | CUSIP: 525949AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       262000 | PA      | $263306.28      | 0.00%             | 2037-01-15      | Fixed         | 13.02%                | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                                       | Global Partners LP / GLP Finance Corp                                            | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       100000 | PA      | $101824.30      | 0.00%             | 2033-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                 | Ballyrock CLO 14 Ltd                                                             | CUSIP: 05874XAL3<br>LEI: 254900GXTF670X967J67 | Long             | ABS-CBDO         | CORP              | KY        |      4448000 | PA      | $4463624.93     | 0.02%             | 2037-07-20      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J5JU4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1556976 | PA      | $1473178.68     | 0.01%             | 2047-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH                                 | American Municipal Power Inc                                                     | CUSIP: 02765UEK6<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |      3555000 | PA      | $4469590.94     | 0.02%             | 2050-02-15      | Fixed         | 8.08%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                                | Bayview Commercial Asset Trust 2008-2                                            | CUSIP: 07326HAJ3<br>LEI: 5493000GL2JJAFF26M50 | Long             | ABS-MBS          | CORP              | US        |       844117 | PA      | $842060.24      | 0.00%             | 2038-04-25      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Trust 2022-RPL1                                                | CUSIP: 06745CAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8764080 | PA      | $8745427.41     | 0.05%             | 2028-02-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2022-I Ltd                                                          | CUSIP: 12570LAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2085000 | PA      | $2086501.83     | 0.01%             | 2035-04-17      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                                       | Fantasia Holdings Group Co Ltd                                                   | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |      2657000 | PA      | $26570.00       | 0.00%             | 2023-01-09      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Mila B.V.                                                     | Mila 2024-1 BV                                                                   | CUSIP: 000000000<br>LEI: 7245000GAIRCK7Y7VJ68 | Long             | ABS-O            | CORP              | NL        |       193115 | PA      | $227800.80      | 0.00%             | 2041-09-16      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| WOM CHILE HOLDCO SPA                                          | WOM Chile Holdco SpA                                                             | CUSIP: 97810KAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CL        |      5068208 | PA      | $4637410.32     | 0.03%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                      | EQT Corp                                                                         | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     41496000 | PA      | $45070997.00    | 0.24%             | 2030-02-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Rockford Tower Europe CLO                                     | Rockford Tower Europe Clo 2025-3 DAC                                             | CUSIP: 000000000<br>LEI: 6354009EFUWKAOBABO62 | Long             | ABS-CBDO         | CORP              | IE        |      4760000 | PA      | $5586903.06     | 0.03%             | 2040-01-15      | Floating      | 3.39%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31292LGU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       421497 | PA      | $405216.80      | 0.00%             | 2042-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                        | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |      1639000 | PA      | $1666336.88     | 0.01%             | 2030-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2021-I Ltd                                                          | CUSIP: 12563EAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      5280000 | PA      | $5308154.02     | 0.03%             | 2037-07-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36181FEB3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       185108 | PA      | $172922.59      | 0.00%             | 2043-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM1                                           | CUSIP: 06744WAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2959326 | PA      | $2991797.47     | 0.02%             | 2065-01-25      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| Conseco Financial Corp                                        | Conseco Finance Corp                                                             | CUSIP: 393505F64<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       109714 | PA      | $111693.20      | 0.00%             | 2030-04-01      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers Jersey Bo                                | Vantage Data Centers Jersey Borrower Spv Ltd                                     | CUSIP: 000000000<br>LEI: 213800S5S638C9IBQ379 | Long             | ABS-O            | CORP              | JE        |      1651000 | PA      | $2225122.73     | 0.01%             | 2039-05-28      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128MEVG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1249903 | PA      | $1241414.53     | 0.01%             | 2031-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                    | Navient Private Education Refi Loan Trust 2019-C                                 | CUSIP: 63940YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        52093 | PA      | $51571.20       | 0.00%             | 2068-02-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certi                                | CWABS Asset-Backed Certificates Trust 2006-18                                    | CUSIP: 23243WAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6644166 | PA      | $6952590.08     | 0.04%             | 2037-03-25      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certi                                | CWABS Asset-Backed Certificates Trust 2006-14                                    | CUSIP: 23243LAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1121836 | PA      | $1188030.78     | 0.01%             | 2037-02-25      | Floating      | 4.28%                 | No            |                  2 | On Loan: No      |
| REPSOL E&P CAP MARKETS                                        | Repsol E&P Capital Markets US LLC                                                | CUSIP: 76026AAB3<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |      3690000 | PA      | $3742210.07     | 0.02%             | 2030-09-16      | Fixed         | 5.20%                 | 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      | $2003083.00     | 0.01%             | 2038-04-25      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                         | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       433000 | PA      | $449498.17      | 0.00%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31412MPB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         5979 | PA      | $6164.32        | 0.00%             | 2038-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                              | Peruvian Government International Bond                                           | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |       100000 | PA      | $92550.00       | 0.00%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Trust 2022-RPL1                                                | CUSIP: 06745CAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2104600 | PA      | $2099973.67     | 0.01%             | 2028-02-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                                         | DB Master Finance LLC                                                            | CUSIP: 233046AU5<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |      7313000 | PA      | $7327967.52     | 0.04%             | 2055-08-20      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC                    | CUSIP: 466330AQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2750000 | PA      | $2749983.23     | 0.01%             | 2038-04-15      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                      | Duke Energy Progress LLC                                                         | CUSIP: 26442UAR5<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |      7886000 | PA      | $7530460.24     | 0.04%             | 2053-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Government National Mortgage Association                                         | CUSIP: 38381MXF2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1394860 | PA      | $1390964.12     | 0.01%             | 2056-08-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMSG1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     16772378 | PA      | $15143501.65    | 0.08%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36196FZJ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       349848 | PA      | $321393.73      | 0.00%             | 2046-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                                | Morgan Stanley Residential Mortgage Loan Trust 2023-NQM1                         | CUSIP: 61775VAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1402000 | PA      | $1414496.87     | 0.01%             | 2068-09-25      | Variable      | 7.36%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Secu                                | Bear Stearns Asset Backed Securities I Trust 2007-HE2                            | CUSIP: 07389YAV3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       902489 | PA      | $882019.60      | 0.00%             | 2037-03-25      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31419AL70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       216671 | PA      | $229168.39      | 0.00%             | 2040-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFG83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       222758 | PA      | $219108.90      | 0.00%             | 2030-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                            | MCR 2024-HF1 Mortgage Trust                                                      | CUSIP: 55287FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3431840 | PA      | $3438242.66     | 0.02%             | 2041-12-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| REPSOL E&P CAP MARKETS                                        | Repsol E&P Capital Markets US LLC                                                | CUSIP: 76026AAC1<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |      7265000 | PA      | $7409433.14     | 0.04%             | 2035-09-16      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| HR OTTAWA LP                                                  | HR Ottawa LP                                                                     | CUSIP: 44331MAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     23282288 | PA      | $25605984.98    | 0.14%             | 2031-03-31      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Countrywide Home Equity Loan T                                | CWHEQ Revolving Home Equity Loan Trust Series 2005-B                             | CUSIP: 126685AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        14435 | PA      | $14384.31       | 0.00%             | 2035-05-15      | Floating      | 4.04%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                    | ROCK Trust 2024-CNTR                                                             | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       799976 | PA      | $821877.66      | 0.00%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Trust 2022-RPL1                                                | CUSIP: 06745CAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        16887 | PA      | $15473.45       | 0.00%             | 2028-02-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Trust 2022-RPL1                                                | CUSIP: 06745CAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3527294 | PA      | $1278643.93     | 0.01%             | 2028-02-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMSH9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5350637 | PA      | $5146739.02     | 0.03%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Eaton Vance CDO Ltd                                           | Eaton Vance CLO 2020-2 Ltd                                                       | CUSIP: 27829PAU0<br>LEI: 549300FU3GAH1NNHOO94 | Long             | ABS-CBDO         | CORP              | KY        |       100000 | PA      | $100367.70      | 0.00%             | 2037-10-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trus                                | Residential Mortgage Loan Trust 2020-2                                           | CUSIP: 76123MAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7854000 | PA      | $7560665.67     | 0.04%             | 2060-05-25      | Variable      | 3.56%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                         | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       215000 | PA      | $224118.15      | 0.00%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3131Y87L3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1572049 | PA      | $1558790.53     | 0.01%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EQUATE PETROCHEMICAL CO                                       | EQUATE Petrochemical Co KSC                                                      | CUSIP: 000000000<br>LEI: 635400J73BDO4TTGXD45 | Long             | DBT              | CORP              | KW        |       200000 | PA      | $199687.50      | 0.00%             | 2026-11-03      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                  | USD/PLN FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-8359.26       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ITELYUM REGENERATION SPA                                      | Itelyum Regeneration Spa                                                         | CUSIP: 000000000<br>LEI: 815600051FBC23AA8A45 | Long             | DBT              | CORP              | IT        |      1619000 | PA      | $1896430.13     | 0.01%             | 2030-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                         | Palmer Square CLO 2025-4 Ltd                                                     | CUSIP: 696916AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1440000 | PA      | $1443765.60     | 0.01%             | 2038-10-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Citicorp Homeowners Mortgage A                                | MAC Trust 2025-801B                                                              | CUSIP: 553918AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5199000 | PA      | $5205472.76     | 0.03%             | 2040-10-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                                            | Advance Auto Parts Inc                                                           | CUSIP: 00751YAE6<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |       756000 | PA      | $693989.33      | 0.00%             | 2030-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM1                                           | CUSIP: 06744WAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3144500 | PA      | $3199249.83     | 0.02%             | 2065-01-25      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417JRB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         3143 | PA      | $3216.00        | 0.00%             | 2039-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | J.P. Morgan Mortgage Trust 2021-INV7                                             | CUSIP: 46654CAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23502634 | PA      | $676257.74      | 0.00%             | 2052-02-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DVMA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     43705329 | PA      | $39343198.04    | 0.21%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KJSE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4638550 | PA      | $3599969.38     | 0.02%             | 2050-08-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                                   | Chemours Co/The                                                                  | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |       660000 | PA      | $638954.38      | 0.00%             | 2033-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307LRK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        13539 | PA      | $13139.05       | 0.00%             | 2030-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 912810UD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     53521500 | PA      | $49120611.17    | 0.27%             | 2044-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                      | AT&T Inc                                                                         | CUSIP: 00206RLV2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     33328000 | PA      | $21978462.55    | 0.12%             | 2059-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Tower Bridge Funding                                          | Tower Bridge Funding 2024-3 PLC                                                  | CUSIP: 000000000<br>LEI: 635400XMA28GDAPK1E69 | Long             | ABS-MBS          | CORP              | GB        |       271929 | PA      | $366408.90      | 0.00%             | 2066-12-20      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3129414T1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       133300 | PA      | $130576.04      | 0.00%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                              | SLG Office Trust 2021-OVA                                                        | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       573000 | PA      | $512263.83      | 0.00%             | 2041-07-15      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                              | TRESTLES CLO 2017-1 Ltd                                                          | CUSIP: 89531FAY3<br>LEI: 254900QSBDX181YYBH38 | Long             | ABS-CBDO         | CORP              | KY        |      7370000 | PA      | $7395971.88     | 0.04%             | 2037-07-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179WVV7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5105906 | PA      | $4597680.56     | 0.02%             | 2052-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                       | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       461000 | PA      | $464490.98      | 0.00%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RMIT_21-3                                                     | RMIT_21-3                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21460000 | PA      | $20977150.00    | 0.11%             | 2033-10-17      | Fixed         | 3.88%                 | No            |                  3 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2022-B                                                  | CUSIP: 00971BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15955982 | PA      | $15483358.02    | 0.08%             | 2062-03-27      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Canyon Capital CLO Ltd                                        | Canyon CLO 2018-1 Ltd                                                            | CUSIP: 13877BAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       456178 | PA      | $456325.82      | 0.00%             | 2031-07-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418CPF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       266866 | PA      | $257989.32      | 0.00%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                            | Meta Platforms Inc                                                               | CUSIP: 30303M8K1<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     14091000 | PA      | $11382496.88    | 0.06%             | 2062-08-15      | Fixed         | 4.65%                 | 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        |       500000 | PA      | $589431.55      | 0.00%             | 2038-12-14      | Floating      | 3.69%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179XHW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       436916 | PA      | $401642.31      | 0.00%             | 2052-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Conseco Finance Securitization                                | Conseco Finance Securitizations Corp                                             | CUSIP: 20846QEQ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2104715 | PA      | $376425.59      | 0.00%             | 2031-05-01      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd                                | LoanCore 2025 2025-CRE8 Issuer LLC                                               | CUSIP: 53947FAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      1750000 | PA      | $1750232.23     | 0.01%             | 2042-08-17      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                                   | Rad CLO 18 Ltd                                                                   | CUSIP: 75009AAU4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250679.25      | 0.00%             | 2037-07-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFG91<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       290666 | PA      | $285829.78      | 0.00%             | 2030-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36196FZE7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       213105 | PA      | $196694.51      | 0.00%             | 2046-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-                                | One New York Plaza Trust 2020-1NYP                                               | CUSIP: 68249DAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2345000 | PA      | $2212205.93     | 0.01%             | 2036-01-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| REPSOL E&P CAP MARKETS                                        | Repsol E&P Capital Markets US LLC                                                | CUSIP: 76026AAA5<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |      2855000 | PA      | $2881572.60     | 0.02%             | 2028-09-16      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                               | United States Treasury Inflation Indexed Bonds                                   | CUSIP: 91282CNB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    207006752 | PA      | $208021613.35   | 1.13%             | 2030-04-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                              | CSC Holdings LLC                                                                 | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |      1065864 | PA      | $929582.52      | 0.01%             | 2027-04-15      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                          | Edison International                                                             | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |         8000 | PA      | $8398.02        | 0.00%             | 2054-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                         | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |       137970 | PA      | $132106.28      | 0.00%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                                | Carlyle US CLO 2022-1 Ltd                                                        | CUSIP: 14318JAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250058.55      | 0.00%             | 2035-04-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                                         | Mineral Resources Ltd                                                            | CUSIP: 603051AF0<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |        92000 | PA      | $95937.99       | 0.00%             | 2031-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2023-XL3                                            | CUSIP: 12434GAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5463147 | PA      | $5474976.04     | 0.03%             | 2040-12-09      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC                                       | Windstream Services LLC                                                          | CUSIP: 97382BAB5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |       399000 | PA      | $409018.05      | 0.00%             | 2033-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                   | Gartner Inc                                                                      | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |      3330000 | PA      | $3157848.22     | 0.02%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SCI PH PARENT INC                                             | SCI PH PARENT INC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |         1875 | NS      | $2498437.50     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                      | Service Properties Trust                                                         | CUSIP: 44106MAY8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |      1086000 | PA      | $920200.05      | 0.00%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2024-AIR2                                           | CUSIP: 05613QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5908550 | PA      | $5915895.18     | 0.03%             | 2041-10-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                           | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |      2348000 | PA      | $2801280.86     | 0.02%             | 2029-10-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                                | Regional Management Issuance Trust 2024-2                                        | CUSIP: 75907AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1860000 | PA      | $1874433.04     | 0.01%             | 2033-12-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YXGL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        34925 | PA      | $34264.79       | 0.00%             | 2030-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Avoca CLO                                                     | Avoca CLO XXIII DAC                                                              | CUSIP: 000000000<br>LEI: 549300JQ57GOFHS3VT07 | Long             | ABS-CBDO         | CORP              | IE        |       500000 | PA      | $588827.79      | 0.00%             | 2034-04-15      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-PHH                  | CUSIP: 46650FAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       959395 | PA      | $807056.16      | 0.00%             | 2035-06-15      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                                        | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |       147000 | PA      | $157009.82      | 0.00%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Adjustable Rate Mortgage Trust                                | Adjustable Rate Mortgage Trust 2005-8                                            | CUSIP: 007036QG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3155324 | PA      | $2191159.55     | 0.01%             | 2035-11-25      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36189MS74<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        72602 | PA      | $68933.81       | 0.00%             | 2046-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage                                 | Citigroup Commercial Mortgage Trust 2015-P1                                      | CUSIP: 17324DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       123675 | PA      | $119654.56      | 0.00%             | 2048-09-15      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| Conseco Finance Securitization                                | Conseco Finance Securitizations Corp                                             | CUSIP: 20846QER5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3839543 | PA      | $707402.00      | 0.00%             | 2031-05-01      | Fixed         | 8.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133BEQS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       363717 | PA      | $367493.97      | 0.00%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                                       | Global Partners LP / GLP Finance Corp                                            | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       149000 | PA      | $156938.12      | 0.00%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2024-38 Ltd                                                              | CUSIP: 67120KAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      4400000 | PA      | $4416676.00     | 0.02%             | 2038-01-21      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50734000 | PA      | $51380066.03    | 0.28%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WBI OPERATING LLC                                             | WBI Operating LLC                                                                | CUSIP: 92944BAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       310000 | PA      | $308825.88      | 0.00%             | 2033-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EQZA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       564500 | PA      | $564880.23      | 0.00%             | 2045-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 000000000<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      2420000 | PA      | $2797903.18     | 0.02%             | 2036-11-07      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| WESTBAY 4A2 NOTES                                             | WESTBAY 4A2 NOTES                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21604000 | PA      | $21848125.20    | 0.12%             | 2030-02-06      | Fixed         | 11.00%                | No            |                  3 | On Loan: No      |
| Oak Hill Credit Partners                                      | OHA Credit Funding 9 Ltd                                                         | CUSIP: 67690AAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2780000 | PA      | $2789652.16     | 0.02%             | 2037-10-19      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QRER0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16133974 | PA      | $16714522.77    | 0.09%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                                         | Mineral Resources Ltd                                                            | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |      1083000 | PA      | $1136608.86     | 0.01%             | 2028-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES                                       | K Hovnanian Enterprises Inc                                                      | CUSIP: 48251UAP3<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |       282000 | PA      | $287799.89      | 0.00%             | 2031-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36180DVA2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       183435 | PA      | $171187.47      | 0.00%             | 2043-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certi                                | CWABS Inc Asset-backed Certificates Series 2007-12                               | CUSIP: 126697AB7<br>LEI: 549300XF11BHS5IOB463 | Long             | ABS-O            | CORP              | US        |      2298320 | PA      | $2271943.62     | 0.01%             | 2047-08-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                                | Regional Management Issuance Trust 2024-2                                        | CUSIP: 75907AAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       271000 | PA      | $273663.33      | 0.00%             | 2033-12-15      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA                                        | Stena International SA                                                           | CUSIP: 85858EAD5<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |       400000 | PA      | $407762.40      | 0.00%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO XXXVIII Ltd                                          | CUSIP: 08183FAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      6030000 | PA      | $6051316.05     | 0.03%             | 2038-01-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      7829000 | PA      | $7760868.21     | 0.04%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                       | Dell International LLC / EMC Corp                                                | CUSIP: 24703DBS9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18451000 | PA      | $18424665.63    | 0.10%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SABENA TECHNICS SAS                                           | SABENA TECHNICS SAS                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      6551690 | PA      | $7699545.68     | 0.04%             | 2029-09-30      | Floating      | 7.02%                 | Yes           |                  3 | On Loan: No      |
| J&J VENTURES GAMING LLC                                       | J&J VENTURES GAMING LLC                                                          | CUSIP: 46604BAH1<br>LEI: 549300BYPH8FLKS5ZS70 | Long             | LON              | CORP              | US        |      1860574 | PA      | $1845168.60     | 0.01%             | 2030-04-26      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                            | Ukraine Government International Bond                                            | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       178000 | PA      | $105910.00      | 0.00%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                                | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137F83S0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13443218 | PA      | $523780.06      | 0.00%             | 2030-10-25      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36196FZF4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       289462 | PA      | $266815.96      | 0.00%             | 2046-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                 | New Residential Mortgage Loan Trust 2019-2                                       | CUSIP: 64830DAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       537470 | PA      | $529318.52      | 0.00%             | 2057-12-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                       | NYMT Loan Trust 2024-INV1                                                        | CUSIP: 62956XAA9<br>LEI: 2549009GL7U73W4FX613 | Long             | ABS-MBS          | CORP              | US        |      1088136 | PA      | $1094591.95     | 0.01%             | 2069-06-25      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36180DVB0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        51549 | PA      | $48106.00       | 0.00%             | 2043-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                                        | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BK6<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |       342000 | PA      | $323941.76      | 0.00%             | 2033-04-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CGP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     31582000 | PA      | $31911390.47    | 0.17%             | 2028-02-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                   | Gartner Inc                                                                      | CUSIP: 366651AC1<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     36567000 | PA      | $36448735.01    | 0.20%             | 2028-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                          | Edison International                                                             | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |       377000 | PA      | $392276.45      | 0.00%             | 2053-06-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding                                 | Bear Stearns Mortgage Funding Trust 2007-AR3                                     | CUSIP: 07401VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       296608 | PA      | $283047.60      | 0.00%             | 2037-03-25      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                      | Angel Oak Mortgage Trust 2024-10                                                 | CUSIP: 034933AA9<br>LEI: 254900QN92XYN8GJBJ44 | Long             | ABS-MBS          | CORP              | US        |      1911528 | PA      | $1920610.00     | 0.01%             | 2069-10-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                         | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CAZ7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      4688000 | PA      | $3202262.87     | 0.02%             | 2049-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                                         | Mineral Resources Ltd                                                            | CUSIP: 603051AD5<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |       862000 | PA      | $896426.70      | 0.00%             | 2030-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132GEB41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       282414 | PA      | $282680.52      | 0.00%             | 2041-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sage AR Funding                                               | Sage AR Funding                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |      1393457 | PA      | $1880304.82     | 0.01%             | 2037-05-17      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                            | Ukraine Government International Bond                                            | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       119000 | PA      | $69615.00       | 0.00%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Regatta XVI Funding Ltd.                                      | Regatta XVI Funding Ltd                                                          | CUSIP: 75888TAS4<br>LEI: 254900XPJFGKL5R4O429 | Long             | ABS-CBDO         | CORP              | KY        |      1200000 | PA      | $1202749.92     | 0.01%             | 2033-01-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO I Ltd                                            | Whitebox CLO III Ltd                                                             | CUSIP: 96467JAE2<br>LEI: 549300JXCQSPB1A61C68 | Long             | ABS-CBDO         | CORP              | KY        |      1000000 | PA      | $1001574.10     | 0.01%             | 2035-10-15      | Floating      | 9.55%                 | No            |                  2 | On Loan: No      |
| Fairbridge                                                    | Fairbridge 2025-1 BV                                                             | CUSIP: 000000000<br>LEI: 724500T08SS1ZWOYTR56 | Long             | ABS-MBS          | CORP              | NL        |       290000 | PA      | $341464.74      | 0.00%             | 2062-02-24      | Floating      | 3.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QFBZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3235477 | PA      | $3082795.59     | 0.02%             | 2035-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Asset-Backed European Securiti                                | Asset-Backed European Securitisation Transaction Twenty-Three Sarl               | CUSIP: 000000000<br>LEI: 213800WQKYRCMTF4FR47 | Long             | ABS-O            | CORP              | LU        |       259292 | PA      | $307704.06      | 0.00%             | 2034-03-21      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                                 | GS Mortgage-Backed Securities Trust 2023-CCM1                                    | CUSIP: 362918AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1022000 | PA      | $1019832.75     | 0.01%             | 2053-08-25      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                         | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |        82000 | PA      | $89786.19       | 0.00%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AP GRANGE HOLDINGS LLC                                        | AP GRANGE HOLDINGS LLC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12241000 | PA      | $13083180.80    | 0.07%             | 2045-03-20      | Fixed         | 6.50%                 | Yes           |                  3 | On Loan: No      |
| BX Trust                                                      | BX Trust 2024-VLT4                                                               | CUSIP: 05612TAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17353713 | PA      | $17348281.29    | 0.09%             | 2041-06-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Euro Galaxy CLO DAC                                           | Euro-Galaxy III CLO DAC                                                          | CUSIP: 000000000<br>LEI: 635400H1W7SGWXGQOB43 | Long             | ABS-CBDO         | CORP              | IE        |      1585000 | PA      | $1859070.37     | 0.01%             | 2034-04-24      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EP4Z4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       216885 | PA      | $213220.57      | 0.00%             | 2030-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36196FZG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       223007 | PA      | $205283.16      | 0.00%             | 2046-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                                         | Japan Government Thirty Year Bond                                                | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   7782100000 | PA      | $39893198.79    | 0.22%             | 2054-12-20      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trus                                | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU                               | CUSIP: 34461WAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       422000 | PA      | $424353.49      | 0.00%             | 2039-12-15      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137HJAC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6072578 | PA      | $6117223.87     | 0.03%             | 2054-10-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Argent Securities Inc.                                        | Argent Mortgage Loan Trust 2005-W1                                               | CUSIP: 040104MY4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2204600 | PA      | $1844522.33     | 0.01%             | 2035-05-25      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                        | RR 5 Ltd                                                                         | CUSIP: 74979VAM5<br>LEI: 549300213Q1LH7O32902 | Long             | ABS-CBDO         | CORP              | KY        |       720000 | PA      | $722339.50      | 0.00%             | 2039-07-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                               | CDS FEDERATIVE REPUBLIC OF BRAZIL                                                | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |            1 | NC      | $144939.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Banc of America Funding Corpor                                | Banc of America Funding 2014-R2 Trust                                            | CUSIP: 05968KAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3235989 | PA      | $1123054.18     | 0.01%             | 2036-11-26      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                         | Guatemala Government Bond                                                        | CUSIP: 401494AX7<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |       200000 | PA      | $219300.00      | 0.00%             | 2032-10-04      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                      | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |        56000 | PA      | $53177.31       | 0.00%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DV3W3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1377472 | PA      | $1360757.36     | 0.01%             | 2049-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                            | Ukraine Government International Bond                                            | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |        32000 | PA      | $18880.00       | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                      | AT&T Inc                                                                         | CUSIP: 00206RDJ8<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      4526000 | PA      | $3736943.32     | 0.02%             | 2048-03-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                    | ROCK Trust 2024-CNTR                                                             | CUSIP: 74970WAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2091000 | PA      | $2224988.98     | 0.01%             | 2041-11-13      | Fixed         | 8.82%                 | No            |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I LP                                        | Harvest Midstream I LP                                                           | CUSIP: 417558AB9<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |       115000 | PA      | $119874.16      | 0.00%             | 2032-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                              | Symphony CLO 46 Ltd                                                              | CUSIP: 87170WAC4<br>LEI: 2549003KA6F4T4Q34J34 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250576.88      | 0.00%             | 2038-01-20      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                                          | Signal Peak CLO 3 Ltd                                                            | CUSIP: 82672NAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1350000 | PA      | $1354746.60     | 0.01%             | 2037-01-23      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XUUR1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       244683 | PA      | $241257.12      | 0.00%             | 2029-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                          | Cross 2025-CES1 Mortgage Trust                                                   | CUSIP: 22757WAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1097934 | PA      | $1101782.75     | 0.01%             | 2060-11-25      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO                                          | Stillwater Mining Co                                                             | CUSIP: 86074QAQ5<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |       200000 | PA      | $188500.00      | 0.00%             | 2029-11-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2023-XL3                                            | CUSIP: 12434GAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4114187 | PA      | $4117999.66     | 0.02%             | 2040-12-09      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| FREEWIRE EQUITY                                               | FREEWIRE EQUITY                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          153 | NS      | $0.00           | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CGJ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     32418700 | PA      | $32232545.67    | 0.18%             | 2030-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 31427MKT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4626316 | PA      | $4784196.95     | 0.03%             | 2055-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132M57A4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       153642 | PA      | $148151.69      | 0.00%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128MFF94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3796112 | PA      | $3766872.12     | 0.02%             | 2032-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RUNITONETIME TL NEW MONEY DIP:TL LOAN/TERM                    | RUNITONETIME TL NEW MONEY DIP:TL LOAN/TERM                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       947133 | PA      | $947133.36      | 0.01%             | 2026-04-21      | Floating      | 16.22%                | No            |                  3 | On Loan: No      |
| GCAT                                                          | GCAT 2022-NQM2 Trust                                                             | CUSIP: 36169KAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       853000 | PA      | $718030.41      | 0.00%             | 2067-02-25      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31390MJS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         1835 | PA      | $1866.55        | 0.00%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                         | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |       163000 | PA      | $171584.36      | 0.00%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2005-55CW                                                 | CUSIP: 12668AUP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       558027 | PA      | $401354.38      | 0.00%             | 2035-11-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                      | OHA Credit Funding 9 Ltd                                                         | CUSIP: 67690AAS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3510000 | PA      | $3526125.99     | 0.02%             | 2037-10-19      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-                                | One New York Plaza Trust 2020-1NYP                                               | CUSIP: 68249DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1815000 | PA      | $1780281.59     | 0.01%             | 2036-01-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QFBX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3286298 | PA      | $3137260.86     | 0.02%             | 2035-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                                      | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC    | CUSIP: 44287DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |       608000 | PA      | $627657.86      | 0.00%             | 2032-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ANDIRON FINANCING LLC                                         | ANDIRON FINANCING LLC                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       880000 | PA      | $879999.63      | 0.00%             | 2030-01-21      | Floating      | 6.82%                 | No            |                  3 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                                        | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |       198000 | PA      | $187824.38      | 0.00%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                | Chase Mortgage Finance Trust Series 2007-S6                                      | CUSIP: 161636AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18856332 | PA      | $7340434.58     | 0.04%             | 2037-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                                        | Volkswagen International Finance NV                                              | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |      1200000 | PA      | $1459305.08     | 0.01%             | N/A             | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| CVR CHC LP                                                    | CVR CHC LP                                                                       | CUSIP: 12663SAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      2757118 | PA      | $2759406.29     | 0.01%             | 2027-12-30      | Floating      | 7.67%                 | No            |                  3 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN                                      | Jefferies Finance LLC / JFIN Co-Issuer Corp                                      | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       349000 | PA      | $336006.56      | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                  | CSMC 2017-TIME                                                                   | CUSIP: 12652XAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       850000 | PA      | $809127.67      | 0.00%             | 2039-11-13      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                   | OCP CLO 2014-5 Ltd                                                               | CUSIP: 67102SAN4<br>LEI: 254900NXH68CRC058O44 | Long             | ABS-CBDO         | CORP              | KY        |       508213 | PA      | $508300.57      | 0.00%             | 2031-04-26      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                      | AT&T Inc                                                                         | CUSIP: 00206RDK5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      1749000 | PA      | $1446969.60     | 0.01%             | 2049-03-09      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                      | OBX 2025-NQM3 Trust                                                              | CUSIP: 67448YAC8<br>LEI: 254900MBGY6CR10DAX67 | Long             | ABS-MBS          | CORP              | US        |      4505050 | PA      | $4549326.63     | 0.02%             | 2064-12-01      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I LP                                        | Harvest Midstream I LP                                                           | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |       306000 | PA      | $310575.31      | 0.00%             | 2028-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KQWT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8669893 | PA      | $8878691.65     | 0.05%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140HHNE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       232309 | PA      | $230660.61      | 0.00%             | 2048-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                                         | Petroleos del Peru SA                                                            | CUSIP: 716564AA7<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |       200000 | PA      | $148812.00      | 0.00%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                                          | Matador Resources Co                                                             | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |       152000 | PA      | $154153.06      | 0.00%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                       | Romanian Government International Bond                                           | CUSIP: 77586RAN0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |        30000 | PA      | $30478.13       | 0.00%             | 2027-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BOOTS GROUP FINCO LP                                          | Boots Group Finco LP                                                             | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |      1541000 | PA      | $2148173.55     | 0.01%             | 2032-08-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Crown PropTech Acquisitions                                   | Crown PropTech Acquisitions                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        85597 | NS      | $974093.86      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                                     | Fortuna Consumer Loan Abs 2025-2 DAC                                             | CUSIP: 000000000<br>LEI: 635400FJ7YX914D6HX74 | Long             | ABS-O            | CORP              | IE        |       600000 | PA      | $703374.83      | 0.00%             | 2035-10-18      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138EQA36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       380789 | PA      | $374352.28      | 0.00%             | 2030-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                            | Ukraine Government International Bond                                            | CUSIP: 903724CF7<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       102000 | PA      | $57630.00       | 0.00%             | 2035-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| M/I Homes Inc                                                 | M/I Homes Inc                                                                    | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |         7532 | NS      | $963719.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES RIVER LABORATORI                                      | Charles River Laboratories International Inc                                     | CUSIP: 159864AJ6<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |       115000 | PA      | $108962.42      | 0.00%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta                                | Greystone CRE Notes 2025-FL4 LLC                                                 | CUSIP: 39810MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      2077000 | PA      | $2083103.26     | 0.01%             | 2043-01-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QNJL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1740649 | PA      | $1613339.67     | 0.01%             | 2037-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QSQK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12457996 | PA      | $12961860.32    | 0.07%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XKHJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7333624 | PA      | $7554022.36     | 0.04%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage                                 | Citigroup Commercial Mortgage Trust 2020-420K                                    | CUSIP: 17328QAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     46500000 | PA      | $1579074.90     | 0.01%             | 2042-11-10      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140N8U97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1848945 | PA      | $1867111.80     | 0.01%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                                | Onemain Financial Issuance Trust 2024-1                                          | CUSIP: 68269NAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17503000 | PA      | $18388620.29    | 0.10%             | 2041-05-14      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| LendingClub Rated Notes Issuer                                | LendingClub Rated Notes Issuer Trust Series 2025-P2                              | CUSIP: 525949103<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       114000 | PA      | $268642.71      | 0.00%             | 2045-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QSGT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       646411 | PA      | $631988.37      | 0.00%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-                                | One New York Plaza Trust 2020-1NYP                                               | CUSIP: 68249DAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1157000 | PA      | $1108835.71     | 0.01%             | 2036-01-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418DRP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       716730 | PA      | $637037.64      | 0.00%             | 2040-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| E.ON INTL FINANCE BV                                          | E.ON International Finance BV                                                    | CUSIP: 000000000<br>LEI: 549300TG53AWJ719M814 | Long             | DBT              | CORP              | NL        |      4200000 | PA      | $4857755.01     | 0.03%             | 2035-09-03      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FGV2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         1937 | PA      | $1887.93        | 0.00%             | 2040-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                | BBCMS Mortgage Trust 2025-C35                                                    | CUSIP: 07337DAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1430000 | PA      | $1183316.13     | 0.01%             | 2058-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                       | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12915000 | PA      | $12937209.41    | 0.07%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2022-A                                                  | CUSIP: 009695AH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2344826 | PA      | $2951095.93     | 0.02%             | 2061-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XBNR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14270316 | PA      | $13303884.86    | 0.07%             | 2051-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                                          | Matador Resources Co                                                             | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |       347000 | PA      | $347461.51      | 0.00%             | 2033-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31402RDH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       709233 | PA      | $736165.85      | 0.00%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WBCD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       240440 | PA      | $238455.00      | 0.00%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                           | American Tower Corp                                                              | CUSIP: 03027XCH1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     22430000 | PA      | $23298027.77    | 0.13%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trus                                | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU                               | CUSIP: 34461WAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2269000 | PA      | $2293628.63     | 0.01%             | 2039-12-15      | Floating      | 9.40%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                                        | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |       282000 | PA      | $283497.14      | 0.00%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QNJM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3339570 | PA      | $3093246.14     | 0.02%             | 2037-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                      | Duke Energy Progress LLC                                                         | CUSIP: 26442UAK0<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |      5236000 | PA      | $3052551.82     | 0.02%             | 2050-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140HP4C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       382031 | PA      | $387311.31      | 0.00%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CEP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      4305900 | PA      | $4059992.72     | 0.02%             | 2032-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XFK67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     98480871 | PA      | $83078064.00    | 0.45%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              | CORP              | DE        |     31194860 | NC      | $37001.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                                           | Sound Point CLO II Ltd                                                           | CUSIP: 83608GAN6<br>LEI: 549300Q00FJ0WHHYC788 | Long             | ABS-CBDO         | CORP              | KY        |        58769 | PA      | $58770.36       | 0.00%             | 2031-01-26      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                                | Velocity Commercial Capital Loan Trust 2017-2                                    | CUSIP: 92258VAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       127965 | PA      | $117314.73      | 0.00%             | 2047-11-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                         | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |       406000 | PA      | $415841.45      | 0.00%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                    | Apidos CLO XXXIX Ltd                                                             | CUSIP: 03766HAU4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |       300000 | PA      | $300818.49      | 0.00%             | 2038-10-21      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                              | Symphony CLO 36 Ltd                                                              | CUSIP: 87272HAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |        33461 | PA      | $33463.04       | 0.00%             | 2031-01-16      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                          | Colombian TES                                                                    | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  39044100000 | PA      | $9337599.89     | 0.05%             | 2027-11-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418DBH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1302208 | PA      | $1288118.89     | 0.01%             | 2049-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                                      | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |       399000 | PA      | $400063.34      | 0.00%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                        | Egypt Government International Bond                                              | CUSIP: 03846JAC4<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      1483000 | PA      | $1292879.40     | 0.01%             | 2061-02-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140FG5Z8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        95103 | PA      | $86998.77       | 0.00%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              | CORP              | GB        |    -79708000 | NC      | $-2632643.97    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                             | Cedar Funding XI Clo Ltd                                                         | CUSIP: 15033LAY8<br>LEI: 2549004YLPCISGLL7978 | Long             | ABS-CBDO         | CORP              | KY        |      1220000 | PA      | $1219181.14     | 0.01%             | 2032-05-29      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133BM7G4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1612345 | PA      | $1623814.32     | 0.01%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regatta XXV Funding Ltd.                                      | Regatta XXV Funding Ltd                                                          | CUSIP: 758978AL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      6800000 | PA      | $6826307.16     | 0.04%             | 2038-07-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                                | BHG Securitization Trust 2022-C                                                  | CUSIP: 08860DAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       459487 | PA      | $460685.24      | 0.00%             | 2035-10-17      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2022-A                                                  | CUSIP: 009695AC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       663700 | PA      | $616802.43      | 0.00%             | 2061-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP                  | CUSIP: 466317AQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4702950 | PA      | $4507978.08     | 0.02%             | 2037-04-15      | Floating      | 7.54%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                                | Golub Capital Partners CLO 17 Ltd                                                | CUSIP: 38180VAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      8040000 | PA      | $8046952.99     | 0.04%             | 2039-02-09      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                       | Dryden 49 Senior Loan Fund                                                       | CUSIP: 26244QAQ6<br>LEI: 549300VCB8LYR1RGV869 | Long             | ABS-CBDO         | CORP              | KY        |       500000 | PA      | $501554.60      | 0.00%             | 2030-07-18      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| firstkey homes 2020-sfr1 trust                                | FirstKey Homes 2022-SFR3 Trust                                                   | CUSIP: 33768EAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5641000 | PA      | $5588632.90     | 0.03%             | 2038-07-17      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2024-GPA3                                           | CUSIP: 123910AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1403850 | PA      | $1406893.08     | 0.01%             | 2039-12-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                         | USD/MXN FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |            1 | NC      | $160355.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QWKA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       884125 | PA      | $855920.53      | 0.00%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Avoca CLO                                                     | Avoca CLO XVIII DAC                                                              | CUSIP: 000000000<br>LEI: 549300K6K5XESJRIKM24 | Long             | ABS-CBDO         | CORP              | IE        |       400000 | PA      | $469522.49      | 0.00%             | 2038-01-15      | Floating      | 4.28%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31416HAF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         6339 | PA      | $6618.74        | 0.00%             | 2038-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                                | Wynn Macau Ltd                                                                   | CUSIP: 98313RAD8<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |       400000 | PA      | $399136.00      | 0.00%             | 2027-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                                              | Flatiron CLO 21 Ltd                                                              | CUSIP: 33883PAS6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1980000 | PA      | $1984443.32     | 0.01%             | 2037-10-19      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| West Deptford Energy Holdings LLC                             | WEST DEPTFORD EN 07/16/32                                                        | CUSIP: 95249CAF1<br>LEI: 549300HOEW2V8L64EU07 | Long             | LON              | CORP              | US        |      1950200 | PA      | $1933545.29     | 0.01%             | 2032-07-26      | Floating      | 7.72%                 | No            |                  3 | On Loan: No      |
| AEP TEXAS INC                                                 | AEP Texas Inc                                                                    | CUSIP: 00108WAN0<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |      2546000 | PA      | $1720038.19     | 0.01%             | 2051-05-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                        | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     10853000 | PA      | $3075782.52     | 0.02%             | 2029-07-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | JP Morgan Mortgage Trust Series 2024-VIS1                                        | CUSIP: 465970AF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       507000 | PA      | $510450.14      | 0.00%             | 2064-07-25      | Variable      | 8.06%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138MBKB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        90325 | PA      | $88309.51       | 0.00%             | 2042-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                         | EUR/HUF FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |            1 | NC      | $2215.29        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                                              | Ziggo Bond Co BV                                                                 | CUSIP: 000000000<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |       132000 | PA      | $145894.98      | 0.00%             | 2032-11-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO I, Ltd.                                       | Sagard-Halseypoint Clo 8 Ltd                                                     | CUSIP: 78662AAA0<br>LEI: 254900W5MVYX9QDPHC09 | Long             | ABS-CBDO         | CORP              | KY        |      2920000 | PA      | $2930951.46     | 0.02%             | 2038-01-30      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132AEE28<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1407587 | PA      | $1395135.11     | 0.01%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                      | Foundation Finance Trust 2024-1                                                  | CUSIP: 349941AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       761959 | PA      | $782240.78      | 0.00%             | 2049-12-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307LGD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        30652 | PA      | $29939.60       | 0.00%             | 2029-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2022-A                                                  | CUSIP: 009695AB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1244300 | PA      | $1159937.58     | 0.01%             | 2061-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC                    | CUSIP: 466330AN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9318000 | PA      | $9317951.55     | 0.05%             | 2038-04-15      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                  | Alphabet Inc                                                                     | CUSIP: 02079KBG1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |      5010000 | PA      | $5607930.70     | 0.03%             | 2064-11-06      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179W7J1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     21771548 | PA      | $18789411.91    | 0.10%             | 2052-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                        | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       235000 | PA      | $230715.34      | 0.00%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                         | PHP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-13626.77      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America, National Association                         | USD/CLP FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |            1 | NC      | $69174.28       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                            | Panama Government International Bond                                             | CUSIP: 698299BM5<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     10739000 | PA      | $8043511.00     | 0.04%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                         | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       125000 | PA      | $130736.50      | 0.00%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XHHA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4336144 | PA      | $3766171.74     | 0.02%             | 2042-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                            | A&D Mortgage Trust 2024-NQM5                                                     | CUSIP: 00039KAC4<br>LEI: 9845006Z1DC68561N347 | Long             | ABS-MBS          | CORP              | US        |      1979387 | PA      | $1992556.50     | 0.01%             | 2069-11-25      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN                                      | Jefferies Finance LLC / JFIN Co-Issuer Corp                                      | CUSIP: 47232MAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       200000 | PA      | $196814.02      | 0.00%             | 2031-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                      | BX Commercial Mortgage Trust 2024-PURE                                           | CUSIP: 74625PAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | CA        |      1288262 | PA      | $940892.50      | 0.01%             | 2041-11-15      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3142GR4C1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3430554 | PA      | $3540278.92     | 0.02%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                    | Apidos Clo Xxv                                                                   | CUSIP: 03762YBH9<br>LEI: 254900C9NN5XS59HZV73 | Long             | ABS-CBDO         | CORP              | KY        |      6850000 | PA      | $6865283.72     | 0.04%             | 2037-01-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                                       | Fantasia Holdings Group Co Ltd                                                   | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |      1093000 | PA      | $10930.00       | 0.00%             | 2023-06-01      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                                      | British Telecommunications PLC                                                   | CUSIP: 000000000<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |      1157000 | PA      | $1594230.15     | 0.01%             | 2055-12-03      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | ISHARES RUSSELL 2000 ETF                                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |          -75 | NC      | $-987.85        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2022-A                                                  | CUSIP: 009695AE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3256000 | PA      | $2714494.31     | 0.01%             | 2061-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                                | Wells Fargo Commercial Mortgage Trust 2016-BNK1                                  | CUSIP: 95000GAA2<br>LEI: 549300DNBJ7A0SEFVK31 | Long             | ABS-MBS          | CORP              | US        |      4420000 | PA      | $24541.17       | 0.00%             | 2049-08-15      | Variable      | 1.21%                 | No            |                  2 | On Loan: No      |
| TEREX CORP                                                    | Terex Corp                                                                       | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |       191000 | PA      | $195956.64      | 0.00%             | 2032-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Brignole CO                                                   | Brignole Co                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |       255817 | PA      | $303604.98      | 0.00%             | 2042-02-24      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac REMICS                                                               | CUSIP: 3137H0RH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18373857 | PA      | $3428708.79     | 0.02%             | 2051-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                       | Royal Caribbean Cruises Ltd                                                      | CUSIP: 78017TAB9<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      4430000 | PA      | $4448551.73     | 0.02%             | 2036-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Inc                                    | Morgan Stanley ABS Capital I Inc Trust 2005-HE5                                  | CUSIP: 61744CUV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2873286 | PA      | $2417697.85     | 0.01%             | 2035-09-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| ORBIA ADVANCE CORP SAB                                        | Orbia Advance Corp SAB de CV                                                     | CUSIP: 68560EAC2<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |      3324000 | PA      | $3277464.00     | 0.02%             | 2030-05-13      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                                              | Flatiron CLO 21 Ltd                                                              | CUSIP: 33883PAQ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     13960000 | PA      | $14010674.80    | 0.08%             | 2037-10-19      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QSA76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8953562 | PA      | $9315678.72     | 0.05%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | JPY/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $19164.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36180DPF8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       115948 | PA      | $108137.58      | 0.00%             | 2043-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                                           | Cirsa Finance International Sarl                                                 | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |       365000 | PA      | $440340.86      | 0.00%             | 2031-10-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                              | COLT 2025-11 Mortgage Loan Trust                                                 | CUSIP: 12676KAC7<br>LEI: 213800CETFGZSOQ6WF79 | Long             | ABS-MBS          | CORP              | US        |      6479691 | PA      | $6495855.24     | 0.04%             | 2070-11-25      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| TEREX CORP                                                    | Terex Corp                                                                       | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |       128000 | PA      | $127564.61      | 0.00%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2022-A                                                  | CUSIP: 009695AD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       725700 | PA      | $671320.61      | 0.00%             | 2061-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                                              | Credit Acceptance Corp                                                           | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       568000 | PA      | $569120.33      | 0.00%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Bayview Financial Acquisition                                 | Bayview Financial Revolving Asset Trust 2004-B                                   | CUSIP: 073250BF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       120185 | PA      | $56092.44       | 0.00%             | 2039-05-28      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                      | Benchmark 2021-B23 Mortgage Trust                                                | CUSIP: 08162RAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27025044 | PA      | $1226085.71     | 0.01%             | 2054-02-15      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                      | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Short            | DBT              | CORP              | US        |      -200000 | PA      | $-198590.26     | -0.00%            | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KYWN5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2308183 | PA      | $2001905.03     | 0.01%             | 2042-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | LIONSGATE STUDIOS CORP                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |           70 | NC      | $5950.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Newark BSL CLO 2 Ltd.                                         | Newark BSL CLO 2 Ltd                                                             | CUSIP: 65023PAQ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       310000 | PA      | $310035.06      | 0.00%             | 2030-07-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                    | Navient Private Education Loan Trust 2020-A                                      | CUSIP: 63941FAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       784505 | PA      | $782633.61      | 0.00%             | 2068-11-15      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Kennedy Lewis CLO Ltd                                         | Kennedy Lewis CLO 19 Ltd                                                         | CUSIP: 37150JAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2000000 | PA      | $2002246.00     | 0.01%             | 2036-04-22      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                         | Foundry JV Holdco LLC                                                            | CUSIP: 350930AD5<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |      2305000 | PA      | $2444201.99     | 0.01%             | 2035-01-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Bayview Financial Acquisition                                 | Bayview Financial Revolving Asset Trust 2005-A                                   | CUSIP: 073250BM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1011194 | PA      | $913953.68      | 0.00%             | 2040-02-28      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                                       | Summer BC Holdco B SARL                                                          | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |      3450000 | PA      | $3800660.23     | 0.02%             | 2030-02-15      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                       | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GXH2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      1107000 | PA      | $1089516.04     | 0.01%             | 2030-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                | Morgan Stanley                                                                   | CUSIP: 61748UAE2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     20873000 | PA      | $21530232.95    | 0.12%             | 2031-01-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                                             | Elevation CLO 2018-10 Ltd                                                        | CUSIP: 28623CAN1<br>LEI: 5493005Q4N14IP6ASK07 | Long             | ABS-CBDO         | CORP              | KY        |      1740000 | PA      | $1739715.51     | 0.01%             | 2031-10-20      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Crown Point CLO Ltd                                           | Crown Point CLO 10 Ltd                                                           | CUSIP: 22846FAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       490000 | PA      | $490119.02      | 0.00%             | 2034-07-20      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | PHP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-4624.95       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                            | MCR 2024-HTL Mortgage Trust                                                      | CUSIP: 55286PAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2414659 | PA      | $2402109.27     | 0.01%             | 2037-02-15      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2022-NQM1                                           | CUSIP: 06744DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4441379 | PA      | $4418450.31     | 0.02%             | 2052-07-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140HHWE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1753650 | PA      | $1696494.33     | 0.01%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                         | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CAP9<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      2487000 | PA      | $1954317.48     | 0.01%             | 2045-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                 | Ballyrock CLO 25 Ltd                                                             | CUSIP: 05876QAS1<br>LEI: 2549000LY2B016K4LA62 | Long             | ABS-CBDO         | CORP              | KY        |       570000 | PA      | $571085.62      | 0.00%             | 2038-01-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| MEHILAINEN YHTIOT OY                                          | Mehilainen Yhtiot Oy                                                             | CUSIP: 000000000<br>LEI: 2138006X78HGYRHS5865 | Long             | DBT              | CORP              | FI        |      2292000 | PA      | $2734445.81     | 0.01%             | 2032-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                                 | CoreWeave Inc                                                                    | CUSIP: 21873SAD0<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |       311000 | PA      | $294283.75      | 0.00%             | 2031-12-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QMH80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11772207 | PA      | $9707517.08     | 0.05%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FEDRIGONI SPA                                                 | Fedrigoni SpA                                                                    | CUSIP: 000000000<br>LEI: 8156004CE82074779D19 | Long             | DBT              | CORP              | IT        |       612000 | PA      | $704375.75      | 0.00%             | 2030-01-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                | JPMCC Commercial Mortgage Securities Trust 2019-COR5                             | CUSIP: 46591EAS6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1700000 | PA      | $1643549.46     | 0.01%             | 2052-06-13      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                       | USD/MXN FORWARD                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |            1 | NC      | $427718.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138YJDE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       414142 | PA      | $381938.23      | 0.00%             | 2045-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                            | Viking Cruises Ltd                                                               | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |       238000 | PA      | $254859.92      | 0.00%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                                      | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc            | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       591000 | PA      | $620372.05      | 0.00%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                              | COLT 2025-7 Mortgage Loan Trust                                                  | CUSIP: 19689CAA9<br>LEI: 213800DOQUYA3TO33M98 | Long             | ABS-MBS          | CORP              | US        |      4061450 | PA      | $4101580.21     | 0.02%             | 2070-06-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KRB86<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11179124 | PA      | $11448353.30    | 0.06%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                      | OHA Credit Funding 5 Ltd                                                         | CUSIP: 67113GAW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       420000 | PA      | $421889.54      | 0.00%             | 2037-10-18      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CEV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     51849500 | PA      | $51258091.64    | 0.28%             | 2029-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                                 | AEP Texas Inc                                                                    | CUSIP: 00108WAR1<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |      1154000 | PA      | $1191378.26     | 0.01%             | 2033-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                         | Palmer Square CLO 2022-3 Ltd                                                     | CUSIP: 69690AAS6<br>LEI: 5493000CAZ8VWJGUOH13 | Long             | ABS-CBDO         | CORP              | JE        |      1530000 | PA      | $1535289.82     | 0.01%             | 2037-07-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XGMR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2951553 | PA      | $2836343.67     | 0.02%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                         | EUR/CZK ONE-TOUCH BARRIER OPTION; BARRIER PRICE EUR 23.85000                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |       317537 | NC      | $23647.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                            | Viking Cruises Ltd                                                               | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |       128000 | PA      | $129979.26      | 0.00%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140Q9W74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1107169 | PA      | $1068903.95     | 0.01%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DVLZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2347785 | PA      | $2116551.72     | 0.01%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                       | Dryden 49 Senior Loan Fund                                                       | CUSIP: 26244QAN3<br>LEI: 549300VCB8LYR1RGV869 | Long             | ABS-CBDO         | CORP              | KY        |       151644 | PA      | $151639.50      | 0.00%             | 2030-07-18      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| INTRUM INV AND FIN                                            | Intrum Investments And Financing AB                                              | CUSIP: 000000000<br>LEI: 984500D7B1EFD7460452 | Long             | DBT              | CORP              | SE        |       945907 | PA      | $1126205.79     | 0.01%             | 2027-09-11      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F022618<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     57769500 | PA      | $48828767.52    | 0.27%             | 2056-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F022618<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |     -3453000 | PA      | $-2918594.31    | -0.02%            | 2056-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                        | RR 12 Ltd                                                                        | CUSIP: 74989HAQ5<br>LEI: 549300RLLUH00ZYECJ34 | Long             | ABS-CBDO         | CORP              | KY        |      1040000 | PA      | $1040001.46     | 0.01%             | 2036-01-15      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Brignole CO                                                   | Brignole Co                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |       177267 | PA      | $209765.45      | 0.00%             | 2042-02-24      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                  | Barclays PLC                                                                     | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |       500000 | PA      | $587111.12      | 0.00%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | HKD/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-16598.19      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                                 | CoreWeave Inc                                                                    | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |       400000 | PA      | $366608.00      | 0.00%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                                 | GoldenTree Loan Management US CLO 23 Ltd                                         | CUSIP: 38139KAC3<br>LEI: 254900TP00US14X9AP48 | Long             | ABS-CBDO         | CORP              | KY        |      1890000 | PA      | $1894045.92     | 0.01%             | 2039-01-20      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140J7R64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2006937 | PA      | $1994145.79     | 0.01%             | 2047-11-01      | Fixed         | 4.50%                 | 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      | $502198.40      | 0.00%             | 2037-07-23      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| LESSEN HOLDINGS INC PREF                                      | LESSEN HOLDINGS INC PREF                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       143367 | NS      | $1.43           | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132M6SF8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        24747 | PA      | $23645.67       | 0.00%             | 2044-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140JHBF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       351627 | PA      | $348229.71      | 0.00%             | 2048-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                                | BRAVO Residential Funding Trust 2024-NQM1                                        | CUSIP: 10570FAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       353000 | PA      | $358826.55      | 0.00%             | 2063-12-01      | Fixed         | 8.04%                 | No            |                  2 | On Loan: No      |
| Elm CLO Ltd                                                   | ELM Trust 2024-ELM                                                               | CUSIP: 26860XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4860000 | PA      | $4885517.43     | 0.03%             | 2039-06-10      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                                | GoTo Group Inc                                                                   | CUSIP: 38349YAA3<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |       925000 | PA      | $777000.00      | 0.00%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                              | 3 MONTH SOFR                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |          592 | NC      | $154690.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CAP HILL BRANDS - PREF EQUITY                                 | CAP HILL BRANDS - PREF EQUITY                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2670520 | NS      | $26.71          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DVLW3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5710597 | PA      | $4719102.98     | 0.03%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2017-V Ltd                                                          | CUSIP: 12551MAL3<br>LEI: 635400BTAKRBKGRV3X14 | Long             | ABS-CBDO         | CORP              | KY        |      1770000 | PA      | $1776474.66     | 0.01%             | 2037-07-17      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2022-A                                                  | CUSIP: 009695AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10943272 | PA      | $10693661.01    | 0.06%             | 2061-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418CXN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       394736 | PA      | $381420.67      | 0.00%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                      | Ford Motor Credit Co LLC                                                         | CUSIP: 345397F81<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      1562000 | PA      | $1570486.66     | 0.01%             | 2026-11-05      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                                | CarVal CLO IV Ltd                                                                | CUSIP: 14687EAU4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      6340000 | PA      | $6356340.08     | 0.03%             | 2038-03-31      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| BUBBLES BIDCO SPA                                             | Bubbles Bidco SPA                                                                | CUSIP: 000000000<br>LEI: 815600073942740CEB24 | Long             | DBT              | CORP              | IT        |      1619000 | PA      | $1951961.98     | 0.01%             | 2031-09-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WDWU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       316083 | PA      | $309757.74      | 0.00%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                      | AT&T Inc                                                                         | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     14339000 | PA      | $9862963.71     | 0.05%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                         | USD/PLN FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-70416.15      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                                      | Aston Martin Capital Holdings Ltd                                                | CUSIP: 000000000<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |       652000 | PA      | $800019.40      | 0.00%             | 2029-03-31      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                         | American Airlines Inc                                                            | CUSIP: 023771T32<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       232000 | PA      | $237173.74      | 0.00%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140JMZF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1218287 | PA      | $1208011.81     | 0.01%             | 2049-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TELEFLEX INC                                                  | Teleflex Inc                                                                     | CUSIP: 879369AG1<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |       188000 | PA      | $185109.80      | 0.00%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2021-IV Ltd                                                         | CUSIP: 12547DAQ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250983.83      | 0.00%             | 2037-07-23      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                                              | Flatiron CLO 21 Ltd                                                              | CUSIP: 33883PAU1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1200000 | PA      | $1204322.28     | 0.01%             | 2037-10-19      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                                | GoTo Group Inc                                                                   | CUSIP: 38349YAB1<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |      1925000 | PA      | $721875.00      | 0.00%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                        | Rockford Tower CLO 2017-3 Ltd                                                    | CUSIP: 77341DAA5<br>LEI: 549300V5ZF7112UGSH89 | Long             | ABS-CBDO         | CORP              | KY        |      1527824 | PA      | $1528118.83     | 0.01%             | 2030-10-20      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| CART                                                          | CONE Trust 2024-DFW1                                                             | CUSIP: 20682AAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3244000 | PA      | $3242635.57     | 0.02%             | 2041-08-15      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417GQQ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       460878 | PA      | $426005.54      | 0.00%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              | CORP              | US        |    -62450000 | NC      | $-39272.74      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                  | PEN/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-2285.21       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179W7L6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     14858558 | PA      | $13662879.31    | 0.07%             | 2052-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                                | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2                         | CUSIP: 61778XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7150954 | PA      | $7220184.07     | 0.04%             | 2070-07-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| TELEFLEX INC                                                  | Teleflex Inc                                                                     | CUSIP: 879369AF3<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |       307000 | PA      | $306532.60      | 0.00%             | 2027-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307QVQ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        22490 | PA      | $22292.02       | 0.00%             | 2031-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO III Ltd                                           | Elmwood CLO III Ltd                                                              | CUSIP: 29002HBA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       670000 | PA      | $672399.94      | 0.00%             | 2037-07-18      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3131XTGM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       108840 | PA      | $103353.84      | 0.00%             | 2045-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Citicorp Mortgage Securities,                                 | Citicorp Mortgage Securities Trust Series 2008-2                                 | CUSIP: 17314DAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2754227 | PA      | $2369372.60     | 0.01%             | 2038-06-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Regatta XXIV Funding Ltd.                                     | Regatta XXIV Funding Ltd                                                         | CUSIP: 75889HAN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1470000 | PA      | $1474696.94     | 0.01%             | 2038-01-20      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                            | Viking Cruises Ltd                                                               | CUSIP: 92676XAF4<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |       107000 | PA      | $107620.07      | 0.00%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                  | GS Mortgage Securities Corp Trust 2024-RVR                                       | CUSIP: 36272JAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1802000 | PA      | $1800235.12     | 0.01%             | 2041-08-10      | Variable      | 7.47%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                   | MXN CALL VERSUS USD PUT                                                          | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              | CORP              | GB        |      2767000 | NC      | $44510.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                         | Palmer Square CLO 2024-2 LTD                                                     | CUSIP: 69703LAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      3270000 | PA      | $3279585.35     | 0.02%             | 2037-07-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                           | COMM 2024-CBM Mortgage Trust                                                     | CUSIP: 12674GAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       830000 | PA      | $844869.20      | 0.00%             | 2041-12-10      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                         | Vale Overseas Ltd                                                                | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |       474000 | PA      | $483717.00      | 0.00%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| UPX HIL 2025-1 Issuer Trust                                   | UPX HIL 2025-1 Issuer Trust                                                      | CUSIP: 916925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8421889 | PA      | $8486937.15     | 0.05%             | 2047-01-25      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Securitized Asset Backed Recei                                | Securitized Asset Backed Receivables LLC Trust 2007-NC2                          | CUSIP: 81378GAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       575000 | PA      | $439898.86      | 0.00%             | 2037-01-25      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KRJT2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2169370 | PA      | $2208483.66     | 0.01%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Elm CLO Ltd                                                   | ELM Trust 2024-ELM                                                               | CUSIP: 26860XAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     46635000 | PA      | $300016.95      | 0.00%             | 2039-06-10      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179RJE0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       166526 | PA      | $155143.26      | 0.00%             | 2045-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                                | Wynn Macau Ltd                                                                   | CUSIP: 98313RAL0<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |       913000 | PA      | $925836.78      | 0.01%             | 2034-02-15      | Fixed         | 6.75%                 | 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        |      6457491 | PA      | $6516678.91     | 0.04%             | 2070-02-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association                                | USD/BRL FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $294629.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| US FOODS INC                                                  | US Foods Inc                                                                     | CUSIP: 90290MAE1<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |       115000 | PA      | $113460.21      | 0.00%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2023-A                                                  | CUSIP: 009692AD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2159800 | PA      | $1901506.49     | 0.01%             | 2062-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                             | Chile Government International Bond                                              | CUSIP: 168863DY1<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |       200000 | PA      | $178600.00      | 0.00%             | 2042-03-07      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                                  | TICP CLO VI 2016-2 Ltd                                                           | CUSIP: 87246MAS1<br>LEI: 254900JG2DPAYUCW8T83 | Long             | ABS-CBDO         | CORP              | KY        |      5120000 | PA      | $5121590.78     | 0.03%             | 2034-01-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG                                      | Banco Bilbao Vizcaya Argentaria SA                                               | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |      1400000 | PA      | $1781166.97     | 0.01%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417WHE4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        28512 | PA      | $29539.28       | 0.00%             | 2040-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2023-A                                                  | CUSIP: 009692AC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       712900 | PA      | $634937.68      | 0.00%             | 2062-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG                                                  | ams-OSRAM AG                                                                     | CUSIP: 000000000<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |       489000 | PA      | $598405.17      | 0.00%             | 2029-03-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| First Franklin Mtg Loan Asset                                 | First Franklin Mortgage Loan Trust 2004-FFH3                                     | CUSIP: 32027NLT6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       999667 | PA      | $926326.33      | 0.01%             | 2034-10-25      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F050619<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8923000 | PA      | $8897904.06     | 0.05%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                  | COP/GBP FORWARD                                                                  | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-76379.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F050619<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |  -1273204000 | PA      | $-1269623113.75 | -6.90%            | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WPHV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       223016 | PA      | $206000.21      | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OCP Euro CLO                                                  | OCP Euro CLO 2019-3 DAC                                                          | CUSIP: 000000000<br>LEI: 635400AITKFDK9OZEW62 | Long             | ABS-CBDO         | CORP              | IE        |       250000 | PA      | $294188.46      | 0.00%             | 2033-04-20      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMRK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15715069 | PA      | $15377680.38    | 0.08%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATI INC                                                       | ATI Inc                                                                          | CUSIP: 01741RAN2<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |       390000 | PA      | $412026.03      | 0.00%             | 2030-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                                     | College Ave Student Loans 2021-B LLC                                             | CUSIP: 19425AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       621378 | PA      | $570912.68      | 0.00%             | 2052-06-25      | Fixed         | 2.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133KH4E3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5543519 | PA      | $5318942.23     | 0.03%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418DC83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1253495 | PA      | $1239822.53     | 0.01%             | 2049-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ace Securities Corp.                                          | ACE Securities Corp Home Equity Loan Trust Series 2007-HE4                       | CUSIP: 00442LAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       202116 | PA      | $30182.17       | 0.00%             | 2037-05-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                                     | College Ave Student Loans 2021-B LLC                                             | CUSIP: 19425AAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        68575 | PA      | $64275.27       | 0.00%             | 2052-06-25      | Fixed         | 3.78%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | AUD/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-28509.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SPRINT SPECTRUM / SPEC I                                      | Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC  | CUSIP: 85208NAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       157500 | PA      | $158848.36      | 0.00%             | 2028-03-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                                              | Flatiron CLO 25 Ltd                                                              | CUSIP: 33883XAC4<br>LEI: 254900Z25NHHRUZ9O184 | Long             | ABS-CBDO         | CORP              | KY        |       600000 | PA      | $601823.76      | 0.00%             | 2037-10-17      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                        | WESCO Distribution Inc                                                           | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |        77000 | PA      | $80394.47       | 0.00%             | 2033-03-15      | Fixed         | 6.38%                 | 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        |       244000 | PA      | $239231.14      | 0.00%             | 2027-08-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Argent Securities Inc.                                        | Argent Securities Trust 2006-W2                                                  | CUSIP: 040104RW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       662183 | PA      | $373457.49      | 0.00%             | 2036-03-25      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| BlackRock Cash Funds - Institutional                          | BlackRock Cash Funds - Institutional                                             | CUSIP: 066922519<br>LEI: 549300JDHS1T46VWOG19 | Long             | STIV             | RF                | US        |     21129008 | NS      | $21139572.94    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                                      | Focus Financial Partners LLC                                                     | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |       100000 | PA      | $102811.86      | 0.00%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                            | Republic of Poland Government International Bond                                 | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |        34000 | PA      | $34473.96       | 0.00%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                          | Samarco Mineracao SA                                                             | CUSIP: 000000000<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |      1479890 | PA      | $1505325.64     | 0.01%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| VOYA EURO CLO                                                 | Voya Euro CLO II DAC                                                             | CUSIP: 000000000<br>LEI: 635400URG3IUW6R6W254 | Long             | ABS-CBDO         | CORP              | IE        |       750000 | PA      | $882116.58      | 0.00%             | 2035-07-15      | Floating      | 4.16%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              | CORP              | US        |    -30672000 | NC      | $-226756.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| College Ave Student Loans                                     | College Ave Student Loans 2021-B LLC                                             | CUSIP: 19425AAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       280681 | PA      | $261037.05      | 0.00%             | 2052-06-25      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| HONO Mortgage Trust                                           | HONO 2021-LULU Mortgage Trust                                                    | CUSIP: 40390MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3168000 | PA      | $3128532.11     | 0.02%             | 2036-10-15      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| PFSFC_22-E                                                    | PFSFC_22-E                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     12000000 | PA      | $12067200.00    | 0.07%             | 2027-10-29      | Fixed         | 5.16%                 | No            |                  3 | On Loan: No      |
| ENERGY TRANSFER LP                                            | Energy Transfer LP                                                               | CUSIP: 29273VAW0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      5842000 | PA      | $5536176.73     | 0.03%             | 2054-05-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2023-A                                                  | CUSIP: 009692AF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3458133 | PA      | $2826213.57     | 0.02%             | 2062-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36177PPP4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       132218 | PA      | $123750.31      | 0.00%             | 2042-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                              | COLT 2025-11 Mortgage Loan Trust                                                 | CUSIP: 12676KAJ2<br>LEI: 213800CETFGZSOQ6WF79 | Long             | ABS-MBS          | CORP              | US        |       617000 | PA      | $618575.26      | 0.00%             | 2070-11-25      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| MCM 2021-VFN1: CERT CMO/WHOLE                                 | MCM 2021-VFN1: CERT CMO/WHOLE                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18227705 | PA      | $14691687.36    | 0.08%             | 2031-09-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WESCO DISTRIBUTION INC                                        | WESCO Distribution Inc                                                           | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |       278000 | PA      | $287081.92      | 0.00%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                                | CARLYLE US CLO 2017-3 Ltd                                                        | CUSIP: 14314FBC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      5170000 | PA      | $5191636.97     | 0.03%             | 2037-10-21      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | PHP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              | CORP              | US        |            1 | NC      | $26096.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31402QYX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       452295 | PA      | $463953.62      | 0.00%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                   | Oracle Corp                                                                      | CUSIP: 68389XCV5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      5022000 | PA      | $4007829.30     | 0.02%             | 2064-09-27      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                                      | Performance Food Group Inc                                                       | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |       100000 | PA      | $97768.26       | 0.00%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179WQA9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     18172270 | PA      | $15683246.57    | 0.09%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| 610 Funding 2 CLO Ltd                                         | 610 Funding CLO 2 Ltd                                                            | CUSIP: 83004LAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       340000 | PA      | $340269.35      | 0.00%             | 2034-01-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                                 | AEP Texas Inc                                                                    | CUSIP: 00108WAT7<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |      3606000 | PA      | $3758710.89     | 0.02%             | 2034-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| VIVION INVESTMENTS                                            | Vivion Investments Sarl                                                          | CUSIP: 000000000<br>LEI: 529900SJ7X71ESJK9N76 | Long             | DBT              | CORP              | LU        |      1100000 | PA      | $1196504.09     | 0.01%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                              | Symphony CLO XXIX Ltd                                                            | CUSIP: 87168GAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2600000 | PA      | $2606000.80     | 0.01%             | 2035-10-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Ace Securities Corp.                                          | ACE Securities Corp Home Equity Loan Trust Series 2007-HE4                       | CUSIP: 00442LAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2290332 | PA      | $338857.16      | 0.00%             | 2037-05-25      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                        | WESCO Distribution Inc                                                           | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |       260000 | PA      | $263773.64      | 0.00%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                             | EURO-OAT                                                                         | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |          -12 | NC      | $4924.28        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2023-A                                                  | CUSIP: 009692AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4193700 | PA      | $3251078.70     | 0.02%             | 2062-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138W9F88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       349515 | PA      | $344028.02      | 0.00%             | 2028-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO I Ltd                                            | Whitebox Clo I Ltd                                                               | CUSIP: 96467FBJ8<br>LEI: 549300E4AC0513DYO913 | Long             | ABS-CBDO         | CORP              | KY        |      3806000 | PA      | $3804386.64     | 0.02%             | 2037-01-24      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                                              | Flatiron CLO 25 Ltd                                                              | CUSIP: 33883XAA8<br>LEI: 254900Z25NHHRUZ9O184 | Long             | ABS-CBDO         | CORP              | KY        |      1140000 | PA      | $1143962.07     | 0.01%             | 2037-10-17      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMRJ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5935877 | PA      | $5705784.32     | 0.03%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                            | Energy Transfer LP                                                               | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |        42000 | PA      | $44833.11       | 0.00%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2020-C                                                  | CUSIP: 00969HAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        69796 | PA      | $1038.69        | 0.00%             | 2060-09-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Conseco Finance Securitization                                | Conseco Finance Securitizations Corp                                             | CUSIP: 20846QDV7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1224374 | PA      | $153103.95      | 0.00%             | 2032-05-01      | Variable      | 8.31%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                   | State of Illinois                                                                | CUSIP: 452151LF8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     15387402 | PA      | $15770082.03    | 0.09%             | 2033-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                              | Deutsche Bank AG                                                                 | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |       400000 | PA      | $510845.34      | 0.00%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                  | HUF/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-9545.34       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                      | Ford Motor Credit Co LLC                                                         | CUSIP: 345397G49<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      1723000 | PA      | $1768686.50     | 0.01%             | 2029-11-07      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140HHWM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       333681 | PA      | $323104.31      | 0.00%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140FG6N4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1075250 | PA      | $1052608.00     | 0.01%             | 2031-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Post CLO LTD                                                  | Post CLO 2023-1 Ltd                                                              | CUSIP: 73743CAW2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1080000 | PA      | $1087362.68     | 0.01%             | 2038-10-20      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                       | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      2309300 | PA      | $129401.91      | 0.00%             | 2029-05-31      | Fixed         | 8.50%                 | 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        |      4830000 | PA      | $4793861.94     | 0.03%             | 2041-11-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138XSTM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        72238 | PA      | $71631.13       | 0.00%             | 2029-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EUROBANK SA                                                   | Eurobank SA                                                                      | CUSIP: 000000000<br>LEI: 213800KGF4EFNUQKAT69 | Long             | DBT              | CORP              | GR        |       750000 | PA      | $869550.46      | 0.00%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                                           | DENTSPLY SIRONA Inc                                                              | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |       613000 | PA      | $573847.94      | 0.00%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                               | AREIT 2025-CRE11                                                                 | CUSIP: 04002DAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      9832000 | PA      | $9846524.81     | 0.05%             | 2043-07-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | CDS CMBX.NA.BBB-.9                                                               | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              | CORP              | DE        |            1 | NC      | $-178169.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                                 | EchoStar Corp                                                                    | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |       825000 | PA      | $845186.59      | 0.00%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AGL CLO 1 Ltd.                                                | AGL CLO 23 Ltd                                                                   | CUSIP: 00119EAS6<br>LEI: 54930001FYWQPYWEPQ30 | Long             | ABS-CBDO         | CORP              | KY        |       500000 | PA      | $501296.25      | 0.00%             | 2038-04-20      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132JMFR5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        89172 | PA      | $84510.75       | 0.00%             | 2043-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2005-29CB                                                 | CUSIP: 12667GUS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       291320 | PA      | $163604.46      | 0.00%             | 2035-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Secu                                | Bear Stearns Asset Backed Securities I Trust 2004-HE7                            | CUSIP: 073879EV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         4742 | PA      | $4711.61        | 0.00%             | 2034-08-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| OHA Credit Partners Ltd                                       | OHA Credit Partners XI Ltd                                                       | CUSIP: 67109FAU9<br>LEI: 549300OYGEU6QQMCEG78 | Long             | ABS-CBDO         | CORP              | KY        |      3780000 | PA      | $3794020.02     | 0.02%             | 2037-04-20      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                                | Wynn Macau Ltd                                                                   | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |       480000 | PA      | $479049.60      | 0.00%             | 2028-08-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                            | A&D Mortgage Trust 2024-NQM5                                                     | CUSIP: 00039KAF7<br>LEI: 9845006Z1DC68561N347 | Long             | ABS-MBS          | CORP              | US        |      2033000 | PA      | $2058998.21     | 0.01%             | 2069-11-25      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| Bayview Financial Revolving Mo                                | Bayview Financial Revolving Asset Trust 2005-E                                   | CUSIP: 073250BV3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        91504 | PA      | $93199.59       | 0.00%             | 2040-12-28      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                  | CSMC Series 2014-9R                                                              | CUSIP: 12648UBW5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       495296 | PA      | $414082.49      | 0.00%             | 2036-08-27      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                         | ZAR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-122683.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                    | CDS CMBX.NA.BBB-.10                                                              | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-13158.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL                                      | Bellis Acquisition Co PLC                                                        | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |      3420000 | PA      | $3895000.74     | 0.02%             | 2031-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Together Asset Backed Securiti                                | Together Asset Backed Securitisation 2025-Cre-1 PLC                              | CUSIP: 000000000<br>LEI: 635400IHLPBPFA2IVG30 | Long             | ABS-MBS          | CORP              | GB        |       511000 | PA      | $698466.35      | 0.00%             | 2057-01-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Ashford Hospitality Trust                                     | Ashford Hospitality Trust 2018-ASHF                                              | CUSIP: 04410RAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1525000 | PA      | $1513522.39     | 0.01%             | 2035-04-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                        | Reperforming Loan REMIC Trust 2005-R3                                            | CUSIP: 126694JG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        44140 | PA      | $36788.25       | 0.00%             | 2035-09-25      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA O2 V DAC                                         | Virgin Media O2 Vendor Financing Notes V DAC                                     | CUSIP: 000000000<br>LEI: 635400ASSEVCXAPVGC36 | Long             | DBT              | CORP              | IE        |      3229000 | PA      | $4366130.55     | 0.02%             | 2032-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                | BBCMS 2018-CHRS Mortgage Trust                                                   | CUSIP: 05491VAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       640000 | PA      | $544812.22      | 0.00%             | 2038-08-05      | Variable      | 4.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XPHE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4158296 | PA      | $4245447.42     | 0.02%             | 2054-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| 1211 Avenue of the Americas Tr                                | 1211 Avenue of the Americas Trust 2015-1211                                      | CUSIP: 90117PAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4972000 | PA      | $4512090.00     | 0.02%             | 2035-08-10      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS/CANADA WON                                          | Six Flags Entertainment Corp / Canada's Wonderland Co / Magnum Management Corp   | CUSIP: 150190AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       272000 | PA      | $253651.91      | 0.00%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Italian Stella Loans Srl                                      | Italian Stella Loans Srl                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IT        |       215821 | PA      | $257659.22      | 0.00%             | 2039-05-27      | Floating      | 4.04%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                      | JPY/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-271496.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Taurus CMBS                                                   | Taurus 2025-2 UK DAC                                                             | CUSIP: 000000000<br>LEI: 635400ZUSGYHROR9ZX12 | Long             | ABS-MBS          | CORP              | IE        |      1695726 | PA      | $2285703.35     | 0.01%             | 2035-02-18      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Castle Hill INGOTS Ltd                                        | CSTL Commercial Mortgage Trust 2024-GATE                                         | CUSIP: 22945JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8300000 | PA      | $8352798.79     | 0.05%             | 2041-11-10      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132L8EV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3732093 | PA      | $3418104.84     | 0.02%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                                              | Arches Buyer Inc                                                                 | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |       274000 | PA      | $268907.13      | 0.00%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                          | BlueMountain CLO XXIX Ltd                                                        | CUSIP: 09630KAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1080000 | PA      | $1078937.17     | 0.01%             | 2034-07-25      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                                      | South Bow Canadian Infrastructure Holdings Ltd                                   | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |       299000 | PA      | $319591.82      | 0.00%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417WHJ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         7670 | PA      | $7932.75        | 0.00%             | 2040-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMRH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       377045 | PA      | $364390.01      | 0.00%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133C0G22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2896917 | PA      | $2978797.89     | 0.02%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REDSTONE HOLDCO 2 LP                                          | Redstone Holdco 2 LP                                                             | CUSIP: 75774EAG0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      4319374 | PA      | $1747186.97     | 0.01%             | 2028-04-27      | Floating      | 8.85%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                   | US 5YR NOTE (CBT)                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        19319 | NC      | $-2393644.66    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| VERITAS NEWCO PFD G-1                                         | VERITAS NEWCO PFD G-1                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |         9228 | NS      | $212244.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                            | MCR 2024-HTL Mortgage Trust                                                      | CUSIP: 55286PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       276352 | PA      | $276437.90      | 0.00%             | 2037-02-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                                 | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |       290000 | PA      | $320682.35      | 0.00%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu                                | GreenSky Home Improvement Issuer Trust 2025-2                                    | CUSIP: 39571VAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1356000 | PA      | $1366742.64     | 0.01%             | 2060-06-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| VAIL RESORTS INC                                              | Vail Resorts Inc                                                                 | CUSIP: 91879QAQ2<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |       211000 | PA      | $214430.86      | 0.00%             | 2030-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Edenbrook Mortgage Funding Plc                                | Edenbrook Mortgage Funding PLC                                                   | CUSIP: 000000000<br>LEI: 635400URO7UOS6PWLH17 | Long             | ABS-MBS          | CORP              | GB        |      1610521 | PA      | $2198356.84     | 0.01%             | 2057-03-22      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2023-A                                                  | CUSIP: 009692AB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1258100 | PA      | $1152538.99     | 0.01%             | 2062-07-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                                  | US Foods Inc                                                                     | CUSIP: 90290MAG6<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |       505000 | PA      | $522411.39      | 0.00%             | 2028-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 312943WD1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        55878 | PA      | $55004.09       | 0.00%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMRE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5178044 | PA      | $4939785.82     | 0.03%             | 2046-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | USD CALL VERSUS CLP PUT                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |      -924000 | NC      | $-584.54        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                            | Republic of Poland Government International Bond                                 | CUSIP: 731011AW2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |       106000 | PA      | $101151.21      | 0.00%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Castell                                                       | Castell 2025-1 PLC                                                               | CUSIP: 000000000<br>LEI: 2138002O8DSFIQGKRU14 | Long             | ABS-MBS          | CORP              | GB        |       393997 | PA      | $533976.61      | 0.00%             | 2062-01-27      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| DEUCE FINCO                                                   | Deuce Finco PLC                                                                  | CUSIP: 000000000<br>LEI: 9845007DA2BC863E8437 | Long             | DBT              | CORP              | GB        |       654000 | PA      | $890339.46      | 0.00%             | 2031-11-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu                                | GreenSky Home Improvement Issuer Trust 2025-2                                    | CUSIP: 39571VAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       575000 | PA      | $584527.75      | 0.00%             | 2060-06-25      | Fixed         | 7.79%                 | No            |                  2 | On Loan: No      |
| TRIDENT ENERGY FINANCE                                        | Trident Energy Finance PLC                                                       | CUSIP: 000000000<br>LEI: 9845004ECK3FYO64I382 | Long             | DBT              | CORP              | GB        |      2649000 | PA      | $2691225.06     | 0.01%             | 2029-11-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus                                | CSAIL 2017-CX10 Commercial Mortgage Trust                                        | CUSIP: 12595JAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12490000 | PA      | $66260.70       | 0.00%             | 2050-11-15      | Variable      | 0.23%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                              | Trinitas CLO XIV Ltd                                                             | CUSIP: 89641QAY6<br>LEI: 549300095MXHZZMH2053 | Long             | ABS-CBDO         | CORP              | KY        |      1250000 | PA      | $1249449.75     | 0.01%             | 2034-01-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                      | Oak Hill Credit Partners X-R Ltd                                                 | CUSIP: 67707CBC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2680000 | PA      | $2676104.62     | 0.01%             | 2038-04-20      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179QGE5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       638866 | PA      | $637767.14      | 0.00%             | 2044-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                        | CHL Mortgage Pass-Through Trust 2006-17                                          | CUSIP: 17025AAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       264852 | PA      | $115255.64      | 0.00%             | 2036-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RBC DOMINION SECURITIES INC.                                  | USD/IDR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | N/A              | DFE              | CORP              | US        |            1 | NC      | $5333.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QA4A5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16520331 | PA      | $16523127.01    | 0.09%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY CO LTD                                            | Studio City Co Ltd                                                               | CUSIP: 000000000<br>LEI: 984500V5401EFT095A58 | Long             | DBT              | CORP              | VG        |      4900000 | PA      | $4904900.00     | 0.03%             | 2027-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                       | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |        58000 | PA      | $70907.89       | 0.00%             | 2039-07-11      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                         | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBK9<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      2440000 | PA      | $2340749.75     | 0.01%             | 2053-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140X9EC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       477577 | PA      | $457059.94      | 0.00%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu                                | GreenSky Home Improvement Issuer Trust 2025-2                                    | CUSIP: 39571VAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1699000 | PA      | $1713488.90     | 0.01%             | 2060-06-25      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                       | GSR Mortgage Loan Trust 2007-1F                                                  | CUSIP: 3622MPAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        15942 | PA      | $37014.59       | 0.00%             | 2037-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wealthfront Corp                                              | Wealthfront Corp                                                                 | CUSIP: 947002101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          565 | NS      | $7678.35        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AGEAS                                                         | Ageas SA/NV                                                                      | CUSIP: 000000000<br>LEI: 5493005DJBML6LY3RV36 | Long             | DBT              | CORP              | BE        |       200000 | PA      | $236445.54      | 0.00%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                      | Ajax Mortgage Loan Trust 2023-A                                                  | CUSIP: 009692AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20278204 | PA      | $19441829.27    | 0.11%             | 2062-07-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                        | CDS CMBX.NA.AAA.9                                                                | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $-0.18          | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| 1211 Avenue of the Americas Tr                                | 1211 Avenue of the Americas Trust 2015-1211                                      | CUSIP: 90117PAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       600000 | PA      | $562500.00      | 0.00%             | 2035-08-10      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                               | Sealed Air Corp                                                                  | CUSIP: 81211KAY6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |       100000 | PA      | $99481.61       | 0.00%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2016-I Ltd                                                          | CUSIP: 17180TBN1<br>LEI: 54930076OPDXR0U68E20 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250250.28      | 0.00%             | 2031-10-21      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138ERA91<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       209307 | PA      | $192056.41      | 0.00%             | 2046-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMRF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2090229 | PA      | $1980607.70     | 0.01%             | 2046-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                      | Madison Park Funding LIX Ltd                                                     | CUSIP: 55822EAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       230000 | PA      | $230705.25      | 0.00%             | 2037-04-18      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179RS91<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       156965 | PA      | $146235.26      | 0.00%             | 2045-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                             | Ghana Government International Bond                                              | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |       537000 | PA      | $490135.58      | 0.00%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kennedy Lewis CLO Ltd                                         | Kennedy Lewis CLO 13 Ltd                                                         | CUSIP: 370918AA2<br>LEI: 549300OHYOREA2V0F579 | Long             | ABS-CBDO         | CORP              | JE        |      2600000 | PA      | $2601043.38     | 0.01%             | 2037-01-20      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| MEDCO CYPRESS TREE PTE                                        | Medco Cypress Tree Pte Ltd                                                       | CUSIP: 58406VAA7<br>LEI: 254900NKZ2Y3YZK4WC46 | Long             | DBT              | CORP              | SG        |      1319000 | PA      | $1391545.00     | 0.01%             | 2030-05-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |          100 | NC      | $750.79         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CSAIL Commercial Mortgage Trus                                | CSAIL 2018-CX12 Commercial Mortgage Trust                                        | CUSIP: 12595XAZ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       570000 | PA      | $530455.79      | 0.00%             | 2051-08-15      | Variable      | 4.72%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2005-59                                                   | CUSIP: 12668AEV3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       585172 | PA      | $573635.64      | 0.00%             | 2035-11-20      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                              | Trestles CLO IX Ltd                                                              | CUSIP: 894932AC6<br>LEI: 254900TP9ZGKPKCMHR24 | Long             | ABS-CBDO         | CORP              | KY        |      4120000 | PA      | $4129272.88     | 0.02%             | 2039-01-15      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| 1211 Avenue of the Americas Tr                                | 1211 Avenue of the Americas Trust 2015-1211                                      | CUSIP: 90117PAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1110000 | PA      | $999000.00      | 0.01%             | 2035-08-10      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2025-I Ltd                                                          | CUSIP: 12572VAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $249742.95      | 0.00%             | 2038-04-23      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                                       | Bryant Park Funding 2024-24 Ltd                                                  | CUSIP: 11766DAA0<br>LEI: 3912003A96YDRT8EGP15 | Long             | ABS-CBDO         | CORP              | KY        |      1500000 | PA      | $1505352.45     | 0.01%             | 2037-10-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                            | Energy Transfer LP                                                               | CUSIP: 29273VBB5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      5582000 | PA      | $5368300.72     | 0.03%             | 2054-09-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XGVQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2710991 | PA      | $2425275.25     | 0.01%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                               | Sealed Air Corp                                                                  | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |       102000 | PA      | $102670.75      | 0.00%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133USJU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2225046 | PA      | $1817899.61     | 0.01%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-1321.74       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EQT CORP                                                      | EQT Corp                                                                         | CUSIP: 26884LBD0<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     98188000 | PA      | $98832460.87    | 0.54%             | 2031-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Battalion CLO LTD                                             | Battalion CLO VIII Ltd                                                           | CUSIP: 07132ACJ0<br>LEI: 549300WH2OE0BGHQQP83 | Long             | ABS-CBDO         | CORP              | KY        |      4580543 | PA      | $4580426.81     | 0.02%             | 2030-07-18      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Atlas Funding                                                 | Atlas Funding 2024-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400BMBKLDPBSN2U43 | Long             | ABS-MBS          | CORP              | GB        |       518476 | PA      | $704893.27      | 0.00%             | 2061-09-20      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| AGL CLO 1 Ltd.                                                | AGL CLO 23 Ltd                                                                   | CUSIP: 00119EAN7<br>LEI: 54930001FYWQPYWEPQ30 | Long             | ABS-CBDO         | CORP              | KY        |      3240000 | PA      | $3236382.54     | 0.02%             | 2038-04-20      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XCAT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3148273 | PA      | $2922085.89     | 0.02%             | 2036-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BRENNTAG FINANCE BV                                           | Brenntag Finance BV                                                              | CUSIP: 000000000<br>LEI: 724500LOJA6NM43PH951 | Long             | DBT              | CORP              | NL        |      7500000 | PA      | $8703122.44     | 0.05%             | 2031-10-02      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WFCS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1768759 | PA      | $1765798.75     | 0.01%             | 2045-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMRT4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11858822 | PA      | $10964486.89    | 0.06%             | 2044-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179NX52<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        26299 | PA      | $24690.24       | 0.00%             | 2044-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138AEKD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        59356 | PA      | $59722.98       | 0.00%             | 2041-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | CDS ZIGGO BOND CO BV                                                             | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DCR              | CORP              | DE        |            1 | NC      | $27052.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                  | Barclays Mortgage Loan Trust 2025-NQM2                                           | CUSIP: 066930AK4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     40379930 | PA      | $1061261.28     | 0.01%             | 2065-05-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                            | Energy Transfer LP                                                               | CUSIP: 29273VBC3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |       213000 | PA      | $218544.82      | 0.00%             | 2054-10-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                                     | BPR Trust 2024-PMDW                                                              | CUSIP: 05592VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       620000 | PA      | $634402.97      | 0.00%             | 2041-11-05      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank Commercial Mortg                                | DBJPM 16-C1 Mortgage Trust                                                       | CUSIP: 23312LAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1430000 | PA      | $1425852.43     | 0.01%             | 2049-05-10      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                                  | Fibercop SpA                                                                     | CUSIP: 000000000<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |      1078000 | PA      | $1287301.02     | 0.01%             | 2030-06-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179V4W7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     24055200 | PA      | $21721793.68    | 0.12%             | 2051-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing a                                | Credit-Based Asset Servicing and Securitization LLC                              | CUSIP: 1248RHAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       369023 | PA      | $247008.49      | 0.00%             | 2037-07-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QLN44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26232376 | PA      | $21320571.42    | 0.12%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Asset-Backed                                | Washington Mutural Asset-Backed Certificates WMABS Series 2006-HE4 Trust         | CUSIP: 93934QAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3803271 | PA      | $957592.42      | 0.01%             | 2036-09-25      | Floating      | 4.14%                 | No            |                  2 | On Loan: No      |
| ROBERTSHAW US HOLDING                                         | ROBERTSHAW US HOLDING                                                            | CUSIP: 000000000<br>LEI: 549300NMXRV2JIXFIY04 | Long             | LON              | CORP              | US        |      1795000 | PA      | $17950.00       | 0.00%             | 2027-03-01      | Floating      | 11.80%                | No            |                  3 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                              | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              | CORP              | DE        |   -494839000 | NC      | $-1323162.53    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140HJUQ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       168616 | PA      | $168045.48      | 0.00%             | 2048-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31335B2J4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2866701 | PA      | $2859980.20     | 0.02%             | 2047-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS INC                                       | Park River Holdings Inc                                                          | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |        53000 | PA      | $54642.74       | 0.00%             | 2031-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36183AF47<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        55765 | PA      | $53635.61       | 0.00%             | 2044-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179VVZ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1750530 | PA      | $1580281.81     | 0.01%             | 2050-10-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BRES Commercial Mortgage Trust                                | BRES Commercial Mortgage Trust 2025-ATCAP                                        | CUSIP: 05619GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4696000 | PA      | $4717448.04     | 0.03%             | 2042-11-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                                | CARLYLE US CLO 2017-3 Ltd                                                        | CUSIP: 14314FAY4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      4158000 | PA      | $4174983.77     | 0.02%             | 2037-10-21      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                      | AT&T Inc                                                                         | CUSIP: 00206RMZ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     14079000 | PA      | $14161733.84    | 0.08%             | 2056-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| OT MIDCO INC                                                  | OT Midco Inc                                                                     | CUSIP: 68877AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2393000 | PA      | $952139.36      | 0.01%             | 2030-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2006-OC7                                                  | CUSIP: 23243VAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1388183 | PA      | $1284151.34     | 0.01%             | 2046-07-25      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | CDS PITNEY BOWES INC                                                             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCR              | CORP              | US        |            1 | NC      | $-94.55         | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | ZAR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-86518.15      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307LX86<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        77489 | PA      | $75798.24       | 0.00%             | 2030-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                          | Targa Resources Corp                                                             | CUSIP: 87612GAC5<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |      1445000 | PA      | $1545683.58     | 0.01%             | 2033-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust                                  | CD 2017-CD5 Mortgage Trust                                                       | CUSIP: 12515HBC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2091000 | PA      | $2032084.19     | 0.01%             | 2050-08-15      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS INC                                       | Park River Holdings Inc                                                          | CUSIP: 70082LAD9<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |       603000 | PA      | $593201.25      | 0.00%             | 2030-12-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                      | EQT Corp                                                                         | CUSIP: 26884LBB4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     52980000 | PA      | $58276357.62    | 0.32%             | 2030-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing a                                | Credit-Based Asset Servicing and Securitization LLC                              | CUSIP: 14983AAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2699792 | PA      | $80312.07       | 0.00%             | 2036-09-25      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                       | Sasol Financing USA LLC                                                          | CUSIP: 000000000<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |       904000 | PA      | $915173.44      | 0.00%             | 2029-05-03      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| DIGICEL GROUP HOLDINGS                                        | Digicel Group Holdings Ltd                                                       | CUSIP: 25381HAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       543605 | PA      | $32616.29       | 0.00%             | 2030-12-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| LUNA 2 5SARL                                                  | Luna 2 5SARL                                                                     | CUSIP: 000000000<br>LEI: 894500N8J2QVEYP0UI86 | Long             | DBT              | CORP              | LU        |       809000 | PA      | $968118.70      | 0.01%             | 2032-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Battalion CLO LTD                                             | Battalion CLO VIII Ltd                                                           | CUSIP: 07132ACL5<br>LEI: 549300WH2OE0BGHQQP83 | Long             | ABS-CBDO         | CORP              | KY        |      3250000 | PA      | $3247195.58     | 0.02%             | 2030-07-18      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| STATE STREET GLOBAL MARKETS, LLC                              | CNH/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 549300FDEDF5ORXCMQ56 | N/A              | DFE              | CORP              | US        |            1 | NC      | $95212.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Boca Commercial Mortgage Trust                                | BOCA Commercial Mortgage Trust 2025-BOCA                                         | CUSIP: 05619RAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10170000 | PA      | $10182701.31    | 0.06%             | 2042-12-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3131Y0YL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4114662 | PA      | $4090557.64     | 0.02%             | 2048-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WJH27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       595473 | PA      | $566975.48      | 0.00%             | 2036-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                                             | Lithia Motors Inc                                                                | CUSIP: 536797AJ2<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |       456000 | PA      | $457810.89      | 0.00%             | 2030-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRUST FIBRAUNO                                                | Trust Fibra Uno                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      4000000 | PA      | $4398680.00     | 0.02%             | 2032-01-23      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                                         | KKR CLO 18 Ltd                                                                   | CUSIP: 48251JAS2<br>LEI: 54930088PYF0FHKY5C94 | Long             | ABS-CBDO         | CORP              | KY        |      3770000 | PA      | $3752019.36     | 0.02%             | 2035-10-18      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| FIEMEX ENERGIA - BANC AC                                      | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple                 | CUSIP: 05974EAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      1109368 | PA      | $1165391.37     | 0.01%             | 2041-01-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H022614<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |     -1413000 | PA      | $-1218602.12    | -0.01%            | 2056-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae                                                                       | CUSIP: 21H022614<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     50080000 | PA      | $43190087.75    | 0.23%             | 2056-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES                                           | Century Communities Inc                                                          | CUSIP: 156504AN2<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |       100000 | PA      | $101119.88      | 0.00%             | 2033-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| UBS Securities LLC                                            | USD/MXN FORWARD                                                                  | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-1651.74       | -0.00%            |  |  |  | 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        |       655000 | PA      | $885078.32      | 0.00%             | 2032-07-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132XWA84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       284701 | PA      | $268602.03      | 0.00%             | 2048-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2017-I Ltd                                                          | CUSIP: 17181PAG4<br>LEI: 549300X1SKS4LNS5LQ62 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $251312.75      | 0.00%             | 2037-04-21      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F040412<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |       -93000 | PA      | $-91775.56      | -0.00%            | 2041-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F040412<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4353000 | PA      | $4295688.36     | 0.02%             | 2041-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                        | RR 38 Ltd                                                                        | CUSIP: 74988FAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      9490000 | PA      | $9480510.00     | 0.05%             | 2040-04-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36179V4U1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     52649973 | PA      | $43619640.04    | 0.24%             | 2051-01-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                         | Palmer Square CLO 2022-3 Ltd                                                     | CUSIP: 69690ABC0<br>LEI: 5493000CAZ8VWJGUOH13 | Long             | ABS-CBDO         | CORP              | JE        |       550000 | PA      | $549576.12      | 0.00%             | 2037-07-20      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV                                          | Telefonica Europe BV                                                             | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |      1100000 | PA      | $1428351.34     | 0.01%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| STAKEHOLDER MIDSTREAM L                                       | STAKEHOLDER MIDSTREAM LLC                                                        | CUSIP: 000000000<br>LEI: 254900BG1PE2KGG26017 | Long             | LON              | CORP              | US        |      4732000 | PA      | $4746811.16     | 0.03%             | 2030-11-20      | Floating      | 8.04%                 | No            |                  3 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                       | KRW/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |            1 | NC      | $13324.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| First NLC Trust                                               | First NLC Trust 2007-1                                                           | CUSIP: 32115BAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       681925 | PA      | $343165.18      | 0.00%             | 2037-08-25      | Floating      | 4.03%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES                                           | Century Communities Inc                                                          | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |       220000 | PA      | $209177.58      | 0.00%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                                  | Atrium Hotel Portfolio Trust 2017-ATRM                                           | CUSIP: 04965JAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3269000 | PA      | $3105550.00     | 0.02%             | 2036-12-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132HNMK2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       149202 | PA      | $143254.05      | 0.00%             | 2042-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                                  | Voya CLO 2021-2 Ltd                                                              | CUSIP: 92919AAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $249924.33      | 0.00%             | 2038-04-20      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140XGVN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1695308 | PA      | $1527006.47     | 0.01%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3128PY5Q3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         5813 | PA      | $5754.92        | 0.00%             | 2027-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SPACE EXPLORATION TECHNOLOGIES CORP                           | SPACE EXPLORATION TECHNOLOGIES CORP                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        25626 | NS      | $8097816.00     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Flagstar Bank NA                                              | Flagstar Bank NA                                                                 | CUSIP: 649445400<br>LEI: SS1TRMSN6BRNMOREEV51 | Long             | EC               | CORP              | US        |       397653 | NS      | $5006451.27     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMRR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15615203 | PA      | $14314222.10    | 0.08%             | 2047-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                     | USD/HKD FORWARD                                                                  | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              | CORP              | US        |            1 | NC      | $2.38           | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CART                                                          | CONE Trust 2024-DFW1                                                             | CUSIP: 20682AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3280000 | PA      | $3274887.46     | 0.02%             | 2041-08-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| MELANGE SECONDARIES PARTNERS                                  | MELANGE SECONDARIES PARTNERS                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6033109 | NS      | $6401128.34     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| US TREASURY N/B                                               | United States Treasury Note/Bond                                                 | CUSIP: 91282CFM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50734000 | PA      | $51277012.09    | 0.28%             | 2027-09-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WJH35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       234533 | PA      | $223068.47      | 0.00%             | 2036-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | JP Morgan Mortgage Trust 2021-4                                                  | CUSIP: 46652VCC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       611063 | PA      | $265593.85      | 0.00%             | 2051-08-25      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Battalion CLO LTD                                             | Battalion CLO VIII Ltd                                                           | CUSIP: 07132ACN1<br>LEI: 549300WH2OE0BGHQQP83 | Long             | ABS-CBDO         | CORP              | KY        |      2901000 | PA      | $2901152.59     | 0.02%             | 2030-07-18      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO I, Ltd                                           | Owl Rock CLO XVIII LLC                                                           | CUSIP: 69122HAA8<br>LEI: 254900IC5H3CWUYT6A39 | Long             | ABS-CBDO         | CORP              | US        |      3925000 | PA      | $3915747.99     | 0.02%             | 2036-07-24      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                            | Energy Transfer LP                                                               | CUSIP: 29273VBF6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      3596000 | PA      | $3524685.28     | 0.02%             | 2055-04-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CML TERRANEA RESORT                                           | CML TERRANEA RESORT                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      7500000 | PA      | $7500000.00     | 0.04%             | 2028-01-01      | Floating      | 8.18%                 | No            |                  3 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31335BCH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1072807 | PA      | $1070075.33     | 0.01%             | 2047-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                             | CDS XEROX CORPORATION                                                            | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              | CORP              | GB        |            1 | NC      | $23881.60       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3131XLH59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        17805 | PA      | $17104.00       | 0.00%             | 2043-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus                                | CSAIL 2019-C16 Commercial Mortgage Trust                                         | CUSIP: 12596WAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28939377 | PA      | $1217520.09     | 0.01%             | 2052-06-15      | Variable      | 1.53%                 | No            |                  2 | On Loan: No      |
| Ares Euro CLO                                                 | Ares European CLO XII DAC                                                        | CUSIP: 000000000<br>LEI: 635400XCOLUI5RNVIZ11 | Long             | ABS-CBDO         | CORP              | IE        |       889000 | PA      | $1046929.12     | 0.01%             | 2032-04-20      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| AGL CLO 1 Ltd.                                                | AGL CLO 37 Ltd                                                                   | CUSIP: 00121MAA3<br>LEI: 254900AZNZG3U1TNSN78 | Long             | ABS-CBDO         | CORP              | KY        |       290000 | PA      | $290584.73      | 0.00%             | 2038-04-22      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                                  | Voya CLO 2021-2 Ltd                                                              | CUSIP: 92919AAS3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1440000 | PA      | $1443738.24     | 0.01%             | 2038-04-20      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31418DC26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1135410 | PA      | $1124595.52     | 0.01%             | 2049-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                                | Alternative Loan Trust 2007-OA3                                                  | CUSIP: 02150TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       527277 | PA      | $482010.06      | 0.00%             | 2047-04-25      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae REMICS                                                                | CUSIP: 3136BWLP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8654954 | PA      | $8748818.88     | 0.05%             | 2055-06-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Barrow Hanley CLO LTD                                         | Barrow Hanley CLO II Ltd                                                         | CUSIP: 06875RAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1810000 | PA      | $1814525.72     | 0.01%             | 2038-03-31      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DVLH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3138668 | PA      | $2596839.24     | 0.01%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BNY Capital Markets, LLC                                      | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: VJW2DOOHGDT6PR0ZRO63 | N/A              | DFE              | CORP              | US        |            1 | NC      | $5340.50        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                                             | Lithia Motors Inc                                                                | CUSIP: 536797AE3<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |       112000 | PA      | $111830.18      | 0.00%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                              | Trinitas CLO XVIII Ltd                                                           | CUSIP: 89640LAL6<br>LEI: 2549005HDP7QU1IK5W96 | Long             | ABS-CBDO         | CORP              | KY        |       250000 | PA      | $250176.38      | 0.00%             | 2035-01-20      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31416AVY3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |          666 | PA      | $682.85         | 0.00%             | 2038-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                                         | Japan Government Thirty Year Bond                                                | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |    707000000 | PA      | $2948872.45     | 0.02%             | 2052-09-20      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                                              | HILT COMMERCIAL MORTGAGE TRUST 2024-ORL                                          | CUSIP: 403956AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6057000 | PA      | $6086980.94     | 0.03%             | 2037-05-15      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| CEDACRI SPA                                                   | Cedacri SpA                                                                      | CUSIP: 000000000<br>LEI: 815600E85FCD78B3EE61 | Long             | DBT              | CORP              | IT        |      1078000 | PA      | $1278414.31     | 0.01%             | 2028-05-15      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31417AYD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2199497 | PA      | $2151113.04     | 0.01%             | 2042-01-01      | Fixed         | 4.00%                 | 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              | CORP              | US        |       276000 | PA      | $268740.95      | 0.00%             | 2027-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                            | Energy Transfer LP                                                               | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |       110000 | PA      | $109636.03      | 0.00%             | 2056-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TAV HAVALIMANLARI HOLDIN                                      | TAV Havalimanlari Holding AS                                                     | CUSIP: 000000000<br>LEI: 789000PBM9TT5D88M597 | Long             | DBT              | CORP              | TR        |      5028000 | PA      | $5241690.00     | 0.03%             | 2028-12-07      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                | USD CALL VERSUS CLP PUT                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |      -921405 | NC      | $-582.90        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307NM68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        44231 | PA      | $43490.43       | 0.00%             | 2030-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3133A8RR0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1694953 | PA      | $1399732.90     | 0.01%             | 2050-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                            | Energy Transfer LP                                                               | CUSIP: 29273VBH2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |        80000 | PA      | $80305.44       | 0.00%             | 2056-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae I Pool                                                                | CUSIP: 36178EK65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        37575 | PA      | $35209.12       | 0.00%             | 2043-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                                  | Novelis Corp                                                                     | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |        96000 | PA      | $97322.03       | 0.00%             | 2033-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                                | Benefit Street Partners CLO XXIX Ltd                                             | CUSIP: 08186EAL2<br>LEI: 549300DICNUWMUKL3816 | Long             | ABS-CBDO         | CORP              | JE        |      2150000 | PA      | $2148982.41     | 0.01%             | 2038-01-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                              | CIFC Funding 2017-I Ltd                                                          | CUSIP: 17181PAE9<br>LEI: 549300X1SKS4LNS5LQ62 | Long             | ABS-CBDO         | CORP              | KY        |      3710000 | PA      | $3729145.08     | 0.02%             | 2037-04-21      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31415PXK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        19522 | PA      | $19994.60       | 0.00%             | 2038-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 31307MRC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        73251 | PA      | $71164.54       | 0.00%             | 2030-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3138WTV37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        61383 | PA      | $60655.33       | 0.00%             | 2028-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                    | USD/AUD FORWARD                                                                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |            1 | NC      | $-12611.18      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WPP FINANCE 2013                                              | WPP Finance 2013                                                                 | CUSIP: 000000000<br>LEI: 549300L84EKSLWWPGI24 | Long             | DBT              | CORP              | GB        |     15970000 | PA      | $18527432.80    | 0.10%             | 2031-06-09      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Riserva CLO, Ltd.                                             | Riserva Clo Ltd                                                                  | CUSIP: 76761RBG3<br>LEI: 549300640C8OB2I8SN35 | Long             | ABS-CBDO         | CORP              | KY        |      3430000 | PA      | $3430339.57     | 0.02%             | 2034-01-18      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                                   | RAD CLO 21 Ltd                                                                   | CUSIP: 750099AJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2310000 | PA      | $2306590.67     | 0.01%             | 2037-01-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F062614<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -246173000 | PA      | $-255832971.30  | -1.39%            | 2056-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                                     | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F062614<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75693000 | PA      | $78663237.22    | 0.43%             | 2056-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Post CLO LTD                                                  | Post CLO 2023-1 Ltd                                                              | CUSIP: 73743CAQ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1620000 | PA      | $1625957.06     | 0.01%             | 2038-10-20      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 3140QRWZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12534501 | PA      | $12657663.38    | 0.07%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                         | Silver Point CLO 7 LTD                                                           | CUSIP: 82808UAA3<br>LEI: 254900UZNMKMPK9GWJ82 | Long             | ABS-CBDO         | CORP              | KY        |      1900000 | PA      | $1906773.50     | 0.01%             | 2038-01-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds T-Fund                              | BlackRock Liquidity Funds T-Fund                                                 | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |    332923118 | NS      | $332923117.97   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Pool                                                                 | CUSIP: 3132DMRM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5368705 | PA      | $5215925.35     | 0.03%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                              | LIONSGATE STUDIOS CORP                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |           57 | NC      | $4845.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                                                  | Barclays PLC                                                                     | CUSIP: 06738EBT1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |       462000 | PA      | $446961.25      | 0.00%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                   | Oracle Corp                                                                      | CUSIP: 68389XDC6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      7491000 | PA      | $6633976.41     | 0.04%             | 2065-08-03      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| INSIGHT M INC WARRANTS                                        | INSIGHT M INC WARRANTS                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3390177 | NC      | $33.90          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Government National Mortgage A                                | Ginnie Mae II Pool                                                               | CUSIP: 36202FX84<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        31319 | PA      | $30443.40       | 0.00%             | 2041-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Mortgage Loan Trust                                | Long Beach Mortgage Loan Trust 2006-5                                            | CUSIP: 54251PAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2863260 | PA      | $1346012.40     | 0.01%             | 2036-06-25      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                      | JP Morgan Mortgage Trust 2021-4                                                  | CUSIP: 46652VCA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       265268 | PA      | $213017.94      | 0.00%             | 2051-08-25      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                      | Blue Racer Midstream LLC / Blue Racer Finance Corp                               | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       264000 | PA      | $275329.03      | 0.00%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                   | Freddie Mac Gold Pool                                                            | CUSIP: 3132QSG36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       306376 | PA      | $296920.43      | 0.00%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUMA INTERNATIONAL FINAN                                      | Puma International Financing SA                                                  | CUSIP: 000000000<br>LEI: 222100YFBPO7IDRUBR17 | Long             | DBT              | CORP              | LU        |      7200000 | PA      | $7405344.00     | 0.04%             | 2029-04-25      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                    | Fannie Mae Pool                                                                  | CUSIP: 31410KFF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       114427 | PA      | $121024.79      | 0.00%             | 2038-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

**Name of Applicant:** BlackRock Bond Fund, Inc.

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer