# EDGAR Filing Document

**Accession Number:** 0000893818
**File Stem:** 0001752724-23-071964
**Filing Date:** 2023-3
**Character Count:** 399702
**Document Hash:** 26a409148e4fcfd3c7f1ccbe06429750
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-071964.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001752724-23-071964

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Funds III
- **CENTRAL INDEX KEY:** 0000893818
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07332
- **FILM NUMBER:** 23774091

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** 8006439691

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARCLAYS GLOBAL INVESTORS FUNDS
- **DATE OF NAME CHANGE:** 20060201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARCLAYS GLOBAL INVESTORS FUNDS INC
- **DATE OF NAME CHANGE:** 19990804

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASTERWORKS FUNDS INC
- **DATE OF NAME CHANGE:** 19960607

## Series and Classes Contracts Data

### BlackRock Diversified Fixed Income Fund (Series ID: S000079204)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000240134 | BlackRock Diversified Fixed Income Fund |  |

## Nport-Ex

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> January 31, 2023 | **BlackRock Diversified Fixed Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Asset-Backed Securities** |  |  |
|  Bear Stearns Asset Backed Securities I Trust,<br>(1 mo. LIBOR US + 0.34%), 4.85%, 09/25/36<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | $113542 |
|  Exeter Automobile Receivables Trust,<br>Series 2022-5A, Class D, 7.40%, 02/15/29 | 100 | 102933 |
|  Santander Drive Auto Receivables Trust<br>Series 2022-4, Class B, 4.42%, 11/15/27 | 300 | 295721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5, Class B, 4.43%, 03/15/27 | 195 | 192461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-6, Class B, 4.72%, 06/15/27 | 135 | 134116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7, Class B, 5.95%, 01/17/28 | 300 | 306398 |
|  Westlake Automobile Receivables Trust<sup>(b)</sup><br>Series 2021-2A, Class D, 1.23%, 12/15/26 | 185 | 171063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A3, 5.49%, 07/15/26 | 35 | 35068 |
|  **Total Asset-Backed Securities — 0.7%<br>(Cost: $1,349,492)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351302 |
| **Corporate Bonds** |  |  |
| **Advertising Agencies — 0.0%** |  |  |
|  Interpublic Group of Cos., Inc., 3.38%, 03/01/41 | 30 | 22889 |
| **Aerospace & Defense — 0.9%** |  |  |
|  3M Co., 4.00%, 09/14/48 | 20 | 16762 |
|  BAE Systems Finance, Inc., 7.50%, 07/01/27<sup>(b)</sup> | 195 | 213940 |
|  Boeing Co.<br>5.81%, 05/01/50 | 20 | 20418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 05/01/60 | 63 | 64378 |
|  General Dynamics Corp.<br>3.25%, 04/01/25 | 70 | 68261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/31 | 80 | 69490 |
|  L3Harris Technologies, Inc., 3.85%, 12/15/26 | 145 | 141041 |
|  Lockheed Martin Corp.<br>5.10%, 11/15/27 | 220 | 228323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/32 | 260 | 252490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/33 | 196 | 209156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/54 | 70 | 79501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/63 | 25 | 29261 |
|  Northrop Grumman Corp., 4.03%, 10/15/47 | 100 | 88101 |
|  Raytheon Technologies Corp.<br>4.13%, 11/16/28 | 120 | 117748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/01/46 | 180 | 151338 |
|  Textron, Inc., 3.38%, 03/01/28 | 60 | 55659 |
|  |  | 1805867 |
| **Automobiles — 0.4%** |  |  |
|  Ford Motor Co., 3.25%, 02/12/32 | 7 | 5556 |
|  General Motors Co., 5.60%, 10/15/32 | 100 | 98790 |
|  General Motors Financial Co., Inc.<br>3.80%, 04/07/25 | 375 | 364243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/10/28 | 55 | 47910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/21/30 | 155 | 136420 |
|  Honda Motor Co. Ltd., 2.53%, 03/10/27 | 50 | 46642 |
|  Toyota Motor Credit Corp., 4.80%, 01/10/25 | 100 | 100357 |
|  |  | 799918 |
| **Banks — 0.9%** |  |  |
|  Bank of Montreal, 5.20%, 12/12/24 | 200 | 201330 |
|  BPCE SA, (1 day SOFR + 2.10%), 5.98%, 01/18/27<sup>(a)(b)</sup> | 265 | 268361 |
|  Huntington Bancshares, Inc., (1 day SOFR + 2.05%),<br>5.02%, 05/17/33<sup>(a)</sup> | 195 | 192338 |
|  Royal Bank of Canada<br>3.63%, 05/04/27 | 200 | 193326 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Royal Bank of Canada (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/33 | $25 | $25378 |
|  Toronto-Dominion Bank<br>5.10%, 01/09/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | 192481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 06/08/32 | 50 | 49077 |
|  U.S. Bancorp, (1 day SOFR + 1.60%),<br>4.84%, 02/01/34<sup>(a)(c)</sup> | 50 | 49704 |
|  Wells Fargo & Co.<sup>(a)</sup><br>(1 day SOFR + 1.56%), 4.54%, 08/15/26 | 300 | 297098 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.98%), 4.81%, 07/25/28 | 100 | 99787 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 2.10%), 4.90%, 07/25/33 | 170 | 169341 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 4.50%), 5.01%, 04/04/51 | 50 | 49295 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787516 |
| **Beverages — 0.4%** |  |  |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev |  |  |
|  Worldwide, Inc., 4.70%, 02/01/36 | 25 | 24777 |
|  Coca-Cola Femsa SAB de CV, 1.85%, 09/01/32 | 150 | 118562 |
|  Constellation Brands, Inc., 4.75%, 05/09/32 | 105 | 104971 |
|  Diageo Capital PLC, 5.50%, 01/24/33 | 200 | 216503 |
|  Keurig Dr. Pepper, Inc.<br>3.95%, 04/15/29 | 100 | 96286 |
|  4.05%, 04/15/32 | 50 | 47395 |
|  4.50%, 04/15/52 | 115 | 103983 |
|  PepsiCo, Inc., 4.20%, 07/18/52 | 110 | 106032 |
|  |  | 818509 |
| **Biotechnology — 0.3%** |  |  |
|  Amgen, Inc.<br>1.90%, 02/21/25 | 300 | 282953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 08/15/28 | 50 | 43039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/45 | 45 | 40164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/22/62 | 50 | 42752 |
|  Gilead Sciences, Inc.<br>2.60%, 10/01/40 | 55 | 40833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/46 | 25 | 24299 |
|  Regeneron Pharmaceuticals, Inc.<br>1.75%, 09/15/30 | 130 | 104912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/50 | 50 | 33440 |
|  |  | 612392 |
| **Building Materials — 0.0%** |  |  |
|  Eagle Materials, Inc., 2.50%, 07/01/31 | 25 | 20428 |
|  Masonite International Corp., Class C, 5.38%, 02/01/28<sup>(b)</sup> | 3 | 2808 |
|  Owens Corning, 3.95%, 08/15/29 | 5 | 4741 |
|  Standard Industries, Inc., 5.00%, 02/15/27<sup>(b)</sup> | 3 | 2843 |
|  |  | 30820 |
| **Building Products — 0.1%** |  |  |
|  Home Depot, Inc., 4.95%, 09/15/52 | 40 | 41209 |
|  Lowe's Cos., Inc.<br>3.65%, 04/05/29 | 90 | 85158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/41 | 20 | 14506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 | 40 | 41553 |
|  |  | 182426 |
| **Capital Markets — 0.3%** |  |  |
|  Ares Capital Corp., 2.15%, 07/15/26 | 50 | 43693 |
|  Barings BDC, Inc., 3.30%, 11/23/26 | 50 | 44081 |
|  Charles Schwab Corp., 2.45%, 03/03/27 | 50 | 46521 |
|  FS KKR Capital Corp., 3.25%, 07/15/27 | 100 | 86882 |

---

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Diversified Fixed Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Capital Markets (continued)** |  |  |
|  Morgan Stanley, (1 year CMT + 2.43%),<br>5.95%, 01/19/38<sup>(a)</sup> | $95 | $97083 |
|  Nomura Holdings, Inc., 5.10%, 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 199356 |
|  |  | 517616 |
| **Chemicals — 0.2%** |  |  |
|  CF Industries, Inc.<br>5.15%, 03/15/34 | 95 | 93968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/44 | 110 | 105598 |
|  EIDP, Inc., 2.30%, 07/15/30 | 55 | 47654 |
|  FMC Corp., 4.50%, 10/01/49 | 45 | 38730 |
|  Sherwin-Williams Co., 2.95%, 08/15/29 | 15 | 13487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299437 |
| **Commercial Services & Supplies — 0.0%** |  |  |
|  Herc Holdings, Inc., 5.50%, 07/15/27<sup>(b)</sup> | 7 | 6703 |
| **Communications Equipment — 0.2%** |  |  |
|  Motorola Solutions, Inc.<br>2.75%, 05/24/31 | 120 | 99379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/01/32 | 261 | 266105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/44 | 35 | 33723 |
|  |  | 399207 |
| **Construction Materials — 0.0%** |  |  |
|  Carlisle Cos., Inc., 2.20%, 03/01/32 | 100 | 79813 |
| **Consumer Discretionary — 0.1%** |  |  |
|  Quanta Services, Inc.<br>2.35%, 01/15/32 | 220 | 176071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/01/41 | 50 | 35558 |
|  |  | 211629 |
| **Consumer Finance — 0.6%** |  |  |
|  American Express Co., 3.95%, 08/01/25 | 100 | 98464 |
|  Block Financial LLC, 2.50%, 07/15/28 | 50 | 43911 |
|  Capital One Financial Corp.<sup>(a)</sup> |  |  |
|  (1 day SOFR + 2.37%), 5.27%, 05/10/33 | 39 | 38241 |
|  (1 day SOFR + 2.60%), 5.82%, 02/01/34<sup>(c)</sup> | 35 | 35271 |
|  Discover Financial Services, 4.10%, 02/09/27 | 15 | 14434 |
|  Global Payments, Inc.<br>1.20%, 03/01/26 | 485 | 431241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/29 | 90 | 79932 |
|  Mastercard, Inc., 3.85%, 03/26/50 | 30 | 27244 |
|  Moody's Corp.<br>5.25%, 07/15/44 | 30 | 30575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/29/61 | 40 | 27146 |
|  Navient Corp.<br>6.75%, 06/25/25 | 3 | 2993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/26 | 3 | 2955 |
|  S&P Global, Inc.<br>2.45%, 03/01/27<sup>(b)</sup> | 200 | 185996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/28<sup>(b)</sup> | 40 | 40584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/60 | 80 | 48378 |
|  Visa, Inc., 3.65%, 09/15/47 | 35 | 30865 |
|  |  | 1138230 |
| **Containers & Packaging — 0.0%** |  |  |
|  International Paper Co., 6.00%, 11/15/41 | 5 | 5360 |
|  Packaging Corp. of America, 3.05%, 10/01/51 | 25 | 17541 |
|  |  | 22901 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Diversified Financial Services — 5.3%** |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br>1.65%, 10/29/24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $187108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/30/32 | 150 | 125941 |
|  Banco Santander SA, 5.15%, 08/18/25 | 200 | 200075 |
|  Bank of America Corp.<sup>(a)</sup><br>(1 day SOFR + 1.11%), 3.84%, 04/25/25 | 100 | 98205 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.33%), 3.38%, 04/02/26 | 310 | 299867 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.33%), 2.97%, 02/04/33 | 95 | 81014 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.75%), 4.83%, 07/22/26 | 190 | 189522 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.93%), 2.68%, 06/19/41 | 70 | 51604 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.99%), 6.20%, 11/10/28 | 810 | 854177 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 2.16%), 5.02%, 07/22/33 | 349 | 348789 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.19%), 2.88%, 10/22/30 | 590 | 517158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, (1 day SOFR + 1.65%), 3.48%, 03/13/52 | 50 | 38796 |
|  Bank of Nova Scotia, 3.45%, 04/11/25 | 200 | 194213 |
|  Barclays PLC, (1 year CMT + 2.30%),<br>5.30%, 08/09/26<sup>(a)</sup> | 200 | 200013 |
|  Citigroup, Inc.<sup>(a)</sup><br>(1 day SOFR + 1.28%), 3.07%, 02/24/28 | 155 | 144081 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.37%), 4.14%, 05/24/25 | 195 | 192796 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.53%), 3.29%, 03/17/26 | 200 | 192523 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 2.09%), 4.91%, 05/24/33 | 120 | 118495 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.15%), 3.52%, 10/27/28 | 90 | 84304 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.34%), 3.98%, 03/20/30 | 110 | 103447 |
|  CME Group, Inc., 2.65%, 03/15/32 | 50 | 43820 |
|  Deutsche Bank AG, (1 day SOFR + 3.18%),<br>6.72%, 01/18/29<sup>(a)</sup> | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210447 |
|  Goldman Sachs Group, Inc.<br>3.80%, 03/15/30 | 510 | 479145 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.73%), 1.76%, 01/24/25<sup>(a)</sup> | 100 | 96275 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.91%), 1.95%, 10/21/27<sup>(a)</sup> | 220 | 196928 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.41%), 3.10%, 02/24/33<sup>(a)</sup> | 631 | 540743 |
|  HSBC Holdings PLC<sup>(a)</sup><br>(1 day SOFR + 1.51%), 4.18%, 12/09/25 | 500 | 490175 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 2.87%), 5.40%, 08/11/33 | 300 | 299606 |
|  JPMorgan Chase & Co.<sup>(a)</sup><br>(1 day SOFR + 0.80%), 1.05%, 11/19/26 | 140 | 125308 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.92%), 2.60%, 02/24/26 | 205 | 195037 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.32%), 4.08%, 04/26/26 | 195 | 191545 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.80%), 4.59%, 04/26/33 | 85 | 82512 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.89%), 2.18%, 06/01/28 | 95 | 85181 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 2.08%), 4.91%, 07/25/33 | 200 | 199267 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.33%), 4.45%, 12/05/29 | 350 | 341353 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.34%), 3.78%, 02/01/28 | 160 | 153793 |
|  Kimberly-Clark Corp., 2.88%, 02/07/50 | 15 | 11208 |
|  Lloyds Banking Group PLC, (1 year CMT + 0.85%), 1.63%, 05/11/27<sup>(a)</sup> | 200 | 177734 |
|  Mitsubishi UFJ Financial Group, Inc., (1 year CMT + 0.83%), 2.34%, 01/19/28<sup>(a)</sup> | 200 | 180599 |
|  Mizuho Financial Group, Inc., (1 year CMT + 0.90%), 2.65%, 05/22/26<sup>(a)</sup> | 200 | 187518 |
|  Morgan Stanley<sup>(a)</sup><br>(1 day SOFR + 1.67%), 4.68%, 07/17/26 | 195 | 193370 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.73%), 5.12%, 02/01/29 | 610 | 616798 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 2.56%), 6.34%, 10/18/33 | 100 | 109929 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.14%), 3.77%, 01/24/29 | 270 | 256637 |

---

S C H E D U L E O F I N V E S T M E N T S 2

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Diversified Fixed Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  Morgan Stanley<sup>(a)</sup> (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.63%), 4.43%, 01/23/30 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | $| 448262 |
|  Sumitomo Mitsui Financial Group, Inc., 1.47%, 07/08/25 |  | 200 |  | 183728 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10319046 |
| **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |
|  AT&T, Inc.<br>1.65%, 02/01/28 |  | 260 |  | 227920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/31 |  | 40 |  | 34497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/35 |  | 160 |  | 152076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/01/39 |  | 55 |  | 52596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/41 |  | 55 |  | 44155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/45 |  | 45 |  | 39350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/15/50 |  | 65 |  | 63565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/01/57 |  | 35 |  | 26609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/59 |  | 60 |  | 43986 |
|  Verizon Communications, Inc.<br>1.45%, 03/20/26 |  | 210 |  | 191248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/22/28 |  | 250 |  | 222952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/21/31 |  | 220 |  | 187780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/20/40 |  | 130 |  | 93896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/46 |  | 30 |  | 26008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 08/21/46 |  | 45 |  | 43457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/22/61 |  | 20 |  | 15193 |
|  |  |  |  | 1465288 |
| **Education — 0.1%** |  |  |  |  |
|  California Institute of Technology, 3.65%, 09/01/2119 |  | 50 |  | 35561 |
|  Massachusetts Institute of Technology, 3.96%, 07/01/38 |  | 50 |  | 47437 |
|  |  |  |  | 82998 |
| **Electric Utilities — 1.9%** |  |  |  |  |
|  AEP Texas, Inc.<br>4.70%, 05/15/32 |  | 105 |  | 104582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/15/51 |  | 35 |  | 26910 |
|  AEP Transmission Co. LLC<br>Series M, 3.65%, 04/01/50 |  | 5 |  | 4106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 2.75%, 08/15/51 |  | 100 |  | 68408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 4.50%, 06/15/52 |  | 4 |  | 3792 |
|  Alabama Power Co., 3.13%, 07/15/51 |  | 45 |  | 32867 |
|  Ameren Illinois Co.<br>2.90%, 06/15/51 |  | 20 |  | 14338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 12/01/52 |  | 20 |  | 23249 |
|  American Transmission Systems, Inc., 2.65%, 01/15/32<sup>(b)</sup> |  | 45 |  | 38307 |
|  Arizona Public Service Co., 2.20%, 12/15/31 |  | 45 |  | 35751 |
|  Baltimore Gas and Electric Co., 2.90%, 06/15/50 |  | 95 |  | 68249 |
|  Berkshire Hathaway Energy Co.<br>1.65%, 05/15/31 |  | 75 |  | 60220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/43 |  | 45 |  | 45334 |
|  CenterPoint Energy Houston Electric LLC<br>Sereis AJ, 4.85%, 10/01/52 |  | 40 |  | 40367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AF, Class AF, 3.35%, 04/01/51 |  | 65 |  | 51298 |
|  Commonwealth Edison Co., Series 131, 2.75%, 09/01/51 |  | 50 |  | 34551 |
|  Consolidated Edison Co. of New York, Inc.<br>6.15%, 11/15/52 |  | 50 |  | 58041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20B, 3.95%, 04/01/50 |  | 60 |  | 51378 |
|  Consumers Energy Co.<br>2.65%, 08/15/52 |  | 125 |  | 84825 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Electric Utilities (continued)** |  |  |
|  Consumers Energy Co. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/60 | $50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30350 |
|  DTE Electric Co.<br>Series A, 4.05%, 05/15/48 | 65 | 57904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.65%, 03/01/52 | 50 | 41409 |
|  Duke Energy Carolinas LLC<br>4.95%, 01/15/33 | 60 | 61612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 | 100 | 78454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/52 | 75 | 60658 |
|  Duke Energy Corp., 2.65%, 09/01/26 | 135 | 126238 |
|  Duke Energy Florida LLC<br>3.80%, 07/15/28 | 170 | 165892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/15/52 | 10 | 11330 |
|  Duke Energy Progress LLC<br>3.45%, 03/15/29 | 110 | 103990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/01/32 | 195 | 178482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/15/51 | 20 | 14042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/52 | 10 | 8545 |
|  Edison International, 5.75%, 06/15/27 | 65 | 66639 |
|  Entergy Louisiana LLC<br>3.10%, 06/15/41 | 70 | 55617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/48 | 25 | 22157 |
|  Exelon Corp.<br>3.35%, 03/15/32 | 110 | 99391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/50 | 55 | 51903 |
|  FirstEnergy Transmission LLC, 4.55%, 04/01/49<sup>(b)</sup> | 25 | 21740 |
|  Florida Power & Light Co.<br>4.05%, 10/01/44 | 60 | 54227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | 81609 |
|  Georgia Power Co., 4.75%, 09/01/40 | 50 | 47503 |
|  Kentucky Utilities Co., 3.30%, 06/01/50 | 25 | 18789 |
|  MidAmerican Energy Co., 2.70%, 08/01/52 | 40 | 27951 |
|  Northern States Power Co.<br>2.60%, 06/01/51 | 45 | 30812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/52 | 24 | 23244 |
|  NSTAR Electric Co., 4.95%, 09/15/52 | 20 | 20490 |
|  Oglethorpe Power Corp., 5.05%, 10/01/48 | 10 | 9196 |
|  Ohio Power Co., Series R, 2.90%, 10/01/51 | 20 | 14080 |
|  Oncor Electric Delivery Co. LLC<br>5.30%, 06/01/42 | 55 | 58107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/49 | 45 | 34047 |
|  Pacific Gas and Electric Co.<br>4.55%, 07/01/30 | 50 | 46634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/40 | 60 | 49392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/50 | 30 | 25046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/53 | 10 | 10474 |
|  PacifiCorp<br>. 4.15%, 02/15/50 | 15 | 13226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/01/53 | 20 | 21360 |
|  PECO Energy Co.<br>2.85%, 09/15/51 | 25 | 17715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/52 | 45 | 43559 |
|  Public Service Co. of Colorado, Series 39, 4.50%, 06/01/52 | 45 | 43194 |
|  Public Service Co. of New Hampshire, 5.15%, 01/15/53 | 20 | 21134 |
|  Public Service Co. of Oklahoma, 5.25%, 01/15/33 | 65 | 67295 |
|  Public Service Electric and Gas Co.<br>1.90%, 08/15/31 | 40 | 33092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/32 | 2 | 1811 |

---

3.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Diversified Fixed Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| **Electric Utilities (continued)** |  |  |  |  |
|  Public Service Electric and Gas Co. (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/01/42 | $| 60 | $| 53109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/01/50 |  | 34 |  | 20620 |
|  Southern California Edison Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/01/29 |  | 105 |  | 93790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/40 |  | 35 |  | 35732 |
|  Series G, 2.50%, 06/01/31 |  | 40 |  | 34163 |
|  Southwestern Public Service Co., Series 8, 3.15%, 05/01/50 |  | 20 |  | 15003 |
|  Trans-Allegheny Interstate Line Co., 3.85%, 06/01/25<sup>(b)</sup>  |  | 170 |  | 165140 |
|  Virginia Electric and Power Co. 6.35%, 11/30/37 |  | 50 |  | 55667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.75%, 05/15/27 |  | 100 |  | 97505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.00%, 01/15/36 |  | 70 |  | 75233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.63%, 05/15/52 |  | 20 |  | 18777 |
|  Wisconsin Power and Light Co., 3.95%, 09/01/32 |  | 60 |  | 57196 |
|  Xcel Energy, Inc., 4.60%, 06/01/32 |  | 55 |  | 54457 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3693305 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
|  Keysight Technologies, Inc., 4.60%, 04/06/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |  | 100093 |
| **Energy Equipment & Services — 0.0%** |  |  |  |  |
|  Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor, Inc., 4.08%, 12/15/47 |  | 60 |  | 50397 |
|  NOV, Inc., 3.95%, 12/01/42 |  | 5 |  | 3787 |
|  |  |  |  | 54184 |
| **Environmental, Maintenance & Security Service — 0.0%** | **Environmental, Maintenance & Security Service — 0.0%** | **Environmental, Maintenance & Security Service — 0.0%** | **Environmental, Maintenance & Security Service — 0.0%** | **Environmental, Maintenance & Security Service — 0.0%** |
|  Waste Connections, Inc., 3.20%, 06/01/32 |  | 85 |  | 76224 |
| **Equity Real Estate Investment Trusts (REITs) — 0.7%** | **Equity Real Estate Investment Trusts (REITs) — 0.7%** | **Equity Real Estate Investment Trusts (REITs) — 0.7%** | **Equity Real Estate Investment Trusts (REITs) — 0.7%** | **Equity Real Estate Investment Trusts (REITs) — 0.7%** |
|  American Tower Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/31/28 |  | 105 |  | 88847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/32 |  | 45 |  | 41695 |
|  Crown Castle, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 07/15/26 |  | 150 |  | 132353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 |  | 135 |  | 128828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/01/41 |  | 50 |  | 36750 |
|  Equinix, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/15/25 |  | 100 |  | 91551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/18/29 |  | 135 |  | 122204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/30 |  | 75 |  | 62301 |
|  Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 |  | 15 |  | 12792 |
|  Kimco Realty OP LLC, 2.25%, 12/01/31 |  | 15 |  | 12047 |
|  National Retail Properties, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/27 |  | 40 |  | 37158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/51 |  | 80 |  | 58243 |
|  Public Storage, 2.25%, 11/09/31 |  | 145 |  | 121754 |
|  Realty Income Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/15/28 |  | 30 |  | 28786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/30 |  | 40 |  | 40070 |
|  RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27 |  | 5 |  | 4683 |
|  Service Properties Trust, 4.35%, 10/01/24 |  | 4 |  | 3772 |
|  VICI Properties LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 |  | 255 |  | 246923 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** |
|  VICI Properties LP (continued)<br>4.95%, 02/15/30 | $85 | $82199 |
|  WP Carey, Inc., 2.40%, 02/01/31 | 60 | 50310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403266 |
| **Food & Staples Retailing — 0.2%** |  |  |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.88%, 02/15/28<sup>(b)</sup> | 5 | 4888 |
|  Conagra Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 11/01/38 | 40 | 40237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/01/48 | 30 | 29607 |
|  General Mills, Inc., 2.88%, 04/15/30 | 65 | 58078 |
|  Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/27 | 100 | 97420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/01/46 | 55 | 48026 |
|  Post Holdings, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/28 | 5 | 4813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/29 | 4 | 3709 |
|  |  | 286778 |
| **Food Products — 0.0%** |  |  |
|  Aramark Services, Inc., 5.00%, 02/01/28<sup>(b)</sup> | 6 | 5655 |
| **Health Care Equipment & Supplies — 0.1%** |  |  |
|  Abbott Laboratories, 4.90%, 11/30/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | 120278 |
|  Baxter International, Inc., 2.60%, 08/15/26 | 25 | 23287 |
|  Thermo Fisher Scientific, Inc., 2.00%, 10/15/31 | 19 | 15947 |
|  |  | 159512 |
| **Health Care Providers & Services — 0.7%** |  |  |
|  Adventist Health System/West, 5.43%, 03/01/32 | 50 | 51084 |
|  Aetna, Inc., 6.63%, 06/15/36 | 10 | 11215 |
|  AmerisourceBergen Corp., 2.70%, 03/15/31 | 50 | 43390 |
|  Baylor Scott & White Holdings, 4.19%, 11/15/45 | 50 | 45744 |
|  CommonSpirit Health, 3.91%, 10/01/50 | 50 | 40106 |
|  Elevance Health, Inc., 6.10%, 10/15/52 | 35 | 39837 |
|  Hackensack Meridian Health, Inc., Series 2020, 2.68%, 09/01/41 | 50 | 36634 |
|  HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/25 | 105 | 105397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/26 | 105 | 105618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/30 | 110 | 98596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/32<sup>(b)</sup> | 60 | 53279 |
|  Humana, Inc., 5.75%, 03/01/28 | 55 | 57417 |
|  Kaiser Foundation Hospitals, 4.88%, 04/01/42 | 50 | 50678 |
|  McKesson Corp., 0.90%, 12/03/25 | 110 | 98846 |
|  Medline Borrower LP, 3.88%, 04/01/29<sup>(b)</sup> | 26 | 22230 |
|  Providence St Joseph Health Obligated Group, Series A, 3.93%, 10/01/48 | 50 | 42142 |
|  Select Medical Corp., 6.25%, 08/15/26<sup>(b)</sup> | 3 | 2930 |
|  UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/15/33 | 240 | 255776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/51 | 115 | 89977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/53 | 70 | 80150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/59 | 20 | 16949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/63 | 55 | 64344 |
|  |  | 1412339 |
| **Hotels, Restaurants & Leisure — 0.3%** |  |  |
|  Cedar Fair LP, 5.25%, 07/15/29 | 6 | 5500 |
|  Choice Hotels International, Inc., 3.70%, 12/01/29 | 150 | 135013 |

---

S C H E D U L E O F I N V E S T M E N T S 4

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Diversified Fixed Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
|  Churchill Downs, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/27 | $| 7 | $| 6789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 |  | 3 |  | 2807 |
|  Hyatt Hotels Corp., 1.80%, 10/01/24 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |  | 189762 |
|  Kinder Morgan, Inc., 5.20%, 06/01/33 |  | 125 |  | 124560 |
|  McDonald's Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/49 |  | 160 |  | 131115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/09/52 |  | 40 |  | 41150 |
|  MGM Resorts International, 5.50%, 04/15/27 |  | 4 |  | 3857 |
|  Six Flags Entertainment Corp., 5.50%, 04/15/27<sup>(b)</sup> |  | 3 |  | 2828 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/25 |  | 12 |  | 11661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 |  | 6 |  | 5668 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29<sup>(b)</sup> |  | 5 |  | 4463 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665173 |
| **Household Durables — 0.1%** |  |  |  |  |
|  NVR, Inc., 3.00%, 05/15/30 |  | 230 |  | 201083 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  NRG Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/24<sup>(b)</sup> |  | 90 |  | 87150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/02/25<sup>(b)</sup> |  | 85 |  | 76408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 |  | 4 |  | 3833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/29<sup>(b)</sup> |  | 4 |  | 3610 |
|  |  |  |  | 171001 |
| **Insurance — 0.5%** |  |  |  |  |
|  Aflac, Inc., 4.75%, 01/15/49 |  | 50 |  | 48828 |
|  American International Group, Inc., 4.50%, 07/16/44 |  | 10 |  | 9329 |
|  Aon Corp., 3.75%, 05/02/29 |  | 25 |  | 23740 |
|  Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/27 |  | 100 |  | 93725 |
|  Arthur J Gallagher & Co., 3.05%, 03/09/52 |  | 45 |  | 30772 |
|  Athene Holding Ltd., 3.95%, 05/25/51 |  | 5 |  | 3672 |
|  Berkshire Hathaway Finance Corp., 3.85%, 03/15/52 |  | 50 |  | 43169 |
|  Enstar Group Ltd., 3.10%, 09/01/31 |  | 70 |  | 54082 |
|  Fairfax Financial Holdings Ltd., 5.63%, 08/16/32<sup>(b)</sup> |  | 105 |  | 102201 |
|  Marsh & McLennan Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/29 |  | 30 |  | 29671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/48 |  | 150 |  | 134535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/15/51 |  | 210 |  | 150204 |
|  MetLife, Inc., 5.00%, 07/15/52 |  | 25 |  | 25362 |
|  Progressive Corp., 3.70%, 03/15/52 |  | 30 |  | 25287 |
|  Willis North America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/15/27 |  | 100 |  | 98966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/49 |  | 25 |  | 19228 |
|  |  |  |  | 892771 |
| **Interactive Media & Services — 0.0%** |  |  |  |  |
|  Alphabet, Inc., 2.25%, 08/15/60 |  | 35 |  | 21540 |
|  eBay, Inc., 2.60%, 05/10/31 |  | 20 |  | 17059 |
|  |  |  |  | 38599 |
| **Internet & Direct Marketing Retail — 0.2%** |  |  |  |  |
|  Amazon.com, Inc., 2.50%, 06/03/50 |  | 125 |  | 84650 |
|  Genuine Parts Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/25 |  | 150 |  | 141021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/32 |  | 100 |  | 83311 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Internet & Direct Marketing Retail (continued)** | **Internet & Direct Marketing Retail (continued)** | **Internet & Direct Marketing Retail (continued)** |
|  Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/15/32 | $50 | $46480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/52 | 65 | 56764 |
|  |  | 412226 |
| **Internet Software & Services — 0.0%** |  |  |
|  VeriSign, Inc., 2.70%, 06/15/31 | 60 | 51566 |
| **IT Services — 0.4%** |  |  |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/09/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | 289305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/27/32 | 120 | 117953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/27/52 | 100 | 97107 |
|  Leidos, Inc., 4.38%, 05/15/30 | 130 | 122732 |
|  Verisk Analytics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/29 | 200 | 190923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/50 | 35 | 26412 |
|  |  | 844432 |
| **Life Sciences Tools & Services — 0.1%** |  |  |
|  Agilent Technologies, Inc., 2.30%, 03/12/31 | 130 | 109055 |
| **Machinery — 0.1%** |  |  |
|  IDEX Corp., 2.63%, 06/15/31 | 245 | 209460 |
|  John Deere Capital Corp., 4.75%, 01/20/28 | 60 | 61271 |
|  |  | 270731 |
| **Media — 0.8%** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29 | 7 | 6475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 | 8 | 6990 |
|  Charter Communications Operating LLC/Charter |  |  |
|  Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/48 | 285 | 253729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/61 | 85 | 53907 |
|  Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/27<sup>(b)</sup> | 7 | 6349 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/07/25 | 150 | 153212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/28 | 90 | 89185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/31 | 275 | 230161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/15/38 | 25 | 24541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/49 | 20 | 17205 |
|  Cox Communications, Inc., 2.95%, 10/01/50<sup>(b)</sup> | 20 | 13119 |
|  FactSet Research Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 | 70 | 65370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/32 | 140 | 123101 |
|  iHeartCommunications, Inc., 5.25%, 08/15/27<sup>(b)</sup> | 4 | 3583 |
|  Nexstar Media, Inc., 5.63%, 07/15/27<sup>(b)</sup> | 6 | 5715 |
|  Outfront Media Capital LLC/Outfront Media Capital |  |  |
|  Corp., 5.00%, 08/15/27<sup>(b)</sup> | 7 | 6439 |
|  Sirius XM Radio, Inc., 5.50%, 07/01/29<sup>(b)</sup> | 7 | 6560 |
|  Time Warner Cable LLC, 4.50%, 09/15/42 | 35 | 27837 |
|  Walt Disney Co., 3.60%, 01/13/51 | 20 | 16514 |
|  Warnermedia Holdings, Inc., 3.43%, 03/15/24<sup>(b)</sup> | 370 | 362132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472124 |
| **Metals & Mining — 0.3%** |  |  |
|  Anglo American Capital PLC, 2.63%, 09/10/30<sup>(b)</sup> | 200 | 169945 |
|  Commercial Metals Co., 4.38%, 03/15/32 | 5 | 4386 |
|  Glencore Funding LLC, 3.88%, 10/27/27<sup>(b)</sup> | 115 | 109651 |
|  Newmont Corp., 2.80%, 10/01/29 | 10 | 8800 |
|  Reliance Steel & Aluminum Co., 1.30%, 08/15/25 | 200 | 183225 |

---

5.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Diversified Fixed Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Metals & Mining (continued)** |  |  |
|  Rio Tinto Finance USA Ltd., 2.75%, 11/02/51 | $20 | $14306 |
|  Vale Overseas Ltd., 3.75%, 07/08/30 | 45 | 40064 |
|  |  | 530377 |
| **Multi-Utilities — 0.2%** |  |  |
|  Atmos Energy Corp., 4.13%, 10/15/44 | 40 | 35024 |
|  CenterPoint Energy Resources Corp., 4.00%, 04/01/28 | 60 | 58538 |
|  Duke Energy Corp., 5.00%, 12/08/25 | 60 | 60432 |
|  National Fuel Gas Co., 2.95%, 03/01/31 | 35 | 28347 |
|  NiSource, Inc., 5.00%, 06/15/52 | 15 | 14661 |
|  Southern California Gas Co., 6.35%, 11/15/52 | 15 | 17540 |
|  Southern Co. Gas Capital Corp., Series 20-A, 1.75%, 01/15/31 | 60 | 48248 |
|  Southwest Gas Corp., 4.05%, 03/15/32 | 25 | 22926 |
|  |  | 285716 |
| **Offshore Drilling & Other Services — 0.1%** |  |  |
|  Applied Materials, Inc., 3.30%, 04/01/27 | 20 | 19324 |
|  KLA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/01/50 | 70 | 54324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/62 | 40 | 41434 |
|  Lam Research Corp., 2.88%, 06/15/50 | 5 | 3606 |
|  |  | 118688 |
| **Oil, Gas & Consumable Fuels — 2.4%** |  |  |
|  Cameron Liquified Natural Gas LLC, 2.90%, 07/15/31<sup>(b)</sup>  | 160 | 143391 |
|  Canadian Natural Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/15/30 | 20 | 17491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/37 | 10 | 10528 |
|  Cenovus Energy, Inc., 6.75%, 11/15/39 | 40 | 43816 |
|  Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/30/27 | 135 | 136017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 187820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 12/31/39 | 15 | 12294 |
|  Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 | 110 | 103193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 | 118 | 98510 |
|  ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/42 | 100 | 88554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/52 | 65 | 55606 |
|  Continental Resources, Inc., 4.90%, 06/01/44 | 5 | 4015 |
|  DCP Midstream Operating LP, 3.25%, 02/15/32 | 25 | 21612 |
|  Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/27 | 65 | 65491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/41 | 80 | 79282 |
|  Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 | 461 | 420386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/53 | 10 | 10457 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/33 | 130 | 133601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/42 | 45 | 47467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 05/15/45 | 65 | 59218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/48 | 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171738 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/41 | 20 | 21376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/49 | 30 | 27790 |
|  EQT Corp., 7.00%, 02/01/30 | 35 | 37226 |
|  Equinor ASA, 3.70%, 04/06/50 | 55 | 46822 |
|  Exxon Mobil Corp., 3.45%, 04/15/51 | 55 | 44848 |
|  Hess Corp., 5.60%, 02/15/41 | 19 | 18952 |
|  Kinder Morgan Energy Partners LP, 5.80%, 03/15/35 | 70 | 71779 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |
|  Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/33 | $75 | $72523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 06/01/45 | 35 | 34106 |
|  Marathon Oil Corp., 6.60%, 10/01/37 | 5 | 5291 |
|  Marathon Petroleum Corp., 4.50%, 04/01/48 | 35 | 29705 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/01/32 | 150 | 147698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/38 | 50 | 45421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/14/52 | 280 | 248161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/15/58 | 40 | 34030 |
|  NGPL PipeCo LLC, 3.25%, 07/15/31<sup>(b)</sup> | 80 | 67699 |
|  Northwest Pipeline LLC, 4.00%, 04/01/27 | 70 | 67801 |
|  ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/26 | 190 | 194680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/29 | 100 | 89658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 11/15/32 | 100 | 105153 |
|  Plains All American Pipeline LP/PAA Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/15/45 | 15 | 12626 |
|  Sabine Pass Liquefaction LLC, 5.63%, 03/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | 418701 |
|  Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/13/28 | 35 | 34418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/26/51 | 40 | 29412 |
|  Suncor Energy, Inc., 6.80%, 05/15/38 | 20 | 22469 |
|  Sunoco LP/Sunoco Finance Corp., 4.50%, 04/30/30 | 4 | 3563 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/01/27 | 195 | 196061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/01/33 | 65 | 58906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/52 | 60 | 51375 |
|  Targa Resources Partners LP/Targa Resources |  |  |
|  Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/28 | 150 | 146301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/32 | 69 | 60251 |
|  Tennessee Gas Pipeline Co. LLC, 2.90%, 03/01/30<sup>(b)</sup> | 50 | 43587 |
|  Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 | 170 | 183551 |
|  Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/15/43 | 45 | 45844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/15/45 | 15 | 14187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/51 | 40 | 29534 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4671992 |
| **Personal Products — 0.0%** |  |  |
|  Procter & Gamble Co., 1.20%, 10/29/30 | 50 | 40691 |
| **Pharmaceuticals — 0.9%** |  |  |
|  AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 | 300 | 294240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/14/45 | 65 | 62181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/49 | 50 | 44758 |
|  Astrazeneca Finance LLC, 1.75%, 05/28/28 | 150 | 131950 |
|  Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/26/29 | 200 | 190618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/26/49 | 15 | 13831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/13/50 | 80 | 54493 |
|  Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/25 | 70 | 67994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/25 | 100 | 98868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/51 | 55 | 41832 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/25/28 | 40 | 39323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 03/25/38 | 30 | 28716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/45 | 20 | 19254 |

---

S C H E D U L E O F I N V E S T M E N T S 6

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Diversified Fixed Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| **Pharmaceuticals (continued)** |  |  |  |  |
|  CVS Health Corp. (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/48 | $| 30 | $| 28522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/50 |  | 45 |  | 38267 |
|  Johnson & Johnson, 2.45%, 09/01/60 |  | 45 |  | 30048 |
|  Merck & Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/10/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 |  | 194163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/10/61 |  | 50 |  | 34808 |
|  Novartis Capital Corp., 2.75%, 08/14/50 |  | 25 |  | 18689 |
|  Pfizer, Inc., 2.63%, 04/01/30 |  | 40 |  | 36215 |
|  Takeda Pharmaceutical Co. Ltd., 5.00%, 11/26/28 |  | 200 |  | 203214 |
|  Zoetis, Inc., 5.60%, 11/16/32 |  | 65 |  | 69962 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741946 |
| **Real Estate — 0.1%** |  |  |  |  |
|  Prologis LP, 2.25%, 04/15/30 |  | 135 |  | 116446 |
|  VICI Properties LP/VICI Note Co., Inc., 5.75%, 02/01/27<sup>(b)</sup> |  | 5 |  | 4974 |
|  |  |  |  | 121420 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
|  CBRE Services, Inc., 2.50%, 04/01/31 |  | 50 |  | 41981 |
| **Road & Rail — 0.2%** |  |  |  |  |
|  Burlington Northern Santa Fe LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/52 |  | 70 |  | 50557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/53 |  | 50 |  | 47673 |
|  CSX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/48 |  | 25 |  | 24073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/01/68 |  | 20 |  | 18218 |
|  Norfolk Southern Corp., 2.90%, 08/25/51 |  | 100 |  | 69801 |
|  Union Pacific Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/05/27 |  | 200 |  | 184282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 09/16/62 |  | 95 |  | 65643 |
|  |  |  |  | 460247 |
| **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** |
|  Analog Devices, Inc., 2.95%, 10/01/51 |  | 35 |  | 25754 |
|  Broadcom, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 |  | 175 |  | 164076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/15/31 |  | 275 |  | 225744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 |  | 75 |  | 68425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 05/15/37 |  | 105 |  | 96376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/41 |  | 50 |  | 38217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/51 |  | 75 |  | 55717 |
|  Flex Ltd., 3.75%, 02/01/26 |  | 150 |  | 144497 |
|  Jabil, Inc., 4.25%, 05/15/27 |  | 100 |  | 97224 |
|  Micron Technology, Inc., 6.75%, 11/01/29 |  | 25 |  | 26665 |
|  NVIDIA Corp., 3.50%, 04/01/50 |  | 10 |  | 8198 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc., 4.30%, 06/18/29 |  | 230 |  | 220009 |
|  QUALCOMM, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/20/35 |  | 80 |  | 81745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/20/47 |  | 30 |  | 27752 |
|  Texas Instruments, Inc., 1.75%, 05/04/30 |  | 260 |  | 221084 |
|  |  |  |  | 1501483 |
| **Software — 0.4%** |  |  |  |  |
|  Electronic Arts, Inc., 2.95%, 02/15/51 |  | 25 |  | 17588 |
|  Microsoft Corp., 2.68%, 06/01/60 |  | 60 |  | 41629 |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/10/25 |  | 85 |  | 87377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/09/29 |  | 65 |  | 69476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/40 |  | 270 |  | 213930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/25/41 |  | 100 |  | 79147 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| **Software (continued)** |  |  |  |  |
|  Oracle Corp. (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/46 | $| 265 | $| 210064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/60 |  | 25 |  | 18068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/61 |  | 30 |  | 22709 |
|  Roper Technologies, Inc., 1.00%, 09/15/25 |  | 50 |  | 45355 |
|  Salesforce, Inc., 3.05%, 07/15/61 |  | 14 |  | 9657 |
|  VMware, Inc., 2.20%, 08/15/31 |  | 50 |  | 39627 |
|  |  |  |  | 854627 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **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. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/08/41 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |  | 78345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/11/50 |  | 15 |  | 10656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/52 |  | 55 |  | 49392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/05/61 |  | 50 |  | 34789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/08/62 |  | 40 |  | 35797 |
|  Dell International LLC/EMC Corp., 4.90%, 10/01/26 |  | 45 |  | 44747 |
|  Hewlett Packard Enterprise Co., 6.35%, 10/15/45 |  | 5 |  | 5271 |
|  HP, Inc., 6.00%, 09/15/41 |  | 15 |  | 15242 |
|  |  |  |  | 274239 |
| **Tobacco — 0.9%** |  |  |  |  |
|  Altria Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/04/32 |  | 200 |  | 156266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/04/41 |  | 280 |  | 196941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/04/51 |  | 50 |  | 33360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/04/61 |  | 50 |  | 34523 |
|  BAT Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/19/32 |  | 100 |  | 111490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 09/25/40 |  | 80 |  | 57924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/16/52 |  | 80 |  | 71492 |
|  BAT International Finance PLC, 4.45%, 03/16/28 |  | 245 |  | 234489 |
|  Philip Morris International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/17/27 |  | 110 |  | 112424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/17/29 |  | 215 |  | 224549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/17/32 |  | 345 |  | 362782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/10/44 |  | 90 |  | 76520 |
|  Reynolds American, Inc., 5.85%, 08/15/45 |  | 70 |  | 63963 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736723 |
| **Transportation Infrastructure — 0.2%** |  |  |  |  |
|  Penske Truck Leasing Co. LP / PTL Finance Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/01/24 |  | 110 |  | 104887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/15/26 |  | 310 |  | 275822 |
|  United Parcel Service, Inc., 5.30%, 04/01/50 |  | 25 |  | 27336 |
|  |  |  |  | 408045 |
| **Utilities — 0.0%** |  |  |  |  |
|  American Water Capital Corp., 2.30%, 06/01/31 |  | 35 |  | 29887 |
|  Vistra Operations Co. LLC, 5.00%, 07/31/27<sup>(b)</sup> |  | 7 |  | 6587 |
|  |  |  |  | 36474 |
| **Wireless Telecommunication Services — 0.7%** |  |  |  |  |
|  American Tower Corp., 1.30%, 09/15/25 |  | 100 |  | 90972 |
|  Crown Castle, Inc., 2.50%, 07/15/31 |  | 100 |  | 84141 |
|  GLP Capital LP/GLP Financing II, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/28 |  | 315 |  | 320856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/31 |  | 50 |  | 44151 |
|  Rogers Communications, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/32 |  | 160 |  | 144020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/42 |  | 45 |  | 39146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/52 |  | 35 |  | 29420 |
|  T-Mobile USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/25 |  | 100 |  | 97104 |

---

7.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Diversified Fixed Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |  |
|  T-Mobile USA, Inc. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | $195958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/53 |  | 150 | 156483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 |  | 150 | 157484 |
|  VICI Properties LP/VICI Note Co., Inc., 4.50%, 09/01/26<sup>(b)</sup> |  | 3 | 2860 |
|  |  |  | 1362595 |
|  **Total Corporate Bonds — 24.2%<br>(Cost: $47,195,379)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47110566 |
|  **Foreign Agency Obligations** |  |  |  |
| **Canada — 0.1%** |  |  |  |
|  Canada Government International Bond, 2.88%, 04/28/25 |  | 35 | 34032 |
|  Province of Alberta Canada, 1.30%, 07/22/30 |  | 10 | 8264 |
|  Province of Ontario Canada<br>3.10%, 05/19/27 |  | 15 | 14460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/21/32 |  | 35 | 30220 |
|  Province of Quebec Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 07/23/25 |  | 25 | 22898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/20/26 |  | 10 | 9521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/29 |  | 10 | 11977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/21/31 |  | 10 | 8575 |
|  |  |  | 139947 |
| **Indonesia — 0.1%** |  |  |  |
|  Indonesia Government International Bond, 4.65%, 09/20/32 |  | 200 | 199772 |
| **Mexico — 0.1%** |  |  |  |
|  Mexico Government International Bond, 3.50%, 02/12/34 |  | 205 | 172405 |
| **Panama — 0.1%** |  |  |  |
|  Panama Government International Bond, 3.30%, 01/19/33 |  | 200 | 166850 |
| **Uruguay — 0.1%** |  |  |  |
|  Uruguay Government International Bond, 5.75%, 10/28/34 |  | 235 | 260497 |
|  **Total Foreign Agency Obligations — 0.5%<br>(Cost: $953,975)** | **Total Foreign Agency Obligations — 0.5%<br>(Cost: $953,975)** | **Total Foreign Agency Obligations — 0.5%<br>(Cost: $953,975)** | 939471 |
|  **Municipal Bonds** |  |  |  |
| **California — 0.1%** |  |  |  |
|  State of California, GO, BAB, 7.35%, 11/01/39 |  | 100 | 127820 |
| **Connecticut — 0.0%** |  |  |  |
|  State of Connecticut, GO, Series A, 5.85%, 03/15/32 |  | 50 | 54706 |
| **Illinois — 0.0%** |  |  |  |
|  Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, RB, Series B, 6.90%, 12/01/40 |  | 50 | 58633 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Massachusetts — 0.0%** |  |  |
|  Commonwealth of Massachusetts, Refunding GO, Series D, 2.66%, 09/01/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $40863 |
|  Massachusetts School Building Authority, Refunding RB, Series C, 2.95%, 05/15/43 | 50 | 37964 |
|  |  | 78827 |
| **New York — 0.1%** |  |  |
|  New York City Municipal Water Finance Authority, RB, 5.95%, 06/15/42 | 50 | 58634 |
|  New York State Urban Development Corp., RB, BAB, 5.77%, 03/15/39 | 50 | 52739 |
|  Port Authority of New York & New Jersey, RB, 168th Series, 4.93%, 10/01/51 | 50 | 51626 |
|  |  | 162999 |
| **Ohio — 0.0%** |  |  |
|  American Municipal Power, Inc., RB, BAB, 5.94%, 02/15/47 | 50 | 55322 |
| **Pennsylvania — 0.0%** |  |  |
|  Commonwealth Financing Authority, RB, Series A, 3.86%, 06/01/38 | 50 | 45806 |
|  Pennsylvania State University, Refunding RB, Series D, 2.79%, 09/01/43 | 50 | 39533 |
|  |  | 85339 |
| **Texas — 0.1%** |  |  |
|  Board of Regents of the University of Texas System, RB, BAB, Series C, 4.79%, 08/15/46 | 50 | 51580 |
|  Dallas Fort Worth International Airport, Refunding RB, 2.84%, 11/01/46 | 50 | 38290 |
|  |  | 89870 |
|  **Total Municipal Bonds — 0.3%<br>(Cost: $722,061)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713516 |
|  **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations — 2.7%** |  |  |
|  Barclays Mortgage Trust, Series 2021-NPL1, Class A, 2.00%, 11/25/51<sup>(b)</sup> | 166 | 158586 |
|  Connecticut Avenue Securities Trust<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-R01, Class 1M2, (1 mo. LIBOR US + 2.05%), 6.56%, 01/25/40 | 423 | 423281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M1, (30 day SOFR + 1.00%), 5.31%, 12/25/41 | 476 | 470760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M1, (30 day SOFR + 2.00%), 6.31%, 03/25/42 | 473 | 474461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M1, (30 day SOFR + 2.75%), 7.06%, 05/25/42 | 340 | 345086 |
|  Credit Suisse Mortgage Trust, 4.82%, 06/25/67<sup>(b)</sup> | 154 | 150202 |
|  Fannie Mae, Series 2017-C07, Class 1EB2, (1 mo. LIBOR US + 1.00%), 5.51%, 05/25/30<sup>(a)</sup> | 346 | 345301 |
|  Fannie Mae Connecticut Avenue Securities<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class 2B1, (1 mo. LIBOR US + 4.45%), 8.96%, 02/25/30 | 200 | 209934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C03, Class 1B1, (1 mo. LIBOR US + 3.75%), 8.26%, 10/25/30 | 250 | 259903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M1, (30 day SOFR + 0.90%), 5.21%, 11/25/41<sup>(b)</sup> | 506 | 501288 |

---

S C H E D U L E O F I N V E S T M E N T S 8

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Diversified Fixed Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Freddie Mac STACR REMIC Trust<sup>(a)(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA3, Class M1, (30 day SOFR + 0.75%), 5.06%, 10/25/33 | $| 389 | $| 386952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA1, Class M1, (30 day SOFR + 0.70%), 5.01%, 08/25/33 |  | 43 |  | 42700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1A, (30 day SOFR + 2.20%), 6.51%, 05/25/42 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 |  | 426972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M1A, (30 day SOFR + 2.10%), 6.41%, 03/25/42 |  | 479 |  | 479162 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DNA1, Class M2, (1 mo. LIBOR US + 3.25%), 7.76%, 07/25/29 |  | 418 |  | 430489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HQA1, Class M2, (1 mo. LIBOR US + 3.55%), 8.06%, 08/25/29 |  | 135 |  | 139598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA2, Class M1, (30 day SOFR + 0.80%), 5.11%, 08/25/33<sup>(b)</sup> |  | 46 |  | 45996 |
|  STACR Trust, Series 2018-HRP1, Class M2, (1 mo. LIBOR US + 1.65%), 6.16%, 04/25/43<sup>(a)(b)</sup> |  | 63 |  | 63265 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5353936 |
| **Commercial Mortgage-Backed Securities — 1.2%** | **Commercial Mortgage-Backed Securities — 1.2%** | **Commercial Mortgage-Backed Securities — 1.2%** | **Commercial Mortgage-Backed Securities — 1.2%** | **Commercial Mortgage-Backed Securities — 1.2%** |
|  Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 08/15/61 |  | 250 |  | 228138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 09/15/62 |  | 250 |  | 226220 |
|  Benchmark Mortgage Trust, 3.76%, 08/10/48 |  | 460 |  | 446962 |
|  Citigroup Commercial Mortgage Trust, 3.57%, 02/10/48 |  | 75 |  | 71465 |
|  CSMC, Series 2021-BHAR, Class A, (1 mo. LIBOR US + 1.15%), 5.61%, 11/15/38<sup>(a)(b)</sup> |  | 150 |  | 145687 |
|  GS Mortgage Securities Trust, Series 2017-GS8, Class A4, 3.47%, 11/10/50 |  | 300 |  | 282739 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, 2.82%, 08/15/49 |  | 133 |  | 123937 |
|  Morgan Stanley Capital I Trust, 2.78%, 08/15/49 |  | 305 |  | 283202 |
|  Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A4, 3.58%, 10/15/50 |  | 200 |  | 189401 |
|  WFRBS Commercial Mortgage Trust, 3.63%, 11/15/47 |  | 300 |  | 289965 |
|  |  |  |  | 2287716 |
|  **Total Non-Agency Mortgage-Backed Securities — 3.9%<br>(Cost: $7,629,997)** | **Total Non-Agency Mortgage-Backed Securities — 3.9%<br>(Cost: $7,629,997)** | **Total Non-Agency Mortgage-Backed Securities — 3.9%<br>(Cost: $7,629,997)** |  | 7641652 |
|  **U.S. Government Sponsored Agency Securities** | **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<sup>(c)</sup> — 1.3%** |  |  |  |  |
|  Fannie Mae Mortgage-Backed Securities, 2.00%, 09/01/36 - 10/01/36 |  | 1178 |  | 1071183 |
|  Freddie Mac Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/35 |  | 245 |  | 230328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/51 |  | 1495 |  | 1260361 |
|  |  |  |  | 2561872 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Collateralized Mortgage Obligations<sup>(a)</sup> — 0.3%** | **Collateralized Mortgage Obligations<sup>(a)</sup> — 0.3%** | **Collateralized Mortgage Obligations<sup>(a)</sup> — 0.3%** |
|  Fannie Mae Connecticut Avenue Securities, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C03, Class 1B1, (1 mo. LIBOR US + 4.85%), 9.36%, 10/25/29 | $250 | $266443 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HQA2, Class B1, (1 mo. LIBOR US + 4.75%), 9.26%, 12/25/29 | 250 | 265401 |
|  |  | 531844 |
| **Mortgage-Backed Securities — 25.7%** |  |  |
|  Fannie Mae, 1.46%, 02/25/31<sup>(a)</sup> | 150 | 122952 |
|  Ginnie Mae Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/50 - 02/21/53<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/20/51 - 02/21/53<sup>(c)(d)</sup> | 3610 | 3218900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/20/51 - 02/21/53 | 2607 | 2254167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/21/53 | 1505 | 1422899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/21/53 | 974 | 945541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/21/53<sup>(d)</sup> | 674 | 669156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/21/53<sup>(d)</sup> | 420 | 422855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/21/53<sup>(d)</sup> | 144 | 146329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/21/53 | 38 | 38944 |
|  Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/36 - 02/13/53<sup>(c)(d)</sup> | 8031 | 7134791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/37 - 02/13/53<sup>(c)(d)</sup> | 13413 | 11510921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/16/38 - 02/13/53<sup>(d)</sup> | 1318 | 1109936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/16/38 - 04/01/52<sup>(c)(d)</sup> | 5411 | 4958723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/16/38 - 03/13/53<sup>(d)</sup> | 4425 | 4161983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/16/38 - 02/13/53<sup>(d)</sup> | 4710 | 4550150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/52 - 02/13/53<sup>(c)(d)</sup> | 2985 | 2996456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/13/53<sup>(d)</sup> | 1645 | 1624437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/13/53 - 03/13/53<sup>(d)</sup> | 692 | 703005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/13/53 | 129 | 132316 |
|  |  | 49967398 |
|  **Total U.S. Government Sponsored Agency Securities — 27.3%<br>(Cost: $53,336,494)** | **Total U.S. Government Sponsored Agency Securities — 27.3%<br>(Cost: $53,336,494)** | 53061114 |
|  **U.S. Treasury Obligations** |  |  |
|  U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/26 | 9300 | 9299274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/42 - 11/15/52 | 3900 | 4066344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/48 | 3800 | 3426531 |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/31/24 | 9000 | 9000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/31/27 - 12/31/29 | 11100 | 11262094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/32 | 76 | 79954 |
|  **Total U.S. Treasury Obligations — 19.1%<br>(Cost: $37,325,955)** | **Total U.S. Treasury Obligations — 19.1%<br>(Cost: $37,325,955)** | 37134197 |
|  **Total Long-Term Investments — 76.0%<br>(Cost: $148,513,353)** | **Total Long-Term Investments — 76.0%<br>(Cost: $148,513,353)** | 147951818 |

---

9.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Diversified Fixed Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 39.6%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.07%<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76933195 | $76933195 |
|  | *Par*<br> *(000)* |  |
| **U.S. Treasury Obligations — 9.4%** | **U.S. Treasury Obligations — 9.4%** |  |
|  U.S. Treasury Bills, 4.65%, 04/20/23<sup>(g)</sup> | $18500 | 18318197 |
|  **Total Short-Term Securities — 49.0%<br>(Cost: $95,251,257)** | **Total Short-Term Securities — 49.0%<br>(Cost: $95,251,257)** | 95251392 |
|  **Options Purchased — 0.0%<br>(Cost: $60,147)** |  | 36286 |
|  **Total Investments Before TBA Sale Commitments and Options Written — 125.0%<br>(Cost: $243,824,757)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243239496 |
|  **TBA Sale Commitments<sup>(d)</sup>** | **TBA Sale Commitments<sup>(d)</sup>** |  |
| **Mortgage-Backed Securities — (2.1)%** | **Mortgage-Backed Securities — (2.1)%** |  |
|  Ginnie Mae Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/21/53 | (875) | (779869) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/21/53 | (52) | (52353) |
|  Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/16/38 | (1046) | (950512) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |  |
|  Uniform Mortgage-Backed Securities (continued) | Uniform Mortgage-Backed Securities (continued) | Uniform Mortgage-Backed Securities (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/16/38 - 03/16/38 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(749) | $(699621) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/13/53 |  | (798) | (748326) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/13/53 |  | (300) | (289688) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/13/53 |  | (521) | (522913) |
|  **Total TBA Sale Commitments — (2.1)%<br>(Proceeds: $(4054873))** |  |  | (4043282) |
|  **Options Written — (0.1)%<br>(Premiums Received: $(276437))** |  |  | (242471) |
|  **Total Investments, Net of TBA Sale Commitments and Options Written — 122.8%<br>(Cost: $239,493,447)** | **Total Investments, Net of TBA Sale Commitments and Options Written — 122.8%<br>(Cost: $239,493,447)** | **Total Investments, Net of TBA Sale Commitments and Options Written — 122.8%<br>(Cost: $239,493,447)** | 238953743 |
|  **Liabilities in Excess of Other Assets — (22.8)%** | **Liabilities in Excess of Other Assets — (22.8)%** | **Liabilities in Excess of Other Assets — (22.8)%** | (44443605) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $194510138 |

---

(a) 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.

(b) 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.

(c) When-issued security.

(d) Represents or includes a TBA transaction. (e) Affiliate of the Fund.

(f) Annualized 7-day yield as of period end.

(g) Rates are discount rates or a range of discount rates as of period end.

For Fund compliance purposes, the Fund's industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>01/18/23<sup>(a)</sup>* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Value at<br>01/31/23* | *Shares<br>Held at<br>01/31/23* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $– $| 76933195 <sup>(b)</sup> | $– $– $– $| 76933195 | 76933195 | $60607 | $— |

---

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Canadian Bond | 15 | 03/22/23 | $1423 | $(11302) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | 71 | 03/22/23 | 8152 | (33144) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | 13 | 03/22/23 | 1582 | (9786) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | 68 | 03/22/23 | 8880 | (72306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | 52 | 03/22/23 | 7439 | (43806) |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Gilt | 4 | 03/29/23 | 515 | (4652) |

---

S C H E D U L E O F I N V E S T M E N T S 10

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Diversified Fixed Income Fund** |

---

**Futures Contracts (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | 46 | 03/31/23 | $9465 | $(22699) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 234 | 03/31/23 | 25612 | (91693) |
|  |  |  |  | (289388) |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro BTP | 2 | 03/08/23 | 248 | 4042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Bund | 15 | 03/08/23 | 2231 | 26568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro OAT | 7 | 03/08/23 | 1001 | 14127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Japanese Government Treasury Bonds | 2 | 03/13/23 | 2252 | 5834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Australian Treasury Bonds | 10 | 03/15/23 | 850 | 4955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | 24 | 03/22/23 | 2756 | (2219) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | 8 | 03/22/23 | 973 | 5927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | 8 | 03/22/23 | 1145 | (7944) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | 20 | 03/31/23 | 4115 | 2426 |
|  |  |  |  | 53716 |
|  |  |  |  | $(235672 ) |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  USD | 10938 | EUR | 10000 | Bank of America N.A. | 03/15/23 | $37 |
|  USD | 12403 | GBP | 10000 | Bank of America N.A. | 03/15/23 | 64 |
|  |  |  |  |  |  | 101 |
|  USD | 7434 | CAD | 10000 | BNP Paribas S.A. | 03/15/23 | (84) |
|  USD | 7511 | CAD | 10000 | Citibank N.A. | 03/15/23 | (7) |
|  |  |  |  |  |  | (91) |
|  |  |  |  |  |  | $10  |

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
|  Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note Future | 17 | 02/24/23 | USD | 108.75 | USD | 1854 | $4781  |

---

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | Paid by the Fund | Paid by the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Received by the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Received by the Fund | *Counterparty* | *Expiration<br>Date* | *Exercise<br>Rate* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration<br>Date* | *Exercise<br>Rate* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
|  Call |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 07/02/24 | 1-Day SOFR,<br>4.30% | Quarterly | 4.00% | Semi-Annual | Morgan Stanley & Co. International PLC | 06/30/23 | 4.00% | USD | &nbsp;&nbsp;&nbsp;&nbsp;18890 | $12061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 07/16/24 | 1-Day SOFR,<br>4.30% | Quarterly | 4.10% | Semi-Annual | Morgan Stanley & Co. International PLC | 07/14/23 | 4.10 | USD | 18890 | 19444 |
|  |  |  |  |  |  |  |  |  |  | $31505  |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
|  Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note Future | 20 | 02/24/23 | USD | 102.62 | USD | 4106 | $(4688 ) |

---

11.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Diversified Fixed Income Fund** |

---

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Expiration<br>Date* | *Exercise<br>Rate* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration<br>Date* | *Exercise<br>Rate* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
|  Call |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 07/02/24 | 3.40% | Semi-Annual | 1-Day SOFR,<br>4.30% | Quarterly | Morgan Stanley & Co. International PLC | 06/30/23 | 3.40% | USD | 18890 | $(2917) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 07/16/24 | 3.50% | Semi-Annual | 1-Day SOFR,<br>4.30% | Quarterly | Morgan Stanley & Co. International PLC | 07/14/23 | 3.50 | USD | &nbsp;&nbsp;&nbsp;&nbsp;18890 | (5030) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 12/21/33 | 3.11% | Semi-Annual | 1-Day SOFR,<br>4.30% | Quarterly | Bank of America N.A. | 12/19/23 | 3.10 | USD | 1389 | (46326) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/06/34 | 3.16% | Semi-Annual | 1-Day SOFR,<br>4.30% | Quarterly | Bank of America N.A. | 01/04/24 | 3.16 | USD | 424 | (15710) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/10/34 | 3.15% | Semi-Annual | 1-Day SOFR,<br>4.30% | Quarterly | Bank of America N.A. | 01/08/24 | 3.15 | USD | 424 | (15554) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/12/34 | 3.11% | Semi-Annual | 1-Day SOFR,<br>4.30% | Quarterly | Bank of America N.A. | 01/10/24 | 3.11 | USD | 1213 | (42011) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 02/01/36 | 3.04% | Semi-Annual | 1-Day SOFR,<br>4.30% | Quarterly | Bank of America N.A. | 01/30/26 | 3.04 | USD | 129 | (6492) |
|  |  |  |  |  |  |  |  |  |  | (134040) |
|  Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 12/21/33 | 1-Day SOFR,<br>4.30% | Quarterly | 3.11% | Semi-Annual | Bank of America N.A. | 12/19/23 | 3.11 | USD | 1389 | (39578) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/06/34 | 1-Day SOFR,<br>4.30% | Quarterly | 3.16% | Semi-Annual | Bank of America N.A. | 01/04/24 | 3.16 | USD | 424 | (11359) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/10/34 | 1-Day SOFR,<br>4.30% | Quarterly | 3.15% | Semi-Annual | Bank of America N.A. | 01/08/24 | 3.15 | USD | 424 | (11570) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/12/34 | 1-Day SOFR,<br>4.30% | Quarterly | 3.11% | Semi-Annual | Bank of America N.A. | 01/10/24 | 3.10 | USD | 1213 | (35088) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 02/01/36 | 1-Day SOFR,<br>4.30% | Quarterly | 3.04% | Semi-Annual | Bank of America N.A. | 01/30/26 | 3.04 | USD | 129 | (6148) |
|  |  |  |  |  |  |  |  |  |  | (103743) |
|  |  |  |  |  |  |  |  |  |  | $(237783 ) |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective<br>Date* | *Termination<br>Date* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective<br>Date* | *Termination<br>Date* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| 0.20% | Annual | 1-Day JPOIS, (0.01%) | Annual | N/A | 01/25/25 | JPY | 247700 | $(250) | $9 | $(259) |
| 3.24% | Semi-Annual | 6-Month EURIBOR, 2.99% | Annual | 03/15/23 <sup>(a)</sup> | 03/15/25 | EUR | 14100 | 21305 | (18618) | 39923 |
| 3.04% | Semi-Annual | 6-Month EURIBOR, 2.99% | Annual | 03/15/23 <sup>(a)</sup> | 03/15/26 | EUR | 930 | 2348 | (1529) | 3877 |
| 3.14% | Semi-Annual | 6-Month EURIBOR, 2.99% | Annual | 03/15/23 <sup>(a)</sup> | 03/15/26 | EUR | 150 | (90) | (96) | 6 |
| 3.53% | Semi-Annual | 3-Month Canada Bank Acceptance, 5.02% | Semi-Annual | 03/15/23 <sup>(a)</sup> | 03/15/26 | CAD | 220 | 734 | 2 | 732 |
| 3.57% | Quarterly | 3-Month BBSW, 3.37% | Quarterly | 03/15/23 <sup>(a)</sup> | 03/15/26 | AUD | 250 | 243 | 2 | 241 |
| 1-Day SOFR, 4.30% | Annual | 3.64% | Annual | 03/15/23 <sup>(a)</sup> | 03/15/26 | USD | 510 | (999) | 4 | (1003) |
| 3.78% | Annual | 1-Day SOFR, 4.30% | Annual | 03/15/23 <sup>(a)</sup> | 03/15/26 | USD | 170 | (321) | (101) | (220) |
| 1-Day SONIA,<br>3.43% | Annual | 3.85% | Annual | 03/15/23 <sup>(a)</sup> | 03/15/26 | GBP | 580 | 814 | 2887 | (2073) |
| 6-Month EURIBOR,<br>2.99% | Annual | 2.86% | Semi-Annual | 03/15/23 <sup>(a)</sup> | 03/15/28 | EUR | 6050 | (25153) | 13933 | (39086) |
| 3.30% | Annual | 1-Day SOFR, 4.30% | Annual | 03/15/23 <sup>(a)</sup> | 03/15/28 | USD | 6300 | 12429 | 58 | 12371 |
| 1-Day SONIA,<br>3.43% | Annual | 3.62% | Annual | 03/15/23 <sup>(a)</sup> | 03/15/28 | GBP | 2710 | 5203 | 19566 | (14363) |
| 1-Day SOFR, 4.30% | Annual | 3.18% | Annual | N/A | 01/24/33 | USD | 179 | (426) | 3 | (429) |
| 6-Month EURIBOR,<br>2.99% | Semi-Annual | 2.79% | Annual | 03/15/23 <sup>(a)</sup> | 03/15/33 | EUR | 3090 | (24589) | 8130 | (32719) |
| 1-Day SOFR, 4.30% | Annual | 3.15% | Annual | 03/15/23 <sup>(a)</sup> | 03/15/33 | USD | 3490 | (8331) | 63 | (8394) |
| 1-Day SOFR, 4.30% | Annual | 3.15% | Annual | 03/15/23 <sup>(a)</sup> | 03/15/33 | USD | 3390 | (7806) | 61 | (7867) |
| 1-Day SOFR, 4.30% | Annual | 3.20% | Annual | 03/15/23 <sup>(a)</sup> | 03/15/33 | USD | 1650 | 2056 | 27 | 2029 |
| 3.39% | Annual | 1-Day SONIA, 3.43% | Annual | 03/15/23 <sup>(a)</sup> | 03/15/33 | GBP | 1430 | (1969) | (17946) | 15977 |
| 2.27% | Semi-Annual | 6-Month EURIBOR, 2.99% | Annual | 03/15/23 <sup>(a)</sup> | 03/15/53 | EUR | 1790 | 31326 | (2738) | 34064 |

---

S C H E D U L E O F I N V E S T M E N T S 12

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Diversified Fixed Income Fund** |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective<br>Date* | *Termination<br>Date* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective<br>Date* | *Termination<br>Date* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| 2.96% | Annual | 1-Day SOFR, 4.30% | Annual | 03/15/23 <sup>(a)</sup> | 03/15/53 | USD | 1490 | $(4116) | $53 | $(4169) |
| 2.97% | Annual | 1-Day SOFR, 4.30% | Annual | 03/15/23 <sup>(a)</sup> | 03/15/53 | USD | 720 | (3387) | 22 | (3409) |
|  |  |  |  |  |  |  |  | $(979 ) | $3792  | $(4771 ) |

---

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

**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 (000)* | *Notional<br>Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Termination<br>Date* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| 2.32% | Monthly | Eurostat Eurozone HICP Ex Tobacco Unrevised | Monthly | 01/15/33 | EUR | 90 | $(145) | $2 | $(147) |
| 2.47% | Monthly | US CPI Urban Consumers NAS | Monthly | 01/27/33 | USD | 680 | (1135) | 14 | (1149) |
| 2.54% | Monthly | US CPI Urban Consumers NAS | Monthly | 01/31/33 | USD | 160 | (1284) | 4 | (1288) |
|  |  |  |  |  |  |  | $(2564 ) | $20  | $(2584 ) |

---

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. 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 for identical assets or liabilities that the Fund
has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in
markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves,
volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable
inputs are not available (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. There may not be a secondary market, and/or there are 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.

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;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $1351302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1351302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp;47110566 |  | 47110566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations |  | 939471 |  | 939471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 713516 |  | 713516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities |  | 7641652 |  | 7641652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities |  | 53061114 |  | 53061114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 37134197 |  | 37134197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 76933195 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;76933195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 18318197 |  | 18318197 |

---

13.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Diversified Fixed Income Fund** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | $4781 | $31505 | $— | $36286 |
|  Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sale Commitments |  | (4043282) |  | (4043282) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;76937976  | $&nbsp;&nbsp;&nbsp;&nbsp;162258238  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | $&nbsp;&nbsp;&nbsp;&nbsp;239196214  |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $— | $101 | $— | $101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | 63879 | 109220 |  | 173099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (91) |  | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | (304239) | (351774) |  | (656013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts |  | (2584) |  | (2584) |
|  | $(240360 ) | $(245128 ) | $—  | $(485488 ) |

---

<sup>(a)</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. 

---

| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| USD | United States Dollar |
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| BAB | Build America Bond |
| BBSW | Bank Bill Swap Rate |
| CMT | Constant Maturity Treasury |
| CPI | Consumer Price Index |
| EURIBOR | Euro Interbank Offered Rate |
| GO | General Obligation Bonds |
| LIBOR | London Interbank Offered Rate |
| RB | Revenue Bond |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| STACR | Structured Agency Credit Risk |
| TBA | To-Be-Announced |

---

S C H E D U L E O F I N V E S T M E N T S 14

## 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 Funds III

- **b. Investment Company Act file number:** 811-07332

- **c. CIK number of Registrant:** 0000893818

- **d. LEI of Registrant:** 5493008LW2651I1QB503

- **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 Diversified Fixed Income Fund

- **b. EDGAR series identifier (if any):** S000079204

- **c. LEI of Series:** 549300SEQK2DPV0R7O94

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $245327050.80

**Total Liabilities:** $51051093.86

**Net Assets:** $194275956.94

**Delayed Delivery Securities:** $2050820.62

**Cash Not Reported:** $2368315.16

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1410.69000000 | **1-Year:** 1618.18000000 | **5-Year:** 16905.70000000 | **10-Year:** 35068.01000000 | **30-Year:** 15106.80000000

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

- **3-Month:** 1139.19000000 | **1-Year:** -3706.84000000 | **5-Year:** 1621.46000000 | **10-Year:** 7784.19000000 | **30-Year:** -8693.36000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000240134 |  |  |  |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $-11254.77               | $-550841.33                                |

**Designated Index Information**

- **Index Name:** Bloomberg US Aggregate Bond Index

- **Index Identifier:** LBUSTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMERISOURCEBERGEN CORP                                          | AmerisourceBergen Corp                                                          | CUSIP: 03073EAT2<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43389.61     | 0.02%             | 2031-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                          | United States Treasury Note/Bond                                                | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1069375.00   | 0.55%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                     | Equinix Inc                                                                     | CUSIP: 29444UBH8<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |     75000 | PA      | $62301.27     | 0.03%             | 2030-07-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                             | American Tower Corp                                                             | CUSIP: 03027XBJ8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    105000 | PA      | $88846.49     | 0.05%             | 2028-01-31      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | SWP: IFS 2.320000 15-JAN-2033                                                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | XX        |     90000 | OU      | $-149.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| APPLE INC                                                       | Apple Inc                                                                       | CUSIP: 037833DW7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     15000 | PA      | $10655.77     | 0.01%             | 2050-05-11      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                        | Ginnie Mae II Pool                                                              | CUSIP: 36179VQT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    348476 | PA      | $322501.84    | 0.17%             | 2050-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                                    | Comcast Corp                                                                    | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89185.22     | 0.05%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                              | Meta Platforms Inc                                                              | CUSIP: 30303M8H8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46479.79     | 0.02%             | 2032-08-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| RAYTHEON TECH CORP                                              | Raytheon Technologies Corp                                                      | CUSIP: 913017CJ6<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    180000 | PA      | $151337.89    | 0.08%             | 2046-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                         | PORT AUTH OF NEW YORK & NEW JERSEY NY                                           | CUSIP: 73358WEK6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51625.95     | 0.03%             | 2051-10-01      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PDC7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     85000 | PA      | $82512.33     | 0.04%             | 2033-04-26      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F020430<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    881000 | PA      | $801400.28    | 0.41%             | 2038-03-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CIGNA CORP                                                      | Cigna Corp                                                                      | CUSIP: 125523AV2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67993.75     | 0.03%             | 2025-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                     | Freddie Mac Pool                                                                | CUSIP: 3132DPJW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1495110 | PA      | $1260360.76   | 0.65%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BARINGS BDC INC                                                 | Barings BDC Inc                                                                 | CUSIP: 06759LAC7<br>LEI: 549300GSF4KFZP6ONG49 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44081.06     | 0.02%             | 2026-11-23      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                                        | Constellation Brands Inc                                                        | CUSIP: 21036PBL1<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104970.80    | 0.05%             | 2032-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                | Fannie Mae Connecticut Avenue Securities                                        | CUSIP: 30711XSW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200000 | PA      | $209933.40    | 0.11%             | 2030-02-25      | Floating      | 8.96%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                | Crown Castle Inc                                                                | CUSIP: 22822VAV3<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |    150000 | PA      | $132353.39    | 0.07%             | 2026-07-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                                               | Hyatt Hotels Corp                                                               | CUSIP: 448579AN2<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189762.47    | 0.10%             | 2024-10-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                          | Verizon Communications Inc                                                      | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    220000 | PA      | $187780.22    | 0.10%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                        | Ginnie Mae II Pool                                                              | CUSIP: 36179WQA9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1433004 | PA      | $1278809.94   | 0.66%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                                         | Public Service Electric and Gas Co                                              | CUSIP: 74456QAZ9<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |     60000 | PA      | $53108.75     | 0.03%             | 2042-05-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                      | AbbVie Inc                                                                      | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44758.19     | 0.02%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F040628<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4347000 | PA      | $4197571.88   | 2.16%             | 2053-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMEREN ILLINOIS CO                                              | Ameren Illinois Co                                                              | CUSIP: 02361DAX8<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |     20000 | PA      | $14338.09     | 0.01%             | 2051-06-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                            | Lockheed Martin Corp                                                            | CUSIP: 539830BW8<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    196000 | PA      | $209155.79    | 0.11%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                        | AT&T Inc                                                                        | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     35000 | PA      | $26609.06     | 0.01%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| PFIZER INC                                                      | Pfizer Inc                                                                      | CUSIP: 717081EW9<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36214.70     | 0.02%             | 2030-04-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                     | SWP: OIS 3.177000 24-JAN-2033                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    179000 | OU      | $-425.90      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                        | Capital One Financial Corp                                                      | CUSIP: 14040HCT0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     39000 | PA      | $38241.07     | 0.02%             | 2033-05-10      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE                                         | Walt Disney Co/The                                                              | CUSIP: 254687FZ4<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16513.83     | 0.01%             | 2051-01-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                                        | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $104886.80    | 0.05%             | 2024-11-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                             | Southern California Edison Co                                                   | CUSIP: 842400GS6<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    105000 | PA      | $93790.23     | 0.05%             | 2029-08-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                              | 10Y RTP 3.037500 30-JAN-2026                                                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -129000 | OU      | $-6147.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                              | 10Y RTR 3.162500 04-JAN-2024                                                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -424000 | OU      | $-15710.18    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Visa Inc                                                        | Visa Inc                                                                        | CUSIP: 92826CAJ1<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30864.68     | 0.02%             | 2047-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                          | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4887.50      | 0.00%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                            | Bank of America Corp                                                            | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    810000 | PA      | $854177.57    | 0.44%             | 2028-11-10      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | FSWP: AUD 3.567000 15-MAR-2026                                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | AU        |    250000 | OU      | $239.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                               | Kinder Morgan Inc                                                               | CUSIP: 49456BAV3<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72523.10     | 0.04%             | 2033-02-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                | Fannie Mae Connecticut Avenue Securities                                        | CUSIP: 30711XJW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    250000 | PA      | $266442.68    | 0.14%             | 2029-10-25      | Floating      | 9.36%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | FSWP: EUR 2.793270 15-MAR-2033                                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | XX        |   3090000 | OU      | $-24588.86    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AT&T Inc                                                        | AT&T Inc                                                                        | CUSIP: 00206RCP5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    160000 | PA      | $152076.20    | 0.08%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MASONITE INTERNATIONAL C                                        | Masonite International Corp                                                     | CUSIP: 575385AD1<br>LEI: 549300H0H07ZFT4JYM32 | Long             | DBT              | CORP              | CA        |      3000 | PA      | $2808.06      | 0.00%             | 2028-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division                | LONG GILT FUTURE MAR23                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         4 | NC      | $-4651.54     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                          | Mitsubishi UFJ Financial Group Inc                                              | CUSIP: 606822CC6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $180598.70    | 0.09%             | 2028-01-19      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                                                | Enstar Group Ltd                                                                | CUSIP: 29359UAC3<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |     70000 | PA      | $54081.94     | 0.03%             | 2031-09-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                                 | McDonald's Corp                                                                 | CUSIP: 58013MFT6<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41149.93     | 0.02%             | 2052-09-09      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                        | Burlington Northern Santa Fe LLC                                                | CUSIP: 12189LBH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $50556.60     | 0.03%             | 2052-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                                   | AEP Texas Inc                                                                   | CUSIP: 00108WAN0<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     35000 | PA      | $26910.18     | 0.01%             | 2051-05-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                | Connecticut Avenue Securities Trust 2022-R06                                    | CUSIP: 20754NAB1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    339560 | PA      | $345086.38    | 0.18%             | 2042-05-25      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| PECO ENERGY CO                                                  | PECO Energy Co                                                                  | CUSIP: 693304BC0<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |     25000 | PA      | $17714.81     | 0.01%             | 2051-09-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| NOV INC                                                         | NOV Inc                                                                         | CUSIP: 637071AK7<br>LEI: 549300EHF3IW1AR6U008 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3786.59      | 0.00%             | 2042-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| AEP Transmission Co LLC                                         | AEP Transmission Co LLC                                                         | CUSIP: 00115AAM1<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4106.12      | 0.00%             | 2050-04-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                               | Kinder Morgan Inc                                                               | CUSIP: 49456BAH4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34106.37     | 0.02%             | 2045-06-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                        | Duke Energy Progress LLC                                                        | CUSIP: 26442UAM6<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     20000 | PA      | $14042.32     | 0.01%             | 2051-08-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                                                 | DTE Electric Co                                                                 | CUSIP: 23338VAR7<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |     50000 | PA      | $41409.22     | 0.02%             | 2052-03-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                         | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $44747.37     | 0.02%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | FSWP: CAD 3.531000 15-MAR-2026                                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | CA        |    220000 | OU      | $730.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC                                        | Willis North America Inc                                                        | CUSIP: 970648AL5<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98965.52     | 0.05%             | 2027-06-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                           | Vale Overseas Ltd                                                               | CUSIP: 91911TAQ6<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |     45000 | PA      | $40063.50     | 0.02%             | 2030-07-08      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH EDISON CO                                          | Commonwealth Edison Co                                                          | CUSIP: 202795JU5<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |     50000 | PA      | $34550.62     | 0.02%             | 2051-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                     | Oracle Corp                                                                     | CUSIP: 68389XCB9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     30000 | PA      | $22709.34     | 0.01%             | 2061-03-25      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO                                            | Commercial Metals Co                                                            | CUSIP: 201723AR4<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4386.20      | 0.00%             | 2032-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE                        | CUSIP: 64972FK88<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     50000 | PA      | $58634.15     | 0.03%             | 2042-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                          | US 10YR ULTRA FUT MAR23                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        11 | NC      | $-9983.82     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                        | Ginnie Mae                                                                      | CUSIP: 21H020626<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1598000 | PA      | $1380834.29   | 0.71%             | 2053-02-21      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Province of Quebec                                              | Province of Quebec Canada                                                       | CUSIP: 748148QR7<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |     10000 | PA      | $11977.24     | 0.01%             | 2029-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| KIMBERLY-CLARK CORP                                             | Kimberly-Clark Corp                                                             | CUSIP: 494368CA9<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |     15000 | PA      | $11207.73     | 0.01%             | 2050-02-07      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                                | Altria Group Inc                                                                | CUSIP: 02209SBM4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    280000 | PA      | $196941.55    | 0.10%             | 2041-02-04      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                                | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824CAY5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5270.65      | 0.00%             | 2045-10-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                        | Enterprise Products Operating LLC                                               | CUSIP: 29379VAT0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21376.09     | 0.01%             | 2041-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                | Duke Energy Corp                                                                | CUSIP: 26441CBV6<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60431.59     | 0.03%             | 2025-12-08      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                                           | Time Warner Cable LLC                                                           | CUSIP: 88732JBD9<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |     35000 | PA      | $27837.38     | 0.01%             | 2042-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                          | United States Treasury Note/Bond - WI Reopening                                 | CUSIP: 912810TM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2900000 | PA      | $2996968.75   | 1.54%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST GAS CORP                                              | Southwest Gas Corp                                                              | CUSIP: 845011AE5<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22926.52     | 0.01%             | 2032-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                                                     | PepsiCo Inc                                                                     | CUSIP: 713448FN3<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    110000 | PA      | $106031.90    | 0.05%             | 2052-07-18      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                            | Lockheed Martin Corp                                                            | CUSIP: 539830BR9<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    260000 | PA      | $252490.19    | 0.13%             | 2032-06-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                    | Broadcom Inc                                                                    | CUSIP: 11135FBJ9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     50000 | PA      | $38216.96     | 0.02%             | 2041-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                              | 1Y RTR 3.400000 30-JUN-2023                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        | -18890000 | OU      | $-2916.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                          | Pacific Gas and Electric Co                                                     | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25045.78     | 0.01%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                                                 | Cameron LNG LLC                                                                 | CUSIP: 133434AA8<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |    160000 | PA      | $143390.93    | 0.07%             | 2031-07-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN PUBLIC SERV                                        | Southwestern Public Service Co                                                  | CUSIP: 845743BU6<br>LEI: OL6FE7QD5EQ3DOYEO258 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15002.79     | 0.01%             | 2050-05-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                            | Glencore Funding LLC                                                            | CUSIP: 378272AQ1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    115000 | PA      | $109651.00    | 0.06%             | 2027-10-27      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Aetna Inc                                                       | Aetna Inc                                                                       | CUSIP: 00817YAF5<br>LEI: 549300QKBENKLBXQ8968 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11215.22     | 0.01%             | 2036-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| DIAGEO CAPITAL PLC                                              | Diageo Capital PLC                                                              | CUSIP: 25243YBH1<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $216503.37    | 0.11%             | 2033-01-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank                                                            | Bank 2019-BNK19                                                                 | CUSIP: 06540WBD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $228137.93    | 0.12%             | 2061-08-15      | Fixed         | 3.18%                 | 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        |      7000 | PA      | $6439.04      | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                          | Verizon Communications Inc                                                      | CUSIP: 92343VGH1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    250000 | PA      | $222951.59    | 0.11%             | 2028-03-22      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                              | VICI Properties LP                                                              | CUSIP: 925650AB9<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |    255000 | PA      | $246923.41    | 0.13%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                    | Broadcom Inc                                                                    | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    105000 | PA      | $96375.62     | 0.05%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| MCKESSON CORP                                                   | McKesson Corp                                                                   | CUSIP: 581557BQ7<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |    110000 | PA      | $98846.55     | 0.05%             | 2025-12-03      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                        | Ginnie Mae                                                                      | CUSIP: 21H032621<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1505000 | PA      | $1422898.91   | 0.73%             | 2053-02-21      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                             | COMM 2015-CCRE25 Mortgage Trust                                                 | CUSIP: 12593PAW2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    460000 | PA      | $446961.53    | 0.23%             | 2048-08-10      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Duke Energy Progress LLC                                        | Duke Energy Progress LLC                                                        | CUSIP: 26442UAH7<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103990.38    | 0.05%             | 2029-03-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Navient Corp                                                    | Navient Corp                                                                    | CUSIP: 63938CAH1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2993.07      | 0.00%             | 2025-06-25      | Fixed         | 6.75%                 | 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              |  | US        |     50000 | PA      | $44151.35     | 0.02%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLOCK FINANCIAL LLC                                             | Block Financial LLC                                                             | CUSIP: 093662AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $43910.66     | 0.02%             | 2028-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                     | Equinix Inc                                                                     | CUSIP: 29444UBF2<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |    100000 | PA      | $91550.46     | 0.05%             | 2025-07-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                           | Toronto-Dominion Bank/The                                                       | CUSIP: 89115A2K7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    190000 | PA      | $192481.11    | 0.10%             | 2026-01-09      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                          | General Motors Financial Co Inc                                                 | CUSIP: 37045XDH6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     55000 | PA      | $47909.74     | 0.02%             | 2028-04-10      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                                        | Sumitomo Mitsui Financial Group Inc                                             | CUSIP: 86562MCA6<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $183728.37    | 0.09%             | 2025-07-08      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                                        | International Business Machines Corp                                            | CUSIP: 459200KM2<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    315000 | PA      | $289305.24    | 0.15%             | 2027-02-09      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Conagra Brands Inc                                              | Conagra Brands Inc                                                              | CUSIP: 205887CE0<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29607.47     | 0.02%             | 2048-11-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SHELL INTERNATIONAL FIN                                         | Shell International Finance BV                                                  | CUSIP: 822582CB6<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |     35000 | PA      | $34417.53     | 0.02%             | 2028-11-13      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| INTERPUBLIC GROUP COS                                           | Interpublic Group of Cos Inc/The                                                | CUSIP: 460690BS8<br>LEI: 5493008IUOJ5VWTRC333 | Long             | DBT              | CORP              | US        |     30000 | PA      | $22888.58     | 0.01%             | 2041-03-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                              | 10Y RTP 3.162500 04-JAN-2024                                                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -424000 | OU      | $-11358.92    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FMC CORP                                                        | FMC Corp                                                                        | CUSIP: 302491AV7<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |     45000 | PA      | $38730.18     | 0.02%             | 2049-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                        | Marsh & McLennan Cos Inc                                                        | CUSIP: 571748BQ4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    210000 | PA      | $150204.37    | 0.08%             | 2051-12-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                       | Apple Inc                                                                       | CUSIP: 037833EE6<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    105000 | PA      | $78345.32     | 0.04%             | 2041-02-08      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                          | United States Treasury Note/Bond                                                | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3800000 | PA      | $3426531.25   | 1.76%             | 2048-05-15      | Fixed         | 3.13%                 | 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        |     85000 | PA      | $53906.69     | 0.03%             | 2061-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                          | United States Treasury Note/Bond                                                | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     76000 | PA      | $79954.38     | 0.04%             | 2032-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| OHIO POWER COMPANY                                              | Ohio Power Co                                                                   | CUSIP: 677415CU3<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |     20000 | PA      | $14080.01     | 0.01%             | 2051-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                                             | FS KKR Capital Corp                                                             | CUSIP: 302635AL1<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    100000 | PA      | $86881.84     | 0.04%             | 2027-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                            | PURCHASED USD / SOLD GBP                                                        | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $63.74        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                | Crown Castle Inc                                                                | CUSIP: 22822VAK7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    135000 | PA      | $128827.49    | 0.07%             | 2028-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Hess Corp                                                       | Hess Corp                                                                       | CUSIP: 42809HAD9<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |     19000 | PA      | $18951.48     | 0.01%             | 2041-02-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| NSTAR ELECTRIC CO                                               | NSTAR Electric Co                                                               | CUSIP: 67021CAT4<br>LEI: 54930080R72Y2Z31UR68 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20490.08     | 0.01%             | 2052-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                     | FSWP: OIS 3.195500 15-MAR-2033                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   1650000 | OU      | $2055.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                             | Exeter Automobile Receivables Trust 2022-5                                      | CUSIP: 30167FAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $102932.79    | 0.05%             | 2029-02-15      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                      | Fannie Mae Pool                                                                 | CUSIP: 31418ECP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1497623 | PA      | $1259305.03   | 0.65%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                                         | Duke Energy Florida LLC                                                         | CUSIP: 26444HAN1<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11329.92     | 0.01%             | 2052-11-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                          | US ULTRA BOND CBT MAR23                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        53 | NC      | $-44745.62    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL RETAIL PROP INC                                        | National Retail Properties Inc                                                  | CUSIP: 637417AQ9<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              |  | US        |     80000 | PA      | $58242.94     | 0.03%             | 2051-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                                  | S&P Global Inc                                                                  | CUSIP: 78409VAR5<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |     80000 | PA      | $48378.34     | 0.02%             | 2060-08-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| JABIL INC                                                       | Jabil Inc                                                                       | CUSIP: 466313AM5<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97223.55     | 0.05%             | 2027-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                | Crown Castle Inc                                                                | CUSIP: 22822VAX9<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     50000 | PA      | $36750.20     | 0.02%             | 2041-04-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | FSWP: OIS 3.152500 15-MAR-2033                                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   3490000 | OU      | $-8330.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN TRANSMISSION SY                                        | American Transmission Systems Inc                                               | CUSIP: 030288AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $38306.55     | 0.02%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                        | Rogers Communications Inc                                                       | CUSIP: 775109CD1<br>LEI: 54930030NVF3Y2OL0A78 | Long             | DBT              | CORP              | CA        |     35000 | PA      | $29420.30     | 0.02%             | 2052-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Exelon Corp                                                     | Exelon Corp                                                                     | CUSIP: 30161NAY7<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     55000 | PA      | $51903.41     | 0.03%             | 2050-04-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN                                        | Northern States Power Co/MN                                                     | CUSIP: 665772CS6<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |     45000 | PA      | $30812.01     | 0.02%             | 2051-06-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Textron Inc                                                     | Textron Inc                                                                     | CUSIP: 883203BY6<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | DBT              | CORP              | US        |     60000 | PA      | $55658.94     | 0.03%             | 2028-03-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                             | Medline Borrower LP                                                             | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     26000 | PA      | $22230.39     | 0.01%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                                    | Comcast Corp                                                                    | CUSIP: 20030NCE9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17204.90     | 0.01%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                      | US Bancorp                                                                      | CUSIP: 91159HJL5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49703.91     | 0.03%             | 2034-02-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| PROV ST JOSEPH HLTH OBL                                         | Providence St Joseph Health Obligated Group                                     | CUSIP: 743756AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $42141.94     | 0.02%             | 2048-10-01      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                            | Targa Resources Corp                                                            | CUSIP: 87612GAB7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     60000 | PA      | $51374.62     | 0.03%             | 2052-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Reynolds American Inc                                           | Reynolds American Inc                                                           | CUSIP: 761713BB1<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |     70000 | PA      | $63963.24     | 0.03%             | 2045-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Co                                            | Kraft Heinz Foods Co                                                            | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     55000 | PA      | $48025.71     | 0.02%             | 2046-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                          | Williams Cos Inc/The                                                            | CUSIP: 88339WAA4<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     40000 | PA      | $29534.30     | 0.02%             | 2051-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                                         | HCA Inc                                                                         | CUSIP: 404121AH8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105618.45    | 0.05%             | 2026-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F012429<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    655000 | PA      | $580468.17    | 0.30%             | 2038-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| TENNESSEE GAS PIPELINE                                          | Tennessee Gas Pipeline Co LLC                                                   | CUSIP: 880451AZ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $43586.97     | 0.02%             | 2030-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                              | 10Y RTR 3.105000 10-JAN-2024                                                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |  -1213000 | OU      | $-42010.91    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                             | Elevance Health Inc                                                             | CUSIP: 036752AX1<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     35000 | PA      | $39837.39     | 0.02%             | 2052-10-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| DISCOVER FINANCIAL SVS                                          | Discover Financial Services                                                     | CUSIP: 254709AM0<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14433.47     | 0.01%             | 2027-02-09      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                 | CVS Health Corp                                                                 | CUSIP: 126650CN8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19253.82     | 0.01%             | 2045-07-20      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| LAM RESEARCH CORP                                               | Lam Research Corp                                                               | CUSIP: 512807AW8<br>LEI: 549300I4GMO6D34U1T02 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3605.98      | 0.00%             | 2050-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| EIDP INC                                                        | EIDP Inc                                                                        | CUSIP: 263534CP2<br>LEI: GLU7INWNWH88J9XBXD45 | Long             | DBT              | CORP              | US        |     55000 | PA      | $47654.12     | 0.02%             | 2030-07-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                           | Wells Fargo Commercial Mortgage Trust 2017-C40                                  | CUSIP: 95000YAY1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $189401.02    | 0.10%             | 2050-10-15      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| VERISK ANALYTICS INC                                            | Verisk Analytics Inc                                                            | CUSIP: 92345YAG1<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |     35000 | PA      | $26411.88     | 0.01%             | 2050-05-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                        | iHeartCommunications Inc                                                        | CUSIP: 45174HBE6<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3582.52      | 0.00%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                                         | Consolidated Edison Co of New York Inc                                          | CUSIP: 209111FY4<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     60000 | PA      | $51378.35     | 0.03%             | 2050-04-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                        | Clear Channel Outdoor Holdings Inc                                              | CUSIP: 18453HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      7000 | PA      | $6348.75      | 0.00%             | 2027-08-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| VMWARE INC                                                      | VMware Inc                                                                      | CUSIP: 928563AL9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39627.18     | 0.02%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                          | US 10YR ULTRA FUT MAR23                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -7 | NC      | $6224.79      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                          | UnitedHealth Group Inc                                                          | CUSIP: 91324PDV1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16948.70     | 0.01%             | 2059-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                             | Freddie Mac Structured Agency Credit Risk Debt Notes                            | CUSIP: 3137G0QN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    250000 | PA      | $265401.50    | 0.14%             | 2029-12-25      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| NVR INC                                                         | NVR Inc                                                                         | CUSIP: 62944TAF2<br>LEI: 529900RWXR4JI3JYTV70 | Long             | DBT              | CORP              | US        |    230000 | PA      | $201082.81    | 0.10%             | 2030-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                                | Altria Group Inc                                                                | CUSIP: 02209SBN2<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     50000 | PA      | $33360.11     | 0.02%             | 2051-02-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                          | Philip Morris International Inc                                                 | CUSIP: 718172BL2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $76520.12     | 0.04%             | 2044-11-10      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F052623<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    325000 | PA      | $330255.86    | 0.17%             | 2053-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                    | Barclays PLC                                                                    | CUSIP: 06738EBZ7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200013.07    | 0.10%             | 2026-08-09      | Fixed         | 5.30%                 | 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        |    285000 | PA      | $253729.05    | 0.13%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F030629<br>LEI: 254900HROIFWPRGM1V77 | Long             | ABS-MBS          | USGSE             | US        |   2994000 | PA      | $2719394.06   | 1.40%             | 2053-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ADVENTIST HEALTH SYS/W                                          | Adventist Health System/West                                                    | CUSIP: 007944AH4<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51083.80     | 0.03%             | 2032-03-01      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc                                                    | QUALCOMM Inc                                                                    | CUSIP: 747525AV5<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27751.48     | 0.01%             | 2047-05-20      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                                             | Nomura Holdings Inc                                                             | CUSIP: 65535HBE8<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $199355.83    | 0.10%             | 2025-07-03      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                | Connecticut Avenue Securities Trust 2022-R01                                    | CUSIP: 20754LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    476336 | PA      | $470759.78    | 0.24%             | 2041-12-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                         | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AK5<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |    315000 | PA      | $320855.85    | 0.17%             | 2028-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                    | Comcast Corp                                                                    | CUSIP: 20030NDZ1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153212.22    | 0.08%             | 2025-11-07      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                  | NRG Energy Inc                                                                  | CUSIP: 629377CN0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     85000 | PA      | $76408.30     | 0.04%             | 2025-12-02      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                          | UnitedHealth Group Inc                                                          | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     70000 | PA      | $80149.98     | 0.04%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN WATER CAPITAL C                                        | American Water Capital Corp                                                     | CUSIP: 03040WAY1<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29886.78     | 0.02%             | 2031-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                        | Rogers Communications Inc                                                       | CUSIP: 775109BZ3<br>LEI: 54930030NVF3Y2OL0A78 | Long             | DBT              | CORP              | CA        |     45000 | PA      | $39146.42     | 0.02%             | 2042-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                         | MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE                                | CUSIP: 576000ZW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $37963.95     | 0.02%             | 2043-05-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                           | Wells Fargo & Co                                                                | CUSIP: 95000U3A9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99787.02     | 0.05%             | 2028-07-25      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                    | Alphabet Inc                                                                    | CUSIP: 02079KAG2<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     35000 | PA      | $21540.11     | 0.01%             | 2060-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                              | Banco Santander SA                                                              | CUSIP: 05964HAR6<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $200074.69    | 0.10%             | 2025-08-18      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Post Holdings Inc                                               | Post Holdings Inc                                                               | CUSIP: 737446AN4<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4812.50      | 0.00%             | 2028-01-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                          | US 10YR NOTE (CBT)MAR23                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -6 | NC      | $1023.03      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital I Trust                                  | Morgan Stanley Capital I Trust 2016-UB11                                        | CUSIP: 61767FBA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    305000 | PA      | $283202.44    | 0.15%             | 2049-08-15      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| OWENS CORNING                                                   | Owens Corning                                                                   | CUSIP: 690742AJ0<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4740.72      | 0.00%             | 2029-08-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                      | Fannie Mae Pool                                                                 | CUSIP: 3140LWCU9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    164984 | PA      | $150347.01    | 0.08%             | 2036-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                | Connecticut Avenue Securities Trust 2022-R04                                    | CUSIP: 20753YCH3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    473280 | PA      | $474460.55    | 0.24%             | 2042-03-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                        | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $125941.37    | 0.06%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| HP Inc                                                          | HP Inc                                                                          | CUSIP: 428236BR3<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15241.87     | 0.01%             | 2041-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                        | Ginnie Mae                                                                      | CUSIP: 21H030625<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1310000 | PA      | $1203357.82   | 0.62%             | 2053-02-21      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                                             | AUST 10Y BOND FUT MAR23                                                         | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |       -10 | NC      | $4955.14      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                        | Virginia Electric and Power Co                                                  | CUSIP: 927804FE9<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     50000 | PA      | $55666.66     | 0.03%             | 2037-11-30      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| CANADA GOVERNMENT                                               | Canada Government International Bond                                            | CUSIP: 135087N75<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     35000 | PA      | $34031.70     | 0.02%             | 2025-04-28      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                                | Bank of Montreal                                                                | CUSIP: 06368LGU4<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $201330.04    | 0.10%             | 2024-12-12      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Churchill Downs Inc                                             | Churchill Downs Inc                                                             | CUSIP: 171484AE8<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2806.98      | 0.00%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                            | Bank of America Corp                                                            | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    349000 | PA      | $348789.28    | 0.18%             | 2033-07-22      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                                         | Public Service Electric and Gas Co                                              | CUSIP: 74456QCE4<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |     34000 | PA      | $20620.35     | 0.01%             | 2050-08-01      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                        | AT&T Inc                                                                        | CUSIP: 00206RHK1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     55000 | PA      | $52596.02     | 0.03%             | 2039-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                    | GS Mortgage Securities Trust 2017-GS8                                           | CUSIP: 36254KAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $282738.87    | 0.15%             | 2050-11-10      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| TRANSCONT GAS PIPE LINE                                         | Transcontinental Gas Pipe Line Co LLC                                           | CUSIP: 893574AH6<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    170000 | PA      | $183550.68    | 0.09%             | 2026-02-01      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co                                        | Florida Power & Light Co                                                        | CUSIP: 341081FL6<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     60000 | PA      | $54227.00     | 0.03%             | 2044-10-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PCV6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    205000 | PA      | $195037.09    | 0.10%             | 2026-02-24      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                        | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAU9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    200000 | PA      | $187108.09    | 0.10%             | 2024-10-29      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                           | Mexico Government International Bond                                            | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    205000 | PA      | $172405.00    | 0.09%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                                        | Berkshire Hathaway Energy Co                                                    | CUSIP: 59562VBD8<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45334.24     | 0.02%             | 2043-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| TAKEDA PHARMACEUTICAL                                           | Takeda Pharmaceutical Co Ltd                                                    | CUSIP: 874060AW6<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $203214.36    | 0.10%             | 2028-11-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F022428<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    750000 | PA      | $700334.63    | 0.36%             | 2038-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                          | Pacific Gas and Electric Co                                                     | CUSIP: 694308JM0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46633.57     | 0.02%             | 2030-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                                      | Humana Inc                                                                      | CUSIP: 444859BU5<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     55000 | PA      | $57416.86     | 0.03%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                        | Rogers Communications Inc                                                       | CUSIP: 775109CC3<br>LEI: 54930030NVF3Y2OL0A78 | Long             | DBT              | CORP              | CA        |    160000 | PA      | $144019.96    | 0.07%             | 2032-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                   | MASSACHUSETTS ST                                                                | CUSIP: 57582RYN0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     49342 | PA      | $40863.33     | 0.02%             | 2039-09-01      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                             | Freddie Mac STACR REMIC Trust 2021-HQA1                                         | CUSIP: 35564KBK4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     42765 | PA      | $42700.31     | 0.02%             | 2033-08-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                       | ONEOK Inc                                                                       | CUSIP: 682680BG7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105152.85    | 0.05%             | 2032-11-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                    | NiSource Inc                                                                    | CUSIP: 65473PAM7<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14660.98     | 0.01%             | 2052-06-15      | Fixed         | 5.00%                 | 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        |      8000 | PA      | $6990.32      | 0.00%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp                                         | Marathon Petroleum Corp                                                         | CUSIP: 56585ABE1<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29704.50     | 0.02%             | 2048-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                              | 10Y RTR 3.151000 08-JAN-2024                                                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -424000 | OU      | $-15554.06    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| IDEX CORP                                                       | IDEX Corp                                                                       | CUSIP: 45167RAH7<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | DBT              | CORP              | US        |    245000 | PA      | $209459.64    | 0.11%             | 2031-06-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Cenovus Energy Inc                                              | Cenovus Energy Inc                                                              | CUSIP: 15135UAF6<br>LEI: 549300F4XPHJ7NOSP309 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $43815.97     | 0.02%             | 2039-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                         | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GZM9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    631000 | PA      | $540742.89    | 0.28%             | 2033-02-24      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                              | Energy Transfer LP                                                              | CUSIP: 86765BAQ2<br>LEI: 5493006LL0CKP8WQW329 | Long             | DBT              | CORP              | US        |     65000 | PA      | $59217.61     | 0.03%             | 2045-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                                         | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc                     | CUSIP: 03522AAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $24776.51     | 0.01%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| COX COMMUNICATIONS INC                                          | Cox Communications Inc                                                          | CUSIP: 224044CM7<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |     20000 | PA      | $13118.68     | 0.01%             | 2050-10-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| BALTIMORE GAS & ELECTRIC                                        | Baltimore Gas and Electric Co                                                   | CUSIP: 059165EM8<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |     95000 | PA      | $68248.96     | 0.04%             | 2050-06-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                             | Freddie Mac Structured Agency Credit Risk Debt Notes                            | CUSIP: 3137G0MD8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    417461 | PA      | $430488.53    | 0.22%             | 2029-07-25      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                                      | AbbVie Inc                                                                      | CUSIP: 00287YAS8<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     65000 | PA      | $62181.14     | 0.03%             | 2045-05-14      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                              | Meta Platforms Inc                                                              | CUSIP: 30303M8J4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     65000 | PA      | $56764.15     | 0.03%             | 2052-08-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                                    | VeriSign Inc                                                                    | CUSIP: 92343EAM4<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |     60000 | PA      | $51566.10     | 0.03%             | 2031-06-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F022436<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    437000 | PA      | $408368.91    | 0.21%             | 2038-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AON CORP/AON GLOBAL HOLD                                        | Aon Corp / Aon Global Holdings PLC                                              | CUSIP: 03740LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $93724.89     | 0.05%             | 2027-05-28      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| MOODY'S CORPORATION                                             | Moody's Corp                                                                    | CUSIP: 615369AX3<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |     40000 | PA      | $27146.43     | 0.01%             | 2061-11-29      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199267.50    | 0.10%             | 2033-07-25      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                          | Williams Cos Inc/The                                                            | CUSIP: 96950FAK0<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45844.28     | 0.02%             | 2043-11-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                                  | S&P Global Inc                                                                  | CUSIP: 78409VAY0<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40584.10     | 0.02%             | 2028-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                                        | RHP Hotel Properties LP / RHP Finance Corp                                      | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              |  | US        |      5000 | PA      | $4683.12      | 0.00%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                         | MPLX LP                                                                         | CUSIP: 55336VBT6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    280000 | PA      | $248161.31    | 0.13%             | 2052-03-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                             | Freddie Mac Structured Agency Credit Risk Debt Notes                            | CUSIP: 35564KCU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     46066 | PA      | $45996.32     | 0.02%             | 2033-08-25      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                          | Santander Drive Auto Receivables Trust 2022-5                                   | CUSIP: 80287HAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    195000 | PA      | $192460.73    | 0.10%             | 2027-03-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                             | Bank of Nova Scotia/The                                                         | CUSIP: 06417XAH4<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $194212.59    | 0.10%             | 2025-04-11      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| EAGLE MATERIALS                                                 | Eagle Materials Inc                                                             | CUSIP: 26969PAB4<br>LEI: 529900KRXRGXL61SG039 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20427.90     | 0.01%             | 2031-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                    | Broadcom Inc                                                                    | CUSIP: 11135FBR1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    175000 | PA      | $164076.28    | 0.08%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                              | Panama Government International Bond                                            | CUSIP: 698299BR4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    200000 | PA      | $166850.00    | 0.09%             | 2033-01-19      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales & Transfer Tax Receipts Revenue | CHICAGO IL TRANSIT AUTH SALES & TRANSFER TAX RECPTS REVENUE                     | CUSIP: 167725AF7<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |     50000 | PA      | $58632.70     | 0.03%             | 2040-12-01      | Fixed         | 6.90%                 | 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        |      5000 | PA      | $4462.50      | 0.00%             | 2029-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                    | Comcast Corp                                                                    | CUSIP: 20030NDM0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    275000 | PA      | $230161.39    | 0.12%             | 2031-01-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                                            | Keurig Dr Pepper Inc                                                            | CUSIP: 49271VAP5<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96285.57     | 0.05%             | 2029-04-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                            | Bank of America Corp                                                            | CUSIP: 06051GHX0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    590000 | PA      | $517157.72    | 0.27%             | 2030-10-22      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                          | Diamondback Energy Inc                                                          | CUSIP: 25278XAN9<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    461000 | PA      | $420385.63    | 0.22%             | 2029-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                        | Florida Power & Light Co                                                        | CUSIP: 341081FX0<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    105000 | PA      | $81609.40     | 0.04%             | 2049-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| MIDAMERICAN ENERGY CO                                           | MidAmerican Energy Co                                                           | CUSIP: 595620AW5<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |     40000 | PA      | $27950.85     | 0.01%             | 2052-08-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                                           | Texas Instruments Inc                                                           | CUSIP: 882508BJ2<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |    260000 | PA      | $221084.45    | 0.11%             | 2030-05-04      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                               | L3Harris Technologies Inc                                                       | CUSIP: 502431AL3<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    145000 | PA      | $141041.45    | 0.07%             | 2026-12-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| RAYTHEON TECH CORP                                              | Raytheon Technologies Corp                                                      | CUSIP: 913017CY3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    120000 | PA      | $117747.95    | 0.06%             | 2028-11-16      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                              | Realty Income Corp                                                              | CUSIP: 756109BR4<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |     40000 | PA      | $40069.98     | 0.02%             | 2030-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                                    | WP Carey Inc                                                                    | CUSIP: 92936UAG4<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              |  | US        |     60000 | PA      | $50309.48     | 0.03%             | 2031-02-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                | BAT Capital Corp                                                                | CUSIP: 05526DBV6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     80000 | PA      | $71492.09     | 0.04%             | 2052-03-16      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                                         | HCA Inc                                                                         | CUSIP: 404119BR9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105396.62    | 0.05%             | 2025-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GENERAL MILLS INC                                               | General Mills Inc                                                               | CUSIP: 370334CL6<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |     65000 | PA      | $58077.88     | 0.03%             | 2030-04-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                          | Santander Drive Auto Receivables Trust 2022-4                                   | CUSIP: 80286FAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $295721.28    | 0.15%             | 2027-11-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                          | ConocoPhillips Co                                                               | CUSIP: 20826FAV8<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |     65000 | PA      | $55605.56     | 0.03%             | 2052-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                               | EURO-BTP FUTURE MAR23                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -2 | NC      | $4042.46      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA FINANCE LLC                                         | Astrazeneca Finance LLC                                                         | CUSIP: 04636NAE3<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    150000 | PA      | $131950.41    | 0.07%             | 2028-05-28      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                        | Ginnie Mae                                                                      | CUSIP: 21H040624<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    974000 | PA      | $945540.94    | 0.49%             | 2053-02-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                          | US 10YR NOTE (CBT)MAR23                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        67 | NC      | $-33951.17    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                        | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    118000 | PA      | $98509.94     | 0.05%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                        | Ginnie Mae                                                                      | CUSIP: 21H022622<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1711000 | PA      | $1524978.51   | 0.78%             | 2053-02-21      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PROCTER & GAMBLE CO/THE                                         | Procter & Gamble Co/The                                                         | CUSIP: 742718FM6<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40691.11     | 0.02%             | 2030-10-29      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                        | Duke Energy Progress LLC                                                        | CUSIP: 26442UAP9<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8544.96      | 0.00%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                          | United States Treasury Note/Bond                                                | CUSIP: 91282CGE5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9300000 | PA      | $9299273.48   | 4.79%             | 2026-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL                                         | Southern Co Gas Capital Corp                                                    | CUSIP: 8426EPAD0<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |     60000 | PA      | $48248.47     | 0.02%             | 2031-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | FSWP: EUR 3.041620 15-MAR-2026                                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | XX        |    930000 | OU      | $5405.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                             | Global Payments Inc                                                             | CUSIP: 37940XAB8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     90000 | PA      | $79931.61     | 0.04%             | 2029-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F012627<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    663000 | PA      | $529467.66    | 0.27%             | 2053-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC                                             | Kimco Realty OP LLC                                                             | CUSIP: 49446RAY5<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |     15000 | PA      | $12047.14     | 0.01%             | 2031-12-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                | T-Mobile USA Inc                                                                | CUSIP: 87264ACX1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157483.75    | 0.08%             | 2062-09-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ONTARIO (PROVINCE OF)                                           | Province of Ontario Canada                                                      | CUSIP: 683234DB1<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |     15000 | PA      | $14459.55     | 0.01%             | 2027-05-19      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                     | FSWP: OIS 3.642000 15-MAR-2026                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    510000 | OU      | $-998.50      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                                         | DCP Midstream Operating LP                                                      | CUSIP: 23311VAK3<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21612.38     | 0.01%             | 2032-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FACTSET RESEARCH SYSTEMS                                        | FactSet Research Systems Inc                                                    | CUSIP: 303075AA3<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | DBT              | CORP              | US        |     70000 | PA      | $65369.95     | 0.03%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Applied Materials Inc                                           | Applied Materials Inc                                                           | CUSIP: 038222AL9<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19323.63     | 0.01%             | 2027-04-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| CONSUMERS ENERGY CO                                             | Consumers Energy Co                                                             | CUSIP: 210518DJ2<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |     50000 | PA      | $30349.61     | 0.02%             | 2060-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                      | Fannie Mae Pool                                                                 | CUSIP: 31418EB90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1516021 | PA      | $1328620.72   | 0.68%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                           | Micron Technology Inc                                                           | CUSIP: 595112BV4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26664.92     | 0.01%             | 2029-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                                        | CenterPoint Energy Houston Electric LLC                                         | CUSIP: 15189XBA5<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40367.26     | 0.02%             | 2052-10-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                            | Targa Resources Corp                                                            | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     65000 | PA      | $58906.27     | 0.03%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ELECTRONIC ARTS INC                                             | Electronic Arts Inc                                                             | CUSIP: 285512AF6<br>LEI: 549300O7A67PUEYKDL45 | Long             | DBT              | CORP              | US        |     25000 | PA      | $17588.40     | 0.01%             | 2051-02-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal                      | CAN 10YR BOND FUT MAR23                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |        15 | NC      | $-11302.24    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL DYNAMICS CORP                                           | General Dynamics Corp                                                           | CUSIP: 369550BP2<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |     80000 | PA      | $69489.52     | 0.04%             | 2031-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F050627<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2395542 | PA      | $2404338.12   | 1.24%             | 2053-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                             | Global Payments Inc                                                             | CUSIP: 37940XAE2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    485000 | PA      | $431241.01    | 0.22%             | 2026-03-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                           | Toronto-Dominion Bank/The                                                       | CUSIP: 89115A2E1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $49077.47     | 0.03%             | 2032-06-08      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                          | United States Treasury Note/Bond                                                | CUSIP: 91282CGC9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6400000 | PA      | $6472499.97   | 3.33%             | 2027-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                        | Service Properties Trust                                                        | CUSIP: 44106MAZ5<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |      4000 | PA      | $3772.00      | 0.00%             | 2024-10-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                              | 10Y RTR 3.105000 19-DEC-2023                                                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |  -1389000 | OU      | $-46326.36    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                         | Bristol-Myers Squibb Co                                                         | CUSIP: 110122CR7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13830.64     | 0.01%             | 2049-10-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                            | PURCHASED USD / SOLD EUR                                                        | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $37.66        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F040420<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     75000 | PA      | $74478.52     | 0.04%             | 2038-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONTARIO (PROVINCE OF)                                           | Province of Ontario Canada                                                      | CUSIP: 683234AU2<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |     35000 | PA      | $30220.29     | 0.02%             | 2032-01-21      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                        | Ginnie Mae II Pool                                                              | CUSIP: 36179W7J1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    432781 | PA      | $385698.58    | 0.20%             | 2052-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MASS INSTITUTE OF TECH                                          | Massachusetts Institute of Technology                                           | CUSIP: 575718AE1<br>LEI: DLZO3A31IADZ27B62557 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47437.00     | 0.02%             | 2038-07-01      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| ALABAMA POWER CO                                                | Alabama Power Co                                                                | CUSIP: 010392FV5<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |     45000 | PA      | $32867.41     | 0.02%             | 2051-07-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                              | Union Pacific Corp                                                              | CUSIP: 907818FN3<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     95000 | PA      | $65643.53     | 0.03%             | 2062-09-16      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                  | Lowe's Cos Inc                                                                  | CUSIP: 548661EE3<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     20000 | PA      | $14506.19     | 0.01%             | 2041-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F032633<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    798000 | PA      | $748482.33    | 0.39%             | 2053-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                         | HCA Inc                                                                         | CUSIP: 404119CF4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     60000 | PA      | $53278.66     | 0.03%             | 2032-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                           | Indonesia Government International Bond                                         | CUSIP: 455780DN3<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $199772.00    | 0.10%             | 2032-09-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                              | 10Y RTP 3.151000 08-JAN-2024                                                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -424000 | OU      | $-11570.04    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES                                           | Keysight Technologies Inc                                                       | CUSIP: 49338LAE3<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100092.88    | 0.05%             | 2027-04-06      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                       | ONEOK Inc                                                                       | CUSIP: 682680BD4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    190000 | PA      | $194679.57    | 0.10%             | 2026-01-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                 | CVS Health Corp                                                                 | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28521.53     | 0.01%             | 2048-03-25      | Fixed         | 5.05%                 | 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        |    150000 | PA      | $146301.00    | 0.08%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                                  | S&P Global Inc                                                                  | CUSIP: 78409VBA1<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    200000 | PA      | $185996.16    | 0.10%             | 2027-03-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                        | Ginnie Mae                                                                      | CUSIP: 21H042620<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    674000 | PA      | $669155.63    | 0.34%             | 2053-02-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NOVARTIS CAPITAL CORP                                           | Novartis Capital Corp                                                           | CUSIP: 66989HAS7<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |     25000 | PA      | $18689.19     | 0.01%             | 2050-08-14      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                   | Citigroup Inc                                                                   | CUSIP: 172967NQ0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    195000 | PA      | $192795.91    | 0.10%             | 2025-05-24      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                          | ConocoPhillips Co                                                               | CUSIP: 20826FBC9<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88553.96     | 0.05%             | 2042-03-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                         | AEP Transmission Co LLC                                                         | CUSIP: 00115AAP4<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3792.16      | 0.00%             | 2052-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                          | Verizon Communications Inc                                                      | CUSIP: 92343VDC5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26008.24     | 0.01%             | 2046-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                       | Amgen Inc                                                                       | CUSIP: 031162DG2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42751.60     | 0.02%             | 2062-02-22      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC                                              | Analog Devices Inc                                                              | CUSIP: 032654AX3<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |     35000 | PA      | $25754.41     | 0.01%             | 2051-10-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PBR6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     95000 | PA      | $85181.12     | 0.04%             | 2028-06-01      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                          | Verizon Communications Inc                                                      | CUSIP: 92343VGC2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15192.62     | 0.01%             | 2061-03-22      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                              | 10Y RTR 3.037500 30-JAN-2026                                                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -129000 | OU      | $-6491.92     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                                         | John Deere Capital Corp                                                         | CUSIP: 24422EWR6<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61270.97     | 0.03%             | 2028-01-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                                | Altria Group Inc                                                                | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    200000 | PA      | $156266.11    | 0.08%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                    | Broadcom Inc                                                                    | CUSIP: 11135FBG5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     75000 | PA      | $55716.62     | 0.03%             | 2051-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Marathon Oil Corp                                               | Marathon Oil Corp                                                               | CUSIP: 565849AE6<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5291.25      | 0.00%             | 2037-10-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                  | Public Storage                                                                  | CUSIP: 74460DAJ8<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              |  | US        |    145000 | PA      | $121754.33    | 0.06%             | 2031-11-09      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| THERMO FISHER SCIENTIFIC                                        | Thermo Fisher Scientific Inc                                                    | CUSIP: 883556CL4<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |     19000 | PA      | $15947.07     | 0.01%             | 2031-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F032625<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2500000 | PA      | $2344381.17   | 1.21%             | 2053-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F032427<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    329000 | PA      | $320793.07    | 0.17%             | 2038-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                       | ONEOK Inc                                                                       | CUSIP: 682680AY9<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89657.73     | 0.05%             | 2029-09-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Churchill Downs Inc                                             | Churchill Downs Inc                                                             | CUSIP: 171484AG3<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6788.92      | 0.00%             | 2027-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                                            | BAT International Finance PLC                                                   | CUSIP: 05530QAP5<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |    245000 | PA      | $234488.56    | 0.12%             | 2028-03-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                        | AT&T Inc                                                                        | CUSIP: 00206RJZ6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     55000 | PA      | $44155.13     | 0.02%             | 2041-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                             | Southern California Edison Co                                                   | CUSIP: 842400HD8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     40000 | PA      | $34162.48     | 0.02%             | 2031-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                           | Duke Energy Carolinas LLC                                                       | CUSIP: 26442CBH6<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     75000 | PA      | $60657.68     | 0.03%             | 2052-03-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                                 | McDonald's Corp                                                                 | CUSIP: 58013MFK5<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    160000 | PA      | $131114.96    | 0.07%             | 2049-09-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| NRG Energy Inc                                                  | NRG Energy Inc                                                                  | CUSIP: 629377CK6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87149.69     | 0.04%             | 2024-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                                     | Oracle Corp                                                                     | CUSIP: 68389XBW4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    270000 | PA      | $213930.09    | 0.11%             | 2040-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | FSWP: OIS 3.153500 15-MAR-2033                                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   3390000 | OU      | $-7805.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                          | UnitedHealth Group Inc                                                          | CUSIP: 91324PER9<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    240000 | PA      | $255776.18    | 0.13%             | 2033-02-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| NRG Energy Inc                                                  | NRG Energy Inc                                                                  | CUSIP: 629377CE0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3833.18      | 0.00%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                                         | Public Service Electric and Gas Co                                              | CUSIP: 74456QCH7<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |     40000 | PA      | $33091.48     | 0.02%             | 2031-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | FSWP: EUR 2.267480 15-MAR-2053                                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | XX        |   1790000 | OU      | $36802.15     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                          | Santander Drive Auto Receivables Trust 2022-7                                   | CUSIP: 80287FAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $306397.62    | 0.16%             | 2028-01-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                        | Duke Energy Progress LLC                                                        | CUSIP: 26442UAN4<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    195000 | PA      | $178482.00    | 0.09%             | 2032-04-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                            | Bank of America Corp                                                            | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     95000 | PA      | $81013.91     | 0.04%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OP                                             | Invitation Homes Operating Partnership LP                                       | CUSIP: 46188BAB8<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              |  | US        |     15000 | PA      | $12791.63     | 0.01%             | 2028-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF GAS CO                                           | Southern California Gas Co                                                      | CUSIP: 842434CX8<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |     15000 | PA      | $17539.56     | 0.01%             | 2052-11-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                         | Oncor Electric Delivery Co LLC                                                  | CUSIP: 68233JAS3<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     55000 | PA      | $58106.98     | 0.03%             | 2042-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                              | 1Y RTR 3.500000 14-JUL-2023                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        | -18890000 | OU      | $-5030.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                                | Altria Group Inc                                                                | CUSIP: 02209SBP7<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     50000 | PA      | $34522.64     | 0.02%             | 2061-02-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                        | EQT Corp                                                                        | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     35000 | PA      | $37226.35     | 0.02%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                   | Citigroup Inc                                                                   | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118495.26    | 0.06%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| MOODY'S CORPORATION                                             | Moody's Corp                                                                    | CUSIP: 615369AE5<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30575.18     | 0.02%             | 2044-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                    | Broadcom Inc                                                                    | CUSIP: 11135FBT7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68425.17     | 0.04%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                          | Sunoco LP / Sunoco Finance Corp                                                 | CUSIP: 86765LAZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4000 | PA      | $3563.40      | 0.00%             | 2030-04-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WISCONSIN POWER & LIGHT                                         | Wisconsin Power and Light Co                                                    | CUSIP: 976826BQ9<br>LEI: JWBYHVQVMY66CVCOSO49 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57196.46     | 0.03%             | 2032-09-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Verisk Analytics Inc                                            | Verisk Analytics Inc                                                            | CUSIP: 92345YAF3<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |    200000 | PA      | $190922.84    | 0.10%             | 2029-03-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| NATIONAL FUEL GAS CO                                            | National Fuel Gas Co                                                            | CUSIP: 636180BR1<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |     35000 | PA      | $28347.09     | 0.01%             | 2031-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                               | Herc Holdings Inc                                                               | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6702.50      | 0.00%             | 2027-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F020422<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    475000 | PA      | $431637.70    | 0.22%             | 2038-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INSTITUTE OF                                         | California Institute of Technology                                              | CUSIP: 13034VAD6<br>LEI: 549300CITPNHOTVPHC04 | Long             | DBT              | CORP              | US        |     50000 | PA      | $35560.51     | 0.02%             | 2119-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| CARLISLE COS INC                                                | Carlisle Cos Inc                                                                | CUSIP: 142339AL4<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $79813.16     | 0.04%             | 2032-03-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                               | EURO-OAT FUTURE MAR23                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -7 | NC      | $14126.86     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                          | US 5YR NOTE (CBT) MAR23                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       171 | NC      | $-100782.09   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY LOUISIANA LLC                                           | Entergy Louisiana LLC                                                           | CUSIP: 29364WBJ6<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |     70000 | PA      | $55617.09     | 0.03%             | 2041-06-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                           | Duke Energy Carolinas LLC                                                       | CUSIP: 26442CBJ2<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61612.01     | 0.03%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| KLA CORP                                                        | KLA Corp                                                                        | CUSIP: 482480AN0<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41434.53     | 0.02%             | 2062-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                          | US LONG BOND(CBT) MAR23                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        68 | NC      | $-72305.87    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                                            | Royal Bank of Canada                                                            | CUSIP: 78016FZX5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $25377.79     | 0.01%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIGNA CORP                                                      | Cigna Corp                                                                      | CUSIP: 125523CQ1<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     55000 | PA      | $41831.63     | 0.02%             | 2051-03-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Northwest Pipeline LLC                                          | Northwest Pipeline LLC                                                          | CUSIP: 66775VAB1<br>LEI: 549300FFKMN9OW536A14 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67801.22     | 0.03%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                   | JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP2                   | CUSIP: 46590MAR1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    133000 | PA      | $123936.81    | 0.06%             | 2049-08-15      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                               | General Motors Co                                                               | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98790.53     | 0.05%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust                                | WFRBS Commercial Mortgage Trust 2014-C25                                        | CUSIP: 92939LAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $289964.94    | 0.15%             | 2047-11-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                            | Bank of America Corp                                                            | CUSIP: 06051GKS7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98205.19     | 0.05%             | 2025-04-25      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| GENUINE PARTS CO                                                | Genuine Parts Co                                                                | CUSIP: 372460AC9<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |    100000 | PA      | $83311.36     | 0.04%             | 2032-02-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F020620<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5989000 | PA      | $5033567.35   | 2.59%             | 2053-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | FSWP: OIS 3.388590 15-MAR-2033                                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   1430000 | OU      | $33922.48     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| KENTUCKY UTILITIES CO                                           | Kentucky Utilities Co                                                           | CUSIP: 491674BM8<br>LEI: AGX0G2MXE54NFNNICD28 | Long             | DBT              | CORP              | US        |     25000 | PA      | $18788.57     | 0.01%             | 2050-06-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE OKLAHOMA                                         | Public Service Co of Oklahoma                                                   | CUSIP: 744533BQ2<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67295.30     | 0.03%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTL GROUP                                             | American International Group Inc                                                | CUSIP: 026874DA2<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9328.64      | 0.00%             | 2044-07-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                          | Philip Morris International Inc                                                 | CUSIP: 718172CV9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112423.65    | 0.06%             | 2027-11-17      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                                         | Consolidated Edison Co of New York Inc                                          | CUSIP: 209111GD9<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     50000 | PA      | $58040.48     | 0.03%             | 2052-11-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                     | MetLife Inc                                                                     | CUSIP: 59156RCC0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25361.67     | 0.01%             | 2052-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CEDAR FAIR LP                                                   | Cedar Fair LP                                                                   | CUSIP: 150190AE6<br>LEI: 549300TUVLNQQ6BVKH61 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5499.90      | 0.00%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                | Fannie Mae Connecticut Avenue Securities                                        | CUSIP: 20754KAA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    506247 | PA      | $501288.21    | 0.26%             | 2041-11-25      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| BAKER HUGHES LLC/CO-OBL                                         | Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc                         | CUSIP: 05723KAF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $50397.44     | 0.03%             | 2047-12-15      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | FSWP: OIS 2.955000 15-MAR-2053                                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   1490000 | OU      | $-4222.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Oglethorpe Power Corp                                           | Oglethorpe Power Corp                                                           | CUSIP: 677050AN6<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9196.05      | 0.00%             | 2048-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                | Connecticut Avenue Securities Trust 2020-R01                                    | CUSIP: 20754CAB5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    423282 | PA      | $423281.34    | 0.22%             | 2040-01-25      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                  | Morgan Stanley                                                                  | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    460000 | PA      | $448261.61    | 0.23%             | 2030-01-23      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                | T-Mobile USA Inc                                                                | CUSIP: 87264ACW3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156482.70    | 0.08%             | 2053-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                              | Energy Transfer LP                                                              | CUSIP: 29278NAE3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    175000 | PA      | $171738.31    | 0.09%             | 2048-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RESOURCES                                         | Canadian Natural Resources Ltd                                                  | CUSIP: 136385BA8<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $17490.52     | 0.01%             | 2030-07-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | SWP: JPY 0.203300 25-JAN-2025                                                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | JP        | 247700000 | OU      | $-268.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RELIANCE STEEL & ALUM                                           | Reliance Steel & Aluminum Co                                                    | CUSIP: 759509AF9<br>LEI: 549300E287ZOFT3C5Z56 | Long             | DBT              | CORP              | US        |    200000 | PA      | $183225.20    | 0.09%             | 2025-08-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                         | Oncor Electric Delivery Co LLC                                                  | CUSIP: 68233JBR4<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     45000 | PA      | $34047.07     | 0.02%             | 2049-09-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| International Paper Co                                          | International Paper Co                                                          | CUSIP: 460146CH4<br>LEI: 824LMFJDH41EY779Q875 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5359.33      | 0.00%             | 2041-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                                     | Exelon Corp                                                                     | CUSIP: 30161NBE0<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    110000 | PA      | $99391.03     | 0.05%             | 2032-03-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                                          | Mizuho Financial Group Inc                                                      | CUSIP: 60687YCA5<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $187517.71    | 0.10%             | 2026-05-22      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                                           | Waste Connections Inc                                                           | CUSIP: 94106BAE1<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |     85000 | PA      | $76224.43     | 0.04%             | 2032-06-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | FSWP: EUR 3.143620 15-MAR-2026                                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | XX        |    150000 | OU      | $101.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                             | American Tower Corp                                                             | CUSIP: 03027XBB5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    100000 | PA      | $90972.48     | 0.05%             | 2025-09-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| 3M COMPANY                                                      | 3M Co                                                                           | CUSIP: 88579YBD2<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16761.74     | 0.01%             | 2048-09-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WYNN LAS VEGAS LLC/CORP                                         | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp                                | CUSIP: 983130AX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6000 | PA      | $5668.08      | 0.00%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PacifiCorp                                                      | PacifiCorp                                                                      | CUSIP: 695114CV8<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13225.85     | 0.01%             | 2050-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS FINANCE INC                                         | BAE Systems Finance Inc                                                         | CUSIP: 11041RAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $213939.82    | 0.11%             | 2027-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                            | Bank of America Corp                                                            | CUSIP: 06051GKM0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    310000 | PA      | $299866.94    | 0.15%             | 2026-04-02      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                         | MPLX LP                                                                         | CUSIP: 55336VBU3<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147697.94    | 0.08%             | 2032-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| REGENERON PHARMACEUTICAL                                        | Regeneron Pharmaceuticals Inc                                                   | CUSIP: 75886FAF4<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |     50000 | PA      | $33439.61     | 0.02%             | 2050-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| NGPL PIPECO LLC                                                 | NGPL PipeCo LLC                                                                 | CUSIP: 62928CAA0<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |     80000 | PA      | $67699.23     | 0.03%             | 2031-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                 | CVS Health Corp                                                                 | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28715.95     | 0.01%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                              | Ford Motor Co                                                                   | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |      7000 | PA      | $5555.67      | 0.00%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Conagra Brands Inc                                              | Conagra Brands Inc                                                              | CUSIP: 205887CD2<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40236.53     | 0.02%             | 2038-11-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                             | Freddie Mac STACR REMIC Trust 2021-DNA3                                         | CUSIP: 35564KED7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    389341 | PA      | $386952.10    | 0.20%             | 2033-10-25      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| PROVINCE OF ALBERTA                                             | Province of Alberta Canada                                                      | CUSIP: 013051EM5<br>LEI: LQPXMHHNJKIPJYE53543 | Long             | DBT              | NUSS              | CA        |     10000 | PA      | $8264.49      | 0.00%             | 2030-07-22      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                            | Royal Bank of Canada                                                            | CUSIP: 78016EZD2<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $193326.07    | 0.10%             | 2027-05-04      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| State of California                                             | CALIFORNIA ST                                                                   | CUSIP: 13063BBU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $127819.90    | 0.07%             | 2039-11-01      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System              | UNIV OF TEXAS TX                                                                | CUSIP: 9151375R0<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51579.90     | 0.03%             | 2046-08-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                                        | Plains All American Pipeline LP / PAA Finance Corp                              | CUSIP: 72650RBH4<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |     15000 | PA      | $12626.47     | 0.01%             | 2045-02-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                        | Marsh & McLennan Cos Inc                                                        | CUSIP: 571748BG6<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29670.84     | 0.02%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BAYLOR SCOTT & WHITE HOL                                        | Baylor Scott & White Holdings                                                   | CUSIP: 072863AC7<br>LEI: 549300JQDKSBWYRGGV95 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45744.40     | 0.02%             | 2045-11-15      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| CHENIERE CORP CHRISTI HD                                        | Cheniere Corpus Christi Holdings LLC                                            | CUSIP: 16412XAL9<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |     15000 | PA      | $12293.71     | 0.01%             | 2039-12-31      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                     | Freddie Mac Pool                                                                | CUSIP: 3132DWDK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    644159 | PA      | $585601.79    | 0.30%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                  | Lowe's Cos Inc                                                                  | CUSIP: 548661EN3<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41553.03     | 0.02%             | 2062-09-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Entergy Louisiana LLC                                           | Entergy Louisiana LLC                                                           | CUSIP: 29364WBB3<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22157.39     | 0.01%             | 2048-09-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                        | Ginnie Mae II Pool                                                              | CUSIP: 36179WRZ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1008624 | PA      | $873332.80    | 0.45%             | 2051-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                            | Lockheed Martin Corp                                                            | CUSIP: 539830BX6<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     70000 | PA      | $79500.87     | 0.04%             | 2054-11-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PAX4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    350000 | PA      | $341352.74    | 0.18%             | 2029-12-05      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                            | CONNECTICUT ST                                                                  | CUSIP: 20772GF45<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54705.55     | 0.03%             | 2032-03-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                     | FSWP: OIS 3.779390 15-MAR-2026                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    170000 | OU      | $-119.44      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank                                                            | BANK 2019-BNK20                                                                 | CUSIP: 06540AAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $226220.33    | 0.12%             | 2062-09-15      | Fixed         | 3.01%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                        | Virginia Electric and Power Co                                                  | CUSIP: 927804FA7<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     70000 | PA      | $75233.21     | 0.04%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                             | Freddie Mac STACR REMIC Trust 2022-HQA1                                         | CUSIP: 35564KTA7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    478566 | PA      | $479161.93    | 0.25%             | 2042-03-25      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| UNITED PARCEL SERVICE                                           | United Parcel Service Inc                                                       | CUSIP: 911312BW5<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |     25000 | PA      | $27335.61     | 0.01%             | 2050-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                | Fannie Mae Connecticut Avenue Securities                                        | CUSIP: 30711XJ62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    250000 | PA      | $259903.23    | 0.13%             | 2030-10-25      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                        | Devon Energy Corp                                                               | CUSIP: 25179MBD4<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65491.26     | 0.03%             | 2027-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp                                              | Realty Income Corp                                                              | CUSIP: 756109AU8<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |     30000 | PA      | $28786.10     | 0.01%             | 2028-01-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| PROVINCE OF QUEBEC                                              | Province of Quebec Canada                                                       | CUSIP: 748149AR2<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |     10000 | PA      | $8574.62      | 0.00%             | 2031-04-21      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                     | Freddie Mac Pool                                                                | CUSIP: 3132DWCU5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    989864 | PA      | $867671.87    | 0.45%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                           | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BA1<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    195000 | PA      | $192337.56    | 0.10%             | 2033-05-17      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                               | HSBC Holdings PLC                                                               | CUSIP: 404280DE6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $490175.00    | 0.25%             | 2025-12-09      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                                          | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BK7<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    105000 | PA      | $102201.21    | 0.05%             | 2032-08-16      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                | T-Mobile USA Inc                                                                | CUSIP: 87264ABV6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    215000 | PA      | $195957.64    | 0.10%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                   | Citigroup Inc                                                                   | CUSIP: 172967NL1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192522.81    | 0.10%             | 2026-03-17      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| CF Industries Inc                                               | CF Industries Inc                                                               | CUSIP: 12527GAE3<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |    110000 | PA      | $105597.69    | 0.05%             | 2044-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| COCA-COLA FEMSA SAB CV                                          | Coca-Cola Femsa SAB de CV                                                       | CUSIP: 191241AJ7<br>LEI: 5493008KEVFYPMGTXO33 | Long             | DBT              | CORP              | MX        |    150000 | PA      | $118562.25    | 0.06%             | 2032-09-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                               | HSBC Holdings PLC                                                               | CUSIP: 404280DH9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $299605.70    | 0.15%             | 2033-08-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                            | Bank of America Corp                                                            | CUSIP: 06051GLA5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    190000 | PA      | $189521.58    | 0.10%             | 2026-07-22      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                        | Uruguay Government International Bond                                           | CUSIP: 760942BE1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    235000 | PA      | $260497.50    | 0.13%             | 2034-10-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                                  | Merck & Co Inc                                                                  | CUSIP: 58933YBG9<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     50000 | PA      | $34808.39     | 0.02%             | 2061-12-10      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                          | United States Treasury Note/Bond                                                | CUSIP: 91282CGD7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9000000 | PA      | $9000000.00   | 4.63%             | 2024-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUB SVC NEW HAMP                                                | Public Service Co of New Hampshire                                              | CUSIP: 744482BP4<br>LEI: 549300SHPFALUPKK2351 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21134.25     | 0.01%             | 2053-01-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                                             | Quanta Services Inc                                                             | CUSIP: 74762EAJ1<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |     50000 | PA      | $35557.77     | 0.02%             | 2041-10-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                                     | Vistra Operations Co LLC                                                        | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6587.56      | 0.00%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                            | Lockheed Martin Corp                                                            | CUSIP: 539830BY4<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     25000 | PA      | $29260.99     | 0.02%             | 2063-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                                             | CommonSpirit Health                                                             | CUSIP: 20268JAG8<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40106.01     | 0.02%             | 2050-10-01      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                             | Citigroup Commercial Mortgage Trust 2015-GC27                                   | CUSIP: 17323CAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75000 | PA      | $71464.55     | 0.04%             | 2048-02-10      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                       | BlackRock Liquidity Funds: T-Fund, Institutional Shares                         | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  76933195 | NS      | $76933194.85  | 39.60%            |  |  |  | No            |                  1 | On Loan: No      |
| ZOETIS INC                                                      | Zoetis Inc                                                                      | CUSIP: 98978VAV5<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |     65000 | PA      | $69961.68     | 0.04%             | 2032-11-16      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                             | American Express Co                                                             | CUSIP: 025816CY3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98464.43     | 0.05%             | 2025-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| AGILENT TECHNOLOGIES INC                                        | Agilent Technologies Inc                                                        | CUSIP: 00846UAN1<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | DBT              | CORP              | US        |    130000 | PA      | $109054.65    | 0.06%             | 2031-03-12      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Province of Quebec                                              | Province of Quebec Canada                                                       | CUSIP: 748149AJ0<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |     10000 | PA      | $9521.26      | 0.00%             | 2026-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                         | BPCE SA                                                                         | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    265000 | PA      | $268360.93    | 0.14%             | 2027-01-18      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                        | Lloyds Banking Group PLC                                                        | CUSIP: 53944YAP8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $177734.11    | 0.09%             | 2027-05-11      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                           | Westlake Automobile Receivables Trust 2022-3                                    | CUSIP: 96043PAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35000 | PA      | $35068.50     | 0.02%             | 2026-07-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                       | Apple Inc                                                                       | CUSIP: 037833EL0<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     50000 | PA      | $34788.57     | 0.02%             | 2061-08-05      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                                        | International Business Machines Corp                                            | CUSIP: 459200KU4<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    120000 | PA      | $117953.03    | 0.06%             | 2032-07-27      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                                            | Keurig Dr Pepper Inc                                                            | CUSIP: 49271VAR1<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    115000 | PA      | $103983.16    | 0.05%             | 2052-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                         | Kinder Morgan Energy Partners LP                                                | CUSIP: 494550AT3<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71778.69     | 0.04%             | 2035-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                             | STACR Trust 2018-HRP1                                                           | CUSIP: 3137G0VC0<br>LEI: 549300D2VO9JVX6KU482 | Long             | ABS-MBS          | USGSE             | US        |     63265 | PA      | $63265.10     | 0.03%             | 2043-04-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| NEWMONT CORP                                                    | Newmont Corp                                                                    | CUSIP: 651639AX4<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8799.88      | 0.00%             | 2029-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | FSWP: OIS 3.846940 15-MAR-2026                                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    580000 | OU      | $814.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                                  | Mastercard Inc                                                                  | CUSIP: 57636QAQ7<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27243.83     | 0.01%             | 2050-03-26      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| AMEREN ILLINOIS CO                                              | Ameren Illinois Co                                                              | CUSIP: 02361DAZ3<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |     20000 | PA      | $23248.80     | 0.01%             | 2052-12-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                        | Ginnie Mae                                                                      | CUSIP: 21H050623<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    420000 | PA      | $422854.68    | 0.22%             | 2053-02-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                           | Wells Fargo & Co                                                                | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169340.89    | 0.09%             | 2033-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                       | Apple Inc                                                                       | CUSIP: 037833ER7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35797.51     | 0.02%             | 2062-08-08      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                  | Morgan Stanley                                                                  | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    610000 | PA      | $616798.06    | 0.32%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Baxter International Inc                                        | Baxter International Inc                                                        | CUSIP: 071813BQ1<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23286.70     | 0.01%             | 2026-08-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                          | US 2YR NOTE (CBT) MAR23                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -5 | NC      | $2289.27      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO INC                                                  | Merck & Co Inc                                                                  | CUSIP: 58933YBD6<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    220000 | PA      | $194163.30    | 0.10%             | 2028-12-10      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| WYNN LAS VEGAS LLC/CORP                                         | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp                                | CUSIP: 983130AV7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $11661.15     | 0.01%             | 2025-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                      | Fannie Mae Pool                                                                 | CUSIP: 31418D3Z3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1009440 | PA      | $920936.77    | 0.47%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust                      | Bear Stearns Asset Backed Securities I Trust 2006-HE7                           | CUSIP: 07388HAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    118688 | PA      | $113542.31    | 0.06%             | 2036-09-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                                 | Xcel Energy Inc                                                                 | CUSIP: 98388MAD9<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54456.95     | 0.03%             | 2032-06-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP                                           | Norfolk Southern Corp                                                           | CUSIP: 655844CL0<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $69801.54     | 0.04%             | 2051-08-25      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO                                             | Sherwin-Williams Co/The                                                         | CUSIP: 824348BJ4<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13486.43     | 0.01%             | 2029-08-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC                                                   | CME Group Inc                                                                   | CUSIP: 12572QAK1<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43820.53     | 0.02%             | 2032-03-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| American Municipal Power Inc                                    | AMERICAN MUNI PWR-OHIO INC OH REVENUE                                           | CUSIP: 02765UDN1<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |     50000 | PA      | $55321.90     | 0.03%             | 2047-02-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                                                      | Leidos Inc                                                                      | CUSIP: 52532XAF2<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    130000 | PA      | $122731.93    | 0.06%             | 2030-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP                                             | Select Medical Corp                                                             | CUSIP: 816196AT6<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2930.04      | 0.00%             | 2026-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CF Industries Inc                                               | CF Industries Inc                                                               | CUSIP: 12527GAF0<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |     95000 | PA      | $93968.32     | 0.05%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                                  | Home Depot Inc/The                                                              | CUSIP: 437076CT7<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41208.64     | 0.02%             | 2052-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                          | Motorola Solutions Inc                                                          | CUSIP: 620076BE8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33722.69     | 0.02%             | 2044-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CBRE SERVICES INC                                               | CBRE Services Inc                                                               | CUSIP: 12505BAE0<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |     50000 | PA      | $41980.57     | 0.02%             | 2031-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                         | Bristol-Myers Squibb Co                                                         | CUSIP: 110122CP1<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    200000 | PA      | $190618.09    | 0.10%             | 2029-07-26      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                         | AEP Transmission Co LLC                                                         | CUSIP: 00115AAN9<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $68407.90     | 0.04%             | 2051-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| EBAY INC                                                        | eBay Inc                                                                        | CUSIP: 278642AY9<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17058.82     | 0.01%             | 2031-05-10      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                           | Westlake Automobile Receivables Trust 2021-2                                    | CUSIP: 96042RAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185000 | PA      | $171062.69    | 0.09%             | 2026-12-15      | Fixed         | 1.23%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                      | AbbVie Inc                                                                      | CUSIP: 00287YCX5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    300000 | PA      | $294240.10    | 0.15%             | 2025-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORP                                           | General Dynamics Corp                                                           | CUSIP: 369550BK3<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68261.05     | 0.04%             | 2025-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                          | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAJ4<br>LEI: N/A                  | Long             | DBT              |  | US        |      5000 | PA      | $4973.75      | 0.00%             | 2027-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                  | Amazon.com Inc                                                                  | CUSIP: 023135BT2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    125000 | PA      | $84649.73     | 0.04%             | 2050-06-03      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TRANS-ALLEGHENY INTERSTA                                        | Trans-Allegheny Interstate Line Co                                              | CUSIP: 893045AE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $165139.51    | 0.09%             | 2025-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                            | Edison International                                                            | CUSIP: 281020AN7<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66638.59     | 0.03%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                      | Fannie Mae Pool                                                                 | CUSIP: 3140KUCJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1012432 | PA      | $920835.62    | 0.47%             | 2036-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                   | Citigroup Inc                                                                   | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103446.68    | 0.05%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| NEXSTAR BROADCASTING INC                                        | Nexstar Media Inc                                                               | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5715.42      | 0.00%             | 2027-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                          | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAH8<br>LEI: N/A                  | Long             | DBT              |  | US        |      3000 | PA      | $2859.57      | 0.00%             | 2026-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Amgen Inc                                                       | Amgen Inc                                                                       | CUSIP: 031162BZ2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     45000 | PA      | $40163.89     | 0.02%             | 2045-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | FSWP: EUR 3.243950 15-MAR-2025                                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | XX        |  14100000 | OU      | $58542.03     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                        | Ginnie Mae II Pool                                                              | CUSIP: 36179WVV7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    345195 | PA      | $317077.43    | 0.16%             | 2052-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                                          | Motorola Solutions Inc                                                          | CUSIP: 620076BW8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    261000 | PA      | $266104.86    | 0.14%             | 2032-06-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                         | Bristol-Myers Squibb Co                                                         | CUSIP: 110122DS4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     80000 | PA      | $54493.23     | 0.03%             | 2050-11-13      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                               | Post Holdings Inc                                                               | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3709.49      | 0.00%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                     | FSWP: OIS 2.965000 15-MAR-2053                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    720000 | OU      | $-3432.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                             | JPMorgan Chase & Co                                                             | CUSIP: 46625HRY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    160000 | PA      | $153792.99    | 0.08%             | 2028-02-01      | Fixed         | 3.78%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                     | Oracle Corp                                                                     | CUSIP: 68389XBZ7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $79146.82     | 0.04%             | 2041-03-25      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                     | FSWP: OIS 3.300500 15-MAR-2028                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   6300000 | OU      | $12312.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PCZ7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    195000 | PA      | $191545.40    | 0.10%             | 2026-04-26      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                          | UnitedHealth Group Inc                                                          | CUSIP: 91324PEF5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    115000 | PA      | $89976.71     | 0.05%             | 2051-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC                                          | Roper Technologies Inc                                                          | CUSIP: 776743AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45354.63     | 0.02%             | 2025-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                     | Oracle Corp                                                                     | CUSIP: 68389XCH6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     65000 | PA      | $69475.51     | 0.04%             | 2029-11-09      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                          | Pacific Gas and Electric Co                                                     | CUSIP: 694308JQ1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     60000 | PA      | $49391.94     | 0.03%             | 2040-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                          | US 2YR NOTE (CBT) MAR23                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        47 | NC      | $-23192.53    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA NA                                              | 10Y RTP 3.105000 19-DEC-2023                                                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |  -1389000 | OU      | $-39577.64    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| KLA CORP                                                        | KLA Corp                                                                        | CUSIP: 482480AJ9<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |     70000 | PA      | $54324.27     | 0.03%             | 2050-03-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                        | Virginia Electric and Power Co                                                  | CUSIP: 927804GJ7<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18776.55     | 0.01%             | 2052-05-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                                            | Aramark Services Inc                                                            | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5655.00      | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                                        | Berkshire Hathaway Energy Co                                                    | CUSIP: 084659BD2<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     75000 | PA      | $60219.72     | 0.03%             | 2031-05-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                      | Fannie Mae Pool                                                                 | CUSIP: 3140XHHS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2498580 | PA      | $2105126.44   | 1.08%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NRG Energy Inc                                                  | NRG Energy Inc                                                                  | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3610.00      | 0.00%             | 2029-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONSUMERS ENERGY CO                                             | Consumers Energy Co                                                             | CUSIP: 210518DN3<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |    125000 | PA      | $84825.08     | 0.04%             | 2052-08-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                              | Union Pacific Corp                                                              | CUSIP: 907818FJ2<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    200000 | PA      | $184281.85    | 0.09%             | 2027-02-05      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co                                                 | DTE Electric Co                                                                 | CUSIP: 23338VAH9<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |     65000 | PA      | $57904.34     | 0.03%             | 2048-05-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                          | General Motors Financial Co Inc                                                 | CUSIP: 37045XCY0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    155000 | PA      | $136419.75    | 0.07%             | 2030-06-21      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Aon Corp                                                        | Aon Corp                                                                        | CUSIP: 037389BC6<br>LEI: LTS3U8DGK38SETRUWX71 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23739.75     | 0.01%             | 2029-05-02      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                   | Citigroup Inc                                                                   | CUSIP: 172967NG2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    155000 | PA      | $144080.64    | 0.07%             | 2028-02-24      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| CSX Corp                                                        | CSX Corp                                                                        | CUSIP: 126408HN6<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24072.74     | 0.01%             | 2048-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                          | Verizon Communications Inc                                                      | CUSIP: 92343VFT6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    130000 | PA      | $93895.66     | 0.05%             | 2040-11-20      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT                                         | Six Flags Entertainment Corp                                                    | CUSIP: 83001AAC6<br>LEI: 549300JYTDUAA4JQ3717 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2827.68      | 0.00%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | FSWP: OIS 3.618790 15-MAR-2028                                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   2710000 | OU      | $5204.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHENIERE CORP CHRISTI HD                                        | Cheniere Corpus Christi Holdings LLC                                            | CUSIP: 16412XAJ4<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |    200000 | PA      | $187819.91    | 0.10%             | 2029-11-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CHOICE HOTELS INTL INC                                          | Choice Hotels International Inc                                                 | CUSIP: 169905AF3<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |    150000 | PA      | $135013.14    | 0.07%             | 2029-12-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                | BAT Capital Corp                                                                | CUSIP: 05526DBT1<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     80000 | PA      | $57924.08     | 0.03%             | 2040-09-25      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA LTD                                           | Rio Tinto Finance USA Ltd                                                       | CUSIP: 767201AT3<br>LEI: 213800RX94ZKEZXPKH58 | Long             | DBT              | CORP              | AU        |     20000 | PA      | $14306.06     | 0.01%             | 2051-11-02      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                           | Wells Fargo & Co                                                                | CUSIP: 95000U2M4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49295.40     | 0.03%             | 2051-04-04      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                         | MPLX LP                                                                         | CUSIP: 55336VAP5<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     40000 | PA      | $34030.37     | 0.02%             | 2058-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                                         | Public Service Electric and Gas Co                                              | CUSIP: 74456QCJ3<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1810.89      | 0.00%             | 2032-03-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| REGENERON PHARMACEUTICAL                                        | Regeneron Pharmaceuticals Inc                                                   | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |    130000 | PA      | $104912.44    | 0.05%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                        | AT&T Inc                                                                        | CUSIP: 00206RJY9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     40000 | PA      | $34497.22     | 0.02%             | 2031-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                                        | Toyota Motor Credit Corp                                                        | CUSIP: 89236TKN4<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100356.89    | 0.05%             | 2025-01-10      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SALESFORCE INC                                                  | Salesforce Inc                                                                  | CUSIP: 79466LAM6<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |     14000 | PA      | $9656.79      | 0.00%             | 2061-07-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                        | Virginia Electric and Power Co                                                  | CUSIP: 927804GH1<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97505.46     | 0.05%             | 2027-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                | Crown Castle Inc                                                                | CUSIP: 22822VAY7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |    100000 | PA      | $84140.52     | 0.04%             | 2031-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                                          | Motorola Solutions Inc                                                          | CUSIP: 620076BU2<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    120000 | PA      | $99379.55     | 0.05%             | 2031-05-24      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                  | Morgan Stanley                                                                  | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $109929.33    | 0.06%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                             | Southern California Edison Co                                                   | CUSIP: 842400FP3<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35731.95     | 0.02%             | 2040-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Duke Energy Florida LLC                                         | Duke Energy Florida LLC                                                         | CUSIP: 26444HAE1<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    170000 | PA      | $165891.88    | 0.09%             | 2028-07-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                                   | PURCHASED USD / SOLD CAD                                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-7.28        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IBM CORP                                                        | International Business Machines Corp                                            | CUSIP: 459200KV2<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97107.27     | 0.05%             | 2052-07-27      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F022626<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3804000 | PA      | $3330393.74   | 1.71%             | 2053-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                 | CVS Health Corp                                                                 | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39322.71     | 0.02%             | 2028-03-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                         | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE                                 | CUSIP: 2350368N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $38290.20     | 0.02%             | 2046-11-01      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                              | VICI Properties LP                                                              | CUSIP: 925650AC7<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |     85000 | PA      | $82199.18     | 0.04%             | 2030-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC                                         | Standard Industries Inc/NJ                                                      | CUSIP: 853496AC1<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2842.91      | 0.00%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                  | Morgan Stanley                                                                  | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     95000 | PA      | $97082.83     | 0.05%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                       | Boeing Co/The                                                                   | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     63000 | PA      | $64377.84     | 0.03%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                                     | Prologis LP                                                                     | CUSIP: 74340XBM2<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |    135000 | PA      | $116446.54    | 0.06%             | 2030-04-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                          | Anglo American Capital PLC                                                      | CUSIP: 034863AX8<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $169945.32    | 0.09%             | 2030-09-10      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Suncor Energy Inc                                               | Suncor Energy Inc                                                               | CUSIP: 71644EAJ1<br>LEI: 549300W70ZOQDVLCHY06 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $22469.37     | 0.01%             | 2038-05-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CS6<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $210446.85    | 0.11%             | 2029-01-18      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                | T-Mobile USA Inc                                                                | CUSIP: 87264ABB0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97104.46     | 0.05%             | 2025-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                                             | Gilead Sciences Inc                                                             | CUSIP: 375558BS1<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     55000 | PA      | $40833.04     | 0.02%             | 2040-10-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                           | Duke Energy Carolinas LLC                                                       | CUSIP: 26442CBC7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    100000 | PA      | $78454.34     | 0.04%             | 2051-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                              | Energy Transfer LP                                                              | CUSIP: 29273RAR0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     45000 | PA      | $47467.22     | 0.02%             | 2042-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                              | 10Y RTP 3.105000 10-JAN-2024                                                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |  -1213000 | OU      | $-35088.33    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                        | Warnermedia Holdings Inc                                                        | CUSIP: 55903VAC7<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    370000 | PA      | $362132.31    | 0.19%             | 2024-03-15      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                          | Philip Morris International Inc                                                 | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    345000 | PA      | $362782.07    | 0.19%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                         | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    220000 | PA      | $196928.56    | 0.10%             | 2027-10-21      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| GENUINE PARTS CO                                                | Genuine Parts Co                                                                | CUSIP: 372460AB1<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141021.05    | 0.07%             | 2025-02-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| PACKAGING CORP OF AMERIC                                        | Packaging Corp of America                                                       | CUSIP: 695156AW9<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | DBT              | CORP              | US        |     25000 | PA      | $17541.19     | 0.01%             | 2051-10-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                        | AT&T Inc                                                                        | CUSIP: 00206RKG6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    260000 | PA      | $227919.80    | 0.12%             | 2028-02-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                  | Morgan Stanley                                                                  | CUSIP: 61747YET8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    195000 | PA      | $193370.24    | 0.10%             | 2026-07-17      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                        | AT&T Inc                                                                        | CUSIP: 00206RBK7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39349.73     | 0.02%             | 2045-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                                              | Athene Holding Ltd                                                              | CUSIP: 04686JAD3<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | BM        |      5000 | PA      | $3672.22      | 0.00%             | 2051-05-25      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                       | Apple Inc                                                                       | CUSIP: 037833EQ9<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     55000 | PA      | $49391.94     | 0.03%             | 2052-08-08      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Atmos Energy Corp                                               | Atmos Energy Corp                                                               | CUSIP: 049560AM7<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35024.07     | 0.02%             | 2044-10-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                            | Lockheed Martin Corp                                                            | CUSIP: 539830BV0<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    220000 | PA      | $228323.30    | 0.12%             | 2027-11-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                          | UnitedHealth Group Inc                                                          | CUSIP: 91324PET5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     55000 | PA      | $64343.62     | 0.03%             | 2063-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc                                             | Gilead Sciences Inc                                                             | CUSIP: 375558BD4<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24299.49     | 0.01%             | 2046-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                         | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GXH2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    510000 | PA      | $479144.85    | 0.25%             | 2030-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                          | Verizon Communications Inc                                                      | CUSIP: 92343VGG3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    210000 | PA      | $191248.09    | 0.10%             | 2026-03-20      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| PROGRESSIVE CORP                                                | Progressive Corp/The                                                            | CUSIP: 743315BA0<br>LEI: 529900TACNVLY9DCR586 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25287.50     | 0.01%             | 2052-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                                          | NXP BV / NXP Funding LLC / NXP USA Inc                                          | CUSIP: 62954HAV0<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | XX        |    230000 | PA      | $220009.38    | 0.11%             | 2029-06-18      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                               | Kinder Morgan Inc                                                               | CUSIP: 49456BAX9<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124560.42    | 0.06%             | 2033-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO                                         | Public Service Co of Colorado                                                   | CUSIP: 744448CX7<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |     45000 | PA      | $43193.77     | 0.02%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                                     | Oracle Corp                                                                     | CUSIP: 68389XBJ3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    265000 | PA      | $210064.24    | 0.11%             | 2046-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                          | General Motors Financial Co Inc                                                 | CUSIP: 37045XDU7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    375000 | PA      | $364243.53    | 0.19%             | 2025-04-07      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                          | Williams Cos Inc/The                                                            | CUSIP: 96949LAC9<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14187.04     | 0.01%             | 2045-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                             | American Tower Corp                                                             | CUSIP: 03027XBW9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     45000 | PA      | $41695.27     | 0.02%             | 2032-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                                                        | Flex Ltd                                                                        | CUSIP: 33938XAC9<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |    150000 | PA      | $144496.88    | 0.07%             | 2026-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                         | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GZH0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96275.00     | 0.05%             | 2025-01-24      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                        | Sabine Pass Liquefaction LLC                                                    | CUSIP: 785592AM8<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    415000 | PA      | $418700.90    | 0.22%             | 2025-03-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                        | Burlington Northern Santa Fe LLC                                                | CUSIP: 12189LBJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $47672.62     | 0.02%             | 2053-01-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                        | FirstEnergy Transmission LLC                                                    | CUSIP: 33767BAC3<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21739.98     | 0.01%             | 2049-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                        | Devon Energy Corp                                                               | CUSIP: 25179MAL7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79281.84     | 0.04%             | 2041-07-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                        | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     69000 | PA      | $60251.21     | 0.03%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F030421<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    764000 | PA      | $732790.02    | 0.38%             | 2038-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                          | United States Treasury Note/Bond                                                | CUSIP: 91282CGB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4700000 | PA      | $4789593.75   | 2.47%             | 2029-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CIGNA CORP                                                      | Cigna Corp                                                                      | CUSIP: 125523AG5<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98868.21     | 0.05%             | 2025-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                          | Diamondback Energy Inc                                                          | CUSIP: 25278XAW9<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10457.24     | 0.01%             | 2053-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY RES                                          | CenterPoint Energy Resources Corp                                               | CUSIP: 15189WAL4<br>LEI: 2JADVB0458J06WCD4N56 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58538.14     | 0.03%             | 2028-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                    | CSMC 2022-NQM4 Trust                                                            | CUSIP: 12665EAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    153958 | PA      | $150202.06    | 0.08%             | 2067-06-25      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                        | Marsh & McLennan Cos Inc                                                        | CUSIP: 571748BD3<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    150000 | PA      | $134535.33    | 0.07%             | 2048-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| PECO ENERGY CO                                                  | PECO Energy Co                                                                  | CUSIP: 693304BD8<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |     45000 | PA      | $43559.36     | 0.02%             | 2052-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                                        | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $275822.57    | 0.14%             | 2026-06-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                             | Charles Schwab Corp/The                                                         | CUSIP: 808513BY0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46521.65     | 0.02%             | 2027-03-03      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                             | Freddie Mac Structured Agency Credit Risk Debt Notes                            | CUSIP: 3137G0NE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    134883 | PA      | $139598.14    | 0.07%             | 2029-08-25      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                            | Bank of America Corp                                                            | CUSIP: 06051GJN0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $38795.82     | 0.02%             | 2052-03-13      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                             | Abbott Laboratories                                                             | CUSIP: 002824BH2<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    115000 | PA      | $120277.78    | 0.06%             | 2046-11-30      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                                             | Quanta Services Inc                                                             | CUSIP: 74762EAH5<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    220000 | PA      | $176070.89    | 0.09%             | 2032-01-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                        | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAG6<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103193.20    | 0.05%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                           | Continental Resources Inc/OK                                                    | CUSIP: 212015AQ4<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4014.97      | 0.00%             | 2044-06-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                                         | Arthur J Gallagher & Co                                                         | CUSIP: 04316JAB5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |     45000 | PA      | $30771.57     | 0.02%             | 2052-03-09      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                      | Fannie Mae Pool                                                                 | CUSIP: 31418ELX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    294913 | PA      | $296035.16    | 0.15%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                                | MGM Resorts International                                                       | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3857.26      | 0.00%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                       | Boeing Co/The                                                                   | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20417.97     | 0.01%             | 2050-05-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                        | Capital One Financial Corp                                                      | CUSIP: 14040HCY9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35271.03     | 0.02%             | 2034-02-01      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RESOURCES                                         | Canadian Natural Resources Ltd                                                  | CUSIP: 136385AJ0<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10528.22     | 0.01%             | 2037-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NVIDIA CORP                                                     | NVIDIA Corp                                                                     | CUSIP: 67066GAH7<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8198.28      | 0.00%             | 2050-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                              | 1Y RTR 4.000000 30-JUN-2023                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |  18890000 | OU      | $12060.51     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA INC                                                         | HCA Inc                                                                         | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    110000 | PA      | $98596.07     | 0.05%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Aflac Inc                                                       | Aflac Inc                                                                       | CUSIP: 001055AY8<br>LEI: 549300N0B7DOGLXWPP39 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48827.67     | 0.03%             | 2049-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                       | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F042624<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1645000 | PA      | $1624437.50   | 0.84%             | 2053-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JOHNSON & JOHNSON                                               | Johnson & Johnson                                                               | CUSIP: 478160CT9<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |     45000 | PA      | $30047.95     | 0.02%             | 2060-09-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                       | Amgen Inc                                                                       | CUSIP: 031162CV0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    300000 | PA      | $282953.26    | 0.15%             | 2025-02-21      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                          | United States Treasury Bill                                                     | CUSIP: 912796V48<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  18500000 | PA      | $18318196.99  | 9.43%             | 2023-04-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                               | Ares Capital Corp                                                               | CUSIP: 04010LBA0<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43693.28     | 0.02%             | 2026-07-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                            | Targa Resources Corp                                                            | CUSIP: 87612KAA0<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    195000 | PA      | $196060.56    | 0.10%             | 2027-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                     | Equinix Inc                                                                     | CUSIP: 29444UBE5<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |    135000 | PA      | $122203.79    | 0.06%             | 2029-11-18      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                        | AT&T Inc                                                                        | CUSIP: 00206RFU1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63564.66     | 0.03%             | 2050-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                | CMWLTH FING AUTH PA                                                             | CUSIP: 20281PKT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $45806.35     | 0.02%             | 2038-06-01      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                       | Amgen Inc                                                                       | CUSIP: 031162DB3<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43039.08     | 0.02%             | 2028-08-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | FSWP: EUR 2.862120 15-MAR-2028                                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | XX        |   6050000 | OU      | $-25153.26    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AT&T INC                                                        | AT&T Inc                                                                        | CUSIP: 00206RLV2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     60000 | PA      | $43986.57     | 0.02%             | 2059-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Navient Corp                                                    | Navient Corp                                                                    | CUSIP: 63938CAJ7<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2955.27      | 0.00%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                             | Freddie Mac STACR REMIC Trust 2022-DNA4                                         | CUSIP: 35564KWS4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    424112 | PA      | $426971.85    | 0.22%             | 2042-05-25      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University/The                               | PENNSYLVANIA ST UNIV                                                            | CUSIP: 709235T70<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |     50000 | PA      | $39533.15     | 0.02%             | 2043-09-01      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                   | Citigroup Inc                                                                   | CUSIP: 172967LS8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     90000 | PA      | $84303.97     | 0.04%             | 2028-10-27      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN                                        | Northern States Power Co/MN                                                     | CUSIP: 665772CV9<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23244.44     | 0.01%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC                                        | Willis North America Inc                                                        | CUSIP: 970648AK7<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |     25000 | PA      | $19228.40     | 0.01%             | 2049-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CHENIERE CORP CHRISTI HD                                        | Cheniere Corpus Christi Holdings LLC                                            | CUSIP: 16412XAG0<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |    135000 | PA      | $136016.76    | 0.07%             | 2027-06-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                  | Fannie Mae-Aces                                                                 | CUSIP: 3136BDZA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    150000 | PA      | $122952.38    | 0.06%             | 2031-02-25      | Variable      | 1.46%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | SWP: IFS 2.473000 27-JAN-2033                                                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    680000 | OU      | $-1163.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL RETAIL PROP INC                                        | National Retail Properties Inc                                                  | CUSIP: 637417AK2<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              |  | US        |     40000 | PA      | $37158.44     | 0.02%             | 2027-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CSX Corp                                                        | CSX Corp                                                                        | CUSIP: 126408HL0<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18218.55     | 0.01%             | 2068-03-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO INC                                             | Sirius XM Radio Inc                                                             | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6560.05      | 0.00%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                           | NEW YORK ST URBAN DEV CORP REVENUE                                              | CUSIP: 650035TD0<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52738.95     | 0.03%             | 2039-03-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                        | Ginnie Mae                                                                      | CUSIP: 21H052629<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     75000 | PA      | $76212.89     | 0.04%             | 2053-02-21      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                                    | Comcast Corp                                                                    | CUSIP: 20030NCL3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24540.82     | 0.01%             | 2038-10-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| HACKENSACK MERIDIAN HLTH                                        | Hackensack Meridian Health Inc                                                  | CUSIP: 404530AC1<br>LEI: 5493001CB3OCWTEJY668 | Long             | DBT              | CORP              | US        |     50000 | PA      | $36633.98     | 0.02%             | 2041-09-01      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                | Fannie Mae Connecticut Avenue Securities                                        | CUSIP: 30711XVK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    345734 | PA      | $345301.37    | 0.18%             | 2030-05-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                    | Broadcom Inc                                                                    | CUSIP: 11135FBH3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    275000 | PA      | $225743.97    | 0.12%             | 2031-02-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                                            | Keurig Dr Pepper Inc                                                            | CUSIP: 49271VAQ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47395.14     | 0.02%             | 2032-04-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                              | Energy Transfer LP                                                              | CUSIP: 29273VAQ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133601.00    | 0.07%             | 2033-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                                   | AEP Texas Inc                                                                   | CUSIP: 00108WAP5<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104582.15    | 0.05%             | 2032-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                                  | JPN 10Y BOND(OSE) MAR23                                                         | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              |  | JP        |        -2 | NC      | $5833.69      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                                             | JPMorgan Chase & Co                                                             | CUSIP: 46647PBT2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    140000 | PA      | $125308.03    | 0.06%             | 2026-11-19      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                          | Verizon Communications Inc                                                      | CUSIP: 92343VCK8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     45000 | PA      | $43457.50     | 0.02%             | 2046-08-21      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                           | Wells Fargo & Co                                                                | CUSIP: 95000U3C5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297098.14    | 0.15%             | 2026-08-15      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                  | Morgan Stanley                                                                  | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    270000 | PA      | $256636.61    | 0.13%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| SHELL INTERNATIONAL FIN                                         | Shell International Finance BV                                                  | CUSIP: 822582CL4<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |     40000 | PA      | $29411.53     | 0.02%             | 2051-11-26      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY FIN                                          | Berkshire Hathaway Finance Corp                                                 | CUSIP: 084664DB4<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43169.07     | 0.02%             | 2052-03-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE                                          | Arizona Public Service Co                                                       | CUSIP: 040555DD3<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |     45000 | PA      | $35751.05     | 0.02%             | 2031-12-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                                     | SWP: IFS 2.542500 31-JAN-2033                                                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    160000 | OU      | $-1290.54     | -0.00%            |  |  |  | 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        |      7000 | PA      | $6475.00      | 0.00%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp                                           | Northrop Grumman Corp                                                           | CUSIP: 666807BP6<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88101.52     | 0.05%             | 2047-10-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                     | Oracle Corp                                                                     | CUSIP: 68389XCF0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     85000 | PA      | $87376.67     | 0.04%             | 2025-11-10      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| EQUINOR ASA                                                     | Equinor ASA                                                                     | CUSIP: 29446MAH5<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | DBT              | CORP              | NO        |     55000 | PA      | $46822.37     | 0.02%             | 2050-04-06      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| FACTSET RESEARCH SYSTEMS                                        | FactSet Research Systems Inc                                                    | CUSIP: 303075AB1<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | DBT              | CORP              | US        |    140000 | PA      | $123100.68    | 0.06%             | 2032-03-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| PROVINCE OF QUEBEC                                              | Province of Quebec Canada                                                       | CUSIP: 748148SC8<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |     25000 | PA      | $22897.79     | 0.01%             | 2025-07-23      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                                        | CenterPoint Energy Houston Electric LLC                                         | CUSIP: 15189XAW8<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |     65000 | PA      | $51298.11     | 0.03%             | 2051-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                        | Enterprise Products Operating LLC                                               | CUSIP: 29379VBU6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27790.40     | 0.01%             | 2049-02-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| KAISER FOUNDATION HOSPIT                                        | Kaiser Foundation Hospitals                                                     | CUSIP: 48305QAB9<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50678.31     | 0.03%             | 2042-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                                  | Microsoft Corp                                                                  | CUSIP: 594918CD4<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     60000 | PA      | $41629.49     | 0.02%             | 2060-06-01      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                | Duke Energy Corp                                                                | CUSIP: 26441CAS4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    135000 | PA      | $126237.53    | 0.06%             | 2026-09-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                                         | Exxon Mobil Corp                                                                | CUSIP: 30231GBM3<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     55000 | PA      | $44848.04     | 0.02%             | 2051-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                 | CVS Health Corp                                                                 | CUSIP: 126650DL1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     45000 | PA      | $38266.57     | 0.02%             | 2050-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc                                                    | QUALCOMM Inc                                                                    | CUSIP: 747525AJ2<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81744.68     | 0.04%             | 2035-05-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                                            | Kraft Heinz Foods Co                                                            | CUSIP: 50077LBC9<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97420.44     | 0.05%             | 2027-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                          | Philip Morris International Inc                                                 | CUSIP: 718172CW7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    215000 | PA      | $224549.26    | 0.12%             | 2029-11-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| HONDA MOTOR CO LTD                                              | Honda Motor Co Ltd                                                              | CUSIP: 438127AB8<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |     50000 | PA      | $46641.80     | 0.02%             | 2027-03-10      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                          | Santander Drive Auto Receivables Trust 2022-6                                   | CUSIP: 802918AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135000 | PA      | $134116.33    | 0.07%             | 2027-06-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                               | EURO-BUND FUTURE MAR23                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -15 | NC      | $26567.78     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                                            | Bank of America Corp                                                            | CUSIP: 06051GJE0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     70000 | PA      | $51603.99     | 0.03%             | 2041-06-19      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                      | Fannie Mae Pool                                                                 | CUSIP: 31418ECU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    998721 | PA      | $907522.10    | 0.47%             | 2037-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                              | 1Y RTR 4.100000 14-JUL-2023                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |  18890000 | OU      | $19444.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                | BAT Capital Corp                                                                | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $111489.66    | 0.06%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                         | MPLX LP                                                                         | CUSIP: 55336VAM2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45420.56     | 0.02%             | 2038-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                                | Georgia Power Co                                                                | CUSIP: 373334JS1<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47503.22     | 0.02%             | 2040-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                  | Lowe's Cos Inc                                                                  | CUSIP: 548661DR5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     90000 | PA      | $85158.54     | 0.04%             | 2029-04-05      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-01

**Name of Applicant:** BlackRock Funds III

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer