# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001410368-26-066817
**Filing Date:** 2026-6
**Character Count:** 1670907
**Document Hash:** 8dc6b47ffef1e762b88f344dd8401dd7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-066817.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001410368-26-066817

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**PERIOD START**: 20260731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 261121750

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

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

## Series and Classes Contracts Data

### iShares Total Return Active ETF (Series ID: S000083073)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000246586 | iShares Total Return Active ETF |  |

## Nport-Ex

April 30, 2026

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

2026 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

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

---

| |
|:---|
| **BlackRock ETF Trust II** |
| • iShares Total Return Active ETF \| BRTR \| NASDAQ |

---

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

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

------

Schedule of Investments (unaudited)

April 30, 2026

**iShares Total Return Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| &nbsp;&nbsp;&nbsp; A10 Issuer LLC, 5.12%, 05/15/42, (1-mo. CME <br> Term SOFR + 1.47%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | $99929 |
| ACREC LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 08/18/42, (1-mo. CME Term SOFR + <br> 1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 01/18/43, (1-mo. CME Term SOFR + <br> 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD765 | 764441 |
| &nbsp;&nbsp;&nbsp; ACRES Commercial Realty Issuer LLC, 5.11%, <br> 08/18/44, (1-mo. CME Term SOFR + <br> 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD785 | 784997 |
| &nbsp;&nbsp;&nbsp; ACRES LLC, 5.28%, 08/18/40, (1-mo. CME Term <br> SOFR + 1.62%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD385 | 385583 |
| &nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust, 5.19%, <br> 04/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD292 | 292362 |
| Affirm Master Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 10/16/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD430 | 428668 |
| &nbsp;&nbsp;&nbsp; 4.37%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD202 | 201011 |
| &nbsp;&nbsp;&nbsp; 4.57%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99601 |
| &nbsp;&nbsp;&nbsp; 4.67%, 04/16/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD150 | 150052 |
| &nbsp;&nbsp;&nbsp; AGL Core CLO 2 Ltd., 5.14%, 07/20/37, (3-mo. <br> CME Term SOFR + 1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250406 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 17 Ltd., 4.90%, <br> 02/15/38, (3-mo. CME Term SOFR + <br> 1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250274 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 20 Ltd., 5.63%, <br> 01/20/35, (3-mo. CME Term SOFR + <br> 1.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD355 | 355444 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 32 Ltd., 7.62%, <br> 07/15/37, (3-mo. CME Term SOFR + <br> 3.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 251442 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO Ltd., 4.81%, <br> 01/20/39, (3-mo. CME Term SOFR + <br> 1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250302 |
| &nbsp;&nbsp;&nbsp; Apidos CLO LIV, 7.58%, 10/20/38, (3-mo. CME <br> Term SOFR + 3.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 248170 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXI, 5.12%, 04/15/39, (3-mo. CME <br> Term SOFR + 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 500650 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXIX Ltd., 4.90%, 10/21/38, (3-mo. <br> CME Term SOFR + 1.23%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250435 |
| Arbor Realty Commercial Real Estate Notes LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 01/20/43, (1-mo. CME Term SOFR + <br> 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD175 | 174762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16%, 09/20/43, (1-mo. CME Term SOFR + <br> 1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250276 |
| &nbsp;&nbsp;&nbsp; AREIT, 5.22%, 07/25/43, (1-mo. CME Term <br> SOFR + 1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD334 | 334466 |
| AREIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 05/17/41, (1-mo. CME Term SOFR + <br> 1.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD23 | 23273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 12/17/29, (1-mo. CME Term SOFR + <br> 1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD323 | 322575 |
| &nbsp;&nbsp;&nbsp; Ares Direct Lending CLO 6 LLC, 5.13%, <br> 10/16/37, (3-mo. CME Term SOFR + <br> 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD340 | 339879 |
| &nbsp;&nbsp;&nbsp; Ares XLI CLO Ltd., 5.38%, 04/15/34, (3-mo. CME <br> Term SOFR + 1.71%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD300 | 300776 |
| &nbsp;&nbsp;&nbsp; Ares XLIV CLO Ltd., 6.42%, 04/15/34, (3-mo. <br> CME Term SOFR + 2.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 246150 |
| &nbsp;&nbsp;&nbsp; Argent Securities Trust, 4.37%, 03/25/36, (1-mo. <br> CME Term SOFR + 0.69%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD256 | 143859 |
| &nbsp;&nbsp;&nbsp; Arini U.S. CLO IV Ltd., 4.93%, 01/15/39, (3-mo. <br> CME Term SOFR + 1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 501091 |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO, 5.13%, 10/17/32, (3-mo. <br> CME Term SOFR + 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250120 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., 6.47%, <br> 10/21/34, (3-mo. CME Term SOFR + <br> 2.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | $472295 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 14 Ltd., 5.06%, 07/20/37, (3-mo. <br> CME Term SOFR + 1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250563 |
| Ballyrock CLO 20 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 10/15/36, (3-mo. CME Term SOFR + <br> 1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD280 | 279713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.47%, 10/15/36, (3-mo. CME Term SOFR + <br> 2.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD280 | 275104 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 22 Ltd., 7.17%, 04/15/37, (3-mo. <br> CME Term SOFR + 3.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 251291 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 32 Ltd., 4.88%, 01/25/39, (3-mo. <br> CME Term SOFR + 1.21%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD340 | 340340 |
| &nbsp;&nbsp;&nbsp; BAR Issuer LLC, 5.30%, 08/20/43, (1-mo. CME <br> Term SOFR + 1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 750248 |
| &nbsp;&nbsp;&nbsp; Barclays Mortgage Loan Trust, 4.85%, <br> 01/25/56<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD227 | 225186 |
| &nbsp;&nbsp;&nbsp; BBAM U.S. CLO I Ltd., 4.87%, 03/30/38, (3-mo. <br> CME Term SOFR + 1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250121 |
| &nbsp;&nbsp;&nbsp; BBAM U.S. CLO VI Ltd., 5.06%, 01/27/39, (3-mo. <br> CME Term SOFR + 1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250518 |
| Bbva Consumer Fondo de Titulizacion |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51%, 05/20/39, (3-mo. EURIBOR + <br> 3.50%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 117273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 05/20/39, (3-mo. EURIBOR + <br> 2.50%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 116645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.11%, 05/20/39, (3-mo. EURIBOR + <br> 5.10%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR200 | 233934 |
| &nbsp;&nbsp;&nbsp; BDS LLC, 5.24%, 09/19/39, (1-mo. CME Term <br> SOFR + 1.58%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD138 | 138419 |
| Bear Stearns Asset Backed Securities I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 06/25/47, (1-mo. CME Term SOFR + <br> 0.49%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD93 | 85087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 10/25/36, (1-mo. CME Term SOFR + <br> 0.73%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD70 | 63480 |
| Bear Stearns Structured Products Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79%, 03/25/37, (1-mo. CME Term SOFR + <br> 2.11%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD17 | 17352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79%, 03/25/37, (1-mo. CME Term SOFR + <br> 2.11%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 88801 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO IX Ltd., 5.63%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250693 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO 4 Ltd., 5.15%, 07/15/37, (3-mo. <br> CME Term SOFR + 1.48%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 100138 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO 6 Ltd., 5.06%, 07/20/37, (3-mo. <br> CME Term SOFR + 1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250437 |
| BlueMountain CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 10/25/30, (3-mo. CME Term SOFR + <br> 1.19%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD36 | 36365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/30, (3-mo. CME Term SOFR + <br> 1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD27 | 27386 |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 5.55%, <br> 09/25/54<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD107 | 107575 |
| &nbsp;&nbsp;&nbsp; Bridge Street CLO III Ltd., 5.10%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.42%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250575 |
| &nbsp;&nbsp;&nbsp; Bridge Street CLO VI Ltd., 4.95%, <br> 01/15/39, (3-mo. CME Term SOFR + <br> 1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250579 |
| &nbsp;&nbsp;&nbsp; BXMT Ltd., 5.30%, 10/18/42, (1-mo. CME Term <br> SOFR + 1.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD273 | 273874 |
| &nbsp;&nbsp;&nbsp; Cerberus Loan Funding XLIV LLC, 6.02%, <br> 01/15/36, (3-mo. CME Term SOFR + <br> 2.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250337 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/16/37, (3-mo. CME Term SOFR + <br> 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | $250387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 01/15/40, (3-mo. CME Term SOFR + <br> 1.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 10/24/37, (3-mo. CME Term SOFR + <br> 1.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/18/38, (3-mo. CME Term SOFR + <br> 2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 251303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22%, 10/15/38, (3-mo. CME Term SOFR + <br> 1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 251052 |
| &nbsp;&nbsp;&nbsp; CIT Mortgage Loan Trust, 5.54%, <br> 10/25/37, (1-mo. CME Term SOFR + <br> 2.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD425 | 419420 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, Inc., 7.54%, <br> 07/25/37, (1-mo. CME Term SOFR + <br> 3.86%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD135 | 123684 |
| &nbsp;&nbsp;&nbsp; Clover CLO LLC, 4.74%, 01/25/35, (3-mo. CME <br> Term SOFR + 1.07%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249969 |
| College Avenue Student Loans LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.33%, 05/25/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD64 | 64105 |
| &nbsp;&nbsp;&nbsp; 2.32%, 07/26/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD151 | 140812 |
| &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer II LLC, 4.93%, <br> 11/25/50<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD80 | 78527 |
| Compass Datacenters Issuer III LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.29%, 07/25/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD124 | 122388 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/25/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD168 | 166420 |
| &nbsp;&nbsp;&nbsp; 5.29%, 02/25/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD136 | 135198 |
| &nbsp;&nbsp;&nbsp; 5.44%, 02/25/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD136 | 134788 |
| &nbsp;&nbsp;&nbsp; Consolidated Communications LLC/Fidium Fiber <br> Finance Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.77%, 12/20/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 200349 |
| &nbsp;&nbsp;&nbsp; 5.52%, 12/20/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD330 | 332614 |
| &nbsp;&nbsp;&nbsp; 5.08%, 03/20/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD117 | 115841 |
| &nbsp;&nbsp;&nbsp; 5.42%, 03/20/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 98690 |
| Creeksource Dunes Creek CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 01/15/38, (3-mo. CME Term SOFR + <br> 1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 01/15/38, (3-mo. CME Term SOFR + <br> 1.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 251109 |
| CWABS Asset-Backed Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp; 6.30%, 12/25/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD42 | 41393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 04/25/46, (1-mo. CME Term SOFR + <br> 0.53%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD283 | 233701 |
| DB Master Finance LLC, 4.89%, 08/20/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD108 | 106703 |
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, 5.22%, <br> 10/25/55<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD88 | 87958 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 10 Ltd., 4.99%, <br> 04/20/38, (3-mo. CME Term SOFR + <br> 1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 501228 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 12 Ltd., 4.92%, <br> 10/20/38, (3-mo. CME Term SOFR + <br> 1.24%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250469 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 3 Ltd., 5.00%, <br> 01/15/38, (3-mo. CME Term SOFR + <br> 1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250550 |
| &nbsp;&nbsp;&nbsp; Diameter Capital CLO 8 Ltd., 5.08%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD350 | 350740 |
| &nbsp;&nbsp;&nbsp; Dowson PLC0.00% 05/20/33, (1-day SONIA+ <br> 3.75%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP159 | 216357 |
| &nbsp;&nbsp;&nbsp; Dwight Issuer LLC, 5.32%, 06/18/42, (1-mo. CME <br> Term SOFR + 1.66%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 100156 |
| &nbsp;&nbsp;&nbsp; Edgeconnex Data Centers Europe BV, 4.50%, <br> 04/30/56<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR437 | 505910 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; ELFI Graduate Loan Program LLC, 5.56%, <br> 08/25/49<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD129 | $129829 |
| FIGRE Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.98%, 01/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD181 | 179167 |
| &nbsp;&nbsp;&nbsp; 5.05%, 01/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD335 | 332696 |
| &nbsp;&nbsp;&nbsp; First Franklin Mortgage Loan Trust, 4.39%, <br> 01/25/36, (1-mo. CME Term SOFR + <br> 0.71%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD331 | 303126 |
| &nbsp;&nbsp;&nbsp; First NLC Trust, 3.97%, 08/25/37, (1-mo. CME <br> Term SOFR + 0.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD41 | 20141 |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/17/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD184 | 182970 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/19/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD170 | 167670 |
| FNA 8 LLC, 5.62%, 03/15/45<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD66 | 65832 |
| &nbsp;&nbsp;&nbsp; Fortuna Consumer Loan Abs DAC, 5.43%, <br> 10/18/37, (1-mo. EURIBOR + 3.50%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 117548 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.93%, 03/15/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD155 | 154129 |
| &nbsp;&nbsp;&nbsp; 4.95%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD171 | 170819 |
| &nbsp;&nbsp;&nbsp; 4.56%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD206 | 203495 |
| &nbsp;&nbsp;&nbsp; 5.26%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD141 | 141869 |
| FS Rialto Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 10/19/39, (1-mo. CME Term SOFR + <br> 1.63%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 100044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 01/19/44, (1-mo. CME Term SOFR + <br> 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD481 | 480426 |
| &nbsp;&nbsp;&nbsp; Goldentree Loan Management U.S. CLO 26 Ltd., <br> 5.33%, 07/20/38, (3-mo. CME Term SOFR + <br> 1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 251114 |
| Goldman Home Improvement Trust Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp; 6.80%, 10/25/52<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD279 | 284779 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/25/52<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | 12376 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 44M Ltd., 5.24%, <br> 10/21/38, (3-mo. CME Term SOFR + <br> 1.57%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 499982 |
| GoodLeap Home Improvement Solutions Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 10/20/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD78 | 78023 |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/20/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD75 | 74847 |
| &nbsp;&nbsp;&nbsp; 5.32%, 06/20/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD80 | 80640 |
| &nbsp;&nbsp;&nbsp; 5.98%, 06/20/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD140 | 141145 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/20/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD441 | 437834 |
| &nbsp;&nbsp;&nbsp; Great Lakes CLO IX Ltd., 5.22%, <br> 01/15/39, (3-mo. CME Term SOFR + <br> 1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249969 |
| GreenSky Home Improvement Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.26%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD151 | 151644 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/27/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | 12448 |
| &nbsp;&nbsp;&nbsp; 4.52%, 12/27/60<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD83 | 82350 |
| &nbsp;&nbsp;&nbsp; 5.07%, 06/25/60<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD300 | 299095 |
| GreenSky Home Improvement Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.67%, 06/25/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD46 | 46886 |
| &nbsp;&nbsp;&nbsp; 5.87%, 06/25/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD124 | 125290 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/25/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD416 | 412010 |
| &nbsp;&nbsp;&nbsp; 5.27%, 05/25/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD182 | 180545 |
| &nbsp;&nbsp;&nbsp; GS REFT Issuer Ltd., 5.16%, 04/19/43, (1-mo. <br> CME Term SOFR + 1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250360 |
| &nbsp;&nbsp;&nbsp; GSAMP Trust, 4.24%, 06/25/36, (1-mo. CME <br> Term SOFR + 0.56%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD50 | 43467 |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes, <br> 4.84%, 09/20/33, (30-day Avg SOFR + <br> 1.20%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD193 | 193290 |
| Iskandar Enterprise LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.34%, 04/17/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD132 | 131959 |
| &nbsp;&nbsp;&nbsp; 5.54%, 04/17/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD189 | 189000 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Ivy Hill Middle Market Credit Fund XVIII Ltd., <br> 5.24%, 01/22/37, (3-mo. CME Term SOFR + <br> 1.58%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | $249995 |
| Jersey Mike's Funding, 5.61%, 08/16/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD159 | 161256 |
| Jersey Mike's Funding LLC, 5.48%, 02/15/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD479 | 472036 |
| &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Acquisition Trust, 4.37%, <br> 11/25/36<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 202875 |
| JP Morgan Mortgage Trust, 4.96%, 06/25/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD950 | 941823 |
| &nbsp;&nbsp;&nbsp; Kennedy Lewis CLO 20 Ltd., 5.37%, <br> 01/25/38, (3-mo. CME Term SOFR + <br> 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250894 |
| &nbsp;&nbsp;&nbsp; Kennedy Lewis CLO 4 Ltd., 5.11%, <br> 07/20/37, (3-mo. CME Term SOFR + <br> 1.43%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250292 |
| &nbsp;&nbsp;&nbsp; KKR CLO 58 Ltd., 5.27%, 10/15/38, (3-mo. CME <br> Term SOFR + 1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD735 | 738570 |
| &nbsp;&nbsp;&nbsp; LCM 34 Ltd., 5.38%, 10/20/34, (3-mo. CME Term <br> SOFR + 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 500379 |
| Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/20/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD622 | 602549 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/21/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD147 | 147129 |
| &nbsp;&nbsp;&nbsp; 5.33%, 09/20/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100665 |
| &nbsp;&nbsp;&nbsp; 4.51%, 05/21/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD132 | 130798 |
| &nbsp;&nbsp;&nbsp; 2.37%, 04/20/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD179 | 168379 |
| &nbsp;&nbsp;&nbsp; 4.80%, 11/20/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD107 | 106979 |
| LMRE SFR1 Trust, 4.50%, 12/17/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 96897 |
| &nbsp;&nbsp;&nbsp; LoanCore, 5.05%, 08/17/42, (1-mo. CME Term <br> SOFR + 1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD116 | 116017 |
| &nbsp;&nbsp;&nbsp; LoanCore Issuer LLC, 5.11%, 08/18/42, (1-mo. <br> CME Term SOFR + 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD140 | 139740 |
| &nbsp;&nbsp;&nbsp; Long Beach Mortgage Loan Trust, 4.15%, <br> 03/25/46, (1-mo. CME Term SOFR + <br> 0.47%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD318 | 279910 |
| M&T Bank RV Trust, 4.35%, 01/15/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD102 | 100427 |
| &nbsp;&nbsp;&nbsp; Mariner Finance issuance Trust, 4.91%, <br> 11/20/38<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 100139 |
| Mariner Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.10%, 11/20/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD283 | 276379 |
| &nbsp;&nbsp;&nbsp; 4.98%, 05/20/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD195 | 196098 |
| &nbsp;&nbsp;&nbsp; 5.69%, 05/20/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100704 |
| &nbsp;&nbsp;&nbsp; 4.59%, 11/22/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD102 | 101503 |
| &nbsp;&nbsp;&nbsp; MF1 LLC, 5.01%, 02/18/41, (1-mo. CME Term <br> SOFR + 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD251 | 250591 |
| MFA Trust, 6.33%, 09/25/54<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD82 | 81592 |
| Morgan Stanley ABS Capital I, Inc. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 10/25/36, (1-mo. CME Term SOFR + <br> 0.18%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD183 | 79157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 11/25/36, (1-mo. CME Term SOFR + <br> 0.34%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD676 | 395292 |
| Morgan Stanley Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 6.51%, 10/25/36<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; USD11 | 2222 |
| &nbsp;&nbsp;&nbsp; 6.36%, 01/25/47<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; USD77 | 26139 |
| Mtp Abs Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/25/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD192 | 192000 |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/25/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD166 | 166733 |
| &nbsp;&nbsp;&nbsp; Navient Education Loan Trust, 4.86%, <br> 09/15/56<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99616 |
| Navient Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.16%, 11/15/68<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 90846 |
| &nbsp;&nbsp;&nbsp; 2.46%, 11/15/68<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD71 | 69275 |
| Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 02/15/68<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD28 | 28217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 11/15/68, (1-mo. CME Term SOFR + <br> 1.71%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD84 | 85024 |
| &nbsp;&nbsp;&nbsp; 3.90%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD129 | 125142 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD47 | 46674 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IA, Class A1B, 4.77%, <br> 04/15/69, (1-mo. CME Term SOFR + <br> 1.11%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD212 | $210764 |
| Navient Refinance Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.72%, 09/15/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD109 | 108463 |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/15/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD85 | 84700 |
| Nelnet Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 04/20/62, (1-mo. CME Term SOFR + <br> 1.14%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD381 | 381172 |
| &nbsp;&nbsp;&nbsp; 2.90%, 04/20/62<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 180111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 11/25/53, (30-day Avg SOFR + <br> 2.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD324 | 327886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 03/15/57, (30-day Avg SOFR + <br> 1.10%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD222 | 220665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 05/17/55, (30-day Avg SOFR + <br> 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD215 | 214807 |
| &nbsp;&nbsp;&nbsp; 4.98%, 05/17/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD115 | 114368 |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/17/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 98314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 06/22/65, (30-day Avg SOFR + <br> 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD113 | 112549 |
| &nbsp;&nbsp;&nbsp; 5.82%, 06/22/65<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD129 | 125748 |
| &nbsp;&nbsp;&nbsp; New Mountain CLO 3 Ltd., 5.63%, <br> 10/20/38, (3-mo. CME Term SOFR + <br> 1.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250806 |
| &nbsp;&nbsp;&nbsp; NYACK Park CLO Ltd., 5.53%, 10/20/38, (3-mo. <br> CME Term SOFR + 1.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 500991 |
| NYMT Trust, 7.38%, 05/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD120 | 119257 |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd., 5.38%, 10/16/37, (3-mo. CME <br> Term SOFR + 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250972 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners 41 Ltd., 4.76%, <br> 10/15/33, (3-mo. CME Term SOFR + <br> 1.09%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250066 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners 47 Ltd., 4.71%, <br> 01/22/38, (3-mo. CME Term SOFR + <br> 1.05%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD67 | 66563 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 2 Ltd., 5.22%, <br> 01/21/38, (3-mo. CME Term SOFR + <br> 1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 501924 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 22 Ltd., 5.01%, <br> 07/20/38, (3-mo. CME Term SOFR + <br> 1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250520 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 6 Ltd., 5.01%, <br> 10/20/37, (3-mo. CME Term SOFR + <br> 1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250457 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 7 Ltd., 4.96%, <br> 07/19/38, (3-mo. CME Term SOFR + <br> 1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250415 |
| &nbsp;&nbsp;&nbsp; OHA Loan Funding Ltd., 5.14%, 07/20/37, (3-mo. <br> CME Term SOFR + 1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250395 |
| OHS Issuer LLC, 5.98%, 02/25/61<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD260 | 254916 |
| &nbsp;&nbsp;&nbsp; Onemain Financial Issuance Trust, 6.03%, <br> 05/14/41<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD148 | 153563 |
| OneMain Financial Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/16/36, (30-day Avg SOFR + <br> 0.76%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249108 |
| &nbsp;&nbsp;&nbsp; 3.66%, 10/14/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD125 | 120405 |
| &nbsp;&nbsp;&nbsp; 6.17%, 09/15/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 102010 |
| &nbsp;&nbsp;&nbsp; 5.79%, 05/14/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 104593 |
| &nbsp;&nbsp;&nbsp; Option One Mortgage Loan Trust, 5.86%, <br> 01/25/37<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD27 | 26284 |
| &nbsp;&nbsp;&nbsp; Orchard Park CLO Ltd., 5.04%, 10/20/37, (3-mo. <br> CME Term SOFR + 1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250488 |
| &nbsp;&nbsp;&nbsp; Owl Rock CLO VII LLC, 5.08%, 04/20/38, (3-mo. <br> CME Term SOFR + 1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249886 |
| &nbsp;&nbsp;&nbsp; OZLM XIX Ltd., 4.67%, 01/15/35, (3-mo. CME <br> Term SOFR + 1.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 251418 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 4.66%, <br> 01/15/34, (3-mo. CME Term SOFR + <br> 0.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | $249640 |
| Park Blue CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 04/25/38, (3-mo. CME Term SOFR + <br> 1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03%, 10/20/38, (3-mo. CME Term SOFR + <br> 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/20/39, (3-mo. CME Term SOFR + <br> 1.28%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 10/25/38, (3-mo. CME Term SOFR + <br> 1.31%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD150 | 150374 |
| &nbsp;&nbsp;&nbsp; Pavillion Consumer PLC, 5.34%, <br> 01/25/36, (1-day SONIA+ 1.60%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP103 | 140009 |
| Penta CLO 11 DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 01/15/39, (3-mo. EURIBOR + <br> 2.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR963 | 1118925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 01/15/39, (3-mo. EURIBOR + <br> 2.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR500 | 588827 |
| &nbsp;&nbsp;&nbsp; PFP Ltd., 5.16%, 08/18/43, (1-mo. CME Term <br> SOFR + 1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD765 | 766209 |
| &nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC, 5.65%, <br> 12/06/55<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD111 | 110186 |
| Point Broadband Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.34%, 07/20/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD250 | 251047 |
| &nbsp;&nbsp;&nbsp; 5.73%, 07/20/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD153 | 153176 |
| &nbsp;&nbsp;&nbsp; Post CLO Ltd., 5.38%, 10/20/38, (3-mo. CME <br> Term SOFR + 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 251077 |
| Progress Residential Trust, 4.10%, 02/17/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 368625 |
| QTS Issuer ABS II LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.04%, 10/05/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD106 | 103954 |
| &nbsp;&nbsp;&nbsp; 6.73%, 01/05/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD49 | 48276 |
| &nbsp;&nbsp;&nbsp; 5.85%, 01/05/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD81 | 80188 |
| &nbsp;&nbsp;&nbsp; 6.18%, 03/06/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD203 | 204393 |
| &nbsp;&nbsp;&nbsp; Quest Trust, 7.02%, 06/25/34, (1-mo. CME Term <br> SOFR + 3.34%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD241 | 220993 |
| &nbsp;&nbsp;&nbsp; RAMP Series Trust, 4.35%, 02/25/37, (1-mo. <br> CME Term SOFR + 0.67%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD111 | 24474 |
| RCKT Mortgage Trust, 8.01%, 04/25/44<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD138 | 140482 |
| &nbsp;&nbsp;&nbsp; Regatta 35 Funding Ltd., 4.96%, 10/15/38, (3-mo. <br> CME Term SOFR + 1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD350 | 350887 |
| &nbsp;&nbsp;&nbsp; Regatta XXVII Funding Ltd., 5.20%, <br> 04/26/37, (3-mo. CME Term SOFR + <br> 1.53%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD350 | 350354 |
| Regional Management Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 97437 |
| &nbsp;&nbsp;&nbsp; 5.11%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD459 | 460596 |
| &nbsp;&nbsp;&nbsp; 5.53%, 04/17/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100611 |
| &nbsp;&nbsp;&nbsp; 4.59%, 11/16/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD147 | 145904 |
| Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.91%, 08/20/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD115 | 115479 |
| &nbsp;&nbsp;&nbsp; 5.42%, 11/20/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD114 | 115285 |
| &nbsp;&nbsp;&nbsp; 4.59%, 11/20/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD123 | 122229 |
| &nbsp;&nbsp;&nbsp; Retained Vantage Data Centers Issuer LLC, <br> 5.09%, 08/15/50<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD96 | 93644 |
| Rockford Tower CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 05/20/31, (3-mo. CME Term SOFR + <br> 1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD21 | 21381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 08/20/32, (3-mo. CME Term SOFR + <br> 1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD625 | 627417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 07/20/34, (3-mo. CME Term SOFR + <br> 1.91%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250287 |
| &nbsp;&nbsp;&nbsp; RR 20 Ltd., 6.27%, 07/15/37, (3-mo. CME Term <br> SOFR + 2.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 497070 |
| &nbsp;&nbsp;&nbsp; RR 32 Ltd., 5.03%, 10/15/39, (3-mo. CME Term <br> SOFR + 1.36%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250478 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp; RR 36 Ltd., 4.96%, 01/15/40, (3-mo. CME Term <br> SOFR + 1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD900 | $902419 |
| &nbsp;&nbsp;&nbsp; RR 41 Ltd., 4.92%, 10/15/40, (3-mo. CME Term <br> SOFR + 1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD750 | 751644 |
| &nbsp;&nbsp;&nbsp; RR 43 Ltd., 5.35%, 10/15/39, (3-mo. CME Term <br> SOFR + 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 499811 |
| &nbsp;&nbsp;&nbsp; Sagard-Halseypoint CLO 10 Ltd., 5.03%, <br> 10/20/38, (3-mo. CME Term SOFR + <br> 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250625 |
| &nbsp;&nbsp;&nbsp; Sagard-Halseypoint CLO 8 Ltd., 5.06%, <br> 01/30/38, (3-mo. CME Term SOFR + <br> 1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250503 |
| Sagard-Halseypoint CLO 9 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 04/20/38, (3-mo. CME Term SOFR + <br> 1.90%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD400 | 400319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 04/20/38, (3-mo. CME Term SOFR + <br> 1.29%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD290 | 290721 |
| &nbsp;&nbsp;&nbsp; Sandstone Peak II Ltd., 5.09%, 07/20/38, (3-mo. <br> CME Term SOFR + 1.41%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250430 |
| Santander Consumo 10 FT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 05/22/41, (3-mo. EURIBOR + <br> 1.90%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 117544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 05/22/41, (3-mo. EURIBOR + <br> 1.50%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 117482 |
| Saxon Asset Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 01/25/47, (1-mo. CME Term SOFR + <br> 0.40%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD212 | 208539 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/25/35<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; USD167 | 129709 |
| &nbsp;&nbsp;&nbsp; Sculptor CLO XXXVI Ltd., 4.92%, <br> 01/30/39, (3-mo. CME Term SOFR + <br> 1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250501 |
| Sesac Finance LLC, 5.50%, 07/25/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD91 | 88992 |
| &nbsp;&nbsp;&nbsp; Signal Peak CLO 11 Ltd., 5.13%, <br> 07/18/37, (3-mo. CME Term SOFR + <br> 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD930 | 931205 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 3 Ltd., 4.94%, 01/18/39, (3-mo. <br> CME Term SOFR + 1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250524 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 5 Ltd., 5.08%, 10/20/37, (3-mo. <br> CME Term SOFR + 1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250532 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO 8 Ltd., 4.88%, 04/15/38, (3-mo. <br> CME Term SOFR + 1.21%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250227 |
| &nbsp;&nbsp;&nbsp; SLM Private Education Loan Trust, 8.52%, <br> 10/15/41, (1-mo. CME Term SOFR + <br> 4.86%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD49 | 51726 |
| SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.31%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD79 | 76865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44%, 10/16/56, (30-day Avg SOFR + <br> 1.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD104 | 105945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 02/15/36, (1-mo. CME Term SOFR + <br> 0.91%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD26 | 26117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 03/17/53, (1-mo. CME Term SOFR + <br> 0.71%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD77 | 75930 |
| &nbsp;&nbsp;&nbsp; 1.29%, 07/15/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD90 | 86303 |
| Sofi Consumer Loan Program Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 02/25/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD540 | 539952 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/25/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD32 | 31965 |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/25/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD32 | 31957 |
| &nbsp;&nbsp;&nbsp; 5.56%, 02/25/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD32 | 31962 |
| &nbsp;&nbsp;&nbsp; SoFi Consumer Loan Program Trust, 4.74%, <br> 12/26/35<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD260 | 257635 |
| Sofi Professional Loan Program LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.09%, 08/17/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD53 | 52145 |
| &nbsp;&nbsp;&nbsp; 4.11%, 06/15/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD130 | 125325 |
| &nbsp;&nbsp;&nbsp; 3.05%, 11/16/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD227 | 205580 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| SoFi Professional Loan Program LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.37%, 11/16/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD51 | $50050 |
| &nbsp;&nbsp;&nbsp; 1.95%, 02/15/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD66 | 62177 |
| Soundview Home Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 11/25/35, (1-mo. CME Term SOFR + <br> 1.13%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD46 | 38947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 01/25/37, (1-mo. CME Term SOFR + <br> 0.64%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD149 | 155451 |
| &nbsp;&nbsp;&nbsp; STAR Trust, 6.11%, 02/17/42, (1-mo. CME Term <br> SOFR + 2.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD350 | 350160 |
| &nbsp;&nbsp;&nbsp; Stream Innovations Issuer Trust, 5.05%, <br> 09/15/45<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD87 | 87140 |
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Loan <br> Trust, 4.11%, 01/25/37, (1-mo. CME Term <br> SOFR + 0.43%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD30 | 29150 |
| Subway Funding LLC, 6.27%, 07/30/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD30 | 29746 |
| Summit Issuer LLC, 5.21%, 11/20/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD91 | 91053 |
| Sunrise Spv 98 Srl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 04/27/51, (1-mo. EURIBOR + <br> 1.50%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 117559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 04/27/51, (1-mo. EURIBOR + <br> 2.85%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 117561 |
| Sycamore Tree CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07%, 01/20/38, (3-mo. CME Term SOFR + <br> 1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD310 | 310583 |
| &nbsp;&nbsp;&nbsp; 6.68%, 08/28/38<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD500 | 502013 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXIX Ltd., 5.32%, <br> 10/15/35, (3-mo. CME Term SOFR + <br> 1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250799 |
| Taco Bell Funding LLC, 4.82%, 08/25/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD130 | 128524 |
| &nbsp;&nbsp;&nbsp; TCW CLO Ltd., 5.83%, 07/17/37, (3-mo. CME <br> Term SOFR + 2.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD450 | 450639 |
| &nbsp;&nbsp;&nbsp; Terwin Mortgage Trust, 4.81%, 06/25/36, (1-mo. <br> CME Term SOFR + 1.13%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD25 | 23378 |
| Towd Point Mortgage Trust, 5.30%, 12/25/65<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD337 | 333983 |
| Trestles CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/25/37, (3-mo. CME Term SOFR + <br> 1.46%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 07/25/37, (3-mo. CME Term SOFR + <br> 1.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 502004 |
| &nbsp;&nbsp;&nbsp; Trestles CLO VI Ltd., 4.85%, 04/25/38, (3-mo. <br> CME Term SOFR + 1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250072 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XVIII Ltd., 4.90%, 01/20/35, (3-mo. <br> CME Term SOFR + 1.22%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 500206 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XXXII Ltd., 5.00%, 07/23/38, (3-mo. <br> CME Term SOFR + 1.33%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD125 | 125294 |
| &nbsp;&nbsp;&nbsp; Trinitas CLO XXXV Ltd., 6.17%, 01/22/39, (3-mo. <br> CME Term SOFR + 2.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250438 |
| U.S. Bank N.A., 4.96%, 12/25/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD239 | 236231 |
| UPG HI Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/25/47<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD202 | 200548 |
| &nbsp;&nbsp;&nbsp; 5.03%, 02/25/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD211 | 210988 |
| &nbsp;&nbsp;&nbsp; Upgrade Master Pass-Thru Trust, 4.24%, <br> 03/15/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD88 | 87499 |
| Upgrade Master Pass-Thru Trust Series |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD62 | 62134 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99361 |
| UPX HIL Issuer Trust, 5.16%, 01/25/47<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD217 | 215938 |
| Vantage Data Centers Jersey Borrower Spv Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 6.17%, 05/28/39<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP176 | 240109 |
| &nbsp;&nbsp;&nbsp; 6.34%, 05/28/39<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP119 | 158516 |
| VB-S1 Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.69%, 03/15/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD432 | 422394 |
| &nbsp;&nbsp;&nbsp; 5.19%, 03/15/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD79 | 78193 |
| &nbsp;&nbsp;&nbsp; Venture XXVII CLO Ltd., 5.54%, 07/20/30, (3-mo. <br> CME Term SOFR + 1.86%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD114 | 114166 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| Vista Point Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.04%, 02/25/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD987 | $978880 |
| &nbsp;&nbsp;&nbsp; 5.23%, 02/25/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD152 | 149862 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 6.92%, 10/15/37, (3-mo. CME <br> Term SOFR + 3.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD300 | 303150 |
| &nbsp;&nbsp;&nbsp; Washington Mutural Asset-Backed Certificates <br> WMABS Series Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 11/25/36, (1-mo. CME Term SOFR + <br> 0.23%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD12 | 3811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/25/36, (1-mo. CME Term SOFR + <br> 0.45%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD109 | 33996 |
| &nbsp;&nbsp;&nbsp; Whitebox CLO I Ltd., 4.85%, 01/24/37, (3-mo. <br> CME Term SOFR + 1.18%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249725 |
| **Total Asset-Backed Securities — 12.2%** <br>**(Cost: $69,362,758)** | **Total Asset-Backed Securities — 12.2%** <br>**(Cost: $69,362,758)** | 69538207 |
| **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** |
| **Asset-Backed Securities — 0.0%** | **Asset-Backed Securities — 0.0%** | **Asset-Backed Securities — 0.0%** |
| FIGRE Trust, 5.75%, 07/25/53<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD94 | 94803 |
| **Mortgage Securities — 0.1%** | **Mortgage Securities — 0.1%** | **Mortgage Securities — 0.1%** |
| &nbsp;&nbsp;&nbsp; PENN Commercial Mortgage Trust, 5.34%, <br> 08/10/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD258 | 262043 |
| PRPM 2025-NQM3 Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.61%, 05/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD98 | 98842 |
| &nbsp;&nbsp;&nbsp; 6.87%, 05/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD150 | 150065 |
|  |  | 510950 |
| **Mortgage-Backed Securities — 16.7%** | **Mortgage-Backed Securities — 16.7%** | **Mortgage-Backed Securities — 16.7%** |
| 1301 Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.23%, 08/11/42<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD20 | 20088 |
| &nbsp;&nbsp;&nbsp; 7.48%, 08/11/42<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD38 | 39138 |
| &nbsp;&nbsp;&nbsp; 8.37%, 08/11/42<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD371 | 385244 |
| 1345T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/42, (1-mo. CME Term SOFR + <br> 1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD462 | 462000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.15%, 06/15/42, (1-mo. CME Term SOFR + <br> 4.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD40 | 40288 |
| 2023-MIC Trust (The), 8.73%, 12/05/38<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD10 | 10645 |
| 245 Park Avenue Trust, 3.78%, 06/05/37<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD45 | 43733 |
| A&D Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.91%, 02/25/71<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD315 | 312876 |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/25/69<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD76 | 75985 |
| &nbsp;&nbsp;&nbsp; 6.52%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100331 |
| ACRA Trust, 5.61%, 10/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD106 | 106224 |
| ALA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/15/40, (1-mo. CME Term SOFR + <br> 1.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD658 | 660468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/40, (1-mo. CME Term SOFR + <br> 3.09%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD437 | 438093 |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 04/25/47, (1-mo. CME Term SOFR + <br> 0.39%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD122 | 111925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 07/25/46, (1-mo. CME Term SOFR + <br> 0.61%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD172 | 159604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/25/36, (1-mo. CME Term SOFR + <br> 0.57%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD99 | 92989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 11/25/35, (1-mo. CME Term SOFR + <br> 0.46%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD15 | 11276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 05/20/46, (1-mo. CME Term SOFR + <br> 0.57%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD187 | 169999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 07/25/35, (1-mo. CME Term SOFR + <br> 2.14%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD34 | 34053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.43%, 11/20/35, (1-mo. CME Term SOFR + <br> 0.77%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD2 | 2247 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12%, 02/25/35, (1-mo. CME Term SOFR + <br> 2.74%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD279 | $259358 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/25/35 | &nbsp;&nbsp;&nbsp; USD8 | 4412 |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/25/36 | &nbsp;&nbsp;&nbsp; USD91 | 31912 |
| &nbsp;&nbsp;&nbsp; American Home Mortgage Investment Trust, <br> 5.40%, 05/25/36, (1-mo. CME Term SOFR + <br> 1.74%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD483 | 37862 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 0.99%, 04/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD163 | 141189 |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/26/67<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD71 | 71174 |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/25/71<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD276 | 272551 |
| &nbsp;&nbsp;&nbsp; 5.21%, 08/25/68<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD150 | 149336 |
| &nbsp;&nbsp;&nbsp; 5.35%, 10/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD36 | 35565 |
| &nbsp;&nbsp;&nbsp; 5.41%, 07/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD93 | 93535 |
| &nbsp;&nbsp;&nbsp; 5.64%, 02/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD162 | 163128 |
| &nbsp;&nbsp;&nbsp; 5.69%, 01/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD274 | 276106 |
| &nbsp;&nbsp;&nbsp; Arbor Multifamily Mortgage Securities Trust, <br> 3.39%, 02/15/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD170 | 158502 |
| Ares Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/15/43, (1-mo. CME Term SOFR + <br> 1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD263 | 263000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 07/15/41, (1-mo. CME Term SOFR + <br> 1.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD293 | 293549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 03/15/38, (1-mo. CME Term SOFR + <br> 3.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 250000 |
| &nbsp;&nbsp;&nbsp; ARES1 2024-IND2, 5.10%, 10/15/34, (1-mo. <br> CME Term SOFR + 1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD80 | 80125 |
| Atrium Hotel Portfolio Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/42, (1-mo. CME Term SOFR + <br> 1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD73 | 73113 |
| &nbsp;&nbsp;&nbsp; 5.59%, 11/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD300 | 303058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.15%, 08/15/42, (1-mo. CME Term SOFR + <br> 5.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD78 | 77235 |
| &nbsp;&nbsp;&nbsp; 9.52%, 11/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD10 | 10316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.40%, 08/15/42, (1-mo. CME Term SOFR + <br> 6.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD32 | 31694 |
| BAHA Trust |  |  |
| &nbsp;&nbsp;&nbsp; 6.17%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD210 | 214626 |
| &nbsp;&nbsp;&nbsp; 7.07%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD10 | 10335 |
| &nbsp;&nbsp;&nbsp; 7.77%, 12/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD114 | 117539 |
| &nbsp;&nbsp;&nbsp; BAMLL Commercial Mortgage Securities Trust, <br> 5.36%, 05/05/40<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD398 | 398000 |
| BAMLL Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51%, 02/15/42, (1-mo. CME Term SOFR + <br> 1.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD86 | 86000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/39, (1-mo. CME Term SOFR + <br> 2.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD275 | 275497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.91%, 02/15/42, (1-mo. CME Term SOFR + <br> 5.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD51 | 51006 |
| Banc of America Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/25/33 | &nbsp;&nbsp;&nbsp; USD77 | 77908 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/25/36<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; USD7 | 1674 |
| &nbsp;&nbsp;&nbsp; Banc of America Funding Corp., 3.86%, <br> 03/27/36<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD78 | 65848 |
| Banc of America Funding Trust, 5.75%, 01/25/37 | &nbsp;&nbsp;&nbsp; USD9 | 7542 |
| Bank 2021, 2.90%, 06/15/64<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD13 | 10938 |
| &nbsp;&nbsp;&nbsp; Bank of America Merrill Lynch Commercial <br> Mortgage Trust, Series 2017-BNK33.88%, <br> 02/15/50<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD90 | 88769 |
| Barclays Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.66%, 01/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD191 | 192266 |
| &nbsp;&nbsp;&nbsp; 7.58%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD300 | 303152 |
| &nbsp;&nbsp;&nbsp; BAY Mortgage Trust, 5.46%, 05/15/35, (1-mo. <br> CME Term SOFR + 1.80%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD161 | 161000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.44%, 09/15/55 | &nbsp;&nbsp;&nbsp; USD18 | $17469 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/58<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD18 | 13969 |
| &nbsp;&nbsp;&nbsp; 5.30%, 12/15/58 | &nbsp;&nbsp;&nbsp; USD10 | 10175 |
| &nbsp;&nbsp;&nbsp; 5.84%, 07/15/58<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 27760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 4.57%, <br> 03/15/37, (1-mo. CME Term SOFR + <br> 0.92%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 94500 |
| &nbsp;&nbsp;&nbsp; BCAP LLC Trust, 4.02%, 05/26/46, (12-mo. MTA <br> + 0.94%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 83808 |
| Bear Stearns Asset Backed Securities I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 03/25/36, (1-mo. CME Term SOFR + <br> 0.46%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD13 | 3378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/25/36, (1-mo. CME Term SOFR + <br> 0.67%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD117 | 118183 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Mortgage Funding Trust, 4.13%, <br> 03/25/37, (1-mo. CME Term SOFR + <br> 0.45%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD69 | 63801 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series 2020-B21, <br> Class A5, 1.98%, 12/17/53<br>| &nbsp;&nbsp;&nbsp; USD56 | 49627 |
| BFLD Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.83%, 10/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/41, (1-mo. CME Term SOFR + <br> 1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD20 | 20013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/42, (1-mo. CME Term SOFR + <br> 1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD249 | 249156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.29%, 11/15/41, (1-mo. CME Term SOFR + <br> 3.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD13 | 13008 |
| &nbsp;&nbsp;&nbsp; BFLD Mortgage Trust, 5.15%, 07/15/39, (1-mo. <br> CME Term SOFR + 1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD371 | 371029 |
| &nbsp;&nbsp;&nbsp; BFLD Trust, 5.20%, 06/15/42, (1-mo. CME Term <br> SOFR + 1.55%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD218 | 217728 |
| &nbsp;&nbsp;&nbsp; BHMS Commercial Mortgage Trust, 5.50%, <br> 08/15/42, (1-mo. CME Term SOFR + <br> 1.85%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD315 | 315394 |
| BMP Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 06/15/41, (1-mo. CME Term SOFR + <br> 2.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD285 | 285356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.04%, 06/15/41, (1-mo. CME Term SOFR + <br> 3.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD11 | 10980 |
| &nbsp;&nbsp;&nbsp; BOCA Commercial Mortgage Trust, 5.25%, <br> 12/15/42, (1-mo. CME Term SOFR + <br> 1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD180 | 180225 |
| BOS Trust, 5.22%, 05/11/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD90 | 89648 |
| &nbsp;&nbsp;&nbsp; BPR Commercial Mortgage Trust, 5.11%, <br> 11/05/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD110 | 108770 |
| BPR Mortgage Trust, 7.50%, 12/05/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 102882 |
| &nbsp;&nbsp;&nbsp; Braccan Mortgage Funding PLC, 0.00% <br> 04/17/68, (1-day SONIA+ 1.85%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 136297 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.77%, 11/25/65<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD240 | 238031 |
| &nbsp;&nbsp;&nbsp; 5.46%, 07/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD167 | 168092 |
| &nbsp;&nbsp;&nbsp; 5.68%, 11/25/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD114 | 115164 |
| &nbsp;&nbsp;&nbsp; 7.97%, 09/25/63<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100254 |
| BRCK Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.96%, 12/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD105 | 104304 |
| &nbsp;&nbsp;&nbsp; 7.51%, 12/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD168 | 170859 |
| &nbsp;&nbsp;&nbsp; 8.40%, 12/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99811 |
| &nbsp;&nbsp;&nbsp; BRES Commercial Mortgage Trust, 5.15%, <br> 11/15/42, (1-mo. CME Term SOFR + <br> 1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD137 | 136796 |
| &nbsp;&nbsp;&nbsp; BSTN Commercial Mortgage Trust, 6.44%, <br> 06/15/44<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 102949 |
| BWAY Mortgage Trust, 6.52%, 05/05/42<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD18 | 18186 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.84%, 03/09/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | $92918 |
| &nbsp;&nbsp;&nbsp; 4.19%, 11/15/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; CAD8 | 5653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03%, 08/15/42, (1-mo. CME Term SOFR + <br> 1.38%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD101 | 100981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/41, (1-mo. CME Term SOFR + <br> 1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD214 | 214151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 11/15/42, (1-mo. CME Term SOFR + <br> 1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD237 | 237862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/15/39, (1-mo. CME Term SOFR + <br> 1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD598 | 598349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/15/39, (1-mo. CME Term SOFR + <br> 1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD328 | 327823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 04/15/40, (1-mo. CME Term SOFR + <br> 1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD263 | 263090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/15/41, (1-mo. CME Term SOFR + <br> 1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD96 | 96098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/15/34, (1-mo. CME Term SOFR + <br> 1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD197 | 197575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/15/39, (1-mo. CME Term SOFR + <br> 1.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD221 | 221469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/41, (1-mo. CME Term SOFR + <br> 1.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 200128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 08/15/41, (1-mo. CME Term SOFR + <br> 1.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD390 | 391350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/15/45, (1-mo. CME Term SOFR + <br> 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD201 | 200623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 03/15/41, (1-mo. CME Term SOFR + <br> 2.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD71 | 71445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.54%, 10/15/41, (1-mo. CME Term SOFR + <br> 2.88%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD51 | 51159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 03/15/43, (1-mo. CME Term SOFR + <br> 3.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD125 | 124223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 11/15/42, (1-mo. CME Term SOFR + <br> 3.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD89 | 89031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 08/15/42, (1-mo. CME Term SOFR + <br> 3.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD189 | 189280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.59%, 10/15/41, (1-mo. CME Term SOFR + <br> 3.93%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD86 | 86107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.84%, 02/15/39, (1-mo. CME Term SOFR + <br> 4.19%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD80 | 79772 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 10/15/42, (1-mo. CME Term SOFR + <br> 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD88 | 88000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 04/15/41, (1-mo. CME Term SOFR + <br> 1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD713 | 714300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/15/42, (1-mo. CME Term SOFR + <br> 1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD281 | 279771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/15/40, (1-mo. CME Term SOFR + <br> 1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD228 | 228458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/15/41, (1-mo. CME Term SOFR + <br> 1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD335 | 333819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/15/37, (1-mo. CME Term SOFR + <br> 1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD173 | 173081 |
| &nbsp;&nbsp;&nbsp; 5.20%, 12/13/42<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD230 | 231550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/15/44, (1-mo. CME Term SOFR + <br> 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD350 | 349781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 06/15/41, (1-mo. CME Term SOFR + <br> 2.14%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD96 | 95380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.29%, 06/15/37, (1-mo. CME Term SOFR + <br> 2.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD304 | 303143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 04/15/41, (1-mo. CME Term SOFR + <br> 2.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD71 | 71341 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.54%, 06/15/41, (1-mo. CME Term SOFR + <br> 2.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD19 | $18903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 03/15/30, (1-mo. CME Term SOFR + <br> 2.94%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD94 | 93698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 06/15/35, (1-mo. CME Term SOFR + <br> 3.30%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD137 | 137001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.34%, 04/15/41, (1-mo. CME Term SOFR + <br> 3.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD71 | 70961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.59%, 06/15/41, (1-mo. CME Term SOFR + <br> 3.94%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD29 | 28493 |
| CFK Trust, 2.79%, 03/15/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 92974 |
| CFMT LLC, 4.00%, 10/25/54<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD101 | 99046 |
| Chase Mortgage Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.54%, 02/25/37<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD91 | 90828 |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/25/37 | &nbsp;&nbsp;&nbsp; USD121 | 50140 |
| CHI Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 12/13/40<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99443 |
| &nbsp;&nbsp;&nbsp; 6.63%, 12/13/40<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 98050 |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/25/36 | &nbsp;&nbsp;&nbsp; USD7 | 3222 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/25/37 | &nbsp;&nbsp;&nbsp; USD798 | 277661 |
| CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.66%, 10/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100957 |
| &nbsp;&nbsp;&nbsp; 6.44%, 10/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD150 | 150847 |
| &nbsp;&nbsp;&nbsp; 6.76%, 12/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD115 | 113932 |
| &nbsp;&nbsp;&nbsp; 7.04%, 04/25/58<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99616 |
| CIP Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 10/15/37, (1-mo. CME Term SOFR + <br> 1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD332 | 332412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 10/15/37, (1-mo. CME Term SOFR + <br> 3.75%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD123 | 123424 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 1.73%, 11/26/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD77 | 69796 |
| &nbsp;&nbsp;&nbsp; 4.21%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 83946 |
| &nbsp;&nbsp;&nbsp; 4.98%, 01/26/71<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD569 | 567122 |
| &nbsp;&nbsp;&nbsp; 5.05%, 11/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD147 | 147256 |
| &nbsp;&nbsp;&nbsp; 5.47%, 06/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD88 | 88593 |
| &nbsp;&nbsp;&nbsp; 5.48%, 08/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD89 | 89070 |
| &nbsp;&nbsp;&nbsp; 6.46%, 02/25/71<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD212 | 209754 |
| &nbsp;&nbsp;&nbsp; 7.10%, 08/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100282 |
| &nbsp;&nbsp;&nbsp; 7.79%, 09/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD193 | 194068 |
| &nbsp;&nbsp;&nbsp; 7.93%, 07/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD262 | 262286 |
| Commission Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/10/40<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD24 | 23699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/41, (1-mo. CME Term SOFR + <br> 1.84%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD41 | 40949 |
| &nbsp;&nbsp;&nbsp; 5.73%, 08/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD17 | 16874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.24%, 06/15/41, (1-mo. CME Term SOFR + <br> 2.59%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD11 | 10986 |
| &nbsp;&nbsp;&nbsp; 8.47%, 08/10/40<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD20 | 19842 |
| &nbsp;&nbsp;&nbsp; 9.46%, 08/10/40<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD16 | 15877 |
| CONE Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/41, (1-mo. CME Term SOFR + <br> 1.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD30 | 29974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.54%, 08/15/41, (1-mo. CME Term SOFR + <br> 3.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD45 | 44610 |
| &nbsp;&nbsp;&nbsp; Countrywide Alternative Loan Trust, 6.00%, <br> 05/25/36<br>| &nbsp;&nbsp;&nbsp; USD94 | 32621 |
| &nbsp;&nbsp;&nbsp; Cross 2025-CES1 Mortgage Trust, 5.00%, <br> 11/25/70<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD136 | 135075 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.96%, 03/25/61<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD354 | 346450 |
| &nbsp;&nbsp;&nbsp; 4.97%, 01/25/71<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD235 | 233645 |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD83 | 83601 |
| &nbsp;&nbsp;&nbsp; 5.74%, 02/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD497 | 500325 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 6.48%, 02/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD350 | $351439 |
| &nbsp;&nbsp;&nbsp; CSMC, 7.09%, 02/15/27, (1-mo. CME Term <br> SOFR + 3.44%)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99600 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 11/15/38, (1-mo. CME Term SOFR + <br> 1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD80 | 79275 |
| &nbsp;&nbsp;&nbsp; 6.43%, 04/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD428 | 430634 |
| &nbsp;&nbsp;&nbsp; 9.21%, 12/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD71 | 70818 |
| CSTL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.82%, 11/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 98455 |
| &nbsp;&nbsp;&nbsp; 6.55%, 02/10/43<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 98521 |
| DBC Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 11/15/42, (1-mo. CME Term SOFR + <br> 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,737 | 1738086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 11/15/42, (1-mo. CME Term SOFR + <br> 2.05%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 100000 |
| &nbsp;&nbsp;&nbsp; DBGS, 5.54%, 08/15/34, (1-mo. CME Term <br> SOFR + 1.88%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249844 |
| DC Trust, 5.93%, 04/13/40<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD10 | 10047 |
| Deephaven Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 12/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD550 | 546660 |
| &nbsp;&nbsp;&nbsp; 5.09%, 11/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD137 | 136536 |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD472 | 460564 |
| &nbsp;&nbsp;&nbsp; 5.74%, 07/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD64 | 64470 |
| &nbsp;&nbsp;&nbsp; 6.57%, 12/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD172 | 169774 |
| &nbsp;&nbsp;&nbsp; Deutsche Alt-A Securities Mortgage Loan Trust <br> Series, 4.19%, 08/25/47, (1-mo. CME Term <br> SOFR + 0.51%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD894 | 881892 |
| &nbsp;&nbsp;&nbsp; DGWD Trust, 5.25%, 08/15/35, (1-mo. CME Term <br> SOFR + 1.60%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD905 | 906402 |
| DK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/34, (1-mo. CME Term SOFR + <br> 1.50%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD20 | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 08/15/37, (1-mo. CME Term SOFR + <br> 1.59%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD544 | 544507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.56%, 08/15/37, (1-mo. CME Term SOFR + <br> 2.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD15 | 15009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.65%, 03/15/34, (1-mo. CME Term SOFR + <br> 4.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD58 | 58086 |
| Durst Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.32%, 08/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD120 | 121275 |
| &nbsp;&nbsp;&nbsp; 7.02%, 08/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 103348 |
| EFMT |  |  |
| &nbsp;&nbsp;&nbsp; 4.77%, 02/25/71<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD789 | 783378 |
| &nbsp;&nbsp;&nbsp; 4.96%, 02/25/71<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD234 | 232497 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/25/70<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD434 | 432863 |
| &nbsp;&nbsp;&nbsp; 5.03%, 11/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD91 | 91101 |
| &nbsp;&nbsp;&nbsp; 5.03%, 03/25/71<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD995 | 992349 |
| &nbsp;&nbsp;&nbsp; 5.44%, 07/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD359 | 360185 |
| &nbsp;&nbsp;&nbsp; 5.49%, 08/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD168 | 168734 |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD157 | 158162 |
| &nbsp;&nbsp;&nbsp; 5.71%, 11/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD96 | 96233 |
| &nbsp;&nbsp;&nbsp; 6.54%, 02/25/71<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 98933 |
| &nbsp;&nbsp;&nbsp; 6.59%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD350 | 352556 |
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 1.40%, <br> 09/25/66<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,147 | 963694 |
| ELM Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.99%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD11 | 11007 |
| &nbsp;&nbsp;&nbsp; 5.99%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD11 | 11007 |
| &nbsp;&nbsp;&nbsp; 8.05%, 06/10/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD29 | 28995 |
| &nbsp;&nbsp;&nbsp; Elstree 2026-1 Mix PLC, 0.00% 09/21/66, (1-day <br> SONIA+ 1.50%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 136226 |
| EQT Trust, 5.33%, 07/05/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD70 | 71218 |
| &nbsp;&nbsp;&nbsp; Fannie Mae REMICS, 5.11%, 02/25/55, (30-day <br> Avg SOFR + 1.45%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD155 | 157543 |
| Fashion Show Mall LLC, 5.27%, 10/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD19 | 19519 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.44%, 11/25/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD8 | $7800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/25/54, (30-day Avg SOFR + <br> 1.30%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD3,048 | 3080982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/25/54, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD88 | 88904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD56 | 56499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD85 | 86114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 02/25/54, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD66 | 66757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 11/25/54, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD562 | 568837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 02/25/55, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD530 | 536610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 02/25/55, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD67 | 67559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 02/25/55, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD683 | 691324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/55, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD832 | 843386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/25/55, (30-day Avg SOFR + <br> 1.50%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD95 | 95966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/25/55, (30-day Avg SOFR + <br> 1.60%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD92 | 93182 |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/25/54, (30-day Avg SOFR + <br> 1.10%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD155 | 156407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD364 | 368663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD155 | 156815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 12/25/54, (30-day Avg SOFR + <br> 1.50%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD124 | 125763 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 01/25/54, (30-day Avg SOFR + <br> 1.05%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD140 | 140568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 08/25/53, (30-day Avg SOFR + <br> 1.10%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD140 | 141257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 09/25/54, (30-day Avg SOFR + <br> 1.10%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD99 | 99562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 02/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD118 | 119869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 02/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD368 | 373475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 03/25/55, (30-day Avg SOFR + <br> 1.35%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD54 | 54990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 12/25/54, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD131 | 132795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 12/25/54, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD83 | 83888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 08/25/55, (30-day Avg SOFR + <br> 1.40%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD66 | 66632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 05/25/55, (30-day Avg SOFR + <br> 1.60%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD198 | 201563 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association REMICS, <br> 4.96%, 03/25/55, (30-day Avg SOFR + <br> 1.30%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD70 | 71337 |
| &nbsp;&nbsp;&nbsp; First Horizon Alternative Mortgage <br> Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.58%, 01/25/37<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD98 | 75790 |
| &nbsp;&nbsp;&nbsp; 4.72%, 02/25/36<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD11 | 6321 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; Fontainebleau Miami Beach Mortgage Trust, <br> 5.10%, 12/15/39, (1-mo. CME Term SOFR + <br> 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD385 | $385256 |
| FREMF Mortgage Trust, 4.23%, 08/25/50<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD95 | 92873 |
| FS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/41, (1-mo. CME Term SOFR + <br> 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 499844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 02/15/41, (1-mo. CME Term SOFR + <br> 3.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99989 |
| &nbsp;&nbsp;&nbsp; FS Trust, 5.10%, 03/15/41, (1-mo. CME Term <br> SOFR + 1.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD162 | 162000 |
| Gaea Mortgage Loan Trust, 6.75%, 02/25/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD35 | 34543 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.89%, 12/27/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD146 | 135126 |
| &nbsp;&nbsp;&nbsp; 3.92%, 02/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD180 | 136197 |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD281 | 264961 |
| &nbsp;&nbsp;&nbsp; 4.79%, 12/25/70<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD423 | 419672 |
| &nbsp;&nbsp;&nbsp; 5.53%, 06/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD82 | 82821 |
| GGP Trust, 4.83%, 03/05/43<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD51 | 50497 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 04/16/65 | &nbsp;&nbsp;&nbsp; USD9 | 7331 |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/16/63<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD5 | 4217 |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/16/54 | &nbsp;&nbsp;&nbsp; USD20 | 19582 |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/16/56 | &nbsp;&nbsp;&nbsp; USD56 | 55824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 01/20/55, (30-day Avg SOFR + <br> 1.25%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD61 | 61869 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/16/56 | &nbsp;&nbsp;&nbsp; USD60 | 60398 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/16/58 | &nbsp;&nbsp;&nbsp; USD138 | 137832 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/16/65 | &nbsp;&nbsp;&nbsp; USD133 | 131943 |
| GS Mortgage Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 09/10/37<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD203 | 194043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/15/28, (1-mo. CME Term SOFR + <br> 2.09%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.31%, 11/25/41, (1-mo. CME Term SOFR + <br> 2.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD681 | 681011 |
| &nbsp;&nbsp;&nbsp; 7.72%, 08/10/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD43 | 42590 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.73%, 05/25/66<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD489 | 483715 |
| &nbsp;&nbsp;&nbsp; 4.87%, 03/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD268 | 266692 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD279 | 276408 |
| &nbsp;&nbsp;&nbsp; 7.61%, 03/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD531 | 524298 |
| &nbsp;&nbsp;&nbsp; GSMPS Mortgage Loan Trust, 4.19%, 06/25/34, <br> (1-mo. CME Term SOFR + 0.51%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD272 | 248244 |
| &nbsp;&nbsp;&nbsp; GWT Trust, 5.35%, 05/15/41, (1-mo. CME Term <br> SOFR + 1.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD61 | 61114 |
| &nbsp;&nbsp;&nbsp; HarborView Mortgage Loan Trust, 4.42%, <br> 03/19/35, (1-mo. CME Term SOFR + <br> 0.75%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD15 | 7062 |
| &nbsp;&nbsp;&nbsp; Harvest Commercial Capital Loan Trust, 6.16%, <br> 10/25/56<br>| &nbsp;&nbsp;&nbsp; USD399 | 405779 |
| HIH Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/41, (1-mo. CME Term SOFR + <br> 1.84%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD9 | 9160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/41, (1-mo. CME Term SOFR + <br> 2.84%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD92 | 91652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.29%, 10/15/41, (1-mo. CME Term SOFR + <br> 3.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD9 | 9168 |
| &nbsp;&nbsp;&nbsp; HILT Commercial Mortgage Trust, 5.20%, <br> 05/15/37, (1-mo. CME Term SOFR + <br> 1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 100000 |
| &nbsp;&nbsp;&nbsp; HLTN Commercial Mortgage Trust, 5.36%, <br> 04/15/41, (1-mo. CME Term SOFR + <br> 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 100156 |
| HOMES Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.03%, 09/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD105 | 104575 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 5.43%, 02/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD82 | $81765 |
| &nbsp;&nbsp;&nbsp; 6.39%, 01/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 200829 |
| &nbsp;&nbsp;&nbsp; 6.52%, 01/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100620 |
| &nbsp;&nbsp;&nbsp; HONO Mortgage Trust, 4.92%, 10/15/36, (1-mo. <br> CME Term SOFR + 1.26%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD127 | 125781 |
| &nbsp;&nbsp;&nbsp; HTL Commercial Mortgage Trust, 8.47%, <br> 05/10/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 101363 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust, 2.84%, <br> 08/10/38<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD175 | 174010 |
| &nbsp;&nbsp;&nbsp; ILPT Commercial Mortgage Trust, 5.47%, <br> 07/13/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD224 | 226191 |
| &nbsp;&nbsp;&nbsp; Impac Secured Assets Trust, 4.13%, 11/25/36, <br> (1-mo. CME Term SOFR + 0.45%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD24 | 22452 |
| &nbsp;&nbsp;&nbsp; IndyMac INDX Mortgage Loan Trust, 4.62%, <br> 01/25/36<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD126 | 125944 |
| &nbsp;&nbsp;&nbsp; INT Commercial Mortgage Trust, 5.04%, <br> 11/05/37<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99899 |
| &nbsp;&nbsp;&nbsp; INV Mortgage Trust, 5.40%, 11/15/41, (1-mo. <br> CME Term SOFR + 1.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD168 | 166530 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Chase Commercial Mortgage <br> Securities Trust, 5.99%, 10/05/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD130 | 131265 |
| &nbsp;&nbsp;&nbsp; JP Morgan Alternative Loan Trust, 4.81%, <br> 03/25/36<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD202 | 149631 |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage <br> Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 09/06/38<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD130 | 129212 |
| &nbsp;&nbsp;&nbsp; 5.35%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD720 | 722189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/15/40, (1-mo. CME Term SOFR + <br> 1.69%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD24 | 23897 |
| &nbsp;&nbsp;&nbsp; 6.70%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD10 | 9978 |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD39 | 38883 |
| &nbsp;&nbsp;&nbsp; 8.49%, 11/09/39<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD34 | 33863 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD325 | 323485 |
| &nbsp;&nbsp;&nbsp; 4.90%, 06/25/66<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD329 | 326703 |
| &nbsp;&nbsp;&nbsp; 4.93%, 06/25/66<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD899 | 892317 |
| &nbsp;&nbsp;&nbsp; 5.02%, 05/25/66<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD267 | 265677 |
| &nbsp;&nbsp;&nbsp; 6.41%, 08/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD253 | 254350 |
| &nbsp;&nbsp;&nbsp; 7.25%, 12/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD83 | 83828 |
| &nbsp;&nbsp;&nbsp; JP Morgan Resecuritization Trust, 0.00% <br> 05/27/36<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD294 | 47881 |
| JW Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 06/15/39, (1-mo. CME Term SOFR + <br> 1.62%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD113 | 113000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 06/15/39, (1-mo. CME Term SOFR + <br> 3.19%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD110 | 110000 |
| &nbsp;&nbsp;&nbsp; JW Trust, 5.25%, 11/15/39, (1-mo. CME Term <br> SOFR + 1.59%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 200375 |
| KSL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/15/39, (1-mo. CME Term SOFR + <br> 1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD290 | 289643 |
| &nbsp;&nbsp;&nbsp; 5.55%, 06/15/42 | &nbsp;&nbsp;&nbsp; USD358 | 357900 |
| &nbsp;&nbsp;&nbsp; 7.74%, 06/05/42 | &nbsp;&nbsp;&nbsp; USD160 | 160510 |
| LBA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 10/15/41, (1-mo. CME Term SOFR + <br> 1.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD14 | 14213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/15/41, (1-mo. CME Term SOFR + <br> 2.64%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD16 | 16345 |
| LEX Mortgage Trust, 5.04%, 10/13/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD289 | 288312 |
| LEX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/43, (1-mo. CME Term SOFR + <br> 1.35%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD189 | 188764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 03/15/43, (1-mo. CME Term SOFR + <br> 3.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD650 | 643775 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| LQR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/43, (1-mo. CME Term SOFR + <br> 1.60%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD29 | $28829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 01/15/43, (1-mo. CME Term SOFR + <br> 3.95%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD88 | 87999 |
| &nbsp;&nbsp;&nbsp; MAC Trust, 5.35%, 10/15/40, (1-mo. CME Term <br> SOFR + 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD785 | 784168 |
| &nbsp;&nbsp;&nbsp; MAD Commercial Mortgage Trust, 4.91%, <br> 10/15/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99540 |
| MAIN Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 01/15/41, (1-mo. CME Term SOFR + <br> 1.70%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 499998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/41, (1-mo. CME Term SOFR + <br> 2.00%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD500 | 499997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/15/41, (1-mo. CME Term SOFR + <br> 2.45%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD110 | 109999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 01/15/41, (1-mo. CME Term SOFR + <br> 3.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.90%, 01/15/41, (1-mo. CME Term SOFR + <br> 4.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.90%, 01/15/41, (1-mo. CME Term SOFR + <br> 5.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD250 | 249997 |
| &nbsp;&nbsp;&nbsp; MASTR Reperforming Loan Trust, 7.00%, <br> 08/25/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD223 | 150129 |
| MCR Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 0.92%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD71 | 374 |
| &nbsp;&nbsp;&nbsp; 5.92%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 25156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.76%, 02/15/37, (1-mo. CME Term SOFR + <br> 3.11%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD81 | 80470 |
| &nbsp;&nbsp;&nbsp; 7.40%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD30 | 30129 |
| &nbsp;&nbsp;&nbsp; 8.73%, 06/12/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD16 | 16039 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 02/25/71<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD991 | 988470 |
| &nbsp;&nbsp;&nbsp; 5.26%, 08/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD154 | 154358 |
| MLTI Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/36, (1-mo. CME Term SOFR + <br> 1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD134 | 133833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 03/15/36, (1-mo. CME Term SOFR + <br> 3.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD124 | 123585 |
| Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 09/24/57<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD80 | 78661 |
| &nbsp;&nbsp;&nbsp; 4.06%, 12/15/50<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD281 | 272865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22%, 12/15/38, (1-mo. CME Term SOFR + <br> 1.56%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD10 | 9400 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Resecuritization Trust, 4.31%, <br> 04/26/47, (1-mo. CME Term SOFR + <br> 0.37%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 77053 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.73%, 01/26/71<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD524 | 519595 |
| &nbsp;&nbsp;&nbsp; 4.93%, 01/25/71<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD757 | 753534 |
| &nbsp;&nbsp;&nbsp; 5.28%, 03/25/71<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD500 | 500265 |
| &nbsp;&nbsp;&nbsp; 5.44%, 07/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD478 | 479526 |
| &nbsp;&nbsp;&nbsp; 5.74%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD76 | 76689 |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100906 |
| &nbsp;&nbsp;&nbsp; 7.11%, 07/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 200882 |
| MTN Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 03/15/39, (1-mo. CME Term SOFR + <br> 1.40%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99969 |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/15/43<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100578 |
| NCMF Trust |  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 06/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD70 | 69809 |
| &nbsp;&nbsp;&nbsp; 7.78%, 06/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD236 | 236792 |
| &nbsp;&nbsp;&nbsp; 8.72%, 06/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD125 | 125508 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.82%, 11/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD262 | 260147 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 4.83%, 02/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD738 | $732999 |
| &nbsp;&nbsp;&nbsp; 5.01%, 10/26/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD931 | 927268 |
| &nbsp;&nbsp;&nbsp; 5.11%, 08/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD85 | 85069 |
| &nbsp;&nbsp;&nbsp; 5.35%, 07/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD84 | 84484 |
| &nbsp;&nbsp;&nbsp; 5.64%, 01/25/65<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD116 | 117159 |
| &nbsp;&nbsp;&nbsp; 7.02%, 07/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD105 | 103100 |
| &nbsp;&nbsp;&nbsp; 7.03%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD107 | 106413 |
| &nbsp;&nbsp;&nbsp; NRTH Commercial Mortgage Trust, 5.05%, <br> 10/15/40, (1-mo. CME Term SOFR + <br> 1.39%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD900 | 899438 |
| NRZT, 5.09%, 10/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD120 | 119580 |
| NYC Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.82%, 11/05/38<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 02/15/42, (1-mo. CME Term SOFR + <br> 1.21%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD160 | 159500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/15/40, (1-mo. CME Term SOFR + <br> 1.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD1,063 | 1065657 |
| &nbsp;&nbsp;&nbsp; 7.39%, 07/13/42<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD53 | 53033 |
| NYC Trust, 4.95%, 01/10/36<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD280 | 278237 |
| &nbsp;&nbsp;&nbsp; NYCT Trust 2024-3ELV, 6.49%, 08/15/29, (1-mo. <br> CME Term SOFR + 2.84%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD110 | 109589 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.77%, 02/25/61<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD418 | 416070 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/25/61<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD166 | 165409 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD78 | 78279 |
| &nbsp;&nbsp;&nbsp; 6.47%, 02/25/61<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 196370 |
| OBX Trust, 5.65%, 12/01/64<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD72 | 72372 |
| &nbsp;&nbsp;&nbsp; One New York Plaza Trust, 4.72%, 01/15/36, <br> (1-mo. CME Term SOFR + 1.06%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD38 | 36694 |
| &nbsp;&nbsp;&nbsp; PGA Trust, 5.55%, 06/15/39, (1-mo. CME Term <br> SOFR + 1.89%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD107 | 106967 |
| &nbsp;&nbsp;&nbsp; PLYM Commercial Mortgage Trust, 5.80%, <br> 03/15/43, (1-mo. CME Term SOFR + <br> 2.15%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99500 |
| PRKCM Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 04/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD99 | 98178 |
| &nbsp;&nbsp;&nbsp; 4.68%, 02/25/61<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD321 | 317900 |
| PRM5 Trust, 5.81%, 03/10/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD69 | 68441 |
| PRPM Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.99%, 12/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD816 | 811249 |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/25/71<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD487 | 485869 |
| &nbsp;&nbsp;&nbsp; 5.18%, 10/25/70<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD99 | 99287 |
| &nbsp;&nbsp;&nbsp; 5.21%, 01/25/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD750 | 748564 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/25/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD709 | 674157 |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/25/69<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD157 | 158328 |
| &nbsp;&nbsp;&nbsp; 6.65%, 11/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD172 | 173183 |
| Rain City Mortgage Trust, 6.53%, 09/25/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100864 |
| &nbsp;&nbsp;&nbsp; RALI Series Trust, 4.15%, 12/25/36, (1-mo. CME <br> Term SOFR + 0.47%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD172 | 156628 |
| &nbsp;&nbsp;&nbsp; Residential Mortgage Loan Trust, 6.04%, <br> 05/25/59<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 98892 |
| RFMSI Series Trust, 5.73%, 10/25/37<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD53 | 31562 |
| RFMSI Trust, 5.43%, 11/25/36<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD7 | 5545 |
| Sage AR Funding |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/18/38, (1-day SONIA+ 1.75%)<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; GBP513 | 693621 |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/18/38, (1-day SONIA+ 2.50%)<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; GBP220 | 297312 |
| SAIF Securitization Trust, 5.97%, 07/25/54<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD55 | 54994 |
| &nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust, 7.76%, <br> 04/25/30<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD86 | 85993 |
| Santander Mortgage Asset Receivable Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 11/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD143 | 141933 |
| &nbsp;&nbsp;&nbsp; 5.14%, 11/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD91 | 91135 |
| &nbsp;&nbsp;&nbsp; 7.22%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD210 | 210065 |
| &nbsp;&nbsp;&nbsp; SCG Commercial Mortgage Trust, 4.90%, <br> 08/15/42, (1-mo. CME Term SOFR + <br> 1.25%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD120 | 120150 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; SCG Mortgage Trust, 5.40%, 04/15/41, (1-mo. <br> CME Term SOFR + 1.74%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD242 | $242000 |
| &nbsp;&nbsp;&nbsp; SDAL Trust, 6.10%, 04/15/42, (1-mo. CME Term <br> SOFR + 2.44%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 100000 |
| SELF Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/15/34, (1-mo. CME Term SOFR + <br> 1.54%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD13 | 12555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.84%, 11/15/34, (1-mo. CME Term SOFR + <br> 4.19%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD70 | 69760 |
| Sequoia Mortgage Trust, 4.67%, 04/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD982 | 963825 |
| SG Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 1.16%, 07/25/61<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD220 | 184765 |
| &nbsp;&nbsp;&nbsp; 4.78%, 01/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD590 | 585493 |
| &nbsp;&nbsp;&nbsp; 5.10%, 12/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,552 | 1548300 |
| &nbsp;&nbsp;&nbsp; 5.23%, 12/25/65<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD850 | 849412 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD649 | 648672 |
| Shops at Crystals Trust, 3.86%, 07/05/36<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD206 | 205645 |
| &nbsp;&nbsp;&nbsp; SHR Trust, 5.60%, 10/15/41, (1-mo. CME Term <br> SOFR + 1.95%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 100350 |
| &nbsp;&nbsp;&nbsp; SLG Commercial Mortgage Trust, 4.93%, <br> 02/15/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD284 | 282048 |
| SLG Office Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.97%, 04/15/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD250 | 250903 |
| &nbsp;&nbsp;&nbsp; 6.96%, 04/15/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD500 | 502530 |
| &nbsp;&nbsp;&nbsp; 7.92%, 04/15/41<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD750 | 755193 |
| &nbsp;&nbsp;&nbsp; Spruce Hill Mortgage Loan Trust, 5.00%, <br> 06/25/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD68 | 67147 |
| Toorak Mortgage Trust, 6.33%, 10/25/31<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100451 |
| TRK Trust, 4.10%, 11/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD137 | 119249 |
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, Series <br> 2018-C15, Class B, 4.92%, 12/15/51<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD71 | 68589 |
| &nbsp;&nbsp;&nbsp; University Trust, 5.30%, 11/15/42, (1-mo. CME <br> Term SOFR + 1.65%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD393 | 392022 |
| &nbsp;&nbsp;&nbsp; Vanir Logistics Finance SARL, 0.00% 07/23/37, <br> (3-mo. EURIBOR + 1.90%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 116951 |
| VCC Trust, 8.16%, 05/25/55<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD68 | 67812 |
| VEGAS |  |  |
| &nbsp;&nbsp;&nbsp; 6.42%, 07/10/36<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD61 | 60555 |
| &nbsp;&nbsp;&nbsp; 6.42%, 07/10/36<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD40 | 40328 |
| Velocity Commercial Capital Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.61%, 02/25/50<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD120 | 112283 |
| &nbsp;&nbsp;&nbsp; 5.10%, 02/25/56<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD263 | 259027 |
| &nbsp;&nbsp;&nbsp; 5.67%, 04/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD304 | 303310 |
| &nbsp;&nbsp;&nbsp; 5.73%, 04/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD607 | 547463 |
| &nbsp;&nbsp;&nbsp; 5.87%, 06/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD237 | 237325 |
| &nbsp;&nbsp;&nbsp; 6.55%, 01/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD57 | 57593 |
| &nbsp;&nbsp;&nbsp; 6.70%, 12/25/55<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD99 | 97845 |
| &nbsp;&nbsp;&nbsp; 9.67%, 12/25/54<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD99 | 99820 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.82%, 11/25/66<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD72 | 66123 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/25/71<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD270 | 265380 |
| &nbsp;&nbsp;&nbsp; 4.83%, 10/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD244 | 242194 |
| &nbsp;&nbsp;&nbsp; 4.94%, 10/25/67<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD761 | 757331 |
| &nbsp;&nbsp;&nbsp; 5.02%, 01/25/71<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99609 |
| &nbsp;&nbsp;&nbsp; 5.11%, 12/25/70<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,012 | 1009231 |
| &nbsp;&nbsp;&nbsp; 5.42%, 07/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD549 | 552539 |
| &nbsp;&nbsp;&nbsp; 5.43%, 06/25/70<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD93 | 93338 |
| &nbsp;&nbsp;&nbsp; 6.40%, 05/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99178 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/25/69<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100387 |
| &nbsp;&nbsp;&nbsp; 6.56%, 12/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD129 | 127688 |
| &nbsp;&nbsp;&nbsp; 7.06%, 06/25/70<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100430 |
| &nbsp;&nbsp;&nbsp; 8.08%, 12/25/68<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 101100 |
| Visio Trust, 5.66%, 08/25/57<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99628 |
| &nbsp;&nbsp;&nbsp; Vista Point Securitization Trust, 5.16%, <br> 04/25/65<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 97243 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates <br> Series Trust, 4.31%, 06/25/47, (12-mo. MTA + <br> 0.80%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD101 | $86027 |
| &nbsp;&nbsp;&nbsp; Washington Mutual Mortgage Pass-Through <br> Certificates WMALT Series Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/25/36, (1-mo. CME Term SOFR + <br> 0.45%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD203 | 170428 |
| &nbsp;&nbsp;&nbsp; 4.23%, 12/25/46, (12-mo. MTA + 0.72%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD114 | 95093 |
| &nbsp;&nbsp;&nbsp; WCORE Commercial Mortgage Trust, 5.15%, <br> 11/15/41, (1-mo. CME Term SOFR + <br> 1.49%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD800 | 800995 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 0.31%, 07/15/43<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD153 | 1226 |
| &nbsp;&nbsp;&nbsp; 6.22%, 07/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD219 | 222977 |
| &nbsp;&nbsp;&nbsp; 6.43%, 07/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | 11981 |
| &nbsp;&nbsp;&nbsp; 7.08%, 07/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD17 | 16946 |
| WEST Trust, 5.45%, 04/10/35<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; USD108 | 108610 |
| &nbsp;&nbsp;&nbsp; WHARF Commercial Mortgage Trust, 7.98%, <br> 07/15/40<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 102647 |
|  |  | 95299343 |
| **Total Collateralized Mortgage Obligations — 16.8%** <br>**(Cost: $95,894,353)** | **Total Collateralized Mortgage Obligations — 16.8%** <br>**(Cost: $95,894,353)** | 95905096 |
| **Convertible Bonds** | **Convertible Bonds** | **Convertible Bonds** |
| **Health Care - Services — 0.1%** | **Health Care - Services — 0.1%** | **Health Care - Services — 0.1%** |
| Clariane SE, 0.88%, 03/06/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR157 | 178177 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| AMC Global Media, Inc., 4.25%, 02/15/29 | &nbsp;&nbsp;&nbsp; USD16 | 15980 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc., 0.25%, <br> 10/01/31<br>| &nbsp;&nbsp;&nbsp; USD79 | 120672 |
| **Total Convertible Bonds — 0.1%** <br>**(Cost: $312,975)** | **Total Convertible Bonds — 0.1%** <br>**(Cost: $312,975)** | 314829 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Neptune Bidco U.S., Inc., 10.38%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 103197 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media <br> Capital Corp., 4.25%, 01/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD25 | 24391 |
| &nbsp;&nbsp;&nbsp; Summer BC Holdco B SARL, 6.23%, 02/15/30, <br> (3-mo. EURIBOR + 4.25%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 103383 |
| WPP Finance 2013, 3.63%, 06/09/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR390 | 443626 |
|  |  | 674597 |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| Boeing Co.(The) |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/01/50 | &nbsp;&nbsp;&nbsp; USD176 | 125823 |
| &nbsp;&nbsp;&nbsp; 7.01%, 05/01/64 | &nbsp;&nbsp;&nbsp; USD146 | 163079 |
| Bombardier, Inc., 7.25%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD16 | 16835 |
| Honeywell Aerospace, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 03/16/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD86 | 85360 |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/16/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD15 | 14817 |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/16/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD150 | 148298 |
| &nbsp;&nbsp;&nbsp; 5.62%, 03/16/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD65 | 63929 |
| &nbsp;&nbsp;&nbsp; 5.73%, 03/16/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD20 | 19671 |
| L3Harris Technologies, Inc., 4.85%, 04/27/35 | &nbsp;&nbsp;&nbsp; USD20 | 19623 |
| Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.09%, 09/15/52 | &nbsp;&nbsp;&nbsp; USD303 | 235978 |
| &nbsp;&nbsp;&nbsp; 4.45%, 05/15/28 | &nbsp;&nbsp;&nbsp; USD137 | 137629 |
| Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.03%, 10/15/47 | &nbsp;&nbsp;&nbsp; USD35 | 27538 |
| &nbsp;&nbsp;&nbsp; 4.60%, 02/01/29 | &nbsp;&nbsp;&nbsp; USD195 | 196315 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 09/01/31 | &nbsp;&nbsp;&nbsp; USD103 | $89955 |
| &nbsp;&nbsp;&nbsp; 3.13%, 07/01/50 | &nbsp;&nbsp;&nbsp; USD100 | 65771 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/42 | &nbsp;&nbsp;&nbsp; USD100 | 88631 |
| Spirit AeroSystems, Inc., 4.60%, 06/15/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99956 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 | &nbsp;&nbsp;&nbsp; USD23 | 22696 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 25692 |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD150 | 152026 |
|  |  | 1799622 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 02/04/41 | &nbsp;&nbsp;&nbsp; USD254 | 192863 |
| &nbsp;&nbsp;&nbsp; 6.20%, 02/14/59 | &nbsp;&nbsp;&nbsp; USD13 | 12751 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.76%, 09/06/49 | &nbsp;&nbsp;&nbsp; USD96 | 79790 |
| &nbsp;&nbsp;&nbsp; 7.08%, 08/02/43 | &nbsp;&nbsp;&nbsp; USD127 | 140282 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/07/30 | &nbsp;&nbsp;&nbsp; USD100 | 103857 |
| &nbsp;&nbsp;&nbsp; 5.63%, 11/17/29 | &nbsp;&nbsp;&nbsp; USD155 | 160740 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/07/33 | &nbsp;&nbsp;&nbsp; USD92 | 96088 |
| Reynolds American, Inc., 7.00%, 08/04/41 | &nbsp;&nbsp;&nbsp; USD10 | 10876 |
|  |  | 797247 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; Air France-KLM, Series ., 5.75%, (5-year <br> EURIBOR ICE Swap + 3.58%)<sup>(b)(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 112812 |
| &nbsp;&nbsp;&nbsp; American Airlines 2025-1 Class B Pass Through <br> Trust, Series B, 5.65%, 05/11/36<br>| &nbsp;&nbsp;&nbsp; USD9 | 8947 |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP <br> Ltd., 5.75%, 04/20/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD23 | 23016 |
| &nbsp;&nbsp;&nbsp; Garuda Indonesia Persero Tbk PT, 6.50%, <br> 12/28/31, (6.50% Cash or 7.25% PIK)<sup>(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD231 | 195009 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp/JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 93137 |
|  |  | 432921 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| VF Corp., 0.63%, 02/25/32 | &nbsp;&nbsp;&nbsp; EUR200 | 187642 |
| **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., 4.80%, <br> 03/05/30<br>| &nbsp;&nbsp;&nbsp; USD358 | 358345 |
| Ford Motor Co., 4.75%, 01/15/43 | &nbsp;&nbsp;&nbsp; USD47 | 36301 |
| Ford Motor Credit Co. LLC, 5.92%, 03/20/28 | &nbsp;&nbsp;&nbsp; USD202 | 204769 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 04/10/28 | &nbsp;&nbsp;&nbsp; USD133 | 127869 |
| &nbsp;&nbsp;&nbsp; 2.70%, 06/10/31 | &nbsp;&nbsp;&nbsp; USD100 | 90118 |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/07/29 | &nbsp;&nbsp;&nbsp; USD100 | 102895 |
| &nbsp;&nbsp;&nbsp; 6.40%, 01/09/33 | &nbsp;&nbsp;&nbsp; USD100 | 106488 |
| Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/29/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD31 | 30827 |
| &nbsp;&nbsp;&nbsp; 7.05%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 102552 |
| Nissan Motor Co. Ltd., 6.38%, 07/17/33<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR200 | 241008 |
| Stellantis NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, (5-year EURIBOR ICE Swap + <br> 4.24%)<sup>(b)(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 115124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, (5-year UK Government Bond + <br> 4.08%)<sup>(b)(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; GBP100 | 132386 |
| Toyota Motor Credit Corp., 5.10%, 03/21/31 | &nbsp;&nbsp;&nbsp; USD349 | 357814 |
|  |  | 2006496 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Adient Global Holdings Ltd., 7.50%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 51147 |
| American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD26 | 25264 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 97633 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 51660 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | $102294 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The), 5.00%, <br> 07/15/29<br>| &nbsp;&nbsp;&nbsp; USD12 | 11511 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 25297 |
| ZF Europe Finance BV, 7.00%, 06/12/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR200 | 245331 |
|  |  | 610137 |
| **Banks — 3.2%** | **Banks — 3.2%** | **Banks — 3.2%** |
| ABN AMRO Bank NV, 4.63%, 11/08/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP200 | 264814 |
| &nbsp;&nbsp;&nbsp; AIB Group PLC, 6.00%, (5-year EURIBOR ICE <br> Swap + 3.71%)<sup>(b)(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; EUR200 | 238648 |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/11/27 | &nbsp;&nbsp;&nbsp; USD200 | 200116 |
| &nbsp;&nbsp;&nbsp; 5.57%, 01/17/30 | &nbsp;&nbsp;&nbsp; USD400 | 410547 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.48%, 09/21/36, (5-year CMT + 1.20%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 86923 |
| &nbsp;&nbsp;&nbsp; 2.83%, 10/24/51, (1-day SOFR + 1.88%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD61 | 37534 |
| &nbsp;&nbsp;&nbsp; 2.97%, 02/04/33, (1-day SOFR + 1.33%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD239 | 216552 |
| &nbsp;&nbsp;&nbsp; 3.31%, 04/22/42, (1-day SOFR + 1.58%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD153 | 117233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 03/20/51, (3-mo. CME Term SOFR + <br> 3.41%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD54 | 42110 |
| &nbsp;&nbsp;&nbsp; 4.57%, 04/27/33, (1-day SOFR + 1.83%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD164 | 161391 |
| &nbsp;&nbsp;&nbsp; 5.05%, 02/06/37, (1-day SOFR + 1.13%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD108 | 106329 |
| &nbsp;&nbsp;&nbsp; 5.52%, 10/25/35, (1-day SOFR + 1.74%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD31 | 31230 |
| &nbsp;&nbsp;&nbsp; 5.74%, 02/12/36, (1-day SOFR + 1.70%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 101932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, 2.65%, 03/11/32, (1-day SOFR + <br> 1.22%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD580 | 527132 |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/15/32, (5-year USD Swap + <br> 1.43%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD170 | 167169 |
| &nbsp;&nbsp;&nbsp; 5.37%, 06/04/27 | &nbsp;&nbsp;&nbsp; USD100 | 101176 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The), 4.71%, <br> 02/01/34, (1-day SOFR + 1.51%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD115 | 113892 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The), 4.81%, 02/02/34, <br> (1-day SOFR + 1.05%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD47 | 46479 |
| &nbsp;&nbsp;&nbsp; Barclays PLC, 5.75%, 08/09/33, (1-year CMT + <br> 3.00%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD239 | 246299 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, 3.74%, 04/20/34, (3-mo. <br> EURIBOR + 1.05%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR400 | 463200 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, 4.86%, <br> 03/30/29, (1-day SOFR + 1.03%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD213 | 214537 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.06%, 01/25/33, (1-day SOFR + 1.35%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD92 | 83377 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/11/31, (1-day SOFR + 1.17%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 98881 |
| &nbsp;&nbsp;&nbsp; 4.54%, 09/19/30, (1-day SOFR + 1.34%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD56 | 55790 |
| &nbsp;&nbsp;&nbsp; 5.33%, 03/27/36, (1-day SOFR + 1.47%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100375 |
| &nbsp;&nbsp;&nbsp; 5.41%, 09/19/39, (5-year CMT + 1.73%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD145 | 142514 |
| &nbsp;&nbsp;&nbsp; 5.83%, 02/13/35, (1-day SOFR + 2.06%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD269 | 274012 |
| &nbsp;&nbsp;&nbsp; 5.92%, 12/11/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD375 | 356997 |
| &nbsp;&nbsp;&nbsp; 8.13%, 07/15/39 | &nbsp;&nbsp;&nbsp; USD100 | 125145 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc., 5.30%, 01/29/36, <br> (5-year CMT + 1.45%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD23 | 22802 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, Series ., 7.13%, (5-year <br> EURIBOR ICE Swap + 4.60%)<sup>(b)(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; EUR200 | 245098 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG/New York NY, 5.37%, <br> 01/10/29, (1-day SOFR + 1.21%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD150 | 151674 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, 6.34%, 07/27/29, (1-day <br> SOFR + 2.34%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD291 | 301337 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., 6.25%, 03/12/40, <br> (5-year CMT + 1.97%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD49 | 48103 |
| Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD10 | 10853 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc., 3.51%, 08/17/33, <br> (3-mo. EURIBOR + 0.95%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR450 | 518266 |
| Goldman Sachs Group, Inc.(The) |  |  |
| &nbsp;&nbsp;&nbsp; 1.54%, 09/10/27, (1-day SOFR + 0.82%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD30 | 29691 |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/07/30 | &nbsp;&nbsp;&nbsp; USD100 | 93181 |
| &nbsp;&nbsp;&nbsp; 3.10%, 02/24/33, (1-day SOFR + 1.41%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD442 | 400178 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 12/18/36, (3-mo. EURIBOR + <br> 1.10%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR200 | $231570 |
| &nbsp;&nbsp;&nbsp; 4.48%, 08/23/28, (1-day SOFR + 1.73%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 27010 |
| &nbsp;&nbsp;&nbsp; 4.80%, 07/08/44 | &nbsp;&nbsp;&nbsp; USD100 | 88999 |
| &nbsp;&nbsp;&nbsp; 5.39%, 02/02/41, (5-year CMT + 1.18%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD96 | 93442 |
| &nbsp;&nbsp;&nbsp; 5.54%, 01/28/36, (1-day SOFR + 1.38%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD189 | 192092 |
| &nbsp;&nbsp;&nbsp; 5.54%, 01/21/47, (1-day SOFR + 1.32%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD104 | 99450 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.21%, 08/17/29, (1-day SOFR + 1.29%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 189682 |
| &nbsp;&nbsp;&nbsp; 5.21%, 08/11/28, (1-day SOFR + 2.61%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 201618 |
| &nbsp;&nbsp;&nbsp; 5.73%, 05/17/32, (1-day SOFR + 1.52%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD220 | 227913 |
| &nbsp;&nbsp;&nbsp; 6.16%, 03/09/29, (1-day SOFR + 1.97%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 205599 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/15/37 | &nbsp;&nbsp;&nbsp; USD168 | 180228 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, 6.50%, 03/14/29, (1-year <br> GBP Swap + 2.59%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP150 | 208781 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 11/19/31, (3-mo. CME Term SOFR + <br> 1.11%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD93 | 81904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 04/22/42, (3-mo. CME Term SOFR + <br> 1.46%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD260 | 196406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 07/24/48, (3-mo. CME Term SOFR + <br> 1.72%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD107 | 84432 |
| &nbsp;&nbsp;&nbsp; 4.51%, 10/22/28, (1-day SOFR + 0.86%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100115 |
| &nbsp;&nbsp;&nbsp; 4.62%, 04/23/32, (1-day SOFR + 0.99%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD47 | 46775 |
| &nbsp;&nbsp;&nbsp; 5.15%, 04/23/37, (1-day SOFR + 1.26%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD20 | 19880 |
| &nbsp;&nbsp;&nbsp; 5.35%, 06/01/34, (1-day SOFR + 1.85%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD237 | 241909 |
| &nbsp;&nbsp;&nbsp; 5.58%, 07/23/36, (1-day SOFR + 1.64%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD118 | 119709 |
| &nbsp;&nbsp;&nbsp; 5.77%, 04/22/35, (1-day SOFR + 1.49%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD298 | 310645 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/23/34, (1-day SOFR + 1.81%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD180 | 193056 |
| Keybank National Association, 5.00%, 01/26/33 | &nbsp;&nbsp;&nbsp; USD250 | 247563 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, 5.09%, 11/26/28, <br> (1-year CMT + 0.85%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD223 | 224932 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp., 5.40%, 07/30/35, (5-year CMT <br> + 1.43%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD98 | 98089 |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd., 5.31%, 08/20/36, (3-month <br> BB Swap + 1.32%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; AUD400 | 286900 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.02%, 07/20/28, (1-year CMT + 1.95%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 201281 |
| &nbsp;&nbsp;&nbsp; 5.47%, 09/13/33, (1-year CMT + 2.13%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 205536 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc., 2.20%, 07/10/31, <br> (3-mo. CME Term SOFR + 1.77%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD215 | 194082 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/07/36, (3-mo. EURIBOR + <br> 1.12%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR120 | 136822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/22/36, (3-mo. EURIBOR + <br> 1.55%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 117922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 04/16/32, (1-day SOFR Index + <br> 1.18%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD25 | 24939 |
| &nbsp;&nbsp;&nbsp; 5.23%, 01/15/31, (1-day SOFR + 1.11%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD77 | 78276 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/21/34, (1-day SOFR + 1.87%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD238 | 240383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/10/37, (1-day SOFR Index + <br> 1.41%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD15 | 14910 |
| &nbsp;&nbsp;&nbsp; 5.66%, 04/17/36, (1-day SOFR + 1.76%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD88 | 90398 |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/13/47, (1-day SOFR + 1.78%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD47 | 47087 |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/24/42 | &nbsp;&nbsp;&nbsp; USD395 | 425574 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Finance LLC,0.00%, <br> 05/08/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR705 | 827423 |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, 4.89%, 05/18/29, (3-mo. <br> SOFR US + 2.01%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 201299 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), <br> 5.94%, 08/18/34, (1-day SOFR + 1.95%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD566 | 595037 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp; 4.24%, 08/03/27 | &nbsp;&nbsp;&nbsp; USD35 | 35036 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/06/29, (1-day SOFR + 0.89%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD147 | 147122 |
| &nbsp;&nbsp;&nbsp; 4.70%, 08/06/31, (1-day SOFR + 1.06%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD62 | 61916 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc., 5.35%, 09/06/30, <br> (1-day SOFR + 1.94%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD111 | $112172 |
| &nbsp;&nbsp;&nbsp; Standard Chartered PLC, 7.63%, (5-year CMT + <br> 3.02%)<sup>(b)(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; USD300 | 314625 |
| &nbsp;&nbsp;&nbsp; State Street Corp., 4.54%, 04/24/28, (1-day <br> SOFR + 0.95%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD244 | 244624 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., 4.11%, <br> 01/15/29<br>| &nbsp;&nbsp;&nbsp; USD293 | 290663 |
| Texas Capital Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/06/31, (5-year CMT + 3.15%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD32 | 31988 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/27/32, (1-day SOFR + 1.94%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD18 | 17855 |
| Toronto-Dominion Bank(The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.86%, 01/31/28 | &nbsp;&nbsp;&nbsp; USD100 | 100778 |
| &nbsp;&nbsp;&nbsp; 5.15%, 09/10/34, (5-year CMT + 1.50%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD170 | 170911 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.12%, 01/26/34, (1-day SOFR + 1.85%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD132 | 131931 |
| &nbsp;&nbsp;&nbsp; 5.44%, 01/24/30, (1-day SOFR + 1.62%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD69 | 70604 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp; 4.48%, 01/26/32, (1-day SOFR + 0.87%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD47 | 46457 |
| &nbsp;&nbsp;&nbsp; 4.55%, 07/22/28, (1-day SOFR + 1.66%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD19 | 19030 |
| &nbsp;&nbsp;&nbsp; 4.84%, 02/01/34, (1-day SOFR + 1.60%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD116 | 114728 |
| &nbsp;&nbsp;&nbsp; 5.78%, 06/12/29, (1-day SOFR + 2.02%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 102622 |
| UBS Group AG, Series .., 7.13%<sup>(b)(c)(g)</sup> | &nbsp;&nbsp;&nbsp; AUD290 | 204088 |
| United Overseas Bank Ltd., 3.00%<sup>(b)(c)(g)</sup> | &nbsp;&nbsp;&nbsp; SGD250 | 195558 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.07%, 04/30/41, (1-day SOFR + 2.53%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 75347 |
| &nbsp;&nbsp;&nbsp; 3.35%, 03/02/33, (1-day SOFR + 1.50%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD77 | 70889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/22/32, (3-mo. EURIBOR + <br> 1.22%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR200 | 237400 |
| &nbsp;&nbsp;&nbsp; 4.61%, 04/25/53, (1-day SOFR + 2.13%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD44 | 36456 |
| &nbsp;&nbsp;&nbsp; 4.75%, 12/07/46 | &nbsp;&nbsp;&nbsp; USD152 | 128255 |
| &nbsp;&nbsp;&nbsp; 4.89%, 09/15/36, (1-day SOFR + 1.34%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD143 | 139306 |
| &nbsp;&nbsp;&nbsp; 5.15%, 04/23/31, (1-day SOFR + 1.50%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD131 | 133256 |
| &nbsp;&nbsp;&nbsp; 5.24%, 01/24/31, (1-day SOFR + 1.11%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD67 | 68300 |
| &nbsp;&nbsp;&nbsp; 5.39%, 04/24/34, (1-day SOFR + 2.02%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD248 | 252466 |
| Westpac Banking Corp., 3.13%, 11/18/41 | &nbsp;&nbsp;&nbsp; USD107 | 78845 |
|  |  | 18186413 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch Cos LLC/Anheuser-Busch <br> InBev Worldwide, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/01/36 | &nbsp;&nbsp;&nbsp; USD64 | 62531 |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 | &nbsp;&nbsp;&nbsp; USD118 | 106742 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc., 5.55%, <br> 01/23/49<br>| &nbsp;&nbsp;&nbsp; USD100 | 97610 |
| Coca-Cola Co.(The) |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/01/40 | &nbsp;&nbsp;&nbsp; USD100 | 73383 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/13/54 | &nbsp;&nbsp;&nbsp; USD69 | 65901 |
| Constellation Brands, Inc., 3.60%, 02/15/28 | &nbsp;&nbsp;&nbsp; USD100 | 98550 |
| Heineken NV, 3.51%, 05/03/34<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR110 | 126735 |
| Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 05/01/30 | &nbsp;&nbsp;&nbsp; USD118 | 111031 |
| &nbsp;&nbsp;&nbsp; 4.35%, 05/15/28 | &nbsp;&nbsp;&nbsp; USD100 | 99608 |
| &nbsp;&nbsp;&nbsp; PepsiCo Singapore Financing I Pte. Ltd., 4.70%, <br> 02/16/34<br>| &nbsp;&nbsp;&nbsp; USD167 | 166486 |
| PepsiCo, Inc., 3.45%, 10/06/46 | &nbsp;&nbsp;&nbsp; USD100 | 74041 |
|  |  | 1082618 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/15/32 | &nbsp;&nbsp;&nbsp; USD618 | 534861 |
| &nbsp;&nbsp;&nbsp; 2.45%, 02/21/30 | &nbsp;&nbsp;&nbsp; USD100 | 92977 |
| &nbsp;&nbsp;&nbsp; 3.15%, 02/21/40 | &nbsp;&nbsp;&nbsp; USD86 | 66822 |
| &nbsp;&nbsp;&nbsp; 4.66%, 06/15/51 | &nbsp;&nbsp;&nbsp; USD116 | 97131 |
| Gilead Sciences, Inc., 4.75%, 03/01/46 | &nbsp;&nbsp;&nbsp; USD141 | 124803 |
| Royalty Pharma PLC, 2.15%, 09/02/31 | &nbsp;&nbsp;&nbsp; USD13 | 11398 |
|  |  | 927992 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** |
| Builders FirstSource, Inc., 5.00%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD17 | $16636 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald Co-Issuer, Inc., <br> 6.63%, 12/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD50 | 51189 |
| Quikrete Holdings, Inc., 6.38%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 50789 |
| &nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc., 6.50%, <br> 08/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 100988 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc./New York, 4.75%, <br> 01/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD12 | 11931 |
|  |  | 231533 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| Brenntag Finance BV, 3.38%, 10/02/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR200 | 229564 |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.05%, 11/15/30 | &nbsp;&nbsp;&nbsp; USD50 | 53671 |
| &nbsp;&nbsp;&nbsp; 7.38%, 07/15/32 | &nbsp;&nbsp;&nbsp; USD100 | 105978 |
| Chemours Co.(The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 95919 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD18 | 17960 |
| Dow Chemical Co.(The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/15/49 | &nbsp;&nbsp;&nbsp; USD40 | 31522 |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/15/55 | &nbsp;&nbsp;&nbsp; USD488 | 446388 |
| &nbsp;&nbsp;&nbsp; 9.40%, 05/15/39 | &nbsp;&nbsp;&nbsp; USD100 | 128607 |
| DuPont de Nemours, Inc., 4.73%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD125 | 125527 |
| Ecolab, Inc., 4.30%, 06/15/28 | &nbsp;&nbsp;&nbsp; USD31 | 31055 |
| &nbsp;&nbsp;&nbsp; FMC Corp., 8.45%, 11/01/55, (5-year CMT + <br> 4.37%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD48 | 31811 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 118266 |
| LYB International Finance III LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 10/01/40 | &nbsp;&nbsp;&nbsp; USD87 | 63948 |
| &nbsp;&nbsp;&nbsp; 3.63%, 04/01/51 | &nbsp;&nbsp;&nbsp; USD247 | 160715 |
| &nbsp;&nbsp;&nbsp; 4.20%, 10/15/49 | &nbsp;&nbsp;&nbsp; USD378 | 271558 |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/36 | &nbsp;&nbsp;&nbsp; USD762 | 769729 |
| Methanex Corp., 5.13%, 10/15/27 | &nbsp;&nbsp;&nbsp; USD100 | 100056 |
| NOVA Chemicals Corp., 4.25%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 24356 |
| Nutrien Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 05/13/30 | &nbsp;&nbsp;&nbsp; USD91 | 85452 |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/27/28 | &nbsp;&nbsp;&nbsp; USD100 | 100818 |
| Olin Corp., 5.00%, 02/01/30 | &nbsp;&nbsp;&nbsp; USD27 | 26168 |
| Sherwin-Williams Co. (The), 4.30%, 08/15/28 | &nbsp;&nbsp;&nbsp; USD217 | 216375 |
|  |  | 3235443 |
| **Commercial Services — 0.5%** | **Commercial Services — 0.5%** | **Commercial Services — 0.5%** |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD24 | 25173 |
| APCOA GmbH, 6.00%, 04/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 117500 |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | 11715 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100537 |
| &nbsp;&nbsp;&nbsp; BCP V Modular Services Finance II PLC, 6.50%, <br> 07/10/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 102892 |
| Block, Inc., 3.50%, 06/01/31 | &nbsp;&nbsp;&nbsp; USD100 | 90813 |
| Brink's Co. (The), 4.63%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD11 | 10947 |
| &nbsp;&nbsp;&nbsp; DP World Ltd./United Arab Emirates, 6.85%, <br> 07/02/37<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD180 | 193838 |
| EC Finance PLC, 3.25%, 10/15/26<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 115647 |
| EquipmentShare.com, Inc., 9.00%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 51837 |
| Garda World Security Corp., 8.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 51157 |
| GEO Group, Inc. (The), 8.63%, 04/15/29 | &nbsp;&nbsp;&nbsp; USD100 | 104042 |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/15/30 | &nbsp;&nbsp;&nbsp; USD28 | 27519 |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/15/35 | &nbsp;&nbsp;&nbsp; USD33 | 31827 |
| Herc Holdings, Inc., 6.63%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 51233 |
| ION Platform Finance SARL, 6.50%, 09/30/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 97912 |
| &nbsp;&nbsp;&nbsp; Motability Operations Group PLC, 4.13%, <br> 02/04/38<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR160 | 184978 |
| Multiversity SpA, 7.13%, 05/17/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 121931 |
| PayPal Holdings, Inc., 2.85%, 10/01/29 | &nbsp;&nbsp;&nbsp; USD169 | 160216 |
| S&P Global, Inc., 4.25%, 05/01/29 | &nbsp;&nbsp;&nbsp; USD239 | 237762 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp; Triton Container International Ltd./TAL <br> International Container Corp., 5.15%, <br> 02/15/33<br>| &nbsp;&nbsp;&nbsp; USD100 | $98162 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc., 3.75%, <br> 01/15/32<br>| &nbsp;&nbsp;&nbsp; USD100 | 92816 |
| Verisk Analytics, Inc., 4.45%, 03/15/31 | &nbsp;&nbsp;&nbsp; USD25 | 24656 |
| WestConnex Finance Co. Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.94%, 04/30/32 | &nbsp;&nbsp;&nbsp; AUD390 | 278402 |
| &nbsp;&nbsp;&nbsp; 6.41%, 04/30/36 | &nbsp;&nbsp;&nbsp; AUD320 | 228428 |
| Worldline SA/France, 0.88%, 06/30/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 111629 |
|  |  | 2723569 |
| **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
| Amentum Holdings, Inc., 7.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 51755 |
| Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 08/20/30 | &nbsp;&nbsp;&nbsp; USD269 | 237985 |
| &nbsp;&nbsp;&nbsp; 2.55%, 08/20/60 | &nbsp;&nbsp;&nbsp; USD140 | 75169 |
| &nbsp;&nbsp;&nbsp; 2.65%, 02/08/51 | &nbsp;&nbsp;&nbsp; USD120 | 72965 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/09/47 | &nbsp;&nbsp;&nbsp; USD228 | 191024 |
| Atos SE, Series ., 9.73%, 12/18/29<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; EUR187 | 250580 |
| Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 10/01/29 | &nbsp;&nbsp;&nbsp; USD100 | 102173 |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/01/32 | &nbsp;&nbsp;&nbsp; USD36 | 36702 |
| Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD365 | 343606 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD818 | 803483 |
| Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/25/27 | &nbsp;&nbsp;&nbsp; USD73 | 72935 |
| &nbsp;&nbsp;&nbsp; 4.85%, 10/15/31 | &nbsp;&nbsp;&nbsp; USD94 | 93465 |
| International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/49 | &nbsp;&nbsp;&nbsp; USD157 | 120567 |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/19/46 | &nbsp;&nbsp;&nbsp; USD171 | 144687 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 106386 |
| NCR Voyix Corp., 5.00%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD17 | 16647 |
|  |  | 2720129 |
| **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Companies, Inc. (The), 4.38%, <br> 05/15/28<br>| &nbsp;&nbsp;&nbsp; USD100 | 100048 |
| Kenvue, Inc., 5.05%, 03/22/28 | &nbsp;&nbsp;&nbsp; USD191 | 193616 |
| Perrigo Finance Unlimited Co., 5.38%, 09/30/32 | &nbsp;&nbsp;&nbsp; EUR100 | 113558 |
| Procter & Gamble Co. (The), 4.05%, 05/01/30 | &nbsp;&nbsp;&nbsp; USD200 | 199429 |
|  |  | 606651 |
| **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 5.30%, 01/19/34<br>| &nbsp;&nbsp;&nbsp; USD225 | 224696 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc., 6.99%, 06/13/29, (1-day <br> SOFR + 3.26%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 104001 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.46%, 02/10/32, (1-day SOFR + 0.87%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD18 | 17813 |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/24/36, (1-day SOFR + 1.24%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD65 | 62964 |
| &nbsp;&nbsp;&nbsp; 5.04%, 05/01/34, (1-day SOFR + 1.84%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD40 | 40151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 07/27/29, (1-day SOFR Index + <br> 1.28%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD190 | 193500 |
| &nbsp;&nbsp;&nbsp; AT&T Reign II Multi-Property Lease-Backed <br> Pass-Through Trust, 6.09%, 12/15/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD123 | 121360 |
| Blue Owl Finance LLC, 3.13%, 06/10/31 | &nbsp;&nbsp;&nbsp; USD100 | 87040 |
| Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 01/25/28 | &nbsp;&nbsp;&nbsp; USD100 | 98822 |
| &nbsp;&nbsp;&nbsp; 6.35%, 01/05/34 | &nbsp;&nbsp;&nbsp; USD100 | 106401 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., 7.96%, 11/02/34, <br> (1-day SOFR Index + 3.37%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD232 | 267614 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The), 6.20%, 11/17/29, <br> (1-day SOFR + 1.88%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD291 | 303456 |
| Credit Acceptance Corp., 6.63%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99666 |
| Encore Capital Group, Inc., 4.25%, 06/01/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP100 | 130519 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp; Flourishing Trade & Investment Ltd., 11.04%, <br> 04/02/30<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; USD223 | $230244 |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, 8.38%, <br> 04/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 101386 |
| Garfunkelux Holdco 3 SA, 9.00%, 09/01/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR96 | 113496 |
| GS Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD1,260 | 1194808 |
| &nbsp;&nbsp;&nbsp; 6.11%, 02/17/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD356 | 346411 |
| &nbsp;&nbsp;&nbsp; 7.35%, 02/17/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD738 | 720434 |
| Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/21/48 | &nbsp;&nbsp;&nbsp; USD274 | 221844 |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/15/33 | &nbsp;&nbsp;&nbsp; USD78 | 77123 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., 7.13%, <br> 04/30/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD50 | 51839 |
| LPL Holdings, Inc., 5.70%, 05/20/27 | &nbsp;&nbsp;&nbsp; USD100 | 101063 |
| Mastercard, Inc., 2.95%, 06/01/29 | &nbsp;&nbsp;&nbsp; USD325 | 313570 |
| Muangthai Capital PCL |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/30/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 201008 |
| &nbsp;&nbsp;&nbsp; 7.55%, 07/21/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD250 | 253537 |
| Muthoot Finance Ltd., 5.75%, 08/04/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 198050 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., 7.13%, <br> 11/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD50 | 50657 |
| Rocket Companies, Inc., 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 101869 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD28 | 27749 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 45049 |
| Sammaan Capital Ltd., 9.70%, 07/03/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 205650 |
| Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/28/31 | &nbsp;&nbsp;&nbsp; USD87 | 76449 |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/19/29 | &nbsp;&nbsp;&nbsp; USD235 | 235578 |
| &nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC, 5.50%, <br> 04/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD27 | 25762 |
| UWM Holdings LLC, 6.25%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD14 | 12983 |
| Visa, Inc., 4.70%, 02/12/36 | &nbsp;&nbsp;&nbsp; USD56 | 55473 |
|  |  | 6820035 |
| **Electric — 2.9%** | **Electric — 2.9%** | **Electric — 2.9%** |
| AEP Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Series E, 6.65%, 02/15/33 | &nbsp;&nbsp;&nbsp; USD14 | 15108 |
| &nbsp;&nbsp;&nbsp; Series G, 4.15%, 05/01/49 | &nbsp;&nbsp;&nbsp; USD22 | 16629 |
| AEP Transmission Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 09/15/49 | &nbsp;&nbsp;&nbsp; USD47 | 30851 |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/01/47 | &nbsp;&nbsp;&nbsp; USD24 | 17822 |
| &nbsp;&nbsp;&nbsp; 3.80%, 06/15/49 | &nbsp;&nbsp;&nbsp; USD6 | 4412 |
| &nbsp;&nbsp;&nbsp; Series N, 2.75%, 08/15/51 | &nbsp;&nbsp;&nbsp; USD20 | 12005 |
| &nbsp;&nbsp;&nbsp; AES Corp. (The), 6.95%, 07/15/55, (5-year CMT <br> + 2.89%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 97555 |
| Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 12/01/42 | &nbsp;&nbsp;&nbsp; USD9 | 7232 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/41 | &nbsp;&nbsp;&nbsp; USD15 | 14822 |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/39 | &nbsp;&nbsp;&nbsp; USD12 | 12683 |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., Series C, <br> 5.80%, 03/15/56, (5-year CMT + 2.13%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD32 | 31820 |
| Arizona Public Service Co., 5.10%, 03/15/36 | &nbsp;&nbsp;&nbsp; USD651 | 640876 |
| Baltimore Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 06/15/50 | &nbsp;&nbsp;&nbsp; USD5 | 3129 |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/47 | &nbsp;&nbsp;&nbsp; USD17 | 12664 |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 5.63%, 02/15/32<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR200 | 234426 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, <br> 5.15%, 03/01/34<br>| &nbsp;&nbsp;&nbsp; USD151 | 152394 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., 6.70%, 05/15/55, <br> (5-year CMT + 2.59%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD224 | 228503 |
| &nbsp;&nbsp;&nbsp; Clean Renewable Power Mauritius Pte. Ltd., <br> 4.25%, 03/25/27<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD294 | 289590 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp., 3.75%, 12/01/50, (5-year <br> CMT + 2.90%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD191 | $176065 |
| Commonwealth Edison Co., 3.80%, 10/01/42 | &nbsp;&nbsp;&nbsp; USD356 | 286346 |
| &nbsp;&nbsp;&nbsp; Connecticut Light and Power Co. (The), 4.95%, <br> 01/15/30<br>| &nbsp;&nbsp;&nbsp; USD44 | 44686 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., <br> 4.50%, 05/15/58<br>| &nbsp;&nbsp;&nbsp; USD237 | 188706 |
| Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 01/15/31 | &nbsp;&nbsp;&nbsp; USD132 | 130631 |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD23 | 22856 |
| &nbsp;&nbsp;&nbsp; Continuum Energy Aura Pte. Ltd., 9.50%, <br> 02/24/27<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 201750 |
| &nbsp;&nbsp;&nbsp; ContourGlobal Power Holdings SA, 4.38%, <br> 07/31/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 113846 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc., Series B, 7.00%, <br> 06/01/54, (5-year CMT + 2.51%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD60 | 63977 |
| DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.85%, 03/01/36 | &nbsp;&nbsp;&nbsp; USD35 | 34221 |
| &nbsp;&nbsp;&nbsp; Series B, 5.55%, 03/01/56 | &nbsp;&nbsp;&nbsp; USD35 | 33546 |
| DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/01/27 | &nbsp;&nbsp;&nbsp; USD100 | 100617 |
| &nbsp;&nbsp;&nbsp; Series C, 3.40%, 06/15/29 | &nbsp;&nbsp;&nbsp; USD138 | 133416 |
| Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 08/15/49 | &nbsp;&nbsp;&nbsp; USD64 | 42756 |
| &nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 | &nbsp;&nbsp;&nbsp; USD41 | 28338 |
| &nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 | &nbsp;&nbsp;&nbsp; USD27 | 19964 |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/53 | &nbsp;&nbsp;&nbsp; USD58 | 54183 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/15/51 | &nbsp;&nbsp;&nbsp; USD12 | 8039 |
| &nbsp;&nbsp;&nbsp; 3.95%, 08/15/47 | &nbsp;&nbsp;&nbsp; USD26 | 19412 |
| Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 06/01/30 | &nbsp;&nbsp;&nbsp; USD99 | 90178 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/33 | &nbsp;&nbsp;&nbsp; USD47 | 48039 |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/54 | &nbsp;&nbsp;&nbsp; USD50 | 47614 |
| Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/15/50 | &nbsp;&nbsp;&nbsp; USD178 | 101431 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/52 | &nbsp;&nbsp;&nbsp; USD9 | 6797 |
| &nbsp;&nbsp;&nbsp; EDP SA, 1.50%, 03/14/82, (5-year EUR Swap + <br> 1.89%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 115352 |
| &nbsp;&nbsp;&nbsp; Entergy Corp., 5.88%, 06/15/56, (5-year CMT + <br> 2.18%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD145 | 145059 |
| Entergy Louisiana LLC, 4.95%, 01/15/45 | &nbsp;&nbsp;&nbsp; USD206 | 187247 |
| Evergy Kansas Central, Inc., 5.90%, 11/15/33 | &nbsp;&nbsp;&nbsp; USD60 | 63387 |
| Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/01/28 | &nbsp;&nbsp;&nbsp; USD100 | 101494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.10%, 08/15/56, (5-year CMT + <br> 2.52%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD97 | 96607 |
| &nbsp;&nbsp;&nbsp; Series R, 1.65%, 08/15/30 | &nbsp;&nbsp;&nbsp; USD100 | 88111 |
| FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/01/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD135 | 111853 |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/01/49<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD36 | 29827 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/33 | &nbsp;&nbsp;&nbsp; USD307 | 303794 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/35 | &nbsp;&nbsp;&nbsp; USD260 | 256542 |
| &nbsp;&nbsp;&nbsp; 5.45%, 07/15/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD46 | 43585 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/01/35 | &nbsp;&nbsp;&nbsp; USD109 | 108881 |
| &nbsp;&nbsp;&nbsp; 5.69%, 03/01/40 | &nbsp;&nbsp;&nbsp; USD322 | 332820 |
| Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 05/15/32 | &nbsp;&nbsp;&nbsp; USD24 | 24076 |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/15/31 | &nbsp;&nbsp;&nbsp; USD11 | 11140 |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/17/33 | &nbsp;&nbsp;&nbsp; USD28 | 28198 |
| &nbsp;&nbsp;&nbsp; Series B, 3.70%, 01/30/50 | &nbsp;&nbsp;&nbsp; USD16 | 11683 |
| India Clean Energy Holdings, 4.50%, 04/18/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 393138 |
| MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 04/15/50 | &nbsp;&nbsp;&nbsp; USD36 | 23935 |
| &nbsp;&nbsp;&nbsp; 3.65%, 08/01/48 | &nbsp;&nbsp;&nbsp; USD8 | 5859 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp; Mong Duong Finance Holdings BV, 5.13%, <br> 05/07/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD145 | $143035 |
| MVM Energetika Zrt, 6.50%, 03/13/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 209380 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance <br> Corp., 5.05%, 09/15/28<br>| &nbsp;&nbsp;&nbsp; USD193 | 195990 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., 4.00%, <br> 05/15/56, (5-year EURIBOR ICE Swap + <br> 1.59%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; EUR200 | 228476 |
| Northern States Power Co./MN, 5.35%, 11/01/39 | &nbsp;&nbsp;&nbsp; USD200 | 199469 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD24 | 22294 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99954 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD126 | 136968 |
| Ohio Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/49 | &nbsp;&nbsp;&nbsp; USD21 | 15642 |
| &nbsp;&nbsp;&nbsp; Series P, 2.60%, 04/01/30 | &nbsp;&nbsp;&nbsp; USD57 | 52897 |
| &nbsp;&nbsp;&nbsp; Series R, 2.90%, 10/01/51 | &nbsp;&nbsp;&nbsp; USD66 | 39558 |
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, 2.70%, <br> 11/15/51<br>| &nbsp;&nbsp;&nbsp; USD76 | 44437 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 08/01/40 | &nbsp;&nbsp;&nbsp; USD218 | 163085 |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/01/50 | &nbsp;&nbsp;&nbsp; USD209 | 138059 |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/42 | &nbsp;&nbsp;&nbsp; USD136 | 101652 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 | &nbsp;&nbsp;&nbsp; USD197 | 145052 |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/15/46 | &nbsp;&nbsp;&nbsp; USD66 | 50755 |
| &nbsp;&nbsp;&nbsp; 4.60%, 06/15/43 | &nbsp;&nbsp;&nbsp; USD8 | 6590 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/44 | &nbsp;&nbsp;&nbsp; USD51 | 42614 |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/01/50 | &nbsp;&nbsp;&nbsp; USD111 | 92191 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/52 | &nbsp;&nbsp;&nbsp; USD52 | 44544 |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/15/27 | &nbsp;&nbsp;&nbsp; USD100 | 100909 |
| &nbsp;&nbsp;&nbsp; 5.90%, 10/01/54 | &nbsp;&nbsp;&nbsp; USD157 | 147145 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/56 | &nbsp;&nbsp;&nbsp; USD2,665 | 2538656 |
| &nbsp;&nbsp;&nbsp; 6.10%, 10/15/55 | &nbsp;&nbsp;&nbsp; USD329 | 317426 |
| &nbsp;&nbsp;&nbsp; 6.15%, 03/01/55 | &nbsp;&nbsp;&nbsp; USD172 | 166989 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/53 | &nbsp;&nbsp;&nbsp; USD629 | 656767 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 02/15/50 | &nbsp;&nbsp;&nbsp; USD100 | 75142 |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/37 | &nbsp;&nbsp;&nbsp; USD175 | 183307 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/30 | &nbsp;&nbsp;&nbsp; USD368 | 364307 |
| &nbsp;&nbsp;&nbsp; 6.85%, 09/15/56, (5-year CMT + 3.23%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD357 | 356929 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/15/55, (5-year CMT + 3.88%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD333 | 342510 |
| Pinnacle West Capital Corp., 5.15%, 05/15/30 | &nbsp;&nbsp;&nbsp; USD224 | 227810 |
| PPL Electric Utilities Corp., 4.85%, 02/15/34 | &nbsp;&nbsp;&nbsp; USD269 | 268725 |
| Public Service Co. of Colorado, 1.88%, 06/15/31 | &nbsp;&nbsp;&nbsp; USD34 | 29709 |
| &nbsp;&nbsp;&nbsp; Public Service Electric and Gas Co., 3.65%, <br> 09/01/42<br>| &nbsp;&nbsp;&nbsp; USD100 | 78882 |
| San Diego Gas & Electric Co., 4.95%, 08/15/28 | &nbsp;&nbsp;&nbsp; USD100 | 101343 |
| &nbsp;&nbsp;&nbsp; San Miguel Global Power Holdings Corp., 8.38%, <br> (5-year CMT + 7.12%)<sup>(b)(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 199002 |
| &nbsp;&nbsp;&nbsp; Sempra, 6.55%, 04/01/55, (5-year CMT + <br> 2.14%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD178 | 179829 |
| &nbsp;&nbsp;&nbsp; Sierra Pacific Power Co., 6.20%, 12/15/55, <br> (5-year CMT + 2.55%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD232 | 228160 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/47 | &nbsp;&nbsp;&nbsp; USD100 | 73830 |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/01/36 | &nbsp;&nbsp;&nbsp; USD35 | 34931 |
| &nbsp;&nbsp;&nbsp; 6.20%, 09/15/55 | &nbsp;&nbsp;&nbsp; USD100 | 97962 |
| Southern Co.(The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/15/35 | &nbsp;&nbsp;&nbsp; USD61 | 59356 |
| &nbsp;&nbsp;&nbsp; 5.70%, 10/15/32 | &nbsp;&nbsp;&nbsp; USD65 | 67943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, 6.38%, 03/15/55, (5-year CMT + <br> 2.07%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD50 | 51502 |
| &nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., 5.20%, <br> 04/01/36<br>| &nbsp;&nbsp;&nbsp; USD27 | 26637 |
| Union Electric Co., 5.30%, 08/01/37 | &nbsp;&nbsp;&nbsp; USD143 | 144499 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Virginia Electric and Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 08/15/53 | &nbsp;&nbsp;&nbsp; USD122 | $118356 |
| &nbsp;&nbsp;&nbsp; 6.35%, 11/30/37 | &nbsp;&nbsp;&nbsp; USD140 | 151444 |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/15/38 | &nbsp;&nbsp;&nbsp; USD73 | 95353 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/31/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD16 | 15997 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD136 | 140333 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 104873 |
| VoltaGrid LLC, 7.38%, 11/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD49 | 50858 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc., 5.63%, 05/15/56, <br> (5-year CMT + 1.91%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99385 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP, <br> 8.38%, 01/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 106857 |
|  |  | 16478828 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| Energizer Holdings, Inc., 4.38%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD18 | 17316 |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
| Amphenol Corp., 2.80%, 02/15/30 | &nbsp;&nbsp;&nbsp; USD100 | 94327 |
| Sensata Technologies, Inc., 4.38%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 24239 |
|  |  | 118566 |
| **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 199140 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Cellnex Finance Co. SA, 3.88%, 01/19/36<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 113480 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD11 | 10617 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 101520 |
| Churchill Downs, Inc., 6.75%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD24 | 24547 |
| Discovery Global Holdings, Inc., 3.76%, 03/15/27 | &nbsp;&nbsp;&nbsp; USD1,913 | 1896869 |
| &nbsp;&nbsp;&nbsp; Light & Wonder International, Inc., 7.50%, <br> 09/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 104218 |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 24517 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | 11964 |
| &nbsp;&nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming <br> Finance Corp., 4.88%, 05/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD11 | 10755 |
| &nbsp;&nbsp;&nbsp; Resorts World Las Vegas LLC/RWLV Capital, <br> Inc., 4.63%, 04/16/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD300 | 267750 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., 7.25%, <br> 05/15/31<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 98600 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp/Canada's <br> Wonderland Co/Millennium Operations LLC, <br> 8.63%, 01/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD12 | 12200 |
| Tabcorp Finance Pty. Ltd., 5.99%, 05/28/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; AUD250 | 174645 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp., 5.13%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD16 | 15894 |
|  |  | 2754096 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| Biffa Group Holdings Ltd., 5.25%, 06/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 115926 |
| GFL Environmental, Inc., 4.00%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 48865 |
| Republic Services, Inc., 5.00%, 11/15/29 | &nbsp;&nbsp;&nbsp; USD144 | 147000 |
| Reworld Holding Corp., 4.88%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD28 | 26761 |
| Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 03/15/31 | &nbsp;&nbsp;&nbsp; USD152 | 132255 |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/28 | &nbsp;&nbsp;&nbsp; USD30 | 30214 |
|  |  | 501021 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| &nbsp;&nbsp;&nbsp; Albertsons Companies, Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC, 3.50%, <br> 03/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD50 | 47682 |
| Campbell's Co. (The), 4.55%, 03/21/31 | &nbsp;&nbsp;&nbsp; USD215 | 208660 |
| Conagra Brands, Inc., 4.85%, 11/01/28 | &nbsp;&nbsp;&nbsp; USD173 | 173328 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| Froneri Lux FinCo SARL, 4.75%, 08/01/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | $113667 |
| J M Smucker Co. (The), 3.38%, 12/15/27 | &nbsp;&nbsp;&nbsp; USD100 | 98506 |
| Kraft Heinz Foods Co., 6.88%, 01/26/39 | &nbsp;&nbsp;&nbsp; USD100 | 108800 |
| Mondelez International, Inc., 4.25%, 05/06/28 | &nbsp;&nbsp;&nbsp; USD100 | 99869 |
| Pilgrim's Pride Corp., 4.25%, 04/15/31 | &nbsp;&nbsp;&nbsp; USD18 | 17301 |
| Post Holdings, Inc., 4.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD106 | 102983 |
| Sysco Corp., 5.95%, 04/01/30 | &nbsp;&nbsp;&nbsp; USD100 | 104064 |
|  |  | 1074860 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., <br> 9.38%, 06/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD6 | 6156 |
| APA Infrastructure Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.37%, 04/28/56, (3-month BB Swap + <br> 2.00%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; AUD170 | 122465 |
| &nbsp;&nbsp;&nbsp; 6.42%, 04/28/36 | &nbsp;&nbsp;&nbsp; AUD250 | 179122 |
| Atmos Energy Corp., 3.00%, 06/15/27 | &nbsp;&nbsp;&nbsp; USD100 | 98703 |
| EP Infrastructure A/S |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/27/33<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 113932 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/29/34<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR125 | 143898 |
| NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.49%, 05/15/27 | &nbsp;&nbsp;&nbsp; USD100 | 99184 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/56, (5-year CMT + 2.04%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD149 | 149027 |
| &nbsp;&nbsp;&nbsp; Spire, Inc., 6.25%, 06/01/56, (5-year CMT + <br> 2.56%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99657 |
|  |  | 1012144 |
| **Health Care - Products — 0.2%** | **Health Care - Products — 0.2%** | **Health Care - Products — 0.2%** |
| Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/15/38 | &nbsp;&nbsp;&nbsp; USD300 | 289802 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/56 | &nbsp;&nbsp;&nbsp; USD76 | 73481 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD19 | 19617 |
| Baxter International, Inc., 1.73%, 04/01/31 | &nbsp;&nbsp;&nbsp; USD137 | 115511 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., 5.86%, <br> 03/15/30<br>| &nbsp;&nbsp;&nbsp; USD165 | 171824 |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD27 | 26232 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 49761 |
| Stryker Corp., 3.65%, 03/07/28 | &nbsp;&nbsp;&nbsp; USD100 | 98810 |
| Thermo Fisher Scientific, Inc., 4.55%, 06/15/33 | &nbsp;&nbsp;&nbsp; USD92 | 90741 |
|  |  | 935779 |
| **Health Care - Services — 0.5%** | **Health Care - Services — 0.5%** | **Health Care - Services — 0.5%** |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/31 | &nbsp;&nbsp;&nbsp; USD175 | 152519 |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/15/27 | &nbsp;&nbsp;&nbsp; USD20 | 19883 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc., <br> 3.75%, 03/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD6 | 5738 |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc., 10.88%, <br> 01/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD80 | 85919 |
| Cigna Group(The) |  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 03/15/30 | &nbsp;&nbsp;&nbsp; USD34 | 31482 |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/15/32 | &nbsp;&nbsp;&nbsp; USD134 | 134218 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/56 | &nbsp;&nbsp;&nbsp; USD100 | 99980 |
| DaVita, Inc., 6.88%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 103219 |
| Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 01/15/43 | &nbsp;&nbsp;&nbsp; USD209 | 183004 |
| &nbsp;&nbsp;&nbsp; 5.65%, 06/15/54 | &nbsp;&nbsp;&nbsp; USD33 | 31239 |
| Encompass Health Corp., 4.75%, 02/01/30 | &nbsp;&nbsp;&nbsp; USD25 | 24613 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 123754 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 11/15/32 | &nbsp;&nbsp;&nbsp; USD315 | 307200 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/30 | &nbsp;&nbsp;&nbsp; USD100 | 101838 |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/31 | &nbsp;&nbsp;&nbsp; USD155 | 159136 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/47 | &nbsp;&nbsp;&nbsp; USD100 | 91763 |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/01/34 | &nbsp;&nbsp;&nbsp; USD115 | 117879 |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/15/55 | &nbsp;&nbsp;&nbsp; USD391 | 363679 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/54 | &nbsp;&nbsp;&nbsp; USD87 | 83885 |
| &nbsp;&nbsp;&nbsp; 6.10%, 04/01/64 | &nbsp;&nbsp;&nbsp; USD83 | 80295 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| &nbsp;&nbsp;&nbsp; 6.20%, 03/01/55 | &nbsp;&nbsp;&nbsp; USD121 | $119700 |
| IQVIA, Inc., 6.25%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 101840 |
| Mehilainen Yhtiot Oy, 5.13%, 06/30/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR200 | 235619 |
| Molina Healthcare, Inc., 4.38%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD16 | 15775 |
| Select Medical Corp., 6.25%, 12/01/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD7 | 6797 |
| Tenet Healthcare Corp., 4.63%, 06/15/28 | &nbsp;&nbsp;&nbsp; USD116 | 115107 |
|  |  | 2896081 |
| **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** |
| Ares Capital Corp., 5.25%, 04/12/31 | &nbsp;&nbsp;&nbsp; USD100 | 97265 |
| Ares Strategic Income Fund, 5.15%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 95471 |
| Blackstone Private Credit Fund, 6.00%, 01/29/32 | &nbsp;&nbsp;&nbsp; USD100 | 98219 |
| Blue Owl Capital Corp., 6.20%, 07/15/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99315 |
| Blue Owl Credit Income Corp., 5.80%, 03/15/30 | &nbsp;&nbsp;&nbsp; USD100 | 97286 |
| Progroup AG, 5.38%, 04/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 118081 |
|  |  | 605637 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods <br> Finance Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3 | 2872 |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD10 | 9521 |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD7 | 6868 |
| Beazer Homes USA, Inc., 7.25%, 10/15/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD18 | 18234 |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | 11250 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD6 | 5779 |
| Forestar Group, Inc., 5.00%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD11 | 10915 |
| LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 11/15/32<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD15 | 14375 |
| &nbsp;&nbsp;&nbsp; 8.75%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD13 | 13386 |
| Mattamy Group Corp., 4.63%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD15 | 14325 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD10 | 10377 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc., 5.75%, <br> 01/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD15 | 15135 |
|  |  | 133037 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/15/29 | &nbsp;&nbsp;&nbsp; USD25 | 24983 |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/32 | &nbsp;&nbsp;&nbsp; USD100 | 97078 |
| Scotts Miracle-Gro Co. (The), 4.38%, 02/01/32 | &nbsp;&nbsp;&nbsp; USD25 | 23327 |
|  |  | 145388 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings <br> Co-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 51030 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 98259 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc., 4.85%, <br> 05/07/30<br>| &nbsp;&nbsp;&nbsp; USD130 | 131289 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 05/28/27 | &nbsp;&nbsp;&nbsp; USD100 | 98555 |
| &nbsp;&nbsp;&nbsp; 5.35%, 02/28/33 | &nbsp;&nbsp;&nbsp; USD87 | 89024 |
| Ardonagh Finco Ltd., 6.88%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 117500 |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., 6.88%, 06/28/55, (5-year <br> CMT + 2.58%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD33 | 32024 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp., 3.85%, <br> 03/15/52<br>| &nbsp;&nbsp;&nbsp; USD100 | 75445 |
| Brown & Brown, Inc., 2.38%, 03/15/31 | &nbsp;&nbsp;&nbsp; USD169 | 149409 |
| Chubb INA Holdings LLC, 6.00%, 05/11/37 | &nbsp;&nbsp;&nbsp; USD16 | 17070 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc., 6.88%, 12/15/52, <br> (5-year CMT + 3.85%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 203001 |
| &nbsp;&nbsp;&nbsp; Equitable Holdings, Inc., 6.70%, 03/28/55, <br> (5-year CMT + 2.39%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD50 | 51280 |
| Markel Group, Inc., 3.50%, 11/01/27 | &nbsp;&nbsp;&nbsp; USD100 | 98498 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Companies, Inc., 6.25%, <br> 11/01/52<br>| &nbsp;&nbsp;&nbsp; USD175 | 183000 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/13/42 | &nbsp;&nbsp;&nbsp; USD51 | $42470 |
| &nbsp;&nbsp;&nbsp; 10.75%, 08/01/69 | &nbsp;&nbsp;&nbsp; USD64 | 83096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, 6.35%, 03/15/55, (5-year CMT + <br> 2.08%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD178 | 182212 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100468 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 10/01/50, (5-year CMT + 3.04%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD162 | 149416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/47, (3-mo. SOFR US + <br> 2.64%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD417 | 408549 |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/15/54, (5-year CMT + 2.40%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD11 | 11327 |
| &nbsp;&nbsp;&nbsp; Travelers Companies, Inc. (The), 5.35%, <br> 11/01/40<br>| &nbsp;&nbsp;&nbsp; USD93 | 92332 |
| Willis North America, Inc., 4.65%, 06/15/27 | &nbsp;&nbsp;&nbsp; USD100 | 100236 |
|  |  | 2565490 |
| **Internet — 1.3%** | **Internet — 1.3%** | **Internet — 1.3%** |
| Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 11/15/30 | &nbsp;&nbsp;&nbsp; USD610 | 604807 |
| &nbsp;&nbsp;&nbsp; 4.10%, 02/15/31 | &nbsp;&nbsp;&nbsp; USD37 | 36566 |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/36 | &nbsp;&nbsp;&nbsp; USD114 | 112841 |
| &nbsp;&nbsp;&nbsp; 5.45%, 11/15/55 | &nbsp;&nbsp;&nbsp; USD30 | 28696 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/15/46 | &nbsp;&nbsp;&nbsp; USD61 | 59987 |
| &nbsp;&nbsp;&nbsp; 5.65%, 02/15/56 | &nbsp;&nbsp;&nbsp; USD394 | 386446 |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/15/75 | &nbsp;&nbsp;&nbsp; USD344 | 329223 |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/66 | &nbsp;&nbsp;&nbsp; USD566 | 550679 |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 04/13/52 | &nbsp;&nbsp;&nbsp; USD243 | 184389 |
| &nbsp;&nbsp;&nbsp; 4.10%, 11/20/30 | &nbsp;&nbsp;&nbsp; USD100 | 98623 |
| &nbsp;&nbsp;&nbsp; 4.10%, 04/13/62 | &nbsp;&nbsp;&nbsp; USD100 | 73773 |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/13/31 | &nbsp;&nbsp;&nbsp; USD130 | 128728 |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/16/64 | &nbsp;&nbsp;&nbsp; EUR100 | 116414 |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/13/36 | &nbsp;&nbsp;&nbsp; USD90 | 88680 |
| &nbsp;&nbsp;&nbsp; 5.45%, 11/20/55 | &nbsp;&nbsp;&nbsp; USD200 | 188880 |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/13/46 | &nbsp;&nbsp;&nbsp; USD55 | 54241 |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/13/56 | &nbsp;&nbsp;&nbsp; USD85 | 83660 |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/13/66 | &nbsp;&nbsp;&nbsp; USD890 | 877839 |
| &nbsp;&nbsp;&nbsp; 6.05%, 03/13/76 | &nbsp;&nbsp;&nbsp; USD55 | 54175 |
| AppLovin Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/01/29 | &nbsp;&nbsp;&nbsp; USD323 | 325578 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/01/31 | &nbsp;&nbsp;&nbsp; USD561 | 566561 |
| &nbsp;&nbsp;&nbsp; 5.95%, 12/01/54 | &nbsp;&nbsp;&nbsp; USD276 | 253178 |
| Beignet Investor LLC, 6.58%, 05/30/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD845 | 872666 |
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent <br> Finance, Inc., 6.50%, 07/01/32<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 92735 |
| &nbsp;&nbsp;&nbsp; ION Platform Finance U.S., Inc./ION Platform <br> Finance SARL, 9.50%, 05/30/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 93508 |
| Match Group Holdings II LLC, 4.63%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD26 | 25666 |
| Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 08/15/62 | &nbsp;&nbsp;&nbsp; USD121 | 91713 |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/15/35 | &nbsp;&nbsp;&nbsp; USD135 | 131572 |
| &nbsp;&nbsp;&nbsp; 5.40%, 08/15/54 | &nbsp;&nbsp;&nbsp; USD176 | 156426 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/45 | &nbsp;&nbsp;&nbsp; USD100 | 92912 |
| Rakuten Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, (5-year EUR Swap + 4.74%)<sup>(b)(c)(g)</sup> | &nbsp;&nbsp;&nbsp; EUR400 | 458327 |
| &nbsp;&nbsp;&nbsp; 9.75%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 219402 |
| Uber Technologies, Inc., 4.30%, 01/15/30 | &nbsp;&nbsp;&nbsp; USD100 | 99207 |
|  |  | 7538098 |
| **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** |
| Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 49969 |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD23 | 23487 |
| Mineral Resources Ltd., 9.25%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD16 | 16606 |
| Samarco Mineracao SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 06/30/31, (4.00% Cash + 5.00% <br> PIK)<sup>(c)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD184 | 184007 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Iron & Steel (continued)** | **Iron & Steel (continued)** | **Iron & Steel (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 06/30/31, (4.00% Cash and 5.00% <br> PIK)<sup>(a)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD0 | $156 |
| Vale Overseas Ltd., 6.40%, 06/28/54 | &nbsp;&nbsp;&nbsp; USD8 | 8190 |
|  |  | 282415 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Carnival Corp., 5.75%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD11 | 11055 |
| NCL Corp. Ltd., 6.75%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99509 |
| Viking Cruises Ltd., 7.00%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD24 | 24065 |
|  |  | 134629 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Boyd Gaming Corp., 4.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD23 | 22167 |
| Essendi SA, 5.63%, 05/15/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 116739 |
| Fortune Star BVI Ltd., 5.88%, 11/20/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR255 | 284915 |
| Full House Resorts, Inc., 8.25%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5 | 4740 |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 22887 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 23676 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower <br> Escrow LLC/Hilton Grand Vacations Borrower <br> Esc, 4.88%, 07/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD18 | 16657 |
| Marriott International, Inc./MD, 5.10%, 05/01/38 | &nbsp;&nbsp;&nbsp; USD72 | 69053 |
| Melco Resorts Finance Ltd., 5.75%, 07/21/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD400 | 397222 |
| MGM Resorts International, 4.75%, 10/15/28 | &nbsp;&nbsp;&nbsp; USD16 | 15846 |
| Station Casinos LLC, 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 24611 |
| Studio City Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 190690 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 198904 |
| Wynn Macau Ltd., 5.63%, 08/26/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 198828 |
|  |  | 1586935 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/16/29 | &nbsp;&nbsp;&nbsp; USD136 | 136491 |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/03/28 | &nbsp;&nbsp;&nbsp; USD200 | 200869 |
| &nbsp;&nbsp;&nbsp; Columbus McKinnon Corp/NY, 7.13%, <br> 02/01/33<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD4 | 4023 |
| Deere & Co., 5.38%, 10/16/29 | &nbsp;&nbsp;&nbsp; USD331 | 343088 |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 09/08/27 | &nbsp;&nbsp;&nbsp; USD100 | 98386 |
| &nbsp;&nbsp;&nbsp; Series I, 3.90%, 03/09/29 | &nbsp;&nbsp;&nbsp; USD38 | 37697 |
| Vertiv Holdings Co., 4.85%, 03/15/36 | &nbsp;&nbsp;&nbsp; USD15 | 14602 |
|  |  | 835156 |
| **Manufacturing — 0.1%** | **Manufacturing — 0.1%** | **Manufacturing — 0.1%** |
| 3M Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/15/27 | &nbsp;&nbsp;&nbsp; USD200 | 196228 |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/15/30 | &nbsp;&nbsp;&nbsp; USD61 | 61630 |
| Maxam Prill SARL, 6.00%, 07/15/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 118522 |
| Parker-Hannifin Corp., 4.25%, 09/15/27 | &nbsp;&nbsp;&nbsp; USD100 | 100014 |
| Textron, Inc., 3.38%, 03/01/28 | &nbsp;&nbsp;&nbsp; USD46 | 45158 |
|  |  | 521552 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| AMC Global Media, Inc., 4.25%, 02/15/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD18 | 15807 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD35 | 31789 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/34<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD172 | 144266 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 93276 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 | &nbsp;&nbsp;&nbsp; USD68 | 59715 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD31 | 30966 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2 | 1971 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 06/01/52 | &nbsp;&nbsp;&nbsp; USD33 | 20745 |
| &nbsp;&nbsp;&nbsp; 4.40%, 12/01/61 | &nbsp;&nbsp;&nbsp; USD216 | 137907 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/53<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD127 | 98443 |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/47 | &nbsp;&nbsp;&nbsp; USD56 | 44764 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.99%, 11/01/63 | &nbsp;&nbsp;&nbsp; USD63 | $33152 |
| &nbsp;&nbsp;&nbsp; 3.97%, 11/01/47 | &nbsp;&nbsp;&nbsp; USD100 | 73387 |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/15/32 | &nbsp;&nbsp;&nbsp; USD100 | 100713 |
| &nbsp;&nbsp;&nbsp; 5.65%, 06/01/54 | &nbsp;&nbsp;&nbsp; USD116 | 105957 |
| &nbsp;&nbsp;&nbsp; 6.05%, 05/15/55 | &nbsp;&nbsp;&nbsp; USD126 | 123818 |
| &nbsp;&nbsp;&nbsp; 6.95%, 08/15/37 | &nbsp;&nbsp;&nbsp; USD129 | 144244 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD14 | 14259 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD13 | 13010 |
| &nbsp;&nbsp;&nbsp; 10.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 104049 |
| Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/20/28 | &nbsp;&nbsp;&nbsp; USD803 | 789935 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/20/37 | &nbsp;&nbsp;&nbsp; USD100 | 76000 |
| &nbsp;&nbsp;&nbsp; 6.35%, 06/01/40 | &nbsp;&nbsp;&nbsp; USD100 | 79009 |
| Gray Media, Inc., 10.50%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 26542 |
| Grupo Televisa SAB, 6.63%, 01/15/40 | &nbsp;&nbsp;&nbsp; USD2 | 1737 |
| Nexstar Media, Inc., 4.75%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD26 | 25617 |
| &nbsp;&nbsp;&nbsp; Paramount Global, 6.25%, 02/28/57, (3-mo. <br> SOFR US + 4.16%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 71442 |
| Sirius XM Radio LLC, 3.88%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 90525 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.88%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD17 | 17093 |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 103485 |
| Versant Media Group, Inc., 7.25%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD6 | 6230 |
| VZ Secured Financing BV |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 175254 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/33<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 111468 |
| Ziggo Bond Co. BV |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/28/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 102265 |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/15/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 104647 |
|  |  | 3173487 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| Fortescue Treasury Pty Ltd., 4.50%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD16 | 15875 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 04/27/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD21 | 19137 |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/12/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD146 | 146949 |
| Rio Tinto Finance USA PLC, 5.00%, 03/09/33 | &nbsp;&nbsp;&nbsp; USD90 | 91326 |
| &nbsp;&nbsp;&nbsp; Vedanta Resources Finance II PLC, 10.88%, <br> 09/17/29<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; USD300 | 318375 |
| Volcan Cia Minera SAA, 8.50%, 10/28/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2 | 2057 |
|  |  | 593719 |
| **Mortgage-Backed Securities — 0.0%** | **Mortgage-Backed Securities — 0.0%** | **Mortgage-Backed Securities — 0.0%** |
| &nbsp;&nbsp;&nbsp; Resurgent Trade & Investment Ltd., 9.52%, <br> 12/01/27<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; USD225 | 225563 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| Xerox Corp., 10.25%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 20875 |
| **Oil & Gas — 3.5%** | **Oil & Gas — 3.5%** | **Oil & Gas — 3.5%** |
| Antero Resources Corp., 5.38%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD1,157 | 1164002 |
| APA Corp., Series ., 5.25%, 02/01/42 | &nbsp;&nbsp;&nbsp; USD5 | 4278 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc., 3.00%, <br> 02/24/50<br>| &nbsp;&nbsp;&nbsp; USD170 | 109593 |
| California Resources Corp., 7.00%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD14 | 14286 |
| Chevron USA, Inc., 4.69%, 04/15/30 | &nbsp;&nbsp;&nbsp; USD154 | 155945 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD72 | 75012 |
| Comstock Resources, Inc. 6.75%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD40 | 39935 |
| ConocoPhillips Co., 4.03%, 03/15/62 | &nbsp;&nbsp;&nbsp; USD100 | 72044 |
| Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD54 | 55266 |
| &nbsp;&nbsp;&nbsp; 9.75%, 10/15/30<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 26719 |
| CVR Energy, Inc., 7.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD19 | 19242 |
| Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 03/24/31 | &nbsp;&nbsp;&nbsp; USD877 | 819809 |
| &nbsp;&nbsp;&nbsp; 3.25%, 12/01/26 | &nbsp;&nbsp;&nbsp; USD421 | 418833 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 | &nbsp;&nbsp;&nbsp; USD586 | $566520 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/18/27 | &nbsp;&nbsp;&nbsp; USD30 | 30257 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/18/54 | &nbsp;&nbsp;&nbsp; USD262 | 251389 |
| &nbsp;&nbsp;&nbsp; 5.90%, 04/18/64 | &nbsp;&nbsp;&nbsp; USD551 | 531536 |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/33 | &nbsp;&nbsp;&nbsp; USD187 | 200498 |
| Ecopetrol SA, 8.88%, 01/13/33 | &nbsp;&nbsp;&nbsp; USD6 | 6442 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD31 | 30976 |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD493 | 463818 |
| &nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 | &nbsp;&nbsp;&nbsp; USD173 | 171242 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 | &nbsp;&nbsp;&nbsp; USD205 | 203511 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/31 | &nbsp;&nbsp;&nbsp; USD1,978 | 1968627 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/29 | &nbsp;&nbsp;&nbsp; USD198 | 199370 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/28 | &nbsp;&nbsp;&nbsp; USD278 | 280952 |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/28 | &nbsp;&nbsp;&nbsp; USD75 | 76442 |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/34 | &nbsp;&nbsp;&nbsp; USD3,750 | 3882229 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/01/30 | &nbsp;&nbsp;&nbsp; USD864 | 923382 |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/30 | &nbsp;&nbsp;&nbsp; USD493 | 535440 |
| Expand Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 | &nbsp;&nbsp;&nbsp; USD475 | 465721 |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/15/30 | &nbsp;&nbsp;&nbsp; USD765 | 772905 |
| &nbsp;&nbsp;&nbsp; 5.70%, 01/15/35 | &nbsp;&nbsp;&nbsp; USD1,452 | 1480909 |
| Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/16/39 | &nbsp;&nbsp;&nbsp; USD60 | 47797 |
| &nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 | &nbsp;&nbsp;&nbsp; USD81 | 57658 |
| &nbsp;&nbsp;&nbsp; Granite Ridge Resources, Inc., 8.88%, <br> 11/05/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD123 | 119674 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD16 | 15813 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 100497 |
| &nbsp;&nbsp;&nbsp; Infinity Natural Resources LLC, 7.63%, <br> 04/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD18 | 18304 |
| Matador Resources Co., 6.50%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 51058 |
| Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 200541 |
| Northern Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD11 | 11400 |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 26106 |
| Occidental Petroleum Corp., 7.95%, 06/15/39 | &nbsp;&nbsp;&nbsp; USD200 | 236286 |
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, 7.00%, <br> 01/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 104022 |
| &nbsp;&nbsp;&nbsp; Petroleos de Venezuela SA, 6.00%, <br> 11/15/26<sup>(c)(i)(j)</sup><br>| &nbsp;&nbsp;&nbsp; USD16 | 6240 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 02/12/28 | &nbsp;&nbsp;&nbsp; USD11 | 10981 |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/28/31 | &nbsp;&nbsp;&nbsp; USD44 | 43065 |
| &nbsp;&nbsp;&nbsp; 6.49%, 01/23/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD24 | 24156 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/23/29 | &nbsp;&nbsp;&nbsp; USD116 | 118262 |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/16/32 | &nbsp;&nbsp;&nbsp; USD10 | 10035 |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/02/29 | &nbsp;&nbsp;&nbsp; USD359 | 384903 |
| &nbsp;&nbsp;&nbsp; Phillips 66 Co., Series A, 5.88%, 03/15/56, <br> (5-year CMT + 2.28%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD120 | 119611 |
| Raizen Fuels Finance SA, 6.25%, 07/08/32<sup>(a)(i)(j)</sup> | &nbsp;&nbsp;&nbsp; USD203 | 111143 |
| SM Energy Co, 5.00%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD31 | 30975 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 | &nbsp;&nbsp;&nbsp; USD15 | 15001 |
| &nbsp;&nbsp;&nbsp; 8.63%, 11/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD4 | 4231 |
| Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 102202 |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 51633 |
| &nbsp;&nbsp;&nbsp; 7.88%, (5-year CMT + 4.23%)<sup>(a)(b)(g)</sup> | &nbsp;&nbsp;&nbsp; USD14 | 14498 |
| Thaioil Treasury Center Co. Ltd., 6.10%<sup>(b)(c)(g)</sup> | &nbsp;&nbsp;&nbsp; USD300 | 293250 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA, 3.39%, <br> 06/29/60<br>| &nbsp;&nbsp;&nbsp; USD67 | 43193 |
| TotalEnergies Capital USA LLC, 4.57%, 01/13/33 | &nbsp;&nbsp;&nbsp; USD193 | 190856 |
| &nbsp;&nbsp;&nbsp; TotalEnergies SE, Series ., 2.00%, (5-year EUR <br> Swap + 1.90%)<sup>(b)(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; EUR200 | 231816 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Transocean International Ltd., 8.25%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD6 | $6230 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 104277 |
| Valero Energy Corp., 5.15%, 03/10/36 | &nbsp;&nbsp;&nbsp; USD40 | 39384 |
| Viper Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/01/30 | &nbsp;&nbsp;&nbsp; USD443 | 442751 |
| &nbsp;&nbsp;&nbsp; 5.70%, 08/01/35 | &nbsp;&nbsp;&nbsp; USD696 | 706564 |
|  |  | 20111543 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.81%, 03/11/34 | &nbsp;&nbsp;&nbsp; EUR120 | 140374 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/36 | &nbsp;&nbsp;&nbsp; USD80 | 78730 |
| &nbsp;&nbsp;&nbsp; 5.85%, 06/15/56 | &nbsp;&nbsp;&nbsp; USD80 | 78966 |
| Deepocean Ltd., 6.00%, 04/08/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 120020 |
| Halliburton Co., 4.75%, 08/01/43 | &nbsp;&nbsp;&nbsp; USD43 | 37872 |
| OEG Finance PLC, 7.25%, 09/27/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 122261 |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA <br> Compression Finance Corp., 6.25%, <br> 10/01/33<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD5 | 5045 |
|  |  | 583268 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| Ardagh Group SA, 9.50%, 12/01/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD65 | 68925 |
| Ball Corp., 2.88%, 08/15/30 | &nbsp;&nbsp;&nbsp; USD6 | 5458 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 49214 |
| &nbsp;&nbsp;&nbsp; 8.75%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD7 | 6351 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 25279 |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD37 | 35263 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., 7.25%, <br> 05/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD24 | 22936 |
|  |  | 213426 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 11/21/29 | &nbsp;&nbsp;&nbsp; USD100 | 96229 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/14/28 | &nbsp;&nbsp;&nbsp; USD100 | 100189 |
| &nbsp;&nbsp;&nbsp; 4.30%, 05/14/36 | &nbsp;&nbsp;&nbsp; USD47 | 44451 |
| &nbsp;&nbsp;&nbsp; 4.70%, 05/14/45 | &nbsp;&nbsp;&nbsp; USD200 | 176970 |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/15/54 | &nbsp;&nbsp;&nbsp; USD100 | 94905 |
| Astrazeneca Finance LLC, 4.90%, 03/03/30 | &nbsp;&nbsp;&nbsp; USD213 | 217139 |
| &nbsp;&nbsp;&nbsp; Bayer AG, 5.38%, 03/25/82, (5-year EUR Swap + <br> 4.46%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 118892 |
| Becton Dickinson & Co., 2.82%, 05/20/30 | &nbsp;&nbsp;&nbsp; USD59 | 55193 |
| Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 11/15/47 | &nbsp;&nbsp;&nbsp; USD97 | 80055 |
| &nbsp;&nbsp;&nbsp; 4.55%, 02/20/48 | &nbsp;&nbsp;&nbsp; USD42 | 35531 |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/22/54 | &nbsp;&nbsp;&nbsp; USD114 | 109442 |
| &nbsp;&nbsp;&nbsp; 5.90%, 11/15/33 | &nbsp;&nbsp;&nbsp; USD150 | 160691 |
| Cardinal Health, Inc., 3.41%, 06/15/27 | &nbsp;&nbsp;&nbsp; USD100 | 98973 |
| Cencora, Inc., 4.60%, 02/13/33 | &nbsp;&nbsp;&nbsp; USD22 | 21639 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.78%, 03/25/38 | &nbsp;&nbsp;&nbsp; USD71 | 65795 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/30/29 | &nbsp;&nbsp;&nbsp; USD100 | 101244 |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/01/33 | &nbsp;&nbsp;&nbsp; USD134 | 135789 |
| &nbsp;&nbsp;&nbsp; 6.20%, 09/15/55 | &nbsp;&nbsp;&nbsp; USD104 | 103501 |
| Dolcetto Holdco SpA, 5.63%, 07/14/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR200 | 234568 |
| Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 08/14/29 | &nbsp;&nbsp;&nbsp; USD189 | 188841 |
| &nbsp;&nbsp;&nbsp; 5.10%, 02/09/64 | &nbsp;&nbsp;&nbsp; USD18 | 16115 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/12/55 | &nbsp;&nbsp;&nbsp; USD128 | 124599 |
| Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 01/15/38 | &nbsp;&nbsp;&nbsp; USD45 | 38985 |
| &nbsp;&nbsp;&nbsp; 6.95%, 09/01/29 | &nbsp;&nbsp;&nbsp; USD197 | 215146 |
| McKesson Corp., 3.95%, 02/16/28 | &nbsp;&nbsp;&nbsp; USD100 | 99331 |
| Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 02/10/45 | &nbsp;&nbsp;&nbsp; USD20 | 15485 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp; 6.55%, 09/15/37 | &nbsp;&nbsp;&nbsp; USD368 | $412812 |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding GmbH, 5.23%, <br> 10/15/32, (3-mo. EURIBOR + 3.25%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 117541 |
| Novartis Capital Corp., 4.40%, 05/06/44 | &nbsp;&nbsp;&nbsp; USD373 | 326218 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 05/19/30 | &nbsp;&nbsp;&nbsp; USD343 | 345527 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/19/53 | &nbsp;&nbsp;&nbsp; USD85 | 78744 |
| Pfizer, Inc., 7.20%, 03/15/39 | &nbsp;&nbsp;&nbsp; USD123 | 143733 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, <br> 3.15%, 10/01/26<br>| &nbsp;&nbsp;&nbsp; USD100 | 99125 |
| Wyeth LLC, 6.50%, 02/01/34 | &nbsp;&nbsp;&nbsp; USD69 | 76216 |
|  |  | 4349614 |
| **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream <br> Finance Corp., 5.38%, 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD6 | 5994 |
| Cameron LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 87376 |
| &nbsp;&nbsp;&nbsp; 3.40%, 01/15/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD226 | 197150 |
| &nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, 2.74%, <br> 12/31/39<br>| &nbsp;&nbsp;&nbsp; USD220 | 186244 |
| Cheniere Energy Partners LP, 3.25%, 01/31/32 | &nbsp;&nbsp;&nbsp; USD161 | 147355 |
| Cheniere Energy, Inc., 5.65%, 04/15/34 | &nbsp;&nbsp;&nbsp; USD58 | 59750 |
| DT Midstream, Inc., 4.13%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD17 | 16645 |
| &nbsp;&nbsp;&nbsp; Enbridge Energy Partners LP, Series B, 7.50%, <br> 04/15/38<br>| &nbsp;&nbsp;&nbsp; USD106 | 122916 |
| Enbridge, Inc., 5.30%, 04/05/29 | &nbsp;&nbsp;&nbsp; USD100 | 102122 |
| Energy Transfer LP, 7.50%, 07/01/38 | &nbsp;&nbsp;&nbsp; USD518 | 598260 |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/15/54 | &nbsp;&nbsp;&nbsp; USD82 | 72334 |
| &nbsp;&nbsp;&nbsp; 5.95%, 02/01/41 | &nbsp;&nbsp;&nbsp; USD105 | 110067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.25%, 08/16/77, (3-mo. CME Term <br> SOFR + 3.29%)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; USD126 | 125686 |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP/Genesis Energy Finance <br> Corp., 8.00%, 05/15/33<br>| &nbsp;&nbsp;&nbsp; USD100 | 105274 |
| &nbsp;&nbsp;&nbsp; Global Partners LP/GLP Finance Corp., 8.25%, <br> 01/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD25 | 26246 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP, 4.25%, <br> 02/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD50 | 48493 |
| Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 11/01/42 | &nbsp;&nbsp;&nbsp; USD150 | 130998 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/37 | &nbsp;&nbsp;&nbsp; USD111 | 120597 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/38 | &nbsp;&nbsp;&nbsp; USD34 | 30690 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/34 | &nbsp;&nbsp;&nbsp; USD191 | 193335 |
| &nbsp;&nbsp;&nbsp; 6.10%, 04/01/56 | &nbsp;&nbsp;&nbsp; USD27 | 26238 |
| NuStar Logistics LP, 6.38%, 10/01/30 | &nbsp;&nbsp;&nbsp; USD50 | 51976 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/01/47 | &nbsp;&nbsp;&nbsp; USD79 | 71478 |
| &nbsp;&nbsp;&nbsp; 6.05%, 09/01/33 | &nbsp;&nbsp;&nbsp; USD49 | 51542 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5 | 5281 |
| &nbsp;&nbsp;&nbsp; 7.15%, 01/15/51 | &nbsp;&nbsp;&nbsp; USD100 | 108777 |
| Plains All American Pipeline LP, 5.95%, 06/15/35 | &nbsp;&nbsp;&nbsp; USD175 | 180462 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, 4.95%, <br> 07/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD6 | 5918 |
| Sabine Pass Liquefaction LLC, 5.90%, 09/15/37 | &nbsp;&nbsp;&nbsp; USD123 | 127778 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp., 7.38%, 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD25 | 25756 |
| Targa Resources Corp., 4.20%, 02/01/33 | &nbsp;&nbsp;&nbsp; USD92 | 87397 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., 5.50%, 03/01/30<br>| &nbsp;&nbsp;&nbsp; USD258 | 261098 |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, 3.88%, <br> 08/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD17 | 16285 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD23 | 23534 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD26 | 27109 |
| &nbsp;&nbsp;&nbsp; 9.00%, (5-year CMT + 5.44%)<sup>(a)(b)(g)</sup> | &nbsp;&nbsp;&nbsp; USD15 | 14836 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, 6.50%, <br> 06/15/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | $104643 |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, 5.30%, <br> 03/01/48<br>| &nbsp;&nbsp;&nbsp; USD12 | 10206 |
| Williams Companies, Inc. (The), 3.50%, 10/15/51 | &nbsp;&nbsp;&nbsp; USD322 | 219195 |
|  |  | 3907041 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp;&nbsp; Adler Financing SARL, Series 1L, 8.25%, <br> 12/31/28, (8.25% PIK)<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; EUR70 | 93215 |
| alstria SARL, 5.50%, 03/20/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 116593 |
| &nbsp;&nbsp;&nbsp; Aroundtown Finance SARL, 5.25%, (5-year <br> EURIBOR ICE Swap + 3.43%)<sup>(b)(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 111098 |
| Five Point Operating Co. LP, 8.00%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD3 | 3076 |
| GLP Pte. Ltd., 9.75%, 05/20/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 157100 |
| &nbsp;&nbsp;&nbsp; Grand City Properties SA, 1.50%, (5-year <br> EURIBOR ICE Swap + 2.18%)<sup>(b)(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; EUR200 | 233828 |
| New Immo Holding SA |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 11/14/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 116013 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/23/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 116922 |
| Vicinity Centres Trust, 5.84%, 03/03/36<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; AUD280 | 193718 |
| Vivion Investments SARL |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/08/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 112217 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/28/29, (6.50% PIK)<sup>(c)(h)</sup> | &nbsp;&nbsp;&nbsp; EUR101 | 118722 |
|  |  | 1372502 |
| **Real Estate Investment Trusts — 0.8%** | **Real Estate Investment Trusts — 0.8%** | **Real Estate Investment Trusts — 0.8%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/30/29 | &nbsp;&nbsp;&nbsp; USD185 | 183506 |
| &nbsp;&nbsp;&nbsp; 4.90%, 12/15/30 | &nbsp;&nbsp;&nbsp; USD84 | 83978 |
| American Tower Corp., 5.35%, 03/15/35 | &nbsp;&nbsp;&nbsp; USD240 | 241545 |
| AvalonBay Communities, Inc., 2.45%, 01/15/31 | &nbsp;&nbsp;&nbsp; USD100 | 91234 |
| Boston Properties LP, 2.90%, 03/15/30 | &nbsp;&nbsp;&nbsp; USD155 | 144472 |
| Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/15/31 | &nbsp;&nbsp;&nbsp; USD18 | 15948 |
| &nbsp;&nbsp;&nbsp; 4.90%, 09/01/29 | &nbsp;&nbsp;&nbsp; USD41 | 41192 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/11/28 | &nbsp;&nbsp;&nbsp; USD202 | 203555 |
| &nbsp;&nbsp;&nbsp; Equinix Europe 2 Financing Corp. LLC, 4.70%, <br> 03/15/33<br>| &nbsp;&nbsp;&nbsp; USD72 | 70524 |
| Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/15/31 | &nbsp;&nbsp;&nbsp; USD142 | 127298 |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/15/32 | &nbsp;&nbsp;&nbsp; USD64 | 60727 |
| ERP Operating LP, 3.00%, 07/01/29 | &nbsp;&nbsp;&nbsp; USD396 | 379662 |
| Essex Portfolio LP, 3.63%, 05/01/27 | &nbsp;&nbsp;&nbsp; USD100 | 99265 |
| Extra Space Storage LP |  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 10/15/30 | &nbsp;&nbsp;&nbsp; USD7 | 6272 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/29 | &nbsp;&nbsp;&nbsp; USD31 | 30499 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/30 | &nbsp;&nbsp;&nbsp; USD91 | 93364 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/15/32 | &nbsp;&nbsp;&nbsp; USD19 | 17027 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/31 | &nbsp;&nbsp;&nbsp; USD20 | 18957 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/33 | &nbsp;&nbsp;&nbsp; USD75 | 73763 |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/15/29 | &nbsp;&nbsp;&nbsp; USD163 | 164301 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD117 | 112434 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/34<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 113582 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance <br> Corp., 7.00%, 02/15/32<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 118528 |
| NNN REIT, Inc., 4.30%, 10/15/28 | &nbsp;&nbsp;&nbsp; USD123 | 122504 |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer, 4.88%, <br> 05/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD15 | 14591 |
| Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/28 | &nbsp;&nbsp;&nbsp; USD100 | 101175 |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/15/34 | &nbsp;&nbsp;&nbsp; USD103 | 104011 |
| Public Storage Operating Co., 3.09%, 09/15/27 | &nbsp;&nbsp;&nbsp; USD100 | 98526 |
| Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 08/15/27 | &nbsp;&nbsp;&nbsp; USD100 | 99584 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/33 | &nbsp;&nbsp;&nbsp; USD109 | $106579 |
| Regency Centers LP, 4.50%, 03/15/33 | &nbsp;&nbsp;&nbsp; USD20 | 19496 |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., <br> 4.50%, 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 98308 |
| SBA Communications Corp., 3.88%, 02/15/27 | &nbsp;&nbsp;&nbsp; USD100 | 99380 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/30/28<sup>(a)(k)</sup> | &nbsp;&nbsp;&nbsp; USD22 | 20214 |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/01/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD19 | 17855 |
| &nbsp;&nbsp;&nbsp; 8.88%, 06/15/32 | &nbsp;&nbsp;&nbsp; USD40 | 41048 |
| Simon Property Group LP, 2.20%, 02/01/31 | &nbsp;&nbsp;&nbsp; USD196 | 176364 |
| Starwood Property Trust, Inc., 7.25%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 25906 |
| Store Capital LLC, 5.40%, 04/30/30 | &nbsp;&nbsp;&nbsp; USD10 | 10106 |
| Trust 2401, 7.70%, 01/23/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 217576 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., 3.88%, <br> 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD469 | 456574 |
| Welltower OP LLC, 2.80%, 06/01/31 | &nbsp;&nbsp;&nbsp; USD100 | 91859 |
| XHR LP, 4.88%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD2 | 1963 |
|  |  | 4415252 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
| Bath & Body Works, Inc., 6.63%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD17 | 17228 |
| Boots Group Finco LP, 7.38%, 08/31/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP100 | 138379 |
| &nbsp;&nbsp;&nbsp; Burger King (Restaurant Brands International, <br> Inc.)/New Red Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 24088 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 47568 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP200 | 280248 |
| Costco Wholesale Corp., 1.60%, 04/20/30 | &nbsp;&nbsp;&nbsp; USD100 | 90586 |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co., Inc., 6.75%, 01/15/30<sup>(a)(f)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 96894 |
| FirstCash, Inc., 5.63%, 01/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD17 | 16918 |
| Goldstory SAS, 6.75%, 02/01/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 116852 |
| Lowe's Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 10/15/30 | &nbsp;&nbsp;&nbsp; USD217 | 192086 |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/15/46 | &nbsp;&nbsp;&nbsp; USD81 | 59967 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/15/32 | &nbsp;&nbsp;&nbsp; USD87 | 85479 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/53 | &nbsp;&nbsp;&nbsp; USD32 | 30305 |
| McDonald's Corp., 3.63%, 05/01/43 | &nbsp;&nbsp;&nbsp; USD358 | 276505 |
| Nordstrom, Inc., 4.25%, 08/01/31 | &nbsp;&nbsp;&nbsp; USD25 | 23013 |
| Target Corp., 5.25%, 02/15/36<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; USD123 | 125345 |
| Walmart, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 04/28/30 | &nbsp;&nbsp;&nbsp; USD35 | 35296 |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/37 | &nbsp;&nbsp;&nbsp; USD60 | 68601 |
| Yum! Brands, Inc., 4.75%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD29 | 28718 |
|  |  | 1754076 |
| **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 02/15/31 | &nbsp;&nbsp;&nbsp; USD18 | 16396 |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/15/34 | &nbsp;&nbsp;&nbsp; USD256 | 252602 |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/31 | &nbsp;&nbsp;&nbsp; USD211 | 215996 |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/15/32 | &nbsp;&nbsp;&nbsp; USD138 | 141488 |
| Entegris, Inc., 4.38%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD12 | 11829 |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 05/19/46 | &nbsp;&nbsp;&nbsp; USD150 | 115666 |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/25/60 | &nbsp;&nbsp;&nbsp; USD128 | 104667 |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/10/30 | &nbsp;&nbsp;&nbsp; USD45 | 45728 |
| KLA Corp., 4.10%, 03/15/29 | &nbsp;&nbsp;&nbsp; USD100 | 99485 |
| NXP BV/NXP Funding LLC, 5.55%, 12/01/28 | &nbsp;&nbsp;&nbsp; USD40 | 40917 |
| &nbsp;&nbsp;&nbsp; NXP BV/NXP Funding LLC/NXP USA, Inc., <br> 4.40%, 06/01/27<br>| &nbsp;&nbsp;&nbsp; USD100 | 100088 |
| QUALCOMM, Inc., 4.75%, 05/20/32 | &nbsp;&nbsp;&nbsp; USD468 | 471330 |
| Texas Instruments, Inc., 4.50%, 05/23/30 | &nbsp;&nbsp;&nbsp; USD30 | 30164 |
|  |  | 1646356 |
| **Software — 1.2%** | **Software — 1.2%** | **Software — 1.2%** |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD59 | 57446 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD107 | 105062 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD20 | $20252 |
| &nbsp;&nbsp;&nbsp; 9.75%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD127 | 127735 |
| Fidelity National Information Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/10/29 | &nbsp;&nbsp;&nbsp; USD135 | 134473 |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/10/31 | &nbsp;&nbsp;&nbsp; USD15 | 14920 |
| Fiserv, Inc., 4.20%, 10/01/28 | &nbsp;&nbsp;&nbsp; USD285 | 281912 |
| Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.68%, 06/01/60 | &nbsp;&nbsp;&nbsp; USD161 | 88630 |
| &nbsp;&nbsp;&nbsp; 2.92%, 03/17/52 | &nbsp;&nbsp;&nbsp; USD263 | 167311 |
| &nbsp;&nbsp;&nbsp; 3.04%, 03/17/62 | &nbsp;&nbsp;&nbsp; USD264 | 158085 |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/08/41 | &nbsp;&nbsp;&nbsp; USD135 | 137963 |
| MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD254 | 240452 |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD145 | 137695 |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/36 | &nbsp;&nbsp;&nbsp; USD115 | 111406 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/35 | &nbsp;&nbsp;&nbsp; USD61 | 60036 |
| OAK-Eagle Acquireco, Inc., 7.25%, 07/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD24 | 24730 |
| Open Text Corp., 3.88%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD25 | 24189 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 05/15/35 | &nbsp;&nbsp;&nbsp; USD145 | 122741 |
| &nbsp;&nbsp;&nbsp; 4.10%, 03/25/61 | &nbsp;&nbsp;&nbsp; USD124 | 75134 |
| &nbsp;&nbsp;&nbsp; 4.80%, 09/26/32 | &nbsp;&nbsp;&nbsp; USD100 | 95086 |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/04/31 | &nbsp;&nbsp;&nbsp; USD75 | 73364 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/27/64 | &nbsp;&nbsp;&nbsp; USD122 | 92815 |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/06/53 | &nbsp;&nbsp;&nbsp; USD280 | 222731 |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/26/55 | &nbsp;&nbsp;&nbsp; USD700 | 586340 |
| &nbsp;&nbsp;&nbsp; 6.10%, 09/26/65 | &nbsp;&nbsp;&nbsp; USD257 | 212313 |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/03/65 | &nbsp;&nbsp;&nbsp; USD139 | 115887 |
| &nbsp;&nbsp;&nbsp; 6.55%, 02/04/46 | &nbsp;&nbsp;&nbsp; USD244 | 226919 |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/04/56 | &nbsp;&nbsp;&nbsp; USD273 | 251597 |
| &nbsp;&nbsp;&nbsp; 6.85%, 02/04/66 | &nbsp;&nbsp;&nbsp; USD927 | 851720 |
| Salesforce, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/28 | &nbsp;&nbsp;&nbsp; USD374 | 374351 |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/33 | &nbsp;&nbsp;&nbsp; USD772 | 770620 |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/36 | &nbsp;&nbsp;&nbsp; USD412 | 410862 |
| &nbsp;&nbsp;&nbsp; 6.40%, 03/15/46 | &nbsp;&nbsp;&nbsp; USD147 | 146925 |
| &nbsp;&nbsp;&nbsp; 6.55%, 03/15/56 | &nbsp;&nbsp;&nbsp; USD47 | 46670 |
| &nbsp;&nbsp;&nbsp; 6.70%, 03/15/66 | &nbsp;&nbsp;&nbsp; USD47 | 47192 |
| Synopsys, Inc., 4.65%, 04/01/28 | &nbsp;&nbsp;&nbsp; USD221 | 222320 |
|  |  | 6837884 |
| **Telecommunications — 1.1%** | **Telecommunications — 1.1%** | **Telecommunications — 1.1%** |
| APLD ComputeCo LLC, 9.25%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 107488 |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 12/01/33 | &nbsp;&nbsp;&nbsp; USD163 | 137814 |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/15/59 | &nbsp;&nbsp;&nbsp; USD65 | 41561 |
| &nbsp;&nbsp;&nbsp; 3.80%, 12/01/57 | &nbsp;&nbsp;&nbsp; USD145 | 96653 |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/01/60 | &nbsp;&nbsp;&nbsp; USD61 | 40633 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/35 | &nbsp;&nbsp;&nbsp; USD35 | 33143 |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/09/48 | &nbsp;&nbsp;&nbsp; USD13 | 10404 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/01/47 | &nbsp;&nbsp;&nbsp; USD110 | 101066 |
| &nbsp;&nbsp;&nbsp; 5.85%, 04/30/46 | &nbsp;&nbsp;&nbsp; USD79 | 76219 |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/15/56 | &nbsp;&nbsp;&nbsp; USD114 | 110915 |
| &nbsp;&nbsp;&nbsp; 6.20%, 10/30/56 | &nbsp;&nbsp;&nbsp; USD105 | 104014 |
| &nbsp;&nbsp;&nbsp; 6.30%, 10/30/66 | &nbsp;&nbsp;&nbsp; USD340 | 335356 |
| &nbsp;&nbsp;&nbsp; British Telecommunications PLC, 8.38%, <br> 12/20/83, (5-year UK Government Bond + <br> 3.82%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; GBP200 | 286097 |
| &nbsp;&nbsp;&nbsp; Cas Capital No. 2 Ltd., 6.25%, (5-year CMT + <br> 2.53%)<sup>(b)(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; USD200 | 200750 |
| Cipher Compute LLC, 7.13%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD6 | 6219 |
| Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 02/24/28 | &nbsp;&nbsp;&nbsp; USD178 | 179592 |
| &nbsp;&nbsp;&nbsp; 5.90%, 02/15/39 | &nbsp;&nbsp;&nbsp; USD19 | 20101 |
| Fibercop SpA, 5.38%, 04/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 118914 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD110 | $110000 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 | &nbsp;&nbsp;&nbsp; USD65 | 65347 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 51602 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/31/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD24 | 24893 |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/15/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD30 | 32130 |
| Meridian Arc Holdco LLC, 6.25%, 04/30/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD112 | 111975 |
| Motorola Solutions, Inc., 5.60%, 06/01/32 | &nbsp;&nbsp;&nbsp; USD73 | 75602 |
| &nbsp;&nbsp;&nbsp; RD Michigan Property Owner I LLC, 7.50%, <br> 03/30/45<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD737 | 736852 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/55, (5-year CMT + 2.65%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 102069 |
| &nbsp;&nbsp;&nbsp; 7.50%, 08/15/38 | &nbsp;&nbsp;&nbsp; USD145 | 165123 |
| SoftBank Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/22/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 118353 |
| &nbsp;&nbsp;&nbsp; Series ., 6.38%, 07/10/33<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR200 | 228914 |
| &nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 LLC, 5.88%, <br> 03/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD42 | 41208 |
| Telecom Argentina SA, 9.25%, 05/28/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5 | 4774 |
| Telefonica Emisiones SA, 7.05%, 06/20/36 | &nbsp;&nbsp;&nbsp; USD63 | 69520 |
| Telefonica Europe BV, 8.25%, 09/15/30 | &nbsp;&nbsp;&nbsp; USD180 | 203717 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 03/15/32 | &nbsp;&nbsp;&nbsp; USD22 | 19589 |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/15/60 | &nbsp;&nbsp;&nbsp; USD314 | 202044 |
| &nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 | &nbsp;&nbsp;&nbsp; USD163 | 155311 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, <br> Inc./CSL Capital LLC, 4.75%, 04/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD100 | 99616 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/22/51 | &nbsp;&nbsp;&nbsp; USD46 | 32048 |
| &nbsp;&nbsp;&nbsp; 4.52%, 09/15/48 | &nbsp;&nbsp;&nbsp; USD250 | 204641 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/33 | &nbsp;&nbsp;&nbsp; USD103 | 101644 |
| &nbsp;&nbsp;&nbsp; 4.78%, 02/15/35 | &nbsp;&nbsp;&nbsp; USD112 | 108677 |
| &nbsp;&nbsp;&nbsp; 4.81%, 03/15/39 | &nbsp;&nbsp;&nbsp; USD300 | 279340 |
| &nbsp;&nbsp;&nbsp; 7.75%, 12/01/30 | &nbsp;&nbsp;&nbsp; USD104 | 117103 |
| Viasat, Inc., 5.63%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD50 | 49880 |
| Vmed O2 U.K. Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/31/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 172184 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR100 | 111364 |
| Vodafone Group PLC, 5.25%, 05/30/48 | &nbsp;&nbsp;&nbsp; USD127 | 114950 |
| Windstream Services LLC, 7.50%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD5 | 5264 |
| &nbsp;&nbsp;&nbsp; WOM Mobile SA, 11.00%, 04/01/31, (12.50% <br> PIK)<sup>(a)(h)</sup><br>| &nbsp;&nbsp;&nbsp; USD17 | 17688 |
| Zegona Finance PLC, 8.63%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD200 | 209215 |
|  |  | 6149576 |
| **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** |
| Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/15/43 | &nbsp;&nbsp;&nbsp; USD110 | 96115 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/55 | &nbsp;&nbsp;&nbsp; USD44 | 42395 |
| &nbsp;&nbsp;&nbsp; 6.20%, 08/15/36 | &nbsp;&nbsp;&nbsp; USD55 | 59897 |
| Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 03/05/30 | &nbsp;&nbsp;&nbsp; USD70 | 64104 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/28 | &nbsp;&nbsp;&nbsp; USD256 | 254291 |
| &nbsp;&nbsp;&nbsp; 4.80%, 09/15/35 | &nbsp;&nbsp;&nbsp; USD16 | 15816 |
| CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 02/15/30 | &nbsp;&nbsp;&nbsp; USD100 | 93111 |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/36 | &nbsp;&nbsp;&nbsp; USD310 | 332595 |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; GBP200 | 279416 |
| FedEx Corp., 5.10%, 01/15/44 | &nbsp;&nbsp;&nbsp; USD166 | 151067 |
| Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 10/01/42 | &nbsp;&nbsp;&nbsp; USD77 | 62920 |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/34 | &nbsp;&nbsp;&nbsp; USD100 | 103976 |
| Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 05/20/61 | &nbsp;&nbsp;&nbsp; USD127 | 83912 |
| &nbsp;&nbsp;&nbsp; 3.84%, 03/20/60 | &nbsp;&nbsp;&nbsp; USD176 | 125067 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| United Parcel Service, Inc., 6.20%, 01/15/38 | &nbsp;&nbsp;&nbsp; USD30 | $32591 |
|  |  | 1797273 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| FTAI Aviation Investors LLC, 5.50%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; USD100 | 99959 |
| GATX Corp., 3.50%, 03/15/28 | &nbsp;&nbsp;&nbsp; USD100 | 98231 |
|  |  | 198190 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Capital Corp., 2.95%, 09/01/27 | &nbsp;&nbsp;&nbsp; USD60 | 58982 |
| &nbsp;&nbsp;&nbsp; Severn Trent Utilities Finance PLC, 4.25%, <br> 01/29/40<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; EUR100 | 115199 |
| &nbsp;&nbsp;&nbsp; Veolia Environnement SA, 2.00%, (5-year EUR <br> Swap + 2.08%)<sup>(b)(c)(g)</sup><br>| &nbsp;&nbsp;&nbsp; EUR200 | 228330 |
|  |  | 402511 |
| **Total Corporate Bonds & Notes — 24.7%** <br>**(Cost: $142,615,054)** | **Total Corporate Bonds & Notes — 24.7%** <br>**(Cost: $142,615,054)** | 141244849 |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Argentina — 0.0%** | **Argentina — 0.0%** | **Argentina — 0.0%** |
| &nbsp;&nbsp;&nbsp; Argentina Treasury Bond BONCER, 0.00%, <br> 12/15/27<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp; ARS15,222 | 25706 |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government <br> International Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 07/09/29 | &nbsp;&nbsp;&nbsp; USD1 | 563 |
| &nbsp;&nbsp;&nbsp; 1.75%, 07/09/30<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; USD1 | 847 |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/09/35<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; USD22 | 16412 |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/09/41<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; USD18 | 12411 |
|  |  | 55939 |
| **Barbados — 0.0%** | **Barbados — 0.0%** | **Barbados — 0.0%** |
| &nbsp;&nbsp;&nbsp; Barbados Government International Bonds, <br> 8.00%, 06/26/35<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; USD20 | 21406 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Brazil Letras do Tesouro Nacional |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/26<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; BRL453 | 89497 |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/26<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; BRL2,223 | 424708 |
| Brazil Notas do Tesouro Nacional |  |  |
| &nbsp;&nbsp;&nbsp; Series F, 10.00%, 01/01/27 | &nbsp;&nbsp;&nbsp; BRL1,542 | 304012 |
| &nbsp;&nbsp;&nbsp; Series F, 10.00%, 01/01/31 | &nbsp;&nbsp;&nbsp; BRL694 | 123151 |
|  |  | 941368 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| &nbsp;&nbsp;&nbsp; Bonos de la Tesoreria de la Republica en pesos, <br> 5.00%, 10/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; CLP125,000 | 139124 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| China Government Bonds, 2.11%, 08/25/34 | &nbsp;&nbsp;&nbsp; CNY540 | 81467 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Colombian TES |  |  |
| &nbsp;&nbsp;&nbsp; 11.75%, 01/24/35 | &nbsp;&nbsp;&nbsp; COP497,100 | 122661 |
| &nbsp;&nbsp;&nbsp; 12.00%, 03/13/58 | &nbsp;&nbsp;&nbsp; COP17,400 | 4369 |
| &nbsp;&nbsp;&nbsp; 12.50%, 02/27/30 | &nbsp;&nbsp;&nbsp; COP229,400 | 59531 |
| &nbsp;&nbsp;&nbsp; Series B, 5.75%, 11/03/27 | &nbsp;&nbsp;&nbsp; COP1,045,500 | 256857 |
| &nbsp;&nbsp;&nbsp; Series B, 7.00%, 06/30/32 | &nbsp;&nbsp;&nbsp; COP137,400 | 27222 |
| &nbsp;&nbsp;&nbsp; Series B, 7.25%, 10/26/50 | &nbsp;&nbsp;&nbsp; COP202,000 | 32636 |
| &nbsp;&nbsp;&nbsp; Series B, 7.75%, 09/18/30 | &nbsp;&nbsp;&nbsp; COP1,206,300 | 264047 |
|  |  | 767323 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |
| Czech Republic Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/04/44 | &nbsp;&nbsp;&nbsp; CZK1,440 | 59546 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/11/32 | &nbsp;&nbsp;&nbsp; CZK1,470 | 70199 |
|  |  | 129745 |
| **Dominican Republic — 0.0%** | **Dominican Republic — 0.0%** | **Dominican Republic — 0.0%** |
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bonds, 10.50%, <br> 03/15/37<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; DOP8,000 | 141750 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Ecuador — 0.0%** | **Ecuador — 0.0%** | **Ecuador — 0.0%** |
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bonds, <br> 6.90%, 07/31/35<sup>(c)(d)</sup><br>| &nbsp;&nbsp;&nbsp; USD9 | $8343 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Egypt Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 23.38%, 08/26/28 | &nbsp;&nbsp;&nbsp; EGP1,256 | 22981 |
| &nbsp;&nbsp;&nbsp; 23.44%, 07/01/28 | &nbsp;&nbsp;&nbsp; EGP351 | 6483 |
| &nbsp;&nbsp;&nbsp; 24.44%, 08/05/28 | &nbsp;&nbsp;&nbsp; EGP400 | 7458 |
| &nbsp;&nbsp;&nbsp; 24.46%, 10/01/27 | &nbsp;&nbsp;&nbsp; EGP1,743 | 31985 |
| Egypt Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/05/26<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; EGP3,450 | 64207 |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/23/26<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; EGP4,300 | 77798 |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/20/26<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; EGP2,925 | 49119 |
|  |  | 260031 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| Hungary Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/27/38 | &nbsp;&nbsp;&nbsp; HUF32,110 | 76369 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/23/37 | &nbsp;&nbsp;&nbsp; HUF29,840 | 97697 |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/24/35 | &nbsp;&nbsp;&nbsp; HUF55,350 | 190919 |
|  |  | 364985 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| Indonesia Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 02/14/30 | &nbsp;&nbsp;&nbsp; USD400 | 375020 |
| &nbsp;&nbsp;&nbsp; 3.05%, 03/12/51 | &nbsp;&nbsp;&nbsp; USD400 | 254500 |
| Indonesia Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/30 | &nbsp;&nbsp;&nbsp; IDR4,589,000 | 263510 |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/33 | &nbsp;&nbsp;&nbsp; IDR195,000 | 11113 |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/15/27 | &nbsp;&nbsp;&nbsp; IDR2,412,000 | 139899 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/33 | &nbsp;&nbsp;&nbsp; IDR291,000 | 17021 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/15/32 | &nbsp;&nbsp;&nbsp; IDR38,000 | 2344 |
|  |  | 1063407 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Italy Buoni Poliennali Del Tesoro |  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 02/01/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR285 | 329269 |
| &nbsp;&nbsp;&nbsp; 3.45%, 02/01/36<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR324 | 368832 |
|  |  | 698101 |
| **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** |
| Lebanon Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/04/24<sup>(c)(i)(j)</sup> | &nbsp;&nbsp;&nbsp; USD26 | 6591 |
| &nbsp;&nbsp;&nbsp; 6.65%, 11/03/28<sup>(c)(i)(j)</sup> | &nbsp;&nbsp;&nbsp; USD9 | 2282 |
| &nbsp;&nbsp;&nbsp; 6.85%, 03/23/27<sup>(c)(i)</sup> | &nbsp;&nbsp;&nbsp; USD37 | 9379 |
|  |  | 18252 |
| **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** |
| Mexican Bonos |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/03/26 | &nbsp;&nbsp;&nbsp; MXN5,225 | 299385 |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/21/36 | &nbsp;&nbsp;&nbsp; MXN1,966 | 103587 |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/29/55 | &nbsp;&nbsp;&nbsp; MXN682 | 32509 |
| &nbsp;&nbsp;&nbsp; 8.50%, 03/01/29 | &nbsp;&nbsp;&nbsp; MXN2,341 | 160763 |
| &nbsp;&nbsp;&nbsp; Series M, 7.75%, 11/13/42 | &nbsp;&nbsp;&nbsp; MXN10,020 | 481511 |
| &nbsp;&nbsp;&nbsp; Series M 20, 8.50%, 05/31/29 | &nbsp;&nbsp;&nbsp; MXN73 | 4227 |
| Mexico Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 2.66%, 05/24/31 | &nbsp;&nbsp;&nbsp; USD1,190 | 1059100 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/31/50 | &nbsp;&nbsp;&nbsp; USD800 | 595300 |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/16/40 | &nbsp;&nbsp;&nbsp; EUR100 | 115605 |
| &nbsp;&nbsp;&nbsp; 6.35%, 02/09/35 | &nbsp;&nbsp;&nbsp; USD241 | 248230 |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/13/55 | &nbsp;&nbsp;&nbsp; USD200 | 213125 |
|  |  | 3313342 |
| **Panama — 0.4%** | **Panama — 0.4%** | **Panama — 0.4%** |
| Panama Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/17/28 | &nbsp;&nbsp;&nbsp; USD1,960 | 1940400 |
| &nbsp;&nbsp;&nbsp; 8.88%, 09/30/27 | &nbsp;&nbsp;&nbsp; USD153 | 161836 |
|  |  | 2102236 |
| **Paraguay — 0.0%** | **Paraguay — 0.0%** | **Paraguay — 0.0%** |
| &nbsp;&nbsp;&nbsp; Paraguay Government International Bonds, <br> 8.50%, 04/04/38<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; PYG497,000 | 81169 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| &nbsp;&nbsp;&nbsp; Peru Government International Bonds, 7.60%, <br> 08/12/39<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; PEN86 | $25794 |
| Peruvian Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/10/51 | &nbsp;&nbsp;&nbsp; USD436 | 302475 |
| &nbsp;&nbsp;&nbsp; 6.20%, 06/30/55 | &nbsp;&nbsp;&nbsp; USD2 | 2035 |
| &nbsp;&nbsp;&nbsp; 7.60%, 08/12/39<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; PEN205 | 61485 |
|  |  | 391789 |
| **Philippines — 0.2%** | **Philippines — 0.2%** | **Philippines — 0.2%** |
| Philippine Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/20/30 | &nbsp;&nbsp;&nbsp; PHP10,700 | 168473 |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/28/35 | &nbsp;&nbsp;&nbsp; PHP13,790 | 215615 |
| Philippine Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/28 | &nbsp;&nbsp;&nbsp; USD600 | 586374 |
| &nbsp;&nbsp;&nbsp; 3.20%, 07/06/46 | &nbsp;&nbsp;&nbsp; USD400 | 276000 |
| &nbsp;&nbsp;&nbsp; Philippines Government International Bonds, <br> 6.38%, 07/27/30<br>| &nbsp;&nbsp;&nbsp; PHP6,270 | 100196 |
|  |  | 1346658 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Republic of Poland Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/25/31 | &nbsp;&nbsp;&nbsp; PLN111 | 30063 |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/25/36 | &nbsp;&nbsp;&nbsp; PLN134 | 33622 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/25/31 | &nbsp;&nbsp;&nbsp; PLN122 | 31560 |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/25/29 | &nbsp;&nbsp;&nbsp; PLN342 | 93829 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/25/30 | &nbsp;&nbsp;&nbsp; PLN190 | 52408 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/25/34 | &nbsp;&nbsp;&nbsp; PLN392 | 103595 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/25/35 | &nbsp;&nbsp;&nbsp; PLN738 | 192616 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/25/29 | &nbsp;&nbsp;&nbsp; PLN609 | 172286 |
|  |  | 709979 |
| **Romania — 0.0%** | **Romania — 0.0%** | **Romania — 0.0%** |
| Romanian Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 2.12%, 07/16/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR5 | 5112 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/04/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR8 | 8893 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/30/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; EUR13 | 15194 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/07/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR3 | 3464 |
| &nbsp;&nbsp;&nbsp; 6.13%, 10/07/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR3 | 3440 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/07/45<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR3 | 3390 |
|  |  | 39493 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| Republic of South Africa Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/28/31 | &nbsp;&nbsp;&nbsp; ZAR9,102 | 517306 |
| &nbsp;&nbsp;&nbsp; 8.00%, 01/31/30 | &nbsp;&nbsp;&nbsp; ZAR6,574 | 392291 |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/31/37 | &nbsp;&nbsp;&nbsp; ZAR6,660 | 384202 |
| &nbsp;&nbsp;&nbsp; 8.75%, 02/28/48 | &nbsp;&nbsp;&nbsp; ZAR1,076 | 60909 |
|  |  | 1354708 |
| **Spain — 0.6%** | **Spain — 0.6%** | **Spain — 0.6%** |
| Spain Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 05/31/31 | &nbsp;&nbsp;&nbsp; EUR600 | 691958 |
| &nbsp;&nbsp;&nbsp; 3.30%, 04/30/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; EUR2,232 | 2576866 |
|  |  | 3268824 |
| **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** |
| Sri Lanka Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; USD1 | 1517 |
| &nbsp;&nbsp;&nbsp; 5.10%, 06/15/35<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; USD10 | 7700 |
|  |  | 9217 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| Turkiye Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 26.20%, 10/05/33 | &nbsp;&nbsp;&nbsp; TRY620 | 11485 |
| &nbsp;&nbsp;&nbsp; 27.70%, 09/27/34 | &nbsp;&nbsp;&nbsp; TRY1,188 | 23045 |
| &nbsp;&nbsp;&nbsp; 30.00%, 09/12/29 | &nbsp;&nbsp;&nbsp; TRY789 | 15470 |
| &nbsp;&nbsp;&nbsp; 31.08%, 11/08/28 | &nbsp;&nbsp;&nbsp; TRY825 | 16737 |
|  |  | 66737 |
| **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** |
| Ukraine Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/30<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD1 | 631 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/35<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2 | 1018 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Ukraine (continued)** | **Ukraine (continued)** | **Ukraine (continued)** |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/36<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; USD32 | $16341 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/36<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; USD9 | 5133 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/36<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; USD2 | 1180 |
|  |  | 24303 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
| Uruguay Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/27/27 | &nbsp;&nbsp;&nbsp; USD124 | 124243 |
| &nbsp;&nbsp;&nbsp; 5.10%, 06/18/50 | &nbsp;&nbsp;&nbsp; USD438 | 407310 |
| &nbsp;&nbsp;&nbsp; 8.00%, 10/29/35 | &nbsp;&nbsp;&nbsp; UYU1,699 | 43122 |
| &nbsp;&nbsp;&nbsp; 9.75%, 07/20/33 | &nbsp;&nbsp;&nbsp; UYU694 | 19196 |
|  |  | 593871 |
| **Venezuela — 0.0%** | **Venezuela — 0.0%** | **Venezuela — 0.0%** |
| Venezuela Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 09/15/27<sup>(i)(j)</sup> | &nbsp;&nbsp;&nbsp; USD15 | 7682 |
| &nbsp;&nbsp;&nbsp; 11.95%, 08/05/31<sup>(c)(i)(j)</sup> | &nbsp;&nbsp;&nbsp; USD26 | 15155 |
|  |  | 22837 |
| **Total Foreign Government Obligations — 3.1%** <br>**(Cost: $18,079,592)** | **Total Foreign Government Obligations — 3.1%** <br>**(Cost: $18,079,592)** | 18016404 |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **California — 0.2%** | **California — 0.2%** | **California — 0.2%** |
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority, RB BAB, Series S-1, <br> 7.04%, 04/01/50<br>| &nbsp;&nbsp;&nbsp; $157 | 177119 |
| &nbsp;&nbsp;&nbsp; Los Angeles Community College District/CA, GO, <br> Series E, 6.60%, 08/01/42<br>| &nbsp;&nbsp;&nbsp; 60 | 64155 |
| State of California, GO, 4.60%, 04/01/38 | &nbsp;&nbsp;&nbsp; 450 | 455324 |
| State of California, GO BAB, 7.55%, 04/01/39 | &nbsp;&nbsp;&nbsp; 155 | 183337 |
| &nbsp;&nbsp;&nbsp; University of California, RB, Series AD, 4.86%, <br> 05/15/12<br>| &nbsp;&nbsp;&nbsp; 142 | 116188 |
|  |  | 996123 |
| **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, RB BAB, <br> Project J, Series 2010-A, 6.64%, 04/01/57<br>| &nbsp;&nbsp;&nbsp; 148 | 156524 |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
| State of Illinois, GO, 5.10%, 06/01/33 | &nbsp;&nbsp;&nbsp; 410 | 416539 |
| **Louisiana — 0.0%** | **Louisiana — 0.0%** | **Louisiana — 0.0%** |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental <br> Facilities & Community Development Authority, <br> RB, 4.15%, 02/01/33<br>| &nbsp;&nbsp;&nbsp; 240 | 237993 |
| **New Jersey — 0.0%** | **New Jersey — 0.0%** | **New Jersey — 0.0%** |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB BAB, <br> Series F, 7.41%, 01/01/40<br>| &nbsp;&nbsp;&nbsp; 193 | 225995 |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, RB BAB, <br> Series 2010-A, 6.67%, 11/15/39<br>| &nbsp;&nbsp;&nbsp; 155 | 167264 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> RB, 5.88%, 06/15/44<br>| &nbsp;&nbsp;&nbsp; 20 | 20102 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> RB BAB, 6.01%, 06/15/42<br>| &nbsp;&nbsp;&nbsp; 10 | 10228 |
| Port Authority of New York & New Jersey, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series 168, 4.93%, 10/01/51 | &nbsp;&nbsp;&nbsp; 30 | 27472 |
| &nbsp;&nbsp;&nbsp; Series 181, 4.96%, 08/01/46 | &nbsp;&nbsp;&nbsp; 105 | 97756 |
|  |  | 322822 |
| **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., RB, Series B, <br> 8.08%, 02/15/50<br>| &nbsp;&nbsp;&nbsp; 185 | 229013 |
| **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of San Antonio Electric & Gas Systems <br> Revenue, RB BAB, 5.81%, 02/01/41<br>| &nbsp;&nbsp;&nbsp; 170 | 174933 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| State of Texas, GO BAB, 5.52%, 04/01/39 | &nbsp;&nbsp;&nbsp; $160 | $161508 |
|  |  | 336441 |
| **Total Municipal Debt Obligations — 0.5%** <br>**(Cost: $2,958,237)** | **Total Municipal Debt Obligations — 0.5%** <br>**(Cost: $2,958,237)** | 2921450 |
| **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
| **Mortgage-Backed Securities — 71.7%** | **Mortgage-Backed Securities — 71.7%** | **Mortgage-Backed Securities — 71.7%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp., 4.50%, <br> 07/01/47<br>| &nbsp;&nbsp;&nbsp; 125 | 122444 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association, 5.81%, <br> 06/01/31<br>| &nbsp;&nbsp;&nbsp; 20 | 20521 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/20/51 | &nbsp;&nbsp;&nbsp; 245 | 201694 |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/20/52 | &nbsp;&nbsp;&nbsp; 1524 | 1254003 |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/20/52 | &nbsp;&nbsp;&nbsp; 688 | 565935 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/20/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 3105 | 2554017 |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/20/51 | &nbsp;&nbsp;&nbsp; 694 | 595157 |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/20/51 | &nbsp;&nbsp;&nbsp; 108 | 92299 |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/20/51 | &nbsp;&nbsp;&nbsp; 1448 | 1241237 |
| &nbsp;&nbsp;&nbsp; 2.50%, 11/20/51 | &nbsp;&nbsp;&nbsp; 172 | 147750 |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/20/52 | &nbsp;&nbsp;&nbsp; 209 | 178793 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/20/52 | &nbsp;&nbsp;&nbsp; 117 | 100343 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/20/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 2921 | 2501607 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/20/50 | &nbsp;&nbsp;&nbsp; 56 | 49496 |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/20/51 | &nbsp;&nbsp;&nbsp; 128 | 114417 |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/20/52 | &nbsp;&nbsp;&nbsp; 63 | 55858 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/20/52 | &nbsp;&nbsp;&nbsp; 979 | 872937 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/20/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 2749 | 2447844 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/20/44 | &nbsp;&nbsp;&nbsp; 106 | 98872 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/20/47 | &nbsp;&nbsp;&nbsp; 34 | 31246 |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/20/47 | &nbsp;&nbsp;&nbsp; 6 | 5114 |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/20/47 | &nbsp;&nbsp;&nbsp; 12 | 11229 |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/20/47 | &nbsp;&nbsp;&nbsp; 7 | 6830 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/20/48 | &nbsp;&nbsp;&nbsp; 12 | 11538 |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/20/48 | &nbsp;&nbsp;&nbsp; 9 | 8596 |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/20/52 | &nbsp;&nbsp;&nbsp; 959 | 873290 |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/20/52 | &nbsp;&nbsp;&nbsp; 425 | 387816 |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/20/52 | &nbsp;&nbsp;&nbsp; 241 | 220186 |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/20/52 | &nbsp;&nbsp;&nbsp; 436 | 397920 |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/20/52 | &nbsp;&nbsp;&nbsp; 366 | 333319 |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/20/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 477 | 431107 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/20/43 | &nbsp;&nbsp;&nbsp; 24 | 23228 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/20/48 | &nbsp;&nbsp;&nbsp; 67 | 63373 |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/20/52 | &nbsp;&nbsp;&nbsp; 768 | 723039 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/20/52 | &nbsp;&nbsp;&nbsp; 124 | 117323 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/20/53 | &nbsp;&nbsp;&nbsp; 40 | 37804 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/20/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 1271 | 1185730 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/20/41 | &nbsp;&nbsp;&nbsp; 23 | 22526 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/20/48 | &nbsp;&nbsp;&nbsp; 54 | 52863 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/20/54 | &nbsp;&nbsp;&nbsp; 728 | 704685 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/20/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 2202 | 2123210 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/20/52 | &nbsp;&nbsp;&nbsp; 930 | 927253 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/20/54 | &nbsp;&nbsp;&nbsp; 704 | 698967 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/20/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 3021 | 2994539 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/20/53 | &nbsp;&nbsp;&nbsp; 214 | 216739 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/20/54 | &nbsp;&nbsp;&nbsp; 24 | 24570 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/20/54 | &nbsp;&nbsp;&nbsp; 651 | 658854 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/20/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 3588 | 3613214 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/20/53 | &nbsp;&nbsp;&nbsp; 860 | 882700 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/20/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 1548 | 1578121 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/54<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 980 | 1023622 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/54<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 300 | 312709 |
| Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/01/37 | &nbsp;&nbsp;&nbsp; 460 | 413032 |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/01/41 | &nbsp;&nbsp;&nbsp; 646 | 548439 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 1.50%, 05/18/41<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; $155 | $139011 |
| &nbsp;&nbsp;&nbsp; 1.50%, 07/01/41 | &nbsp;&nbsp;&nbsp; 979 | 825801 |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/01/41 | &nbsp;&nbsp;&nbsp; 43 | 36047 |
| &nbsp;&nbsp;&nbsp; 1.50%, 11/01/41 | &nbsp;&nbsp;&nbsp; 128 | 106717 |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/01/42 | &nbsp;&nbsp;&nbsp; 839 | 716262 |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/01/51 | &nbsp;&nbsp;&nbsp; 61 | 46937 |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/01/51 | &nbsp;&nbsp;&nbsp; 52 | 40108 |
| &nbsp;&nbsp;&nbsp; 1.50%, 03/01/51 | &nbsp;&nbsp;&nbsp; 34 | 26437 |
| &nbsp;&nbsp;&nbsp; 1.50%, 05/01/51 | &nbsp;&nbsp;&nbsp; 580 | 444437 |
| &nbsp;&nbsp;&nbsp; 1.50%, 06/01/51 | &nbsp;&nbsp;&nbsp; 36 | 27822 |
| &nbsp;&nbsp;&nbsp; 1.50%, 04/01/52 | &nbsp;&nbsp;&nbsp; 387 | 296898 |
| &nbsp;&nbsp;&nbsp; 2.00%, 12/01/35 | &nbsp;&nbsp;&nbsp; 150 | 137559 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/01/36 | &nbsp;&nbsp;&nbsp; 108 | 99767 |
| &nbsp;&nbsp;&nbsp; 2.00%, 07/01/36 | &nbsp;&nbsp;&nbsp; 169 | 155548 |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/01/37 | &nbsp;&nbsp;&nbsp; 217 | 199505 |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/37 | &nbsp;&nbsp;&nbsp; 114 | 104517 |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/01/37 | &nbsp;&nbsp;&nbsp; 1941 | 1781442 |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/41 | &nbsp;&nbsp;&nbsp; 56 | 49259 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/18/41<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 727 | 666546 |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/01/41 | &nbsp;&nbsp;&nbsp; 338 | 293470 |
| &nbsp;&nbsp;&nbsp; 2.00%, 12/01/41 | &nbsp;&nbsp;&nbsp; 829 | 717488 |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/01/42 | &nbsp;&nbsp;&nbsp; 139 | 120370 |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/01/42 | &nbsp;&nbsp;&nbsp; 832 | 718951 |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/01/42 | &nbsp;&nbsp;&nbsp; 1251 | 1080270 |
| &nbsp;&nbsp;&nbsp; 2.00%, 09/01/50 | &nbsp;&nbsp;&nbsp; 653 | 530830 |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/01/50 | &nbsp;&nbsp;&nbsp; 443 | 360106 |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/01/51 | &nbsp;&nbsp;&nbsp; 749 | 605969 |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/01/51 | &nbsp;&nbsp;&nbsp; 332 | 267302 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/01/51 | &nbsp;&nbsp;&nbsp; 783 | 631856 |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/01/51 | &nbsp;&nbsp;&nbsp; 618 | 497519 |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/01/51 | &nbsp;&nbsp;&nbsp; 2076 | 1669853 |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/01/52 | &nbsp;&nbsp;&nbsp; 897 | 723413 |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/52 | &nbsp;&nbsp;&nbsp; 8114 | 6519600 |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/01/52 | &nbsp;&nbsp;&nbsp; 560 | 450033 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/01/52 | &nbsp;&nbsp;&nbsp; 1026 | 830903 |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/52 | &nbsp;&nbsp;&nbsp; 675 | 543884 |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/01/52 | &nbsp;&nbsp;&nbsp; 75 | 60403 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/13/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 6504 | 5202507 |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/11/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 4305 | 3442701 |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/01/35 | &nbsp;&nbsp;&nbsp; 62 | 59573 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/01/35 | &nbsp;&nbsp;&nbsp; 55 | 51976 |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/01/36 | &nbsp;&nbsp;&nbsp; 29 | 27609 |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/01/36 | &nbsp;&nbsp;&nbsp; 29 | 27207 |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/01/37 | &nbsp;&nbsp;&nbsp; 869 | 819651 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/18/41<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 504 | 474215 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/01/51 | &nbsp;&nbsp;&nbsp; 65 | 55075 |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/01/51 | &nbsp;&nbsp;&nbsp; 581 | 489985 |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/01/51 | &nbsp;&nbsp;&nbsp; 572 | 482942 |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/01/51 | &nbsp;&nbsp;&nbsp; 4766 | 4016957 |
| &nbsp;&nbsp;&nbsp; 2.50%, 11/01/51 | &nbsp;&nbsp;&nbsp; 833 | 711719 |
| &nbsp;&nbsp;&nbsp; 2.50%, 12/01/51 | &nbsp;&nbsp;&nbsp; 91 | 76699 |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/01/52 | &nbsp;&nbsp;&nbsp; 762 | 648279 |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/52 | &nbsp;&nbsp;&nbsp; 1972 | 1668967 |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/01/52 | &nbsp;&nbsp;&nbsp; 1603 | 1350701 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/01/52 | &nbsp;&nbsp;&nbsp; 1522 | 1287979 |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/01/52 | &nbsp;&nbsp;&nbsp; 137 | 115484 |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/01/53 | &nbsp;&nbsp;&nbsp; 116 | 98075 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/13/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 14328 | 11995669 |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/11/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 12703 | 10631741 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/29 | &nbsp;&nbsp;&nbsp; 12 | 12155 |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/01/34 | &nbsp;&nbsp;&nbsp; 15 | 14820 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/37 | &nbsp;&nbsp;&nbsp; 423 | 403955 |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/25/37<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 285 | 271384 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/37 | &nbsp;&nbsp;&nbsp; 24 | 23119 |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/37 | &nbsp;&nbsp;&nbsp; 24 | 22891 |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/46 | &nbsp;&nbsp;&nbsp; 243 | 219913 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/01/48 | &nbsp;&nbsp;&nbsp; $306 | $273672 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/50 | &nbsp;&nbsp;&nbsp; 569 | 503555 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/50 | &nbsp;&nbsp;&nbsp; 210 | 186096 |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/01/50 | &nbsp;&nbsp;&nbsp; 192 | 171587 |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/50 | &nbsp;&nbsp;&nbsp; 304 | 271787 |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/01/51 | &nbsp;&nbsp;&nbsp; 60 | 53023 |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/51 | &nbsp;&nbsp;&nbsp; 486 | 432587 |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/01/52 | &nbsp;&nbsp;&nbsp; 2407 | 2129694 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/52 | &nbsp;&nbsp;&nbsp; 1262 | 1109883 |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/52 | &nbsp;&nbsp;&nbsp; 538 | 473075 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/13/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 7362 | 6443904 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/11/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 2500 | 2187059 |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/01/34 | &nbsp;&nbsp;&nbsp; 17 | 16257 |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/01/37 | &nbsp;&nbsp;&nbsp; 10 | 9866 |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/37 | &nbsp;&nbsp;&nbsp; 5 | 4593 |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/01/40 | &nbsp;&nbsp;&nbsp; 145 | 139437 |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/18/41<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 90 | 86425 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/01/45 | &nbsp;&nbsp;&nbsp; 104 | 96785 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/01/47 | &nbsp;&nbsp;&nbsp; 36 | 34093 |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/01/47 | &nbsp;&nbsp;&nbsp; 9 | 8310 |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/01/47 | &nbsp;&nbsp;&nbsp; 58 | 54024 |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/49 | &nbsp;&nbsp;&nbsp; 677 | 630506 |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/01/50 | &nbsp;&nbsp;&nbsp; 203 | 186480 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/50 | &nbsp;&nbsp;&nbsp; 447 | 409277 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/01/51 | &nbsp;&nbsp;&nbsp; 32 | 29507 |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/52 | &nbsp;&nbsp;&nbsp; 1493 | 1370568 |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/01/52 | &nbsp;&nbsp;&nbsp; 39 | 35550 |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/13/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 26088 | 23743801 |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/11/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 9800 | 8913977 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/39<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 146 | 142235 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/40 | &nbsp;&nbsp;&nbsp; 145 | 141136 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/46 | &nbsp;&nbsp;&nbsp; 214 | 203754 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/47 | &nbsp;&nbsp;&nbsp; 154 | 146241 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/48 | &nbsp;&nbsp;&nbsp; 84 | 79637 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/50 | &nbsp;&nbsp;&nbsp; 2610 | 2507346 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/50 | &nbsp;&nbsp;&nbsp; 74 | 70615 |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/51 | &nbsp;&nbsp;&nbsp; 348 | 329766 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/52 | &nbsp;&nbsp;&nbsp; 572 | 542233 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/52 | &nbsp;&nbsp;&nbsp; 222 | 208714 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/53 | &nbsp;&nbsp;&nbsp; 12 | 11549 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/13/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 1863 | 1746927 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/11/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 500 | 468535 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/18/41<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 1427 | 1415797 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/48 | &nbsp;&nbsp;&nbsp; 105 | 103084 |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/01/48 | &nbsp;&nbsp;&nbsp; 135 | 132703 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/01/49 | &nbsp;&nbsp;&nbsp; 106 | 104052 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/49 | &nbsp;&nbsp;&nbsp; 50 | 48917 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/50 | &nbsp;&nbsp;&nbsp; 106 | 104027 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/52 | &nbsp;&nbsp;&nbsp; 1414 | 1366446 |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/01/53 | &nbsp;&nbsp;&nbsp; 15 | 14782 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/53 | &nbsp;&nbsp;&nbsp; 205 | 200526 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/01/56 | &nbsp;&nbsp;&nbsp; 340 | 327327 |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/01/56 | &nbsp;&nbsp;&nbsp; 58 | 55937 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/13/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 15278 | 14694467 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/47 | &nbsp;&nbsp;&nbsp; 36 | 36190 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/50 | &nbsp;&nbsp;&nbsp; 53 | 52965 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/52 | &nbsp;&nbsp;&nbsp; 30 | 29324 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/52 | &nbsp;&nbsp;&nbsp; 222 | 219816 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/52 | &nbsp;&nbsp;&nbsp; 26 | 25637 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/52 | &nbsp;&nbsp;&nbsp; 449 | 445267 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/52 | &nbsp;&nbsp;&nbsp; 163 | 160439 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/53 | &nbsp;&nbsp;&nbsp; 687 | 680212 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/53 | &nbsp;&nbsp;&nbsp; 1765 | 1747721 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/53 | &nbsp;&nbsp;&nbsp; 1781 | 1762812 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/53 | &nbsp;&nbsp;&nbsp; 2584 | 2559677 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/53 | &nbsp;&nbsp;&nbsp; 1924 | 1904289 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/53 | &nbsp;&nbsp;&nbsp; $2220 | $2196097 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/53 | &nbsp;&nbsp;&nbsp; 2335 | 2309434 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/53 | &nbsp;&nbsp;&nbsp; 2214 | 2189534 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/53 | &nbsp;&nbsp;&nbsp; 817 | 808118 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/53 | &nbsp;&nbsp;&nbsp; 3938 | 3900388 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/53 | &nbsp;&nbsp;&nbsp; 1521 | 1505531 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/54 | &nbsp;&nbsp;&nbsp; 1846 | 1827447 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/54 | &nbsp;&nbsp;&nbsp; 504 | 499020 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/54 | &nbsp;&nbsp;&nbsp; 88 | 87384 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/54 | &nbsp;&nbsp;&nbsp; 23 | 22642 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/55 | &nbsp;&nbsp;&nbsp; 2119 | 2101965 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/55 | &nbsp;&nbsp;&nbsp; 133 | 131678 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/56 | &nbsp;&nbsp;&nbsp; 294 | 290931 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/56 | &nbsp;&nbsp;&nbsp; 44 | 43823 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/56 | &nbsp;&nbsp;&nbsp; 61 | 60503 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/56 | &nbsp;&nbsp;&nbsp; 148 | 146068 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/13/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 74126 | 73020799 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/52 | &nbsp;&nbsp;&nbsp; 114 | 114723 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/53 | &nbsp;&nbsp;&nbsp; 144 | 145232 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/53 | &nbsp;&nbsp;&nbsp; 381 | 384579 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/53 | &nbsp;&nbsp;&nbsp; 293 | 295301 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/53 | &nbsp;&nbsp;&nbsp; 503 | 509342 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/53 | &nbsp;&nbsp;&nbsp; 451 | 455958 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/53 | &nbsp;&nbsp;&nbsp; 451 | 454614 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/53 | &nbsp;&nbsp;&nbsp; 54 | 54578 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/53 | &nbsp;&nbsp;&nbsp; 27 | 27447 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/54 | &nbsp;&nbsp;&nbsp; 110 | 111347 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/54 | &nbsp;&nbsp;&nbsp; 208 | 209131 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/54 | &nbsp;&nbsp;&nbsp; 426 | 429150 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/55 | &nbsp;&nbsp;&nbsp; 796 | 803690 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/55 | &nbsp;&nbsp;&nbsp; 147 | 148358 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/55 | &nbsp;&nbsp;&nbsp; 2878 | 2909672 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/56 | &nbsp;&nbsp;&nbsp; 149 | 150763 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/13/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 60783 | 61085320 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/11/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 17900 | 17969463 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/52 | &nbsp;&nbsp;&nbsp; 75 | 77341 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/52 | &nbsp;&nbsp;&nbsp; 49 | 50401 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/01/53 | &nbsp;&nbsp;&nbsp; 100 | 102645 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/53 | &nbsp;&nbsp;&nbsp; 11 | 11398 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/53 | &nbsp;&nbsp;&nbsp; 75 | 77615 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/53 | &nbsp;&nbsp;&nbsp; 22 | 22386 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/53 | &nbsp;&nbsp;&nbsp; 71 | 72885 |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/53 | &nbsp;&nbsp;&nbsp; 99 | 102328 |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/53 | &nbsp;&nbsp;&nbsp; 241 | 246643 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/53 | &nbsp;&nbsp;&nbsp; 84 | 85847 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/53 | &nbsp;&nbsp;&nbsp; 371 | 380920 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/54 | &nbsp;&nbsp;&nbsp; 186 | 190944 |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/54 | &nbsp;&nbsp;&nbsp; 177 | 181437 |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/54 | &nbsp;&nbsp;&nbsp; 150 | 153533 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/54 | &nbsp;&nbsp;&nbsp; 109 | 111498 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/54 | &nbsp;&nbsp;&nbsp; 226 | 231953 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/54 | &nbsp;&nbsp;&nbsp; 71 | 73114 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/54 | &nbsp;&nbsp;&nbsp; 2711 | 2772662 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/55 | &nbsp;&nbsp;&nbsp; 72 | 73436 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/55 | &nbsp;&nbsp;&nbsp; 945 | 966939 |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/55 | &nbsp;&nbsp;&nbsp; 160 | 163811 |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/55 | &nbsp;&nbsp;&nbsp; 649 | 665251 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/55 | &nbsp;&nbsp;&nbsp; 55 | 56060 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/13/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 29177 | 29785312 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/11/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 5000 | 5098889 |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/01/52 | &nbsp;&nbsp;&nbsp; 21 | 21988 |
| &nbsp;&nbsp;&nbsp; 6.50%, 12/01/52 | &nbsp;&nbsp;&nbsp; 13 | 13436 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/01/53 | &nbsp;&nbsp;&nbsp; 54 | 56198 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/53 | &nbsp;&nbsp;&nbsp; 27 | 28391 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/01/53 | &nbsp;&nbsp;&nbsp; 143 | 149477 |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/53 | &nbsp;&nbsp;&nbsp; 200 | 207699 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/53 | &nbsp;&nbsp;&nbsp; $67 | $69416 |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/01/53 | &nbsp;&nbsp;&nbsp; 102 | 106159 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/01/54 | &nbsp;&nbsp;&nbsp; 70 | 72758 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/54 | &nbsp;&nbsp;&nbsp; 141 | 145965 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/54 | &nbsp;&nbsp;&nbsp; 113 | 117814 |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/55 | &nbsp;&nbsp;&nbsp; 190 | 196794 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/55 | &nbsp;&nbsp;&nbsp; 1965 | 2052874 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/13/56<sup>(l)</sup> | &nbsp;&nbsp;&nbsp; 933 | 967959 |
|  |  | 410265429 |
| **U.S. Government Obligations — 15.2%** | **U.S. Government Obligations — 15.2%** | **U.S. Government Obligations — 15.2%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Indexed Notes, 1.63%, <br> 04/15/30<br>| &nbsp;&nbsp;&nbsp; 6550 | 6652798 |
| U.S. Treasury Notes/Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 09/30/27 | &nbsp;&nbsp;&nbsp; 454 | 432089 |
| &nbsp;&nbsp;&nbsp; 0.50%, 05/31/27 | &nbsp;&nbsp;&nbsp; 823 | 794806 |
| &nbsp;&nbsp;&nbsp; 0.50%, 08/31/27 | &nbsp;&nbsp;&nbsp; 659 | 630503 |
| &nbsp;&nbsp;&nbsp; 0.63%, 07/31/26 | &nbsp;&nbsp;&nbsp; 886 | 878784 |
| &nbsp;&nbsp;&nbsp; 0.75%, 05/31/26 | &nbsp;&nbsp;&nbsp; 306 | 305199 |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/31/28 | &nbsp;&nbsp;&nbsp; 343 | 321911 |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/15/40 | &nbsp;&nbsp;&nbsp; 1145 | 709522 |
| &nbsp;&nbsp;&nbsp; 1.25%, 03/31/28 | &nbsp;&nbsp;&nbsp; 257 | 244762 |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/31/28 | &nbsp;&nbsp;&nbsp; 489 | 463347 |
| &nbsp;&nbsp;&nbsp; 1.25%, 09/30/28 | &nbsp;&nbsp;&nbsp; 174 | 163719 |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/15/50 | &nbsp;&nbsp;&nbsp; 500 | 234453 |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/40 | &nbsp;&nbsp;&nbsp; 1145 | 732609 |
| &nbsp;&nbsp;&nbsp; 1.50%, 11/30/28 | &nbsp;&nbsp;&nbsp; 1144 | 1076969 |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/30 | &nbsp;&nbsp;&nbsp; 236 | 215765 |
| &nbsp;&nbsp;&nbsp; 1.88%, 11/15/51 | &nbsp;&nbsp;&nbsp; 0 | 163 |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/26 | &nbsp;&nbsp;&nbsp; 623 | 617291 |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/27 | &nbsp;&nbsp;&nbsp; 203 | 199202 |
| &nbsp;&nbsp;&nbsp; 2.38%, 05/15/27 | &nbsp;&nbsp;&nbsp; 203 | 200370 |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/31/29 | &nbsp;&nbsp;&nbsp; 601 | 575692 |
| &nbsp;&nbsp;&nbsp; 2.63%, 05/31/27 | &nbsp;&nbsp;&nbsp; 920 | 908608 |
| &nbsp;&nbsp;&nbsp; 2.63%, 07/31/29 | &nbsp;&nbsp;&nbsp; 1016 | 975717 |
| &nbsp;&nbsp;&nbsp; 2.88%, 04/30/29 | &nbsp;&nbsp;&nbsp; 514 | 498901 |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/32 | &nbsp;&nbsp;&nbsp; 45 | 41970 |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/31/29 | &nbsp;&nbsp;&nbsp; 800 | 779590 |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/27 | &nbsp;&nbsp;&nbsp; 859 | 853497 |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/29 | &nbsp;&nbsp;&nbsp; 1048 | 1027514 |
| &nbsp;&nbsp;&nbsp; 3.25%, 05/15/42 | &nbsp;&nbsp;&nbsp; 1470 | 1203390 |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/27 | &nbsp;&nbsp;&nbsp; 1 | 994 |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/30/27 | &nbsp;&nbsp;&nbsp; 15 | 14926 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/29 | &nbsp;&nbsp;&nbsp; 886 | 876448 |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/31/30 | &nbsp;&nbsp;&nbsp; 767 | 754369 |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/31/28<sup>(m)</sup> | &nbsp;&nbsp;&nbsp; 1659 | 1650420 |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/30 | &nbsp;&nbsp;&nbsp; 4589 | 4519986 |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/30/31 | &nbsp;&nbsp;&nbsp; 969 | 947954 |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/53 | &nbsp;&nbsp;&nbsp; 369 | 292152 |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/53 | &nbsp;&nbsp;&nbsp; 185 | 146115 |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/28 | &nbsp;&nbsp;&nbsp; 42 | 41887 |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/28 | &nbsp;&nbsp;&nbsp; 29 | 28920 |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/31/28 | &nbsp;&nbsp;&nbsp; 721 | 718043 |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/31/30 | &nbsp;&nbsp;&nbsp; 913 | 904976 |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/28/33 | &nbsp;&nbsp;&nbsp; 57 | 55495 |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/31/27 | &nbsp;&nbsp;&nbsp; 70 | 70052 |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/30/27 | &nbsp;&nbsp;&nbsp; 914 | 913893 |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/28 | &nbsp;&nbsp;&nbsp; 1304 | 1303643 |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/31/28 | &nbsp;&nbsp;&nbsp; 5000 | 4998828 |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/15/28 | &nbsp;&nbsp;&nbsp; 7 | 6997 |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/30/29 | &nbsp;&nbsp;&nbsp; 624 | 622294 |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/30/30 | &nbsp;&nbsp;&nbsp; 2 | 1992 |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/31/32 | &nbsp;&nbsp;&nbsp; 7 | 6873 |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/34 | &nbsp;&nbsp;&nbsp; 3 | 2911 |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/43<sup>(m)</sup> | &nbsp;&nbsp;&nbsp; 1782 | 1570666 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/27 | &nbsp;&nbsp;&nbsp; 473 | 473386 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/27 | &nbsp;&nbsp;&nbsp; 11367 | 11387425 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/29/28 | &nbsp;&nbsp;&nbsp; $615 | $616225 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/28/30 | &nbsp;&nbsp;&nbsp; 2849 | 2852005 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/31/30 | &nbsp;&nbsp;&nbsp; 6987 | 6991367 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/32 | &nbsp;&nbsp;&nbsp; 58 | 57540 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/31/32 | &nbsp;&nbsp;&nbsp; 17 | 16855 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/31/33 | &nbsp;&nbsp;&nbsp; 14 | 13842 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/35 | &nbsp;&nbsp;&nbsp; 1 | 970 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/52 | &nbsp;&nbsp;&nbsp; 0 | 255 |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/27 | &nbsp;&nbsp;&nbsp; 596 | 598095 |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/31 | &nbsp;&nbsp;&nbsp; 10 | 10021 |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/29/32 | &nbsp;&nbsp;&nbsp; 17 | 17006 |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/32 | &nbsp;&nbsp;&nbsp; 18 | 18001 |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/15/36 | &nbsp;&nbsp;&nbsp; 242 | 236895 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/44 | &nbsp;&nbsp;&nbsp; 826 | 742356 |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/31/26 | &nbsp;&nbsp;&nbsp; 21 | 21068 |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/15/27 | &nbsp;&nbsp;&nbsp; 473 | 474521 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/28 | &nbsp;&nbsp;&nbsp; 28 | 28165 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/31/30 | &nbsp;&nbsp;&nbsp; 1 | 1010 |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/30/31 | &nbsp;&nbsp;&nbsp; 658 | 664092 |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/31/33 | &nbsp;&nbsp;&nbsp; 56 | 56157 |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/31/26 | &nbsp;&nbsp;&nbsp; 30 | 30049 |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/15/26 | &nbsp;&nbsp;&nbsp; 785 | 788324 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/38 | &nbsp;&nbsp;&nbsp; 3250 | 3224736 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/26 | &nbsp;&nbsp;&nbsp; 983 | 984990 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/27 | &nbsp;&nbsp;&nbsp; 1644 | 1655238 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/27 | &nbsp;&nbsp;&nbsp; 8 | 8056 |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/31/31 | &nbsp;&nbsp;&nbsp; 2 | 1530 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/27 | &nbsp;&nbsp;&nbsp; 4 | 4036 |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/30/28 | &nbsp;&nbsp;&nbsp; 446 | 453422 |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/35<sup>(m)</sup> | &nbsp;&nbsp;&nbsp; 15 | 15315 |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/44 | &nbsp;&nbsp;&nbsp; 115 | 110279 |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/55 | &nbsp;&nbsp;&nbsp; 105 | 98885 |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/43<sup>(n)(o)</sup> | &nbsp;&nbsp;&nbsp; 4702 | 4603919 |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/53<sup>(n)</sup> | &nbsp;&nbsp;&nbsp; 6834 | 6562242 |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/55 | &nbsp;&nbsp;&nbsp; 8 | 7692 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/56 | &nbsp;&nbsp;&nbsp; 60 | 57769 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/31/26 | &nbsp;&nbsp;&nbsp; 28 | 28020 |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/31/30 | &nbsp;&nbsp;&nbsp; 861 | 890956 |
|  |  | 86992690 |
| **Total U.S. Government & Agency Obligations — 86.9%** <br>**(Cost: $499,363,331)** | **Total U.S. Government & Agency Obligations — 86.9%** <br>**(Cost: $499,363,331)** | 497258119 |
| **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| &nbsp;&nbsp;&nbsp; Peninsula Pacific Entertainment <br> Development LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), <br> 8.45%, 10/01/32<br>| &nbsp;&nbsp;&nbsp; 110 | 109266 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp; Xerox Corp., 2023 Term Loan B, (6-mo. CME <br> Term SOFR at 0.50% Floor + 4.00%), 7.70%, <br> 11/19/29<br>| &nbsp;&nbsp;&nbsp; 18 | 12751 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| &nbsp;&nbsp;&nbsp; Crescent Midstream Operating LLC, Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.75%), 7.42%, 02/18/33<br>| &nbsp;&nbsp;&nbsp; 112 | 112467 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp; Coreweave Compute Acquisition Co. IV LLC, <br> 03/18/32<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; 330 | 329262 |
| **Total Floating Rate Loan Interests — 0.1%** <br>**(Cost: $564,640)** | **Total Floating Rate Loan Interests — 0.1%** <br>**(Cost: $564,640)** | 563746 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| Anduril Industries, Inc., NVS<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 2225 | $153420 |
| True Anomaly, Inc., NVS<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 7869 | 206010 |
|  |  | 359430 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 75 | 9599 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 177 | 4575 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp; 128 | 6497 |
| First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp; 27 | 53563 |
| First Horizon Corp. | &nbsp;&nbsp;&nbsp; 1232 | 30751 |
| Flagstar Bank NA | &nbsp;&nbsp;&nbsp; 8043 | 112361 |
|  |  | 217346 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| Wealthfront Corp., NVS<sup>(f)(j)</sup> | &nbsp;&nbsp;&nbsp; 1619 | 17048 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| Methanex Corp. | &nbsp;&nbsp;&nbsp; 1028 | 67375 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
| Vistance Networks, Inc. | &nbsp;&nbsp;&nbsp; 1735 | 22199 |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| PG&E Corp. | &nbsp;&nbsp;&nbsp; 1050 | 17451 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Solaris Energy Infrastructure, Inc., Class A | &nbsp;&nbsp;&nbsp; 662 | 48882 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Walt Disney Co.(The) | &nbsp;&nbsp;&nbsp; 148 | 15355 |
| **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** |
| Caesars Entertainment, Inc.<sup>(j)</sup> | &nbsp;&nbsp;&nbsp; 750 | 20850 |
| Genius Sports Ltd.<sup>(j)</sup> | &nbsp;&nbsp;&nbsp; 2724 | 11877 |
| Six Flags Entertainment Corp.<sup>(f)(j)</sup> | &nbsp;&nbsp;&nbsp; 713 | 13390 |
|  |  | 46117 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| Century Communities, Inc. | &nbsp;&nbsp;&nbsp; 381 | 21343 |
| KB Home | &nbsp;&nbsp;&nbsp; 338 | 17911 |
| Meritage Homes Corp. | &nbsp;&nbsp;&nbsp; 306 | 20606 |
|  |  | 59860 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| CoreWeave, Inc., Class A<sup>(j)</sup> | &nbsp;&nbsp;&nbsp; 220 | 24552 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| AMC Global Media, Inc.<sup>(j)</sup> | &nbsp;&nbsp;&nbsp; 1127 | 9568 |
| EchoStar Corp., Class A<sup>(f)(j)</sup> | &nbsp;&nbsp;&nbsp; 1547 | 190498 |
|  |  | 200066 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| Algoma Steel Group, Inc. | &nbsp;&nbsp;&nbsp; 3372 | 15747 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| APA Corp. | &nbsp;&nbsp;&nbsp; 983 | 40038 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp; 151 | 37492 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp; 787 | 34124 |
| SM Energy Co. | &nbsp;&nbsp;&nbsp; 1916 | 59454 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp; 78 | 19701 |
|  |  | 190809 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Fluidstack Ltd., NVS<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1126 | 83426 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
| QXO, Inc.<sup>(j)</sup> | &nbsp;&nbsp;&nbsp; 699 | 14029 |
| **Total Common Stocks — 0.3%** <br>**(Cost $1,341,873)** | **Total Common Stocks — 0.3%** <br>**(Cost $1,341,873)** | 1399692 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange Traded Funds — 1.9%** | **Exchange Traded Funds — 1.9%** | **Exchange Traded Funds — 1.9%** |
| iShares Flexible Income Active ETF<sup>(p)</sup> | &nbsp;&nbsp;&nbsp; 11100 | $580641 |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond <br> ETF<sup>(f)(p)</sup><br>| &nbsp;&nbsp;&nbsp; 41438 | 3330786 |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate <br> Bond ETF<sup>(f)(p)</sup><br>| &nbsp;&nbsp;&nbsp; 66000 | 7184100 |
|  |  | 11095527 |
| **Total Investment Companies — 1.9%** <br>**(Cost $11,091,849)** | **Total Investment Companies — 1.9%** <br>**(Cost $11,091,849)** | 11095527 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| Boeing Co. (The), 6.00%, 10/15/27<sup>(q)</sup> | &nbsp;&nbsp;&nbsp; 250 | 18050 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost $12,500)** | **Total Preferred Stocks — 0.0%** <br>**(Cost $12,500)** | 18050 |
| **Total Long-Term Investments — 146.6%** <br>**(Cost: $841,597,162)** | **Total Long-Term Investments — 146.6%** <br>**(Cost: $841,597,162)** | 838275969 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.6%** | **Money Market Funds — 4.6%** | **Money Market Funds — 4.6%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.83%<sup>(p)(r)</sup><br>| &nbsp;&nbsp;&nbsp; 20269200 | 20275281 |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.61%<sup>(p)(r)(s)</sup><br>| &nbsp;&nbsp;&nbsp; 6282561 | 6282561 |
| **Total Short-Term Securities — 4.6%** <br>**(Cost: $20,374,937)** | **Total Short-Term Securities — 4.6%** <br>**(Cost: $20,374,937)** | 26557842 |
| **Options Purchased — 0.1%** <br>**(Cost: $523,235)** | **Options Purchased — 0.1%** <br>**(Cost: $523,235)** | 457512 |
| **Total Investments** <br> &nbsp;&nbsp;&nbsp;&nbsp;**Before TBA Sales Commitments and Options Written —** <br> **151.3%** <br>**(Cost: $862,495,334)** | **Total Investments** <br> &nbsp;&nbsp;&nbsp;&nbsp;**Before TBA Sales Commitments and Options Written —** <br> **151.3%** <br>**(Cost: $862,495,334)** | 865291323 |
|  | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>|  |
| **TBA Sales Commitments**<sup>(l)</sup> | **TBA Sales Commitments**<sup>(l)</sup> | **TBA Sales Commitments**<sup>(l)</sup> |
| **Mortgage-Backed Securities — (48.3)%** | **Mortgage-Backed Securities — (48.3)%** | **Mortgage-Backed Securities — (48.3)%** |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/20/56 | &nbsp;&nbsp;&nbsp; (337)<br>| (277199)<br>|
| &nbsp;&nbsp;&nbsp; 2.50%, 05/20/56 | &nbsp;&nbsp;&nbsp; (335)<br>| (286901)<br>|
| &nbsp;&nbsp;&nbsp; 3.00%, 05/20/56 | &nbsp;&nbsp;&nbsp; (244)<br>| (217269)<br>|
| &nbsp;&nbsp;&nbsp; 3.50%, 05/20/56 | &nbsp;&nbsp;&nbsp; (174)<br>| (157259)<br>|
| &nbsp;&nbsp;&nbsp; 4.00%, 05/20/56 | &nbsp;&nbsp;&nbsp; (141)<br>| (131540)<br>|
| &nbsp;&nbsp;&nbsp; 4.50%, 05/20/56 | &nbsp;&nbsp;&nbsp; (176)<br>| (169703)<br>|
| &nbsp;&nbsp;&nbsp; 5.00%, 05/20/56 | &nbsp;&nbsp;&nbsp; (258)<br>| (255740)<br>|
| &nbsp;&nbsp;&nbsp; 5.50%, 05/20/56 | &nbsp;&nbsp;&nbsp; (342)<br>| (344403)<br>|
| &nbsp;&nbsp;&nbsp; 6.00%, 05/20/56 | &nbsp;&nbsp;&nbsp; (221)<br>| (225300)<br>|
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/54 | &nbsp;&nbsp;&nbsp; (396)<br>| (413627)<br>|
| Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/18/41 | &nbsp;&nbsp;&nbsp; (397)<br>| (363987)<br>|
| &nbsp;&nbsp;&nbsp; 2.00%, 05/13/56 | &nbsp;&nbsp;&nbsp; (5884)<br>| (4706573)<br>|
| &nbsp;&nbsp;&nbsp; 2.50%, 05/18/41 | &nbsp;&nbsp;&nbsp; (97)<br>| (91268)<br>|
| &nbsp;&nbsp;&nbsp; 2.50%, 05/13/56 | &nbsp;&nbsp;&nbsp; (13879)<br>| (11619765)<br>|
| &nbsp;&nbsp;&nbsp; 3.00%, 03/25/37 | &nbsp;&nbsp;&nbsp; (56)<br>| (53325)<br>|
| &nbsp;&nbsp;&nbsp; 3.00%, 05/13/56 | &nbsp;&nbsp;&nbsp; (4169)<br>| (3649095)<br>|
| &nbsp;&nbsp;&nbsp; 3.50%, 05/18/41 | &nbsp;&nbsp;&nbsp; (18)<br>| (17285)<br>|
| &nbsp;&nbsp;&nbsp; 3.50%, 05/13/56 | &nbsp;&nbsp;&nbsp; (11351)<br>| (10330958)<br>|
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/39 | &nbsp;&nbsp;&nbsp; (17)<br>| (16562)<br>|
| &nbsp;&nbsp;&nbsp; 4.00%, 05/13/56 | &nbsp;&nbsp;&nbsp; (897)<br>| (841113)<br>|

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/18/41 | &nbsp;&nbsp;&nbsp; (106)<br>| $(105168)<br>|
| &nbsp;&nbsp;&nbsp; 4.50%, 05/13/56 | &nbsp;&nbsp;&nbsp; $(29694)<br>| (28559858)<br>|
| &nbsp;&nbsp;&nbsp; 4.50%, 06/11/56 | &nbsp;&nbsp;&nbsp; (12778)<br>| (12280968)<br>|
| &nbsp;&nbsp;&nbsp; 5.00%, 05/13/56 | &nbsp;&nbsp;&nbsp; (95187)<br>| (93767643)<br>|
| &nbsp;&nbsp;&nbsp; 5.00%, 06/11/56 | &nbsp;&nbsp;&nbsp; (60390)<br>| (59432984)<br>|
| &nbsp;&nbsp;&nbsp; 5.50%, 05/13/56 | &nbsp;&nbsp;&nbsp; (20881)<br>| (20984869)<br>|
| &nbsp;&nbsp;&nbsp; 6.00%, 05/13/56 | &nbsp;&nbsp;&nbsp; (26169)<br>| (26714166)<br>|
| &nbsp;&nbsp;&nbsp; 6.50%, 05/13/56 | &nbsp;&nbsp;&nbsp; (264)<br>| (273892)<br>|
| **Total TBA Sales Commitments — (48.3)%** <br>**(Proceeds: $(277949625))** | **Total TBA Sales Commitments — (48.3)%** <br>**(Proceeds: $(277949625))** | (276288420)<br>|
| **Options Written — (0.5%)** <br>**(Premiums Received: $(2625789))** | **Options Written — (0.5%)** <br>**(Premiums Received: $(2625789))** | (2807620)<br>|
| **Total Investments, Net of TBA Sales Commitments and Options** <br> **Written — 102.5%** <br>**(Cost: $581,919,920)** | **Total Investments, Net of TBA Sales Commitments and Options** <br> **Written — 102.5%** <br>**(Cost: $581,919,920)** | 586195283 |
| **Liabilities in Excess of Other Assets — (2.5)%** | **Liabilities in Excess of Other Assets — (2.5)%** | (14319037)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $571876246 |

---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/26*<br>| *Shares* <br>*Held at* <br>*04/30/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $4402822 | $15875378 <br><sup>(a)</sup><br>| $— | $(3263)<br>| $344 | $20275281 | 20269200 | $507032 | $— |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| &nbsp;&nbsp; 2623387 | 3659174 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6282561 | 6282561 | 41158 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares Flexible Income Active ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 582195 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (1554)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 580641 | 11100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond <br> ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 837560 | &nbsp;&nbsp; 10823558 | &nbsp;&nbsp; (8258973)<br>| (66495)<br>| (4864)<br>| &nbsp;&nbsp;&nbsp; 3330786 | 41438 | &nbsp;&nbsp; 188393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate <br> Bond ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 13558449 | &nbsp;&nbsp; (6244655)<br>| (138400)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8706 | &nbsp;&nbsp;&nbsp; 7184100 | 66000 | &nbsp;&nbsp;&nbsp; 51008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  | $(208158) | $2632 | $37653369 |  | $787591 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Euro BTP | 25 | 06/08/26 | &nbsp;&nbsp; $3432 | $(16288) |
| &nbsp;&nbsp;&nbsp; Short Euro BTP | 5 | 06/08/26 | &nbsp;&nbsp; 622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3773) |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | 181 | 06/18/26 | &nbsp;&nbsp; 20009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97935) |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Treasury Note | 49 | 06/18/26 | &nbsp;&nbsp; 5527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19265) |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)*<br>| &nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; E-Mini S&P 500 Index | 2 | 06/18/26 | &nbsp;&nbsp; $724 | $48785 |
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | 250 | 06/18/26 | &nbsp;&nbsp; 28172 | &nbsp;&nbsp;&nbsp;&nbsp; (564492) |
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | 182 | 06/18/26 | &nbsp;&nbsp; 20902 | &nbsp;&nbsp;&nbsp;&nbsp; (719696) |
| &nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | 268 | 06/30/26 | &nbsp;&nbsp; 55509 | &nbsp;&nbsp;&nbsp;&nbsp; (105673) |
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 76 | 06/30/26 | &nbsp;&nbsp; 8194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2838) |
| &nbsp;&nbsp;&nbsp; 3-mo. SOFR | 115 | 03/16/27 | &nbsp;&nbsp; 27688 | &nbsp;&nbsp;&nbsp;&nbsp; (148852) |
| &nbsp;&nbsp;&nbsp; 3-mo. SOFR | 29 | 03/14/28 | &nbsp;&nbsp; 6989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21032) |
| &nbsp;&nbsp;&nbsp; 3-mo. SOFR | 29 | 03/20/29 | &nbsp;&nbsp; 6988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6524) |
|  |  |  |  | &nbsp;&nbsp;&nbsp; (1657583) |
| Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Euro BOBL | 9 | 06/08/26 | &nbsp;&nbsp; 1219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2755) |
| &nbsp;&nbsp;&nbsp; Euro BUND | 44 | 06/08/26 | &nbsp;&nbsp; 6474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24921 |
| &nbsp;&nbsp;&nbsp; Euro BUXL 30 Year Bond | 2 | 06/08/26 | &nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4082 |
| &nbsp;&nbsp;&nbsp; E-Mini Russell 2000 Index | 3 | 06/18/26 | &nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43027) |
| &nbsp;&nbsp;&nbsp; Euro STOXX 50 | 2 | 06/19/26 | &nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8361) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25140) |
|  |  |  |  | $(1682723) |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| PEN | 253800 | USD | 71902 | Citibank N.A. | 05/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $451 |
| PEN | 138556 | USD | 39253 | Morgan Stanley & Co. LLC | 05/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246 |
| USD | 40000 | PEN | 138556 | Morgan Stanley & Co. International PLC | 05/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501 |
| BRL | 524156 | USD | 98687 | Barclays Bank PLC | 05/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7165 |
| BRL | 6340010 | USD | 1241462 | BNP Paribas SA | 05/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38883 |
| BRL | 7480138 | USD | 1498176 | Citibank N.A. | 05/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12414 |
| BRL | 517993 | USD | 102000 | Goldman Sachs & Co. | 05/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2607 |
| CZK | 412683 | USD | 19807 | Goldman Sachs & Co. | 05/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| USD | 167388 | COP | 600119612 | BNP Paribas SA | 05/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3262 |
| USD | 33522 | IDR | 578017371 | Citibank N.A. | 05/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| USD | 172822 | MXN | 3004088 | UBS AG | 05/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1151 |
| USD | 51584 | PHP | 3105720 | Barclays Bank PLC | 05/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| USD | 302126 | ZAR | 4992299 | BNP Paribas SA | 05/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2897 |
| INR | 30026387 | USD | 315064 | Citibank N.A. | 05/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408 |
| BRL | 167107 | USD | 30275 | BNP Paribas SA | 06/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3229 |
| BRL | 3581479 | USD | 711861 | Citibank N.A. | 06/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6188 |
| AUD | 1345000 | USD | 955969 | JPMorgan Chase Bank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11584 |
| BRL | 15675031 | USD | 3045001 | Barclays Bank PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86671 |
| BRL | 3979537 | USD | 746000 | Goldman Sachs & Co. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49061 |
| COP | 945255000 | USD | 246000 | Morgan Stanley & Co. International PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11276 |
| EUR | 2875000 | USD | 3322395 | Morgan Stanley & Co. International PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58534 |
| MXN | 12612521 | USD | 700501 | Bank of America N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18919 |
| MXN | 7789178 | USD | 433000 | Goldman Sachs & Co. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11296 |
| USD | 164237 | EUR | 139000 | JPMorgan Chase Bank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776 |
| USD | 2176414 | EUR | 1842000 | Morgan Stanley & Co. International PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10267 |
| USD | 198275 | EUR | 168000 | UBS AG | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711 |
| USD | 540000 | IDR | 9182592000 | Barclays Bank PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10281 |
| ZAR | 11844771 | USD | 700501 | Citibank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8275 |
| ZAR | 11304639 | USD | 675000 | Morgan Stanley & Co. International PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1456 |
| CZK | 901515 | USD | 43210 | Citibank N.A. | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 |
| TRY | 1155213 | USD | 24330 | Barclays Bank PLC | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| USD | 82794 | CNH | 562366 | BNP Paribas SA | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| USD | 132528 | COP | 476570630 | Barclays Bank PLC | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2949 |
| USD | 322500 | COP | 1164806519 | Morgan Stanley & Co. LLC | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5791 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 151746 | CZK | 3135364 | Morgan Stanley & Co. International PLC | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $750 |
| USD | 112496 | HUF | 34837359 | Morgan Stanley & Co. International PLC | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541 |
| USD | 373035 | IDR | 6400050960 | BNP Paribas SA | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3930 |
| USD | 864885 | MXN | 15052947 | Barclays Bank PLC | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6621 |
| USD | 29753 | MXN | 517450 | BNP Paribas SA | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 |
| USD | 60501 | PEN | 208560 | Citibank N.A. | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1226 |
| USD | 468325 | PHP | 28109785 | Barclays Bank PLC | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11387 |
| USD | 585260 | PLN | 2107697 | Morgan Stanley & Co. International PLC | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3847 |
| USD | 20797 | UYU | 826909 | Goldman Sachs & Co. | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 |
| USD | 51954 | ZAR | 863214 | Barclays Bank PLC | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 |
| USD | 78708 | ZAR | 1302849 | Goldman Sachs & Co. | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777 |
| USD | 973925 | ZAR | 16132894 | Morgan Stanley & Co. International PLC | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8920 |
| CLP | 6300490 | USD | 7000 | Citibank N.A. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| GBP | 48000 | USD | 64825 | BNP Paribas SA | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484 |
| GBP | 500 | USD | 675 | JPMorgan Chase Bank N.A. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| HUF | 60240991 | USD | 193171 | JPMorgan Chase Bank N.A. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |
| JPY | 4277005 | USD | 27000 | Barclays Bank PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430 |
| JPY | 13622371 | USD | 86000 | JPMorgan Chase Bank N.A. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365 |
| MXN | 490000 | JPY | 4345192 | Citibank N.A. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| PEN | 702993 | USD | 199000 | Citibank N.A. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774 |
| USD | 85000 | COP | 306815320 | BNP Paribas SA | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1611 |
| USD | 114363 | EUR | 97195 | Barclays Bank PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| USD | 206660 | EUR | 175501 | Goldman Sachs & Co. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| USD | 101000 | IDR | 1733109500 | Citibank N.A. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1058 |
| USD | 111000 | INR | 10522800 | JPMorgan Chase Bank N.A. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775 |
| USD | 238404 | MXN | 4152399 | Goldman Sachs & Co. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1689 |
| USD | 44000 | PEN | 151672 | Citibank N.A. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 898 |
| USD | 14000 | PHP | 840532 | Goldman Sachs & Co. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 |
| USD | 29315 | HUF | 9020557 | Bank of America N.A. | 06/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333 |
| COP | 22001825 | USD | 5710 | Barclays Bank PLC | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 |
| USD | 51176 | MXN | 890191 | Barclays Bank PLC | 07/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497 |
| USD | 9465 | EUR | 7994 | BNP Paribas SA | 07/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| COP | 494580848 | USD | 133086 | Citibank N.A. | 07/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666 |
| USD | 5091 | MXN | 88894 | Barclays Bank PLC | 07/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| NGN | 54702619 | USD | 36621 | Citibank N.A. | 07/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1986 |
| MXN | 680500 | USD | 37044 | Goldman Sachs & Co. | 08/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1570 |
| MXN | 3471899 | USD | 184375 | Morgan Stanley & Co. International PLC | 08/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12633 |
| USD | 57376 | CLP | 50817598 | Citibank N.A. | 10/09/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 912 |
| USD | 83904 | CLP | 74574900 | Morgan Stanley & Co. LLC | 10/09/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1043 |
| USD | 5923 | PEN | 20520 | Citibank N.A. | 10/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438188 |
| PEN | 374517 | USD | 112000 | Citibank N.A. | 05/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5233)<br>|
| USD | 178101 | PEN | 628317 | Citibank N.A. | 05/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1018)<br>|
| USD | 17985 | TRY | 835236 | Barclays Bank PLC | 05/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (500)<br>|
| USD | 105071 | BRL | 524156 | Barclays Bank PLC | 05/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (781)<br>|
| USD | 1229293 | BRL | 6340010 | BNP Paribas SA | 05/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51051)<br>|
| USD | 1498316 | BRL | 7480138 | Citibank N.A. | 05/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12273)<br>|
| USD | 103835 | BRL | 517993 | Goldman Sachs & Co. | 05/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (772)<br>|
| USD | 48959 | CZK | 1018005 | JPMorgan Chase Bank N.A. | 05/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50)<br>|
| USD | 143709 | EUR | 122523 | JPMorgan Chase Bank N.A. | 05/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (232)<br>|
| USD | 38033 | HUF | 11858315 | BNP Paribas SA | 05/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (137)<br>|
| USD | 154908 | PLN | 561729 | Barclays Bank PLC | 05/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55)<br>|
| USD | 7297 | HUF | 2286930 | Goldman Sachs & Co. | 05/29/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62)<br>|
| USD | 812038 | BRL | 4125564 | Citibank N.A. | 06/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15094)<br>|
| USD | 127285 | BRL | 637680 | JPMorgan Chase Bank N.A. | 06/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (563)<br>|
| IDR | 4166176000 | USD | 245000 | Barclays Bank PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4665)<br>|
| USD | 369222 | AUD | 523000 | Barclays Bank PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7009)<br>|

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 97672 | AUD | 136000 | Citibank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(162)<br>|
| USD | 508186 | AUD | 710000 | UBS AG | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2567)<br>|
| USD | 1018000 | BRL | 5400490 | Citibank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60949)<br>|
| USD | 1383000 | BRL | 7377614 | Goldman Sachs & Co. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90954)<br>|
| USD | 1146000 | BRL | 6092709 | UBS AG | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71246)<br>|
| USD | 21533542 | EUR | 18645000 | Barclays Bank PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (392520)<br>|
| USD | 575286 | EUR | 490000 | JPMorgan Chase Bank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (942)<br>|
| USD | 117362 | EUR | 100000 | Morgan Stanley & Co. International PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (235)<br>|
| USD | 661397 | EUR | 568709 | UBS AG | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7391)<br>|
| USD | 468942 | GBP | 351000 | BNP Paribas SA | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8644)<br>|
| USD | 144196 | GBP | 107000 | Citibank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1393)<br>|
| USD | 2920902 | GBP | 2199000 | JPMorgan Chase Bank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71156)<br>|
| USD | 63397 | GBP | 47000 | UBS AG | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (553)<br>|
| USD | 200785 | MXN | 3616841 | Citibank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5520)<br>|
| USD | 195988 | SGD | 249000 | Citibank N.A. | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (238)<br>|
| USD | 200785 | ZAR | 3437379 | Morgan Stanley & Co. International PLC | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4903)<br>|
| USD | 671483 | AUD | 940000 | Barclays Bank PLC | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4712)<br>|
| USD | 999740 | AUD | 1400000 | JPMorgan Chase Bank N.A. | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7359)<br>|
| USD | 164357 | HUF | 51333488 | Barclays Bank PLC | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (612)<br>|
| USD | 48472 | IDR | 841424724 | Barclays Bank PLC | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55)<br>|
| USD | 5902 | TRY | 280254 | Barclays Bank PLC | 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| CHF | 66009 | USD | 85000 | Bank of America N.A. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63)<br>|
| CHF | 59037 | USD | 76000 | Barclays Bank PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34)<br>|
| CLP | 18711630 | USD | 21000 | Citibank N.A. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (204)<br>|
| CLP | 359297959 | USD | 408205 | Morgan Stanley & Co. International PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8880)<br>|
| CNH | 939445 | USD | 138220 | JPMorgan Chase Bank N.A. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (233)<br>|
| CNH | 2901160 | USD | 426733 | Morgan Stanley & Co. International PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (606)<br>|
| COP | 160287243 | GBP | 32690 | Morgan Stanley & Co. International PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (914)<br>|
| CZK | 4149569 | USD | 200183 | Morgan Stanley & Co. International PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (339)<br>|
| EUR | 21462 | HUF | 7885002 | Morgan Stanley & Co. International PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90)<br>|
| IDR | 6441075717 | USD | 375365 | Citibank N.A. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3932)<br>|
| INR | 9466033 | USD | 101000 | Barclays Bank PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1845)<br>|
| KRW | 111228451 | USD | 75644 | Barclays Bank PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47)<br>|
| MXN | 6367437 | USD | 365632 | UBS AG | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2644)<br>|
| MYR | 2726087 | USD | 691444 | Barclays Bank PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3708)<br>|
| PLN | 1300544 | USD | 359362 | Bank of America N.A. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (605)<br>|
| THB | 20404025 | USD | 634491 | Goldman Sachs & Co. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6089)<br>|
| USD | 113045 | AUD | 158149 | Morgan Stanley & Co. International PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (707)<br>|
| USD | 115000 | CAD | 156711 | Goldman Sachs & Co. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (630)<br>|
| USD | 78500 | CHF | 61725 | Barclays Bank PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (924)<br>|
| USD | 59986 | INR | 5729263 | Barclays Bank PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
| USD | 54014 | INR | 5169680 | Morgan Stanley & Co. International PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (138)<br>|
| USD | 19090 | TRY | 906256 | Barclays Bank PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42)<br>|
| ZAR | 7093466 | USD | 428941 | Bank of America N.A. | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4703)<br>|
| ZAR | 3392153 | USD | 205197 | Morgan Stanley & Co. International PLC | 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2323)<br>|
| INR | 6879600 | USD | 72000 | Citibank N.A. | 07/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| USD | 20509 | COP | 79050291 | Barclays Bank PLC | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (919)<br>|
| USD | 7740 | COP | 29812902 | BNP Paribas SA | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (341)<br>|
| USD | 132863 | COP | 508636742 | Citibank N.A. | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5009)<br>|
| USD | 38766 | COP | 147213444 | JPMorgan Chase Bank N.A. | 07/07/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1138)<br>|
| INR | 3399708 | USD | 36075 | Barclays Bank PLC | 07/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (537)<br>|
| INR | 6216728 | USD | 65925 | Goldman Sachs & Co. | 07/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (940)<br>|
| ARS | 23368505 | USD | 16279 | Citibank N.A. | 07/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1286)<br>|
| USD | 16970 | TRY | 835236 | Barclays Bank PLC | 08/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (881544)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(443356)<br>|

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Exercise* <br>*Price* | *Exercise* <br>*Price* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note Future | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 05/22/26 | &nbsp;&nbsp; USD | 108.50 | USD | 216 | &nbsp;&nbsp; $219 |
| &nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 07/17/26 | &nbsp;&nbsp; USD | 39.00 | USD | 66 | &nbsp;&nbsp; 1231 |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 07/17/26 | &nbsp;&nbsp; USD | 65.00 | USD | 70 | &nbsp;&nbsp; 2690 |
|  |  |  |  |  |  |  | &nbsp;&nbsp; $4140 |

---

**OTC Barrier Options Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Type of Option* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Barrier* <br>*Price/Range* | *Barrier* <br>*Price/Range* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; USD Currency | One Touch | Bank of America N.A. | 07/09/26 | CNH | 6.65 | CNH | 6.65 | USD | 15 | $674 |
| &nbsp;&nbsp;&nbsp; AUD Currency | One Touch | Citibank N.A. | 07/16/26 | USD | 0.68 | USD | 0.68 | AUD | 10 | &nbsp;&nbsp;&nbsp;&nbsp; 644 |
|  |  |  |  |  |  |  |  |  |  | $1318 |

---

**OTC Currency Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/04/26 | &nbsp;&nbsp; BRL | 5.65 | USD | 582 | $1 |
| &nbsp;&nbsp;&nbsp; USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/04/26 | &nbsp;&nbsp; MXN | 18.05 | USD | 582 | 35 |
| &nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | &nbsp;&nbsp; 05/06/26 | &nbsp;&nbsp; ZAR | 17.50 | USD | 15 | 2 |
| &nbsp;&nbsp;&nbsp; USD Currency | BNP Paribas S.A. | &nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp; ZAR | 17.50 | USD | 237 | 300 |
| &nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | &nbsp;&nbsp; 05/22/26 | &nbsp;&nbsp; THB | 32.50 | USD | 73 | 647 |
| &nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | &nbsp;&nbsp; 05/22/26 | &nbsp;&nbsp; THB | 32.70 | USD | 85 | 545 |
| &nbsp;&nbsp;&nbsp; USD Currency | BNP Paribas S.A. | &nbsp;&nbsp; 06/25/26 | &nbsp;&nbsp; BRL | 5.10 | USD | 86 | 1144 |
|  |  |  |  |  |  |  | 2674 |
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AUD Currency | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 05/04/26 | &nbsp;&nbsp; USD | 0.71 | AUD | 119 | 24 |
| &nbsp;&nbsp;&nbsp; USD Currency | UBS AG | &nbsp;&nbsp; 05/06/26 | &nbsp;&nbsp; ZAR | 16.80 | USD | 59 | 706 |
| &nbsp;&nbsp;&nbsp; CAD Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/12/26 | &nbsp;&nbsp; MXN | 12.35 | CAD | 60 | 0 |
| &nbsp;&nbsp;&nbsp; EUR Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/12/26 | &nbsp;&nbsp; HUF | 373.00 | EUR | 87 | 2465 |
| &nbsp;&nbsp;&nbsp; USD Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 06/03/26 | &nbsp;&nbsp; CLP | 875.00 | USD | 57 | 315 |
| &nbsp;&nbsp;&nbsp; EUR Currency | Bank of America N.A. | &nbsp;&nbsp; 06/22/26 | &nbsp;&nbsp; HUF | 365.00 | EUR | 49 | 659 |
|  |  |  |  |  |  |  | 4169 |
|  |  |  |  |  |  |  | $6843 |

---

**OTC Credit Default Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Received by the Fund* |  |  | Expiration | Credit | Exercise | Notional | Notional |  |
| *Description* | *Rate/Reference* | *Rate/Reference* | *Frequency* | *Counterparty* | *Date* | *Rating* | *Price* | *Amount (000)*<sup>(a)</sup>  | *Amount (000)*<sup>(a)</sup>  | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bought Protection on <br> 5-Year Credit Default <br> Swap, 06/20/31<br>| 5.00% | ITRAXX.XO.45.V1 | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 05/20/26 |  | EUR 3.13 | EUR | 61 | $265 |

---

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

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

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| 1-Year Interest Rate Swap, 06/10/27 | &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 3.00% | Annual | Goldman Sachs Inter-<br> national<br>| 06/08/26 | 3.00 | USD | 19870 | $385 |
| 10-Year Interest Rate Swap, 03/29/38 | &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.12% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 03/27/28 | 4.12 | USD | 2798 | 97720 |
| 10-Year Interest Rate Swap, 04/01/38 | &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.05% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 03/30/28 | 4.05 | USD | 2798 | 89850 |
| 1-Year Interest Rate Swap, 04/24/29 | &nbsp;&nbsp; 1-day SONIA, <br> 3.73%<br>| Annual | 4.15% | Annual | Goldman Sachs Inter-<br> national<br>| 04/24/28 | 4.15 | GBP | 8111 | 56194 |
|  |  |  |  |  |  |  |  |  |  | 244149 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date*<br>| *Exercise*<br> *Rate*<br>| &nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, 03/29/38 | 4.12% | Annual | 1-day SOFR, <br> 3.66%<br>| Annual | Morgan Stanley & Co. <br> International PLC<br>| 03/27/28 | 4.12 | USD | 2798 | $96527 |
| 10-Year Interest Rate Swap, 04/01/38 | 4.05% | Annual | 1-day SOFR, <br> 3.66%<br>| Annual | Morgan Stanley & Co. <br> International PLC<br>| 03/30/28 | 4.05 | USD | 2798 | 104270 |
|  |  |  |  |  |  |  |  |  |  | 200797 |
|  |  |  |  |  |  |  |  |  |  | $444946 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Exercise* <br>*Price* | *Exercise* <br>*Price* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 06/18/26 | &nbsp;&nbsp; USD | 111.00 | USD | 1611 | &nbsp;&nbsp; $(2544)<br>|
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note Future | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 05/22/26 | &nbsp;&nbsp; USD | 107.00 | USD | 216 | &nbsp;&nbsp; (250)<br>|
| &nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 07/17/26 | &nbsp;&nbsp; USD | 35.00 | USD | 66 | &nbsp;&nbsp; (1532)<br>|
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 07/17/26 | &nbsp;&nbsp; USD | 57.00 | USD | 70 | &nbsp;&nbsp; (906)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; (2688)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $**(5232**)<br>|

---

**OTC Currency Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. | &nbsp;&nbsp; 05/04/26 | &nbsp;&nbsp; ZAR | 16.74 | USD | 582 | $(1937)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/04/26 | &nbsp;&nbsp; BRL | 5.65 | USD | 582 | (1)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 05/04/26 | &nbsp;&nbsp; MXN | 18.05 | USD | 582 | (35)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | UBS AG | &nbsp;&nbsp; 05/06/26 | &nbsp;&nbsp; ZAR | 17.50 | USD | 15 | (2)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp; ZAR | 17.50 | USD | 237 | (300)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp; CLP | 905.00 | USD | 158 | (1458)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | BNP Paribas S.A. | &nbsp;&nbsp; 06/25/26 | &nbsp;&nbsp; BRL | 5.30 | USD | 86 | (492)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 06/29/26 | &nbsp;&nbsp; BRL | 5.35 | USD | 402 | (2079)<br>|
|  |  |  |  |  |  |  | (6304)<br>|
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/04/26 | &nbsp;&nbsp; BRL | 5.15 | USD | 582 | (23220)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/04/26 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 3520.00 | USD | 146 | (3)<br>|
| &nbsp;&nbsp;&nbsp; EUR Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/12/26 | &nbsp;&nbsp; HUF | 365.00 | EUR | 131 | (1037)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/12/26 | &nbsp;&nbsp; HUF | 320.00 | USD | 73 | (2332)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 05/14/26 | &nbsp;&nbsp; ZAR | 16.30 | USD | 954 | (1911)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | UBS AG | &nbsp;&nbsp; 05/14/26 | &nbsp;&nbsp; MXN | 17.55 | USD | 954 | (8975)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp; CLP | 905.00 | USD | 158 | (2371)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. | &nbsp;&nbsp; 05/22/26 | &nbsp;&nbsp; CLP | 890.00 | USD | 57 | (490)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | &nbsp;&nbsp; 05/22/26 | &nbsp;&nbsp; INR | 94.00 | USD | 87 | (140)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 06/29/26 | &nbsp;&nbsp; BRL | 5.35 | USD | 402 | (28155)<br>|
| &nbsp;&nbsp;&nbsp; AUD Currency | BNP Paribas S.A. | &nbsp;&nbsp; 07/16/26 | &nbsp;&nbsp; USD | 0.68 | AUD | 200 | (427)<br>|
|  |  |  |  |  |  |  | (69061)<br>|
|  |  |  |  |  |  |  | $(75365)<br>|

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

**OTC Credit Default Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Received by the Fund* |  |  | Expiration | Credit | Exercise | Notional | Notional |  |
| *Description* | *Rate/Reference* | *Rate/Reference* | *Frequency* | *Counterparty* | *Date* | *Rating*<sup>(a)</sup> <br>| *Price* | *Amount (000)*<sup>(b)</sup>  | *Amount (000)*<sup>(b)</sup>  | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bought Protection on <br> 5-Year Credit Default <br> Swap, 06/20/31<br>| ITRAXX.XO.45.V1 | 5.00% | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 05/20/26 | N/R | EUR 2.75 | EUR | 61 | $(96) |
| &nbsp;&nbsp;&nbsp; Bought Protection on <br> 5-Year Credit Default <br> Swap, 12/20/30<br>| ITRAXX.XO.44.V1 | 5.00% | Quarterly | Bank of America N.A. | 06/17/26 | N/R | EUR 3.00 | EUR | 741 | &nbsp;&nbsp; (16740) |
|  |  |  |  |  |  |  |  |  |  | $(16836) |

---

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

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

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

**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 |  |  |  |  |  |  |  |  |  |  |
| 1-Year Interest Rate Swap, <br> 06/10/27<br>| 2.50% | Annual | 1-day SOFR, <br> 3.66%<br>| Annual | Goldman Sachs Inter-<br> national<br>| 06/08/26 | 2.50 | USD | 19870 | $(57)<br>|
| 10-Year Interest Rate Swap, <br> 03/06/37<br>| 3.71% | Annual | 1-day SOFR, <br> 3.66%<br>| Annual | Citibank N.A. | 03/04/27 | 3.71 | USD | 1326 | (16722)<br>|
| 10-Year Interest Rate Swap, <br> 03/17/37<br>| 3.87% | Annual | 1-day SOFR, <br> 3.66%<br>| Annual | Bank of America N.A. | 03/15/27 | 3.87 | USD | 4080 | (73051)<br>|
| 10-Year Interest Rate Swap, <br> 11/10/37<br>| 3.87% | Annual | 1-day SOFR, <br> 3.66%<br>| Annual | Bank of America N.A. | 11/08/27 | 3.87 | USD | 1770 | (41950)<br>|
| 10-Year Interest Rate Swap, <br> 12/18/37<br>| 4.03% | Annual | 1-day SOFR, <br> 3.66%<br>| Annual | Morgan Stanley & Co. <br> International PLC<br>| 12/16/27 | 4.03 | USD | 2180 | (65403)<br>|
| 10-Year Interest Rate Swap, <br> 02/02/38<br>| 4.10% | Annual | 1-day SOFR, <br> 3.66%<br>| Annual | Morgan Stanley & Co. <br> International PLC<br>| 01/31/28 | 4.10 | USD | 2789 | (93562)<br>|
| 10-Year Interest Rate Swap, <br> 02/09/38<br>| 4.07% | Annual | 1-day SOFR, <br> 3.66%<br>| Annual | Morgan Stanley & Co. <br> International PLC<br>| 02/07/28 | 4.07 | USD | 1479 | (47606)<br>|
| 10-Year Interest Rate Swap, <br> 03/22/38<br>| 3.94% | Annual | 1-day SOFR, <br> 3.66%<br>| Annual | Bank of America N.A. | 03/20/28 | 3.94 | USD | 3209 | (89772)<br>|
| 10-Year Interest Rate Swap, <br> 04/09/38<br>| 4.06% | Annual | 1-day SOFR, <br> 3.66%<br>| Annual | Bank of America N.A. | 04/07/28 | 4.06 | USD | 2246 | (73451)<br>|
| 10-Year Interest Rate Swap, <br> 04/09/38<br>| 4.08% | Annual | 1-day SOFR, <br> 3.66%<br>| Annual | Bank of America N.A. | 04/07/28 | 4.08 | USD | 5139 | (170461)<br>|
| 10-Year Interest Rate Swap, <br> 04/26/38<br>| 4.03% | Annual | 1-day SOFR, <br> 3.66%<br>| Annual | Goldman Sachs Inter-<br> national<br>| 04/24/28 | 4.03 | USD | 5164 | (162500)<br>|
| 1-Year Interest Rate Swap, <br> 04/24/29<br>| 3.65% | Annual | 1-day SONIA, <br> 3.73%<br>| Annual | Goldman Sachs Inter-<br> national<br>| 04/24/28 | 3.65 | GBP | 8111 | (32388)<br>|
| 10-Year Interest Rate Swap, <br> 04/30/38<br>| 4.09% | Annual | 1-day SOFR, <br> 3.66%<br>| Annual | Barclays Bank PLC | 04/28/28 | 4.09 | USD | 2211 | (75389)<br>|
|  |  |  |  |  |  |  |  |  |  | (942312)<br>|
| Put |  |  |  |  |  |  |  |  |  |  |
| 1-Year Interest Rate Swap, <br> 06/10/27<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 3.50% | Annual | Goldman Sachs Inter-<br> national<br>| 06/08/26 | 3.50 | USD | 19870 | (50596)<br>|
| 2-Year Interest Rate Swap, <br> 08/05/28<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 3.70% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 08/03/26 | 3.70 | USD | 8768 | (33027)<br>|
| 2-Year Interest Rate Swap, <br> 09/16/28<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 3.80% | Annual | Bank of America N.A. | 09/14/26 | 3.80 | USD | 6332 | (22654)<br>|
| 2-Year Interest Rate Swap, <br> 10/16/28<br>| &nbsp;&nbsp; 6-mo. EURI-<br> BOR, 2.52%<br>| Annual | 3.40% | Semi-Annual | Citibank N.A. | 10/14/26 | 3.40 | EUR | 6911 | (18694)<br>|
| 2-Year Interest Rate Swap, <br> 10/17/28<br>| &nbsp;&nbsp; 6-mo. EURI-<br> BOR, 2.52%<br>| Annual | 3.31% | Semi-Annual | Citibank N.A. | 10/15/26 | 3.31 | EUR | 4662 | (14574)<br>|
| 2-Year Interest Rate Swap, <br> 10/22/28<br>| &nbsp;&nbsp; 6-mo. EURI-<br> BOR, 2.52%<br>| Annual | 3.20% | Semi-Annual | Bank of America N.A. | 10/20/26 | 3.20 | EUR | 8882 | (33699)<br>|
| 2-Year Interest Rate Swap, <br> 10/23/28<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 3.85% | Annual | Goldman Sachs Inter-<br> national<br>| 10/21/26 | 3.85 | USD | 20619 | (76416)<br>|
| 10-Year Interest Rate Swap, <br> 03/06/37<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 3.71% | Annual | Citibank N.A. | 03/04/27 | 3.71 | USD | 1326 | (50351)<br>|

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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* |
| 10-Year Interest Rate Swap, <br> 03/17/37<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 3.87% | Annual | Bank of America N.A. | 03/15/27 | 3.87 | USD | 4080 | $(123848)<br>|
| 2-Year Interest Rate Swap, <br> 09/22/29<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.30% | Annual | Goldman Sachs Inter-<br> national<br>| 09/20/27 | 4.30 | USD | 11936 | (46971)<br>|
| 2-Year Interest Rate Swap, <br> 09/22/29<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.30% | Annual | Bank of America N.A. | 09/20/27 | 4.30 | USD | 10000 | (39352)<br>|
| 2-Year Interest Rate Swap, <br> 10/06/29<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.05% | Annual | Goldman Sachs Inter-<br> national<br>| 10/04/27 | 4.05 | USD | 15959 | (85583)<br>|
| 2-Year Interest Rate Swap, <br> 10/06/29<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.05% | Annual | Goldman Sachs Inter-<br> national<br>| 10/04/27 | 4.05 | USD | 3000 | (16088)<br>|
| 2-Year Interest Rate Swap, <br> 10/06/29<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.05% | Annual | Bank of America N.A. | 10/04/27 | 4.05 | USD | 10000 | (53627)<br>|
| 10-Year Interest Rate Swap, <br> 11/10/37<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 3.87% | Annual | Bank of America N.A. | 11/08/27 | 3.87 | USD | 1770 | (70364)<br>|
| 2-Year Interest Rate Swap, <br> 12/10/29<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.00% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 12/08/27 | 4.00 | USD | 8366 | (50888)<br>|
| 10-Year Interest Rate Swap, <br> 12/18/37<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.03% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 12/16/27 | 4.03 | USD | 2180 | (75374)<br>|
| 2-Year Interest Rate Swap, <br> 12/18/29<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.50% | Annual | Bank of America N.A. | 12/16/27 | 4.50 | USD | 13533 | (48758)<br>|
| 10-Year Interest Rate Swap, <br> 02/02/38<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.10% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 01/31/28 | 4.10 | USD | 2789 | (93062)<br>|
| 10-Year Interest Rate Swap, <br> 02/09/38<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.07% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 02/07/28 | 4.07 | USD | 1479 | (51654)<br>|
| 10-Year Interest Rate Swap, <br> 03/22/38<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 3.94% | Annual | Bank of America N.A. | 03/20/28 | 3.94 | USD | 3209 | (132493)<br>|
| 10-Year Interest Rate Swap, <br> 04/09/38<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.06% | Annual | Bank of America N.A. | 04/07/28 | 4.06 | USD | 2246 | (83133)<br>|
| 10-Year Interest Rate Swap, <br> 04/09/38<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.08% | Annual | Bank of America N.A. | 04/07/28 | 4.08 | USD | 5139 | (187900)<br>|
| 10-Year Interest Rate Swap, <br> 04/26/38<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.03% | Annual | Goldman Sachs Inter-<br> national<br>| 04/24/28 | 4.03 | USD | 5164 | (201325)<br>|
| 1-Year Interest Rate Swap, <br> 04/24/29<br>| &nbsp;&nbsp; 1-day SONIA, <br> 3.73%<br>| Annual | 5.20% | Annual | Goldman Sachs Inter-<br> national<br>| 04/24/28 | 5.20 | GBP | 8111 | (26606)<br>|
| 10-Year Interest Rate Swap, <br> 04/30/38<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.09% | Annual | Barclays Bank PLC | 04/28/28 | 4.09 | USD | 2211 | (80838)<br>|
|  |  |  |  |  |  |  |  |  |  | (1767875)<br>|
|  |  |  |  |  |  |  |  |  |  | $(2710187)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.46.V1 | 5.00<br> %<br>| Quarterly | 06/20/31 | USD | 64 | $(4933) | $(2514) | $(2419) |
| Federative Republic of Brazil | 1.00 | Quarterly | 06/20/31 | USD | 194 | 1624 | 4007 | (2383) |
| iTraxx.XO.45.V1 | 5.00 | Quarterly | 06/20/31 | EUR | 499 | (55606) | (37370) | (18236) |
| Republic of Colombia | 1.00 | Quarterly | 06/20/31 | USD | 170 | 7749 | 9586 | (1837) |
| United Mexican States | 1.00 | Quarterly | 06/20/31 | USD | 276 | (1822) | 678 | (2500) |
|  |  |  |  |  |  | $(52988) | $(25613) | $(27375) |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| iTraxx.XO.44.V1 | 5.00<br> %<br>| Quarterly | 12/20/30<br> B | EUR | 1348 | $164181 | $134271 | $29910 |

---

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

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

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

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 3.79% | At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| At Termination | N/A | &nbsp;&nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 3452 | &nbsp;&nbsp;&nbsp; $9735 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9735 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| At Termination | 3.79% | At Termination | N/A | &nbsp;&nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1139 | &nbsp;&nbsp;&nbsp; (3252)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3252)<br>|
| &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| At Termination | 3.79% | At Termination | N/A | &nbsp;&nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2313 | &nbsp;&nbsp;&nbsp; (6615)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6615)<br>|
| 3.81% | At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| At Termination | N/A | &nbsp;&nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2649 | &nbsp;&nbsp;&nbsp; 6922 | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; 6833 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| At Termination | 3.91% | At Termination | N/A | &nbsp;&nbsp;&nbsp; 05/16/26 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2649 | &nbsp;&nbsp;&nbsp; (4251)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (4252)<br>|
| 6.91% | Monthly | &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 6.87%<br>| Monthly | N/A | &nbsp;&nbsp;&nbsp; 09/11/26 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 12064 | &nbsp;&nbsp;&nbsp; (799)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (800)<br>|
| &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 6.87%<br>| Monthly | 6.98% | Monthly | N/A | &nbsp;&nbsp;&nbsp; 11/05/26 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 1054 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; 117 |
| 4.00% | At Termination | &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 3.88%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 319 | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp; 19 |
| 6.66% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 6.78%<br>| Quarterly | N/A | &nbsp;&nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp; 4266 | &nbsp;&nbsp;&nbsp; 844 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 843 |
| 6.72% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 6.78%<br>| Quarterly | N/A | &nbsp;&nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp; 3173 | &nbsp;&nbsp;&nbsp; 541 | &nbsp;&nbsp;&nbsp; (68)<br>| &nbsp;&nbsp;&nbsp; 609 |
| 13.70% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/04/27 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.71% | At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/04/27 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 1487 | &nbsp;&nbsp;&nbsp; (2004)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (2005)<br>|
| 13.77% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/04/27 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp; 474 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 474 |
| 13.86% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/04/27 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 101 |
| 13.88% | At Termination | &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/04/27 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 707 | &nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 819 |
| &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 6.78%<br>| Quarterly | 7.42% | Quarterly | 6/17/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/17/27 | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp; 4469 | &nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (56)<br>|
| &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| At Termination | 3.23% | At Termination | 12/11/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 12/11/27 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 10230 | &nbsp;&nbsp;&nbsp; (52427)<br>| &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; (52461)<br>|
| 3.88% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 3.88%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp; 1397 | &nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp; 1461 |
| 3.95% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 3.88%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp; 663 | &nbsp;&nbsp;&nbsp; (75)<br>| &nbsp;&nbsp;&nbsp; 738 |
| &nbsp;&nbsp;&nbsp; 6-mo. BUBOR, <br> 6.25%<br>| Semi-Annual | 6.25% | Annual | N/A | &nbsp;&nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp;&nbsp; HUF | &nbsp;&nbsp;&nbsp; 45011 | &nbsp;&nbsp;&nbsp; (446)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (446)<br>|
| 6.55% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 6.78%<br>| Quarterly | N/A | &nbsp;&nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp; 1096 | &nbsp;&nbsp;&nbsp; 879 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 879 |
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.40% | At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/03/28 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 4380 | &nbsp;&nbsp;&nbsp; (5545)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; (5549)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.75% | At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/03/28 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 1805 | &nbsp;&nbsp;&nbsp; (365)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (367)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.80% | At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/03/28 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 901 | &nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (79)<br>|

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.32% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. KLIBOR, <br> 3.35%<br>| Quarterly | N/A | &nbsp;&nbsp;&nbsp; 03/18/28 | &nbsp;&nbsp;&nbsp; MYR | &nbsp;&nbsp;&nbsp; 1432 | &nbsp;&nbsp;&nbsp; $522 | &nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp; $520 |
| 3.49% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 3.88%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 03/18/28 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp; 6-mo. BUBOR, <br> 6.25%<br>| Semi-Annual | 5.76% | Annual | N/A | &nbsp;&nbsp;&nbsp; 03/18/28 | &nbsp;&nbsp;&nbsp; HUF | &nbsp;&nbsp;&nbsp; 6236 | &nbsp;&nbsp;&nbsp; (213)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (212)<br>|
| &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 6.87%<br>| Monthly | 7.17% | Monthly | N/A | &nbsp;&nbsp;&nbsp; 04/11/28 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 13570 | &nbsp;&nbsp;&nbsp; (818)<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (821)<br>|
| 4.15% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. PRIBOR, <br> 3.66%<br>| Semi-Annual | 6/17/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/17/28 | &nbsp;&nbsp;&nbsp; CZK | &nbsp;&nbsp;&nbsp; 12207 | &nbsp;&nbsp;&nbsp; 1056 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1053 |
| &nbsp;&nbsp;&nbsp; China Fixing Repo <br> Rates 7-day, <br> 1.40%<br>| Quarterly | 1.54% | Quarterly | N/A | &nbsp;&nbsp;&nbsp; 12/17/28 | &nbsp;&nbsp;&nbsp; CNY | &nbsp;&nbsp;&nbsp; 899 | &nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp; China Fixing Repo <br> Rates 7-day, <br> 1.40%<br>| Quarterly | 1.54% | Quarterly | N/A | &nbsp;&nbsp;&nbsp; 12/17/28 | &nbsp;&nbsp;&nbsp; CNY | &nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp; China Fixing Repo <br> Rates 7-day, <br> 1.40%<br>| Quarterly | 1.56% | Quarterly | N/A | &nbsp;&nbsp;&nbsp; 12/17/28 | &nbsp;&nbsp;&nbsp; CNY | &nbsp;&nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 12.90% | At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 356 | &nbsp;&nbsp;&nbsp; (1665)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1665)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.02% | At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp; (1567)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1567)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.09% | At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/02/29 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 1837 | &nbsp;&nbsp;&nbsp; (7265)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (7266)<br>|
| &nbsp;&nbsp;&nbsp; China Fixing Repo <br> Rates 7-day, <br> 1.40%<br>| Quarterly | 1.56% | Quarterly | N/A | &nbsp;&nbsp;&nbsp; 03/18/29 | &nbsp;&nbsp;&nbsp; CNY | &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 63 |
| 7.52% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 6.78%<br>| Quarterly | 6/17/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/17/29 | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp; 4469 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 6.87%<br>| Monthly | 7.28% | Monthly | N/A | &nbsp;&nbsp;&nbsp; 10/31/30 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 2275 | &nbsp;&nbsp;&nbsp; (2647)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (2648)<br>|
| &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 6.87%<br>| Monthly | 7.32% | Monthly | N/A | &nbsp;&nbsp;&nbsp; 11/05/30 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp; (464)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (465)<br>|
| &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 6.87%<br>| Monthly | 7.52% | Monthly | N/A | &nbsp;&nbsp;&nbsp; 12/04/30 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 1210 | &nbsp;&nbsp;&nbsp; (815)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (815)<br>|
| &nbsp;&nbsp;&nbsp; China Fixing Repo <br> Rates 7-day, <br> 1.40%<br>| Quarterly | 1.58% | Quarterly | N/A | &nbsp;&nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp;&nbsp; CNY | &nbsp;&nbsp;&nbsp; 727 | &nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp; China Fixing Repo <br> Rates 7-day, <br> 1.40%<br>| Quarterly | 1.58% | Quarterly | N/A | &nbsp;&nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp;&nbsp; CNY | &nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp; China Fixing Repo <br> Rates 7-day, <br> 1.40%<br>| Quarterly | 1.62% | Quarterly | N/A | &nbsp;&nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp;&nbsp; CNY | &nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 532 |
| &nbsp;&nbsp;&nbsp; 6-mo. PRIBOR, <br> 3.66%<br>| Semi-Annual | 3.89% | Annual | N/A | &nbsp;&nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp;&nbsp; CZK | &nbsp;&nbsp;&nbsp; 5894 | &nbsp;&nbsp;&nbsp; (5428)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; (5432)<br>|
| 4.00% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 3.88%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; 60 |
| 4.05% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 3.88%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp; 1560 | &nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp; 1586 |
| &nbsp;&nbsp;&nbsp; 1-day MIBOR, <br> 5.34%<br>| Semi-annual | 5.71% | Semi-annual | N/A | &nbsp;&nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp;&nbsp; INR | &nbsp;&nbsp;&nbsp; 6751 | &nbsp;&nbsp;&nbsp; (2329)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (2330)<br>|
| &nbsp;&nbsp;&nbsp; 1-day MIBOR, <br> 5.34%<br>| Semi-annual | 5.93% | Semi-annual | N/A | &nbsp;&nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp;&nbsp; INR | &nbsp;&nbsp;&nbsp; 9841 | &nbsp;&nbsp;&nbsp; (2447)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (2448)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. BUBOR, <br> 6.25%<br>| Semi-Annual | 6.29% | Annual | N/A | &nbsp;&nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp;&nbsp; HUF | &nbsp;&nbsp;&nbsp; 6630 | &nbsp;&nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 298 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 6.86% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 6.78%<br>| Quarterly | N/A | &nbsp;&nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp; 3229 | &nbsp;&nbsp;&nbsp; $5651 | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp; $5648 |
| 6.87% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 6.78%<br>| Quarterly | N/A | &nbsp;&nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp; 1533 | &nbsp;&nbsp;&nbsp; 2664 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2663 |
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.18% | At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/02/31 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 504 | &nbsp;&nbsp;&nbsp; (1726)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (1728)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.24% | At Termination | N/A | &nbsp;&nbsp;&nbsp; 01/02/31 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; (857)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (857)<br>|
| &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 6.87%<br>| Monthly | 7.53% | Monthly | N/A | &nbsp;&nbsp;&nbsp; 01/03/31 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp; (421)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (421)<br>|
| &nbsp;&nbsp;&nbsp; China Fixing Repo <br> Rates 7-day, <br> 1.40%<br>| Quarterly | 1.64% | Quarterly | N/A | &nbsp;&nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp;&nbsp; CNY | &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 103 |
| 3.58% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. PRIBOR, <br> 3.66%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp;&nbsp; CZK | &nbsp;&nbsp;&nbsp; 712 | &nbsp;&nbsp;&nbsp; 1212 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1211 |
| 3.62% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. PRIBOR, <br> 3.66%<br>| Semi-Annual | N/A | &nbsp;&nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp;&nbsp; CZK | &nbsp;&nbsp;&nbsp; 714 | &nbsp;&nbsp;&nbsp; 1161 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1160 |
| &nbsp;&nbsp;&nbsp; 6-mo. PRIBOR, <br> 3.66%<br>| Semi-Annual | 3.74% | Annual | N/A | &nbsp;&nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp;&nbsp; CZK | &nbsp;&nbsp;&nbsp; 1012 | &nbsp;&nbsp;&nbsp; (1364)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1364)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. BUBOR, <br> 6.25%<br>| Semi-Annual | 5.98% | Annual | N/A | &nbsp;&nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp;&nbsp; HUF | &nbsp;&nbsp;&nbsp; 1286 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14 |
| 6.69% | Quarterly | &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 6.78%<br>| Quarterly | N/A | &nbsp;&nbsp;&nbsp; 03/18/31 | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp; 573 | &nbsp;&nbsp;&nbsp; 1336 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1336 |
| &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 6.87%<br>| Monthly | 7.68% | Monthly | N/A | &nbsp;&nbsp;&nbsp; 04/07/31 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 2310 | &nbsp;&nbsp;&nbsp; (951)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (952)<br>|
| 7.55% | Monthly | &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 6.87%<br>| Monthly | N/A | &nbsp;&nbsp;&nbsp; 04/10/31 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 2592 | &nbsp;&nbsp;&nbsp; 1859 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1857 |
| &nbsp;&nbsp;&nbsp; 1-day THOR, <br> 0.99%<br>| Quarterly | 1.62% | Quarterly | 6/17/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/17/31 | &nbsp;&nbsp;&nbsp; THB | &nbsp;&nbsp;&nbsp; 6939 | &nbsp;&nbsp;&nbsp; (910)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (912)<br>|
| &nbsp;&nbsp;&nbsp; 1-day THOR, <br> 0.99%<br>| Quarterly | 1.62% | Quarterly | 6/17/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/17/31 | &nbsp;&nbsp;&nbsp; THB | &nbsp;&nbsp;&nbsp; 1455 | &nbsp;&nbsp;&nbsp; (178)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (178)<br>|
| &nbsp;&nbsp;&nbsp; 1-day THOR, <br> 0.99%<br>| Quarterly | 1.64% | Quarterly | 6/17/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/17/31 | &nbsp;&nbsp;&nbsp; THB | &nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (95)<br>|
| &nbsp;&nbsp;&nbsp; 1-day THOR, <br> 0.99%<br>| Quarterly | 1.65% | Quarterly | 6/17/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/17/31 | &nbsp;&nbsp;&nbsp; THB | &nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (78)<br>|
| &nbsp;&nbsp;&nbsp; 3-mo. KRW CDC, <br> 2.81%<br>| Quarterly | 3.67% | Quarterly | 6/17/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/17/31 | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp;&nbsp; 184240 | &nbsp;&nbsp;&nbsp; (891)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (893)<br>|
| 4.12% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 3.88%<br>| Semi-Annual | 6/17/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/17/31 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 609 | &nbsp;&nbsp;&nbsp; 3362 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 3361 |
| 4.22% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 3.88%<br>| Semi-Annual | 6/17/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/17/31 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 791 | &nbsp;&nbsp;&nbsp; 3428 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3425 |
| 4.40% | Annual | &nbsp;&nbsp;&nbsp; 6-mo. WIBOR, <br> 3.88%<br>| Semi-Annual | 6/17/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/17/31 | &nbsp;&nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp; 1304 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1302 |
| &nbsp;&nbsp;&nbsp; 6-mo. PRIBOR, <br> 3.66%<br>| Semi-Annual | 4.44% | Annual | 6/17/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/17/31 | &nbsp;&nbsp;&nbsp; CZK | &nbsp;&nbsp;&nbsp; 1122 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 78 |
| 6.51% | Semi-annual | &nbsp;&nbsp;&nbsp; 1-day MIBOR, <br> 5.34%<br>| Semi-annual | 6/17/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/17/31 | &nbsp;&nbsp;&nbsp; INR | &nbsp;&nbsp;&nbsp; 16279 | &nbsp;&nbsp;&nbsp; (720)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (721)<br>|
| &nbsp;&nbsp;&nbsp; 3-mo. JIBAR, <br> 6.78%<br>| Quarterly | 7.51% | Quarterly | 6/17/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/17/31 | &nbsp;&nbsp;&nbsp; ZAR | &nbsp;&nbsp;&nbsp; 2891 | &nbsp;&nbsp;&nbsp; (1285)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (1287)<br>|
| &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 6.87%<br>| Monthly | 8.27% | Monthly | N/A | &nbsp;&nbsp;&nbsp; 12/05/35 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 886 | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; 1-day <br> TIIEFONDEO, <br> 6.87%<br>| Monthly | 8.00% | Monthly | N/A | &nbsp;&nbsp;&nbsp; 12/28/35 | &nbsp;&nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (126)<br>|
| &nbsp;&nbsp;&nbsp; 6-mo. PRIBOR, <br> 3.66%<br>| Semi-Annual | 4.56% | Annual | 6/17/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/17/36 | &nbsp;&nbsp;&nbsp; CZK | &nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; 6-mo. PRIBOR, <br> 3.66%<br>| Semi-Annual | 4.60% | Annual | 6/17/26<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/17/36 | &nbsp;&nbsp;&nbsp; CZK | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| &nbsp;&nbsp;&nbsp; 6-mo. BUBOR, <br> 6.25%<br>| Semi-Annual | 5.49% | Annual | 6/18/31<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/18/36 | &nbsp;&nbsp;&nbsp; HUF | &nbsp;&nbsp;&nbsp; 12259 | &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4 |
| &nbsp;&nbsp;&nbsp; 6-mo. BUBOR, <br> 6.25%<br>| Semi-Annual | 5.54% | Annual | 6/18/31<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/18/36 | &nbsp;&nbsp;&nbsp; HUF | &nbsp;&nbsp;&nbsp; 12206 | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp; 6-mo. BUBOR, <br> 6.25%<br>| Semi-Annual | 5.65% | Annual | 6/18/31<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 06/18/36 | &nbsp;&nbsp;&nbsp; HUF | &nbsp;&nbsp;&nbsp; 12449 | &nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | 4.09% | Annual | N/A | &nbsp;&nbsp;&nbsp; 12/12/55 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 14300 | &nbsp;&nbsp;&nbsp; (290569)<br>| &nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; (291019)<br>|
| 4.09% | Annual | &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 3.66%<br>| Annual | N/A | &nbsp;&nbsp;&nbsp; 12/12/55 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 14300 | &nbsp;&nbsp;&nbsp; 293046 | &nbsp;&nbsp;&nbsp; 2965 | &nbsp;&nbsp;&nbsp; 290081 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(57841)<br>| &nbsp;&nbsp;&nbsp; $3344 | &nbsp;&nbsp;&nbsp; $(61185)<br>|

---

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

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

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date* | *Termination* <br>*Date* |  | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 4.44% | Semi-annual | &nbsp;&nbsp;&nbsp; 1-day CLP <br> Interbank Rate, <br> 26.44%<br>| Semi-annual | &nbsp;&nbsp;&nbsp; Bank of America <br> N.A.<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; CLP | &nbsp;&nbsp; $120887 | &nbsp;&nbsp; $972 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $972 |
| 4.44% | Semi-annual | &nbsp;&nbsp;&nbsp; 1-day CLP <br> Interbank Rate, <br> 26.44%<br>| Semi-annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; CLP | &nbsp;&nbsp; 121730 | &nbsp;&nbsp; 978 | &nbsp;&nbsp; — | &nbsp;&nbsp; 978 |
| 4.52% | Semi-annual | &nbsp;&nbsp;&nbsp; 1-day CLP <br> Interbank Rate, <br> 26.44%<br>| Semi-annual | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; CLP | &nbsp;&nbsp; 51170 | &nbsp;&nbsp; 317 | &nbsp;&nbsp; — | &nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 10.53%<br>| Quarterly | 9.31% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 112895 | &nbsp;&nbsp; (1389)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1389)<br>|
| &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 10.53%<br>| Quarterly | 9.31% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 122346 | &nbsp;&nbsp; (1505)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1505)<br>|
| &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 10.53%<br>| Quarterly | 9.37% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 112068 | &nbsp;&nbsp; (1349)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1349)<br>|
| &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 10.53%<br>| Quarterly | 9.37% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 121450 | &nbsp;&nbsp; (1462)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1462)<br>|
| &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 10.53%<br>| Quarterly | 9.54% | Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 222496 | &nbsp;&nbsp; (2512)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2512)<br>|
| &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 10.53%<br>| Quarterly | 9.54% | Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 241123 | &nbsp;&nbsp; (2723)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2723)<br>|
| &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 10.53%<br>| Quarterly | 9.83% | Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 235838 | &nbsp;&nbsp; (2368)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2368)<br>|
| &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 10.53%<br>| Quarterly | 10.78% | Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 03/18/28 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 132533 | &nbsp;&nbsp; (891)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (891)<br>|
| 9.36% | Quarterly | &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 10.53%<br>| Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/29 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 67933 | &nbsp;&nbsp; 1459 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1459 |
| 9.36% | Quarterly | &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 10.53%<br>| Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/29 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 62620 | &nbsp;&nbsp; 1345 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1345 |
| 9.42% | Quarterly | &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 10.53%<br>| Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/29 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 67734 | &nbsp;&nbsp; 1421 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1421 |
| 9.42% | Quarterly | &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 10.53%<br>| Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/29 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 62436 | &nbsp;&nbsp; 1310 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1310 |
| 9.54% | Quarterly | &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 10.53%<br>| Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/29 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 122442 | &nbsp;&nbsp; 2446 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2446 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

**OTC Interest Rate Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective*<br> *Date* | *Termination*<br> *Date* |  | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 9.54% | Quarterly | &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 10.53%<br>| Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/29 | &nbsp;&nbsp; COP | &nbsp;&nbsp; $132832 | &nbsp;&nbsp; $2653 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2653 |
| 9.87% | Quarterly | &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 10.53%<br>| Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12/17/29 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 130161 | &nbsp;&nbsp; 2246 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2246 |
| 10.60% | Quarterly | &nbsp;&nbsp;&nbsp; 1-day COOIS, <br> 10.53%<br>| Quarterly | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; 03/18/30 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 73251 | &nbsp;&nbsp; 836 | &nbsp;&nbsp; — | &nbsp;&nbsp; 836 |
| 5.42% | Semi-annual | &nbsp;&nbsp;&nbsp; 1-day CLP <br> Interbank Rate, <br> 26.44%<br>| Semi-annual | BNP Paribas S.A. | &nbsp;&nbsp; 6/17/26 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 06/17/36 | &nbsp;&nbsp; CLP | &nbsp;&nbsp; 53205 | &nbsp;&nbsp; (415)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (415)<br>|
|  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; $1369 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1369 |

---

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

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

**OTC Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligations/Index* | *Financing* <br>*Rate Paid* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Republic of Argentina | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | USD | 3 | $(43) | $57 | $(100) |

---

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | &nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)* |
| 2.43% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; US CPI for All <br> Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp;&nbsp; $9486 | &nbsp;&nbsp;&nbsp;&nbsp; $7 | &nbsp;&nbsp;&nbsp;&nbsp; $9479 |
| 2.52% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; US CPI for All <br> Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp;&nbsp; 1835 |
| 2.63% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; US CPI for All <br> Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 09/09/30 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1567 | &nbsp;&nbsp;&nbsp;&nbsp; 10258 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 10240 |
| 2.39% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; US CPI for All <br> Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 11/26/30 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 17296 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 17283 |
| 2.43% | At Termination | &nbsp;&nbsp;&nbsp;&nbsp; US CPI for All <br> Urban <br> Consumers <br> NSA<br>| At Termination | &nbsp;&nbsp;&nbsp;&nbsp; 12/10/30 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp;&nbsp; 14696 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 14682 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $53760 | &nbsp;&nbsp;&nbsp;&nbsp; $241 | &nbsp;&nbsp;&nbsp;&nbsp; $53519 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.50%, 3.66%<br>| At <br> Termination<br>| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate Bond <br> ETF<br>| At <br> Termination<br>| Bank of America <br> N.A.<br>| N/A | 06/22/26 | USD | 898 | $13554 | $1 | $13553 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.70%, 3.66%<br>| At <br> Termination<br>| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate Bond <br> ETF<br>| At <br> Termination<br>| Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 06/22/26 | USD | 1217 | 11025 |  | 11025 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.80%, 3.66%<br>| At <br> Termination<br>| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate Bond <br> ETF<br>| At <br> Termination<br>| BNP Paribas <br> S.A.<br>| N/A | 06/22/26 | USD | 885 | 13644 |  | 13644 |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate Bond <br> ETF<br>| At <br> Termination<br>| &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.80%, 3.66%<br>| At <br> Termination<br>| BNP Paribas <br> S.A.<br>| N/A | 06/22/26 | USD | 674 | (165)<br>|  | (165)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate Bond <br> ETF<br>| At <br> Termination<br>| &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 1.35%, 3.66%<br>| At <br> Termination<br>| Morgan Stanley <br> & Co. <br> International <br> PLC<br>| N/A | 06/22/26 | USD | 1817 | (27219)<br>|  | (27219)<br>|
| &nbsp;&nbsp;&nbsp; 1-day SOFR plus 0.05%, <br> 3.66%<br>| At <br> Termination<br>| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate Bond <br> ETF<br>| At <br> Termination<br>| Bank of America <br> N.A.<br>| N/A | 06/22/26 | USD | 1736 | (4278)<br>|  | (4278)<br>|
| &nbsp;&nbsp;&nbsp; 1-day SOFR plus 0.20%, <br> 3.66%<br>| At <br> Termination<br>| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate Bond <br> ETF<br>| At <br> Termination<br>| Bank of America <br> N.A.<br>| N/A | 06/22/26 | USD | 5479 | (18194)<br>|  | (18194)<br>|
|  |  |  |  |  |  |  |  |  | $(11633)<br>| $1 | $(11634)<br>|

---

**Fair Value Hierarchy as of Period End** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $69538207 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $69538207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 95805496 | &nbsp;&nbsp; 99600 | &nbsp;&nbsp; 95905096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds | &nbsp;&nbsp; 178177 | &nbsp;&nbsp; 136652 | &nbsp;&nbsp; — | &nbsp;&nbsp; 314829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 140789042 | &nbsp;&nbsp; 455807 | &nbsp;&nbsp; 141244849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 234484 | &nbsp;&nbsp; 329262 | &nbsp;&nbsp; 563746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 18016404 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18016404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2921450 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2921450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 497258119 | &nbsp;&nbsp; — | &nbsp;&nbsp; 497258119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 956836 | &nbsp;&nbsp; — | &nbsp;&nbsp; 442856 | &nbsp;&nbsp; 1399692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 11095527 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11095527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 18050 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18050 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $26557842 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26557842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 444946 | &nbsp;&nbsp; — | &nbsp;&nbsp; 445165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 8161 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 3921 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 265 | &nbsp;&nbsp; — | &nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sales Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; (276288420)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (276288420)<br>|
|  | &nbsp;&nbsp; $38810572 | &nbsp;&nbsp; $548864806 | &nbsp;&nbsp; $1327525 | &nbsp;&nbsp; $589002903 |
| Derivative Financial Instruments<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29910 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 48785 | &nbsp;&nbsp; 38222 | &nbsp;&nbsp; — | &nbsp;&nbsp; 87007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 438188 | &nbsp;&nbsp; — | &nbsp;&nbsp; 438188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 53519 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 29003 | &nbsp;&nbsp; 356980 | &nbsp;&nbsp; — | &nbsp;&nbsp; 385983 |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (44311)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (44311)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; (56370)<br>| &nbsp;&nbsp; (49856)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (106226)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (956909)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (956909)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (1709373)<br>| &nbsp;&nbsp; (3126983)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4836356)<br>|
|  | &nbsp;&nbsp; $(1687955)<br>| &nbsp;&nbsp; $(3261240)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4949195)<br>|

---

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

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

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

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

---

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

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Total Return Active ETF**

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| BAB | Build America Bond |
| BZDIOVER | Overnight Brazil CETIP — Interbank Rate |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity Treasury |
| CPI | Consumer Price Index |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |

---

---

| | |
|:---|:---|
| GO | General Obligation |
| JIBAR | Johannesburg Interbank Agreed Rate |
| KLIBOR | Kuala Lumpur Interbank Offered Rate |
| NVS | Non-Voting Shares |
| PIK | Payment-in-kind |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| TBA | To-Be-Announced |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** iShares Total Return Active ETF

- **b. EDGAR series identifier (if any):** S000083073

- **c. LEI of Series:** 5299001LKKSPPM1BLL20

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $1014462540.98

**Total Liabilities:** $457636525.41

**Net Assets:** $556826015.57

**Delayed Delivery Securities:** $65282824.80

**Cash Not Reported:** $4978793.41

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 17823.22000000 | **1-Year:** 4657.95000000 | **5-Year:** 98088.14000000 | **10-Year:** 31983.02000000 | **30-Year:** 42563.17000000

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

- **3-Month:** 23549.39000000 | **1-Year:** 8440.03000000 | **5-Year:** 13334.09000000 | **10-Year:** 2954.20000000 | **30-Year:** 1771.98000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246586 | 1.60%                | -2.29%               | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $442674.84               | $3930136.46                                |
| Month 2  | $-1900291.88             | $-10490575.36                              |
| Month 3  | $-316249.46              | $1324393.69                                |

**Designated Index Information**

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

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

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D4Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      42692 | PA      | $35971.55     | 0.01%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                                        | Sunoco LP                                                                        | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |      14000 | PA      | $14497.78     | 0.00%             | 2030-09-18      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                                                             | Matador Resources Co                                                             | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51058.20     | 0.01%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                                          | Hungary Government Bond                                                          | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   55350000 | PA      | $190919.18    | 0.03%             | 2035-10-24      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-4705.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD CLP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $92.07        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2005-J4                                                   | CUSIP: 12667GNJ8<br>LEI: 5493004SLAYUFMHIS127 | Long             | ABS-MBS          | CORP              | US        |      34076 | PA      | $34053.04     | 0.01%             | 2035-07-25      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | FSWP: OIS 9.420000 17-DEC-2029 IBR                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | GB        |   67734169 | OU      | $1420.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                                                  | McDonald's Corp                                                                  | CUSIP: 58013MER1<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     358000 | PA      | $276505.33    | 0.05%             | 2043-05-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2849000 | PA      | $2852004.81   | 0.51%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     118000 | PA      | $119708.83    | 0.02%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                                             | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 4589000000 | PA      | $263510.59    | 0.05%             | 2030-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD                                                          | Studio City Finance Ltd                                                          | CUSIP: 000000000<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |     200000 | PA      | $190690.00    | 0.03%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |        300 | PA      | $254.60       | 0.00%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Gold Pool                                                            | CUSIP: 31335BHH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     124670 | PA      | $122443.79    | 0.02%             | 2047-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                              | Petroleos Mexicanos                                                              | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      11000 | PA      | $10981.19     | 0.00%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Bay View Federal Savings And Loan Assoc.                                         | BAY 2025-LIVN Mortgage Trust                                                     | CUSIP: 072925AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     161000 | PA      | $161000.00    | 0.03%             | 2035-05-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                                                | Brown & Brown Inc                                                                | CUSIP: 115236AC5<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |     169000 | PA      | $149408.65    | 0.03%             | 2031-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QUVV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      70041 | PA      | $72757.92     | 0.01%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CAH4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     659000 | PA      | $630503.40    | 0.11%             | 2027-08-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                                                         | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       3000 | PA      | $2871.50      | 0.00%             | 2029-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 30Y RTR 3.550000 30-APR-2026                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    2000000 | OU      | $0.02         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XPZE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     205266 | PA      | $200525.54    | 0.04%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                                     | Alphabet Inc                                                                     | CUSIP: 02079KBA4<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |      30000 | PA      | $28695.56     | 0.01%             | 2055-11-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Sycamore Tree CLO Ltd                                                            | Sycamore Tree CLO 2021-1 Ltd                                                     | CUSIP: 87122VAS0<br>LEI: 5493000NGQSA68NFD567 | Long             | ABS-CBDO         | CORP              | KY        |     310000 | PA      | $310583.33    | 0.06%             | 2038-01-20      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427PKF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     146969 | PA      | $148358.23    | 0.03%             | 2055-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ESSENDI SA                                                                       | Essendi SA                                                                       | CUSIP: 000000000<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $116738.89    | 0.02%             | 2032-05-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                                          | Starwood Property Trust Inc                                                      | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |      25000 | PA      | $25906.45     | 0.00%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                                  | Republic Finance Issuance Trust 2024-B                                           | CUSIP: 76042GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     114000 | PA      | $115285.24    | 0.02%             | 2037-11-20      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| TOTALENERGIES SE                                                                 | TotalEnergies SE                                                                 | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $231816.06    | 0.04%             | 2027-01-17      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-CNYN                                                               | CUSIP: 05612HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     712962 | PA      | $714299.85    | 0.13%             | 2041-04-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                     | CSMC 2022-NQM6 Trust                                                             | CUSIP: 12663YAM0<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |      70608 | PA      | $70817.84     | 0.01%             | 2067-12-25      | Variable      | 9.74%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED CZK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CZ        |          1 | NC      | $-193.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                                             | Colombian TES                                                                    | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 1045500000 | PA      | $256857.23    | 0.05%             | 2027-11-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                              | Petroleos Mexicanos                                                              | CUSIP: 71654QDB5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      24000 | PA      | $24156.00     | 0.00%             | 2027-01-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: —       |
| Navient Student Loan Trust                                                       | Navient Private Education Refi Loan Trust 2020-H                                 | CUSIP: 63942AAB2<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |     211888 | PA      | $210763.55    | 0.04%             | 2069-04-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTP 3.940000 20-MAR-2028                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -3209000 | OU      | $-132493.22   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                                     | Enbridge Inc                                                                     | CUSIP: 29250NCB9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $102122.23    | 0.02%             | 2029-04-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                                                              | Station Casinos LLC                                                              | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24611.23     | 0.00%             | 2028-02-15      | Fixed         | 4.50%                 | 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        |      30000 | PA      | $27472.29     | 0.00%             | 2051-10-01      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     115000 | PA      | $117878.95    | 0.02%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                                                          | Allied Universal Holdco LLC                                                      | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |      24000 | PA      | $25172.93     | 0.00%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     500000 | PA      | $234453.13    | 0.04%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TH        |          1 | NC      | $-1787.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                                          | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     682100 | PA      | $32509.05     | 0.01%             | 2055-04-29      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                                                     | Huntington Bank Auto Credit-Linked Notes Series 2025-2                           | CUSIP: 44644NAP4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     192779 | PA      | $193290.45    | 0.03%             | 2033-09-20      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWE58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     221999 | PA      | $208714.40    | 0.04%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-VLT4                                                               | CUSIP: 05612TAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      19190 | PA      | $18902.80     | 0.00%             | 2041-06-15      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                                           | RR 41 LTD                                                                        | CUSIP: 749764AA4<br>LEI: 254900MKRTHN5MG3CP95 | Long             | ABS-CBDO         | CORP              | KY        |     750000 | PA      | $751643.55    | 0.13%             | 2040-10-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| CHI Commercial Mortgage Trust                                                    | CHI Commercial Mortgage Trust 2025-110W                                          | CUSIP: 12577HAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $98050.34     | 0.02%             | 2040-12-13      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES                                                            | AvalonBay Communities Inc                                                        | CUSIP: 05348EBH1<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              |  | US        |     100000 | PA      | $91234.27     | 0.02%             | 2031-01-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | 10Y RTR 4.030000 16-DEC-2027                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |   -2180000 | OU      | $-65402.57    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MULTIVERSITY SPA                                                                 | Multiversity SpA                                                                 | CUSIP: 000000000<br>LEI: 8945002RM8LY280ZUC12 | Long             | DBT              | CORP              | IT        |     100000 | PA      | $121930.48    | 0.02%             | 2031-05-17      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F040651<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1394000 | PA      | $1307147.46   | 0.23%             | 2056-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sage AR Funding                                                                  | Sage AR Funding                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |     513000 | PA      | $693620.72    | 0.12%             | 2038-05-18      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | FSWP: OIS 4.520000 17-DEC-2027 CLI                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |   51169849 | OU      | $316.62       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust 2021-909                                           | NYC Commercial Mortgage Trust 2025-28L                                           | CUSIP: 67123JAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99725.58     | 0.02%             | 2038-11-05      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                                                         | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      25000 | PA      | $24390.60     | 0.00%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 2Y RTP 4.050000 04-OCT-2027                                                      | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |  -10000000 | OU      | $-53626.80    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                                                                  | Cameron LNG LLC                                                                  | CUSIP: 133434AC4<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |     226000 | PA      | $197150.34    | 0.04%             | 2038-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 1.624000 17-JUN-2031 THO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1455364 | OU      | $-177.56      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.219000 17-JUN-2031 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     791000 | OU      | $3427.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $-377.39      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F012452<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     155000 | PA      | $139010.82    | 0.02%             | 2041-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                                                 | MGM Resorts International                                                        | CUSIP: 552953CH2<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |      16000 | PA      | $15846.16     | 0.00%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                                         | Texas Capital Bancshares Inc                                                     | CUSIP: 88224QAC1<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |      18000 | PA      | $17854.86     | 0.00%             | 2032-02-27      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2026-2                                                | CUSIP: 92490GAE8<br>LEI: 213800OKSLL73WD2H386 | Long             | ABS-MBS          | CORP              | US        |     270000 | PA      | $265379.90    | 0.05%             | 2071-02-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       1000 | PA      | $993.63       | 0.00%             | 2027-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Avenue of Americas                                                               | 1301 Trust 2025-AOA                                                              | CUSIP: 682461AL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      38000 | PA      | $39137.86     | 0.01%             | 2042-08-11      | Variable      | 7.48%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO1, LTD                                          | Goldentree Loan Management US Clo 26 Ltd                                         | CUSIP: 38139QAG1<br>LEI: 254900C5OE1SRC894D90 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251114.40    | 0.05%             | 2038-07-20      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F052664<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   11200000 | PA      | $11243462.72  | 2.02%             | 2056-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140U4WH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      44290 | PA      | $43823.49     | 0.01%             | 2056-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                                                  | Cigna Group/The                                                                  | CUSIP: 125523CL2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |      34000 | PA      | $31482.30     | 0.01%             | 2030-03-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                                             | Sofi Professional Loan Program 2019-C LLC                                        | CUSIP: 83401CAC8<br>LEI: 5493002WMPR84WZ75V46 | Long             | ABS-O            | CORP              | US        |     227000 | PA      | $205580.33    | 0.04%             | 2048-11-16      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HHC58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     155313 | PA      | $156407.06    | 0.03%             | 2054-11-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                                                               | Ardonagh Finco Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |     100000 | PA      | $117499.77    | 0.02%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                                         | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      16000 | PA      | $15812.76     | 0.00%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HUF 6.285000 17-DEC-2030 BUB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    6630323 | OU      | $298.37       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                           | Philip Morris International Inc                                                  | CUSIP: 718172DE6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      92000 | PA      | $96088.13     | 0.02%             | 2033-09-07      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BRENNTAG FINANCE BV                                                              | Brenntag Finance BV                                                              | CUSIP: 000000000<br>LEI: 724500LOJA6NM43PH951 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $229563.95    | 0.04%             | 2031-10-02      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                                     | NiSource Inc                                                                     | CUSIP: 65473QBE2<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99184.01     | 0.02%             | 2027-05-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 1.642000 17-JUN-2031 THO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     995156 | OU      | $-94.89       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                | EURO-BUND FUTURE JUN26                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -15 | NC      | $25242.51     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                           | Extra Space Storage LP                                                           | CUSIP: 30225VAP2<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |       7000 | PA      | $6271.73      | 0.00%             | 2030-10-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                                   | Upgrade Master Pass-Thru Trust Series 2025-ST7                                   | CUSIP: 91533RAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      62134 | PA      | $62133.70     | 0.01%             | 2032-11-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| MASTR Reperforming Loan Trust                                                    | MASTR Reperforming Loan Trust 2005-1                                             | CUSIP: 576436AT6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     222510 | PA      | $150129.18    | 0.03%             | 2034-08-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | USD P BRL C @5.150000 EO                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |    -581855 | OU      | $-23219.51    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                         | Enterprise Products Operating LLC                                                | CUSIP: 29379VBF9<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |      82000 | PA      | $72334.33     | 0.01%             | 2054-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142JS2X2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      87083 | PA      | $86068.13     | 0.02%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                                          | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAJ2<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |      25000 | PA      | $26718.75     | 0.00%             | 2030-10-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: —       |
| ZF EUROPE FINANCE BV                                                             | ZF Europe Finance BV                                                             | CUSIP: 000000000<br>LEI: 549300RI533US2G6G542 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $245331.13    | 0.04%             | 2030-06-12      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427MKT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      71675 | PA      | $73435.98     | 0.01%             | 2055-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                   | Morgan Stanley Capital I 2017-HR2                                                | CUSIP: 61691NAJ4<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |     281000 | PA      | $272864.88    | 0.05%             | 2050-12-15      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED MYR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | MY        |          1 | NC      | $-3200.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                               | A&D Mortgage Trust 2026-NQM1                                                     | CUSIP: 00040DAC7<br>LEI: 984500FEB1BEC4C6Y473 | Long             | ABS-MBS          | CORP              | US        |     315278 | PA      | $312876.31    | 0.06%             | 2071-02-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                                                         | BXMT 2025-FL5 Ltd                                                                | CUSIP: 05613YAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     273000 | PA      | $273873.90    | 0.05%             | 2042-10-18      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                                                           | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |      50000 | PA      | $51147.20     | 0.01%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XDD5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     768094 | PA      | $723038.96    | 0.13%             | 2052-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSTL Commercial Mortgage Trust                                                   | CSTL Commercial Mortgage Trust 2025-GATE2                                        | CUSIP: 12676JAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $98454.88     | 0.02%             | 2042-11-10      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | USD C MXN P @18.05000 EO                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |     581855 | OU      | $35.49        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F050650<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   40364000 | PA      | $39762182.45  | 7.14%             | 2056-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2019-VI Ltd                                                         | CUSIP: 12555XAN1<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250386.68    | 0.04%             | 2037-07-16      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                            | PRPM 2025-NQM1 Trust                                                             | CUSIP: 74391EAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     171697 | PA      | $173183.36    | 0.03%             | 2069-11-25      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| BCAP LLC Trust                                                                   | BCAP LLC 2015-RR6 Trust                                                          | CUSIP: 05490QAK4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $83807.87     | 0.02%             | 2046-05-26      | Floating      | 3.98%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                                                   | USD C BRL P @5.300000 EO                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KY        |     -86000 | OU      | $-492.09      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GCAT                                                                             | GCAT 2025-NQM4 Trust                                                             | CUSIP: 367923AC3<br>LEI: 254900KVL1UYCCX9U836 | Long             | ABS-MBS          | CORP              | US        |      82425 | PA      | $82821.13     | 0.01%             | 2070-06-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| Guaranteed Funding (DK) Limited                                                  | DK Trust 2024-SPBX                                                               | CUSIP: 23346LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      20000 | PA      | $20000.00     | 0.00%             | 2034-03-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CEV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1048400 | PA      | $1027513.90   | 0.18%             | 2029-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Bridge Street CLO                                                                | Bridge Street CLO VI Ltd                                                         | CUSIP: 10806PAA7<br>LEI: 254900PNW8DFFG2S8664 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250579.38    | 0.05%             | 2039-01-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                            | PRPM 2025-NQM6 Trust                                                             | CUSIP: 69383RAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     815478 | PA      | $811249.35    | 0.15%             | 2070-12-25      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc                                     | BAMLL Trust 2024-BHP                                                             | CUSIP: 05493WAA0<br>LEI: 549300BOMGFOVRYRQK33 | Long             | ABS-MBS          | CORP              | US        |     275000 | PA      | $275496.93    | 0.05%             | 2039-08-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WQA9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1447541 | PA      | $1241237.31   | 0.22%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-44.96       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BSTN Commercial Mortgage Trust                                                   | BSTN Commercial Mortgage Trust 2025-1C                                           | CUSIP: 05615EAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $102949.03    | 0.02%             | 2044-06-15      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DVL94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     426035 | PA      | $363695.27    | 0.07%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                                         | MSCI Inc                                                                         | CUSIP: 55354GAR1<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |      61000 | PA      | $60035.80     | 0.01%             | 2035-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WNE4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     107640 | PA      | $92299.50     | 0.02%             | 2051-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 5YR NOTE (CBT) JUN26                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          7 | NC      | $-2415.49     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $5819.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Avenue of Americas                                                               | 1301 Trust 2025-AOA                                                              | CUSIP: 682461AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      20000 | PA      | $20087.50     | 0.00%             | 2042-08-11      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179SYS0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      33688 | PA      | $31246.02     | 0.01%             | 2047-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QNZ39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      10238 | PA      | $9865.82      | 0.00%             | 2037-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2026-2                                                  | CUSIP: 03466LAE4<br>LEI: 254900KYTF3JMR1ZQR67 | Long             | ABS-MBS          | CORP              | US        |     275862 | PA      | $272551.27    | 0.05%             | 2071-02-25      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| BBAM US CLO LTD.                                                                 | BBAM US CLO VI Ltd                                                               | CUSIP: 05556TAA1<br>LEI: 54930064Z7YZMOXBC128 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250517.65    | 0.04%             | 2039-01-27      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| EP INFRASTRUCTURE AS                                                             | EP Infrastructure AS                                                             | CUSIP: 000000000<br>LEI: 315700I4J1M1NKGWWY89 | Long             | DBT              | CORP              | CZ        |     100000 | PA      | $113932.04    | 0.02%             | 2033-02-27      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | SWP: OIS 13.770000 04-JAN-2027 BZD                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     388851 | OU      | $474.39       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                                             | Paraguay Government International Bond                                           | CUSIP: 699149CC2<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |  497000000 | PA      | $81169.19     | 0.01%             | 2038-04-04      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                                               | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      16000 | PA      | $16039.34     | 0.00%             | 2039-06-12      | Fixed         | 8.73%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GMQ9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101932.18    | 0.02%             | 2036-02-12      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      28000 | PA      | $28165.16     | 0.01%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                | EURO-BTP FUTURE JUN26                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         25 | NC      | $-16655.45    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| OHIO POWER COMPANY                                                               | Ohio Power Co                                                                    | CUSIP: 677415CR0<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |      21000 | PA      | $15642.32     | 0.00%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     237000 | PA      | $241908.68    | 0.04%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust                                       | Bear Stearns Asset Backed Securities I Trust 2007-HE5                            | CUSIP: 073859AH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      93288 | PA      | $85087.47     | 0.02%             | 2047-06-25      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                                                   | Owens-Brockway Glass Container Inc                                               | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |      24000 | PA      | $22935.98     | 0.00%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 2Y RTP 3.200000 20-OCT-2026                                                      | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -8882000 | OU      | $-33699.34    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2020-VIV4                                           | CUSIP: 05608MAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $92918.35     | 0.02%             | 2044-03-09      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     145000 | PA      | $96652.73     | 0.02%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2024-6                                    | CUSIP: 92261BAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      99181 | PA      | $99819.66     | 0.02%             | 2054-12-25      | Variable      | 9.67%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                                               | Viking Cruises Ltd                                                               | CUSIP: 92676XAF4<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |      24000 | PA      | $24064.43     | 0.00%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                                                          | Pfizer Investment Enterprises Pte Ltd                                            | CUSIP: 716973AD4<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |     343000 | PA      | $345527.15    | 0.06%             | 2030-05-19      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                                                         | Encore Capital Group Inc                                                         | CUSIP: 000000000<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |     100000 | PA      | $130519.28    | 0.02%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 10Y RTP 3.707000 04-MAR-2027                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |   -1326000 | OU      | $-50351.38    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                                                         | Intercontinental Exchange Inc                                                    | CUSIP: 45866FAW4<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |      78000 | PA      | $77123.36     | 0.01%             | 2033-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | USD P HUF C @320.0000 EO                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | KY        |     -73000 | OU      | $-2332.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GZU1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      27000 | PA      | $27009.99     | 0.00%             | 2028-08-23      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                                                | Rakuten Group Inc                                                                | CUSIP: 000000000<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |     200000 | PA      | $219402.28    | 0.04%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ALABAMA POWER CO                                                                 | Alabama Power Co                                                                 | CUSIP: 010392FJ2<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |       9000 | PA      | $7232.07      | 0.00%             | 2042-12-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QQWF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      31440 | PA      | $32364.68     | 0.01%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Meritage Homes Corp                                                              | Meritage Homes Corp                                                              | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |        306 | NS      | $20606.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HERC HOLDINGS INC                                                                | Herc Holdings Inc                                                                | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51232.45     | 0.01%             | 2029-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                                                                    | LGI Homes Inc                                                                    | CUSIP: 50187TAH9<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |      13000 | PA      | $13385.95     | 0.00%             | 2028-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | KR        |          1 | NC      | $-29.60       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Summer Issuer, LLC                                                               | Summit Issuer LLC                                                                | CUSIP: 86613XAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      91000 | PA      | $91053.25     | 0.02%             | 2055-11-20      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPE                                                         | Plains All American Pipeline LP                                                  | CUSIP: 72650RBQ4<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |     175000 | PA      | $180462.37    | 0.03%             | 2035-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QUVH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      45116 | PA      | $46172.01     | 0.01%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: ZAR 6.720000 17-DEC-2026 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    3173000 | OU      | $540.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F060659<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    5864471 | PA      | $5986642.77   | 1.08%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                                                          | Fidelity National Information Services Inc                                       | CUSIP: 31620MCE4<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |      15000 | PA      | $14919.84     | 0.00%             | 2031-03-10      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                                                | Park Blue CLO 2025-X LTD                                                         | CUSIP: 70019YAA5<br>LEI: 2138008W8XU9WO8BZO09 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250589.68    | 0.05%             | 2039-01-20      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| 3M COMPANY                                                                       | 3M Co                                                                            | CUSIP: 88579YAY7<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |     200000 | PA      | $196227.51    | 0.04%             | 2027-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                                                                   | NCR Voyix Corp                                                                   | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |      17000 | PA      | $16647.17     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJW0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     153000 | PA      | $117232.76    | 0.02%             | 2042-04-22      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                                         | Texas Capital Bancshares Inc                                                     | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |      32000 | PA      | $31988.46     | 0.01%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CCP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     885500 | PA      | $878784.03    | 0.16%             | 2026-07-31      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae REMICS                                                                | CUSIP: 3136BT7D9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      82858 | PA      | $83887.87     | 0.02%             | 2054-12-25      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F032666<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7200000 | PA      | $6549044.18   | 1.18%             | 2056-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UNITED PARCEL SERVICE                                                            | United Parcel Service Inc                                                        | CUSIP: 911312AJ5<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |      30000 | PA      | $32591.09     | 0.01%             | 2038-01-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $2347.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                                                     | Atrium Hotel Portfolio Trust 2024-ATRM                                           | CUSIP: 04963XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     300000 | PA      | $303057.66    | 0.05%             | 2029-11-10      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2022-2                                    | CUSIP: 92259UAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     607273 | PA      | $547462.78    | 0.10%             | 2052-04-25      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| BRCK Trust                                                                       | BRCK Trust 2025-830B                                                             | CUSIP: 10635AAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99811.42     | 0.02%             | 2042-12-10      | Variable      | 8.40%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-55.33       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DZU9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      26424 | PA      | $20273.97     | 0.00%             | 2051-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D4X7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     618073 | PA      | $497518.55    | 0.09%             | 2051-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 1Y RTP 5.200000 24-APR-2028                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | KY        |   -8111000 | OU      | $-26606.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                                               | Subway Funding LLC                                                               | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      29550 | PA      | $29746.29     | 0.01%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                                                         | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAG5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |       6000 | PA      | $5779.05      | 0.00%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd.                                                  | LoanCore 2025-CRE9 Issuer LLC                                                    | CUSIP: 538912AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     140000 | PA      | $139739.99    | 0.03%             | 2042-08-18      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYG3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      30000 | PA      | $29691.42     | 0.01%             | 2027-09-10      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     238000 | PA      | $240383.10    | 0.04%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TENNECO INC                                                                      | Tenneco Inc                                                                      | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25297.05     | 0.00%             | 2028-11-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Westways Funding Ltd                                                             | WEST Trust 2025-ROSE                                                             | CUSIP: 955909AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     108000 | PA      | $108610.37    | 0.02%             | 2035-04-10      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp                                                                    | EchoStar Corp                                                                    | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |       1547 | NS      | $190497.58    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | ITRAXX.XO.45.V1 5YR RTP @ 312.5000                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              |  | KY        |      61000 | OU      | $265.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                                           | Comstock Resources Inc                                                           | CUSIP: 205768AU8<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |      17000 | PA      | $16942.78     | 0.00%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                                         | RTX Corp                                                                         | CUSIP: 913017BT5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     100000 | PA      | $88630.78     | 0.02%             | 2042-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | USD C THB P @32.7000 EO                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |      85000 | OU      | $544.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through CTFS                                     | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OA1 Trust | CUSIP: 93935NAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     113695 | PA      | $95093.49     | 0.02%             | 2046-12-25      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                          | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AV1<br>LEI: N/A                  | Long             | DBT              |  | US        |      75000 | PA      | $73762.88     | 0.01%             | 2033-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Spruce Hill Mortgage Acquisition Company, LLC                                    | Spruce Hill Mortgage Loan Trust 2020-SH2                                         | CUSIP: 85214RAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      68082 | PA      | $67146.59     | 0.01%             | 2055-06-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ALSTRIA S.A R.L.                                                                 | alstria Sarl                                                                     | CUSIP: 000000000<br>LEI: 529900QIJIGPI0DRL085 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $116592.99    | 0.02%             | 2031-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EQL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      15306 | PA      | $14782.22     | 0.00%             | 2053-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CPJ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       1000 | PA      | $970.47       | 0.00%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED KRW / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | KR        |          1 | NC      | $-17.48       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                                                | Store Capital LLC                                                                | CUSIP: 862123AB2<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              |  | US        |      10000 | PA      | $10106.05     | 0.00%             | 2030-04-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ACREC LLC                                                                        | Acrec 2025 Fl 3 LLC                                                              | CUSIP: 00112HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     100000 | PA      | $99755.50     | 0.02%             | 2042-08-18      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DUFM4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      30801 | PA      | $32101.98     | 0.01%             | 2054-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QUHR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      26226 | PA      | $27013.97     | 0.00%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VICINITY CENTRES RE LTD                                                          | Vicinity Centres Trust                                                           | CUSIP: 000000000<br>LEI: 254900YANM8VTQCFYX66 | Long             | DBT              | CORP              | AU        |     280000 | PA      | $193718.15    | 0.03%             | 2036-03-03      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                                   | Amazon.com Inc                                                                   | CUSIP: 023135CJ3<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     243000 | PA      | $184388.62    | 0.03%             | 2052-04-13      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | FSWP: OIS 10.595000 18-MAR-2030 IB                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |   73251161 | OU      | $835.82       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                 | RALI Series 2006-QA10 Trust                                                      | CUSIP: 74922NAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     171546 | PA      | $156628.14    | 0.03%             | 2036-12-25      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: ZAR 7.520000 17-JUN-2029 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4469000 | OU      | $56.59        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COCA-COLA CO/THE                                                                 | Coca-Cola Co/The                                                                 | CUSIP: 191216CW8<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |     100000 | PA      | $73383.38     | 0.01%             | 2040-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                                   | Amazon.com Inc                                                                   | CUSIP: 023135DK9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |      55000 | PA      | $54174.63     | 0.01%             | 2076-03-13      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 17327CAU7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     145000 | PA      | $142514.03    | 0.03%             | 2039-09-19      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| VEGAS Trust                                                                      | VEGAS 2024-GCS                                                                   | CUSIP: 92254BAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      61000 | PA      | $60554.95     | 0.01%             | 2036-07-10      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                                             | Colombian TES                                                                    | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  202000000 | PA      | $32635.98     | 0.01%             | 2050-10-26      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                                                                       | Kenvue Inc                                                                       | CUSIP: 49177JAF9<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |     191000 | PA      | $193615.92    | 0.03%             | 2028-03-22      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                                       | BFLD 2024-WRHS Mortgage Trust                                                    | CUSIP: 05555HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     370799 | PA      | $371028.83    | 0.07%             | 2039-07-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 7.530000 03-JAN-2031 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     643648 | OU      | $-420.56      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NEDU6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      37983 | PA      | $37558.23     | 0.01%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae REMICS                                                                | CUSIP: 3136BSQY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      98753 | PA      | $99561.66     | 0.02%             | 2054-09-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust                                                     | JW Commercial Mortgage Trust 2024-MRCO                                           | CUSIP: 46657XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     113000 | PA      | $113000.00    | 0.02%             | 2039-06-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2023-8                                                | CUSIP: 92540DAE5<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $101099.62    | 0.02%             | 2068-12-25      | Variable      | 8.07%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119DH9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     391000 | PA      | $363678.63    | 0.07%             | 2055-11-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EBJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     250856 | PA      | $216870.08    | 0.04%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                                    | CUSIP: 13063DGE2<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |     450000 | PA      | $455323.77    | 0.08%             | 2038-04-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     172000 | PA      | $144265.95    | 0.03%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| EDGE FINCO PLC                                                                   | Edge Finco PLC                                                                   | CUSIP: 000000000<br>LEI: 648835NI8LJE5190NT73 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $279416.22    | 0.05%             | 2031-08-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                              | New Residential Mortgage Loan Trust 2025-NQM4                                    | CUSIP: 64832FAG1<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |     105000 | PA      | $103099.64    | 0.02%             | 2065-07-25      | Variable      | 7.01%                 | No            |                  2 | On Loan: No      |
| ARES Commercial Mortgage Trust                                                   | ARES Commercial Mortgage Trust 2024-IND                                          | CUSIP: 03990DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     293000 | PA      | $293549.38    | 0.05%             | 2041-07-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                          | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AR0<br>LEI: N/A                  | Long             | DBT              |  | US        |      19000 | PA      | $17027.32     | 0.00%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Structured Products Inc.                                            | Bear Stearns Structured Products Trust 2007-EMX1                                 | CUSIP: 07402LAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $88801.49     | 0.02%             | 2037-03-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX 2024-PALM                                                                     | CUSIP: 05612UAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     304416 | PA      | $303142.70    | 0.05%             | 2037-06-15      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DSQ62<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2146258 | PA      | $2126645.63   | 0.38%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.432700 10-DEC-2030 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1130000 | OU      | $14708.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Regatta 35 Funding Ltd.                                                          | Regatta 35 Funding Ltd                                                           | CUSIP: 75903YAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     350000 | PA      | $350887.25    | 0.06%             | 2038-10-15      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| QTS ISSUER ABS II LLC                                                            | QTS Issuer ABS II LLC                                                            | CUSIP: 74690FAU0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      81000 | PA      | $80188.09     | 0.01%             | 2056-01-05      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| LQR Trust                                                                        | LQR Trust 2025-CALI                                                              | CUSIP: 50216WAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      29000 | PA      | $28829.25     | 0.01%             | 2043-01-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RCP5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      35000 | PA      | $33142.90     | 0.01%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                                   | Amazon.com Inc                                                                   | CUSIP: 023135CT1<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98623.07     | 0.02%             | 2030-11-20      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO                                                                     | Owl Rock CLO VII LLC                                                             | CUSIP: 69121BAQ7<br>LEI: 254900D8EL7HUYR9U819 | Long             | ABS-CBDO         | CORP              | US        |     250000 | PA      | $249885.73    | 0.04%             | 2038-04-20      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                                             | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 2412000000 | PA      | $139898.79    | 0.03%             | 2027-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                  | BRAVO Residential Funding Trust 2025-NQM2                                        | CUSIP: 10569NAC5<br>LEI: 254900TZWRKTBX2YNW23 | Long             | ABS-MBS          | CORP              | US        |     114422 | PA      | $115163.62    | 0.02%             | 2064-11-25      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                                 | Peruvian Government International Bond                                           | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     205000 | PA      | $61485.57     | 0.01%             | 2039-08-12      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                             | Deephaven Residential Mortgage Trust 2026-INV1                                   | CUSIP: 24381GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     549987 | PA      | $546660.28    | 0.10%             | 2070-12-25      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD PEN                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-213.94      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-392258.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CGJ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     766800 | PA      | $754369.45    | 0.14%             | 2030-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | USD C ZAR P @17.50000 EO                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |    -237000 | OU      | $-299.57      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D6B3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2075763 | PA      | $1669853.11   | 0.30%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                                                          | Public Service Electric and Gas Co                                               | CUSIP: 74456QBA3<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |     100000 | PA      | $78882.33     | 0.01%             | 2042-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.789800 16-MAY-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2312840 | OU      | $-6614.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED USD / SOLD CZK                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-50.45       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                                    | AppLovin Corp                                                                    | CUSIP: 03831WAC2<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     561000 | PA      | $566561.47    | 0.10%             | 2031-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      31000 | PA      | $30965.79     | 0.01%             | 2027-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SBG7<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |      13000 | PA      | $12751.39     | 0.00%             | 2059-02-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                                                        | HIH Trust 2024-61P                                                               | CUSIP: 40444VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       9154 | PA      | $9159.53      | 0.00%             | 2041-10-15      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | FSWP: OIS 9.360000 17-DEC-2029 IBR                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |   67933369 | OU      | $1459.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                                        | Anchorage Capital Clo 32 Ltd                                                     | CUSIP: 03333MAG8<br>LEI: 63670045P01T5CDEDN27 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251441.55    | 0.05%             | 2037-07-15      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-62.36       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                                                          | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      13000 | PA      | $15193.82     | 0.00%             | 2032-05-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QFNX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     191652 | PA      | $171586.79    | 0.03%             | 2050-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                                         | Univision Communications Inc                                                     | CUSIP: 914906BB7<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |      17000 | PA      | $17092.66     | 0.00%             | 2033-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                                         | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAK5<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     307000 | PA      | $303793.66    | 0.05%             | 2033-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2024-1                                                  | CUSIP: 03465XAA7<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |     149528 | PA      | $149335.84    | 0.03%             | 2068-08-25      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                                                 | Hewlett Packard Enterprise Co                                                    | CUSIP: 42824CBS7<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |      73000 | PA      | $72934.56     | 0.01%             | 2027-09-25      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-VLT4                                                               | CUSIP: 05612TAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      28785 | PA      | $28493.49     | 0.01%             | 2041-06-15      | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F032658<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   17321180 | PA      | $15764635.54  | 2.83%             | 2056-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CO        |          1 | NC      | $11275.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F020653<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     552000 | PA      | $441541.22    | 0.08%             | 2056-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VEGAS Trust                                                                      | VEGAS 2024-GCS                                                                   | CUSIP: 92254BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      40000 | PA      | $40328.20     | 0.01%             | 2036-07-10      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H040657<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1271000 | PA      | $1185729.56   | 0.21%             | 2056-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PFM3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      47000 | PA      | $46775.48     | 0.01%             | 2032-04-23      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                                                                  | CMS Energy Corp                                                                  | CUSIP: 125896BV1<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |     191000 | PA      | $176065.09    | 0.03%             | 2050-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                               | Ally Financial Inc                                                               | CUSIP: 02005NBT6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     100000 | PA      | $104000.48    | 0.02%             | 2029-06-13      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| AMC Global Media Inc                                                             | AMC Global Media Inc                                                             | CUSIP: 00164V103<br>LEI: 549300VGG9K75226LR46 | Long             | EC               | CORP              | US        |       1127 | NS      | $9568.23      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XNFL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      70892 | PA      | $70261.43     | 0.01%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     248000 | PA      | $252466.08    | 0.05%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| GOLDSTORY SASU                                                                   | Goldstory SAS                                                                    | CUSIP: 000000000<br>LEI: 969500NWR67ONUJD4A26 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $116851.58    | 0.02%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-918.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KSL Resorts                                                                      | KSL Commercial Mortgage Trust 2024-HT2                                           | CUSIP: 500937AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     289643 | PA      | $289642.91    | 0.05%             | 2039-12-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | 3 MONTH SOFR FUT DEC28                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |         29 | NC      | $-6524.31     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | 10Y RTR 4.093000 28-APR-2028                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   -2211000 | OU      | $-75388.86    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cerberus                                                                         | Cerberus Loan Funding XLIV LLC                                                   | CUSIP: 15674DAA2<br>LEI: 6354005DPIRML7EMPA20 | Long             | ABS-CBDO         | CORP              | US        |     250000 | PA      | $250336.90    | 0.04%             | 2036-01-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                              | American Express Co                                                              | CUSIP: 025816EP0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      18000 | PA      | $17813.03     | 0.00%             | 2032-02-10      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| LEX Trust                                                                        | LEX Trust 2026-450                                                               | CUSIP: 501970AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     189000 | PA      | $188763.75    | 0.03%             | 2043-03-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| ARDAGH GROUP SA                                                                  | Ardagh Group SA                                                                  | CUSIP: 000000000<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |      65000 | PA      | $68925.22     | 0.01%             | 2030-12-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                                                     | Atrium Hotel Portfolio Trust 2025-ATRM                                           | CUSIP: 049917AN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      32000 | PA      | $31693.97     | 0.01%             | 2042-08-15      | Floating      | 10.40%                | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                           | Venture Global LNG Inc                                                           | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      23000 | PA      | $23534.08     | 0.00%             | 2028-06-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                                                           | Mizuho Financial Group Inc                                                       | CUSIP: 60687YBH1<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |     215000 | PA      | $194081.74    | 0.03%             | 2031-07-10      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED NGN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NG        |          1 | NC      | $687.58       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL                                                             | ION Platform Finance US Inc / ION Platform Finance SARL                          | CUSIP: 46206AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $93507.76     | 0.02%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                                                     | Centene Corp                                                                     | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19883.30     | 0.00%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | USD C ZAR P @17.50000 EO                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |     -14750 | OU      | $-2.33        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                                           | EquipmentShare.com Inc                                                           | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51837.20     | 0.01%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     127000 | PA      | $98442.72     | 0.02%             | 2053-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| CENTERPOINT ENERGY INC                                                           | CenterPoint Energy Inc                                                           | CUSIP: 15189TBP1<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |     224000 | PA      | $228502.62    | 0.04%             | 2055-05-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2021-A                                          | CUSIP: 78448YAD3<br>LEI: 549300XC4C7GRVLU6076 | Long             | ABS-O            | CORP              | US        |      78731 | PA      | $76865.19     | 0.01%             | 2053-01-15      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae REMICS                                                                | CUSIP: 3136BUE63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     118458 | PA      | $119868.54    | 0.02%             | 2055-02-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                     | GS Mortgage Securities Corp Trust 2017-375H                                      | CUSIP: 36254JAJ4<br>LEI: 549300E4QCAQ0FY44H36 | Long             | ABS-MBS          | CORP              | US        |     203000 | PA      | $194042.85    | 0.03%             | 2037-09-10      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                        | Nelnet Student Loan Trust 2021-D                                                 | CUSIP: 64034YAC5<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |     200000 | PA      | $180110.94    | 0.03%             | 2062-04-20      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Algoma Steel Group Inc                                                           | Algoma Steel Group Inc                                                           | CUSIP: 015658107<br>LEI: 549300Q5EU337A1XCX27 | Long             | EC               | CORP              | CA        |       3372 | NS      | $15747.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COS INC                                                                   | Lowe's Cos Inc                                                                   | CUSIP: 548661DN4<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |      81000 | PA      | $59967.28     | 0.01%             | 2046-04-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                        | Nelnet Student Loan Trust 2025-B                                                 | CUSIP: 64032BAC7<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |     115000 | PA      | $114368.04    | 0.02%             | 2055-05-17      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED AUD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |          1 | NC      | $1037.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | SWP: OIS 4.086000 12-DEC-2055 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   14300000 | OU      | $293045.83    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-4711.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Navient Refinance Loan Trust                                                     | Navient Refinance Loan Trust 2025-C                                              | CUSIP: 638973AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      85349 | PA      | $84700.33     | 0.02%             | 2055-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | IN        |          1 | NC      | $-396.07      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                                                | Newell Brands Inc                                                                | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97078.33     | 0.02%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC                                                         | Willis North America Inc                                                         | CUSIP: 970648AL5<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100235.94    | 0.02%             | 2027-06-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KYWE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     580686 | PA      | $502081.49    | 0.09%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp                                                               | Valero Energy Corp                                                               | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |         78 | NS      | $19701.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac Multiclass Certificates                                              | Freddie Mac Multiclass Certificates Series 2024-P015                             | CUSIP: 3137HDJN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       7864 | PA      | $7799.81      | 0.00%             | 2032-11-25      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| PROCTER & GAMBLE CO/THE                                                          | Procter & Gamble Co/The                                                          | CUSIP: 742718GM5<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199429.26    | 0.04%             | 2030-05-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XM2L9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      36206 | PA      | $34093.45     | 0.01%             | 2047-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                              | Synchrony Financial                                                              | CUSIP: 87165BAP8<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     235000 | PA      | $235578.26    | 0.04%             | 2029-03-19      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                                      | OCP CLO 2024-36 Ltd                                                              | CUSIP: 67570EAN8<br>LEI: 2138008SMV573POQTV86 | Long             | ABS-CBDO         | CORP              | JE        |     250000 | PA      | $250971.83    | 0.05%             | 2037-10-16      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMWH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      72033 | PA      | $71315.86     | 0.01%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp                                                          | Marathon Petroleum Corp                                                          | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |        151 | NS      | $37491.79     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAY MEDIA INC                                                                   | Gray Media Inc                                                                   | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      25000 | PA      | $26542.10     | 0.00%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D6C1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      79187 | PA      | $66849.81     | 0.01%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                                 | Vista Point Securitization Trust 2020-2                                          | CUSIP: 92838TAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $97243.35     | 0.02%             | 2065-04-25      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Inc                                                       | Morgan Stanley ABS Capital I Inc Trust 2006-HE8                                  | CUSIP: 61750SAB8<br>LEI: 5493002PQ8PF80BA0L77 | Long             | ABS-MBS          | CORP              | US        |     183166 | PA      | $79156.91     | 0.01%             | 2036-10-25      | Floating      | 3.84%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                                                     | Synopsys Inc                                                                     | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     221000 | PA      | $222319.76    | 0.04%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 2Y RTP 4.300000 20-SEP-2027                                                      | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |  -10000000 | OU      | $-39352.10    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179N5V6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     106468 | PA      | $98872.33     | 0.02%             | 2044-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133BKM55<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      40608 | PA      | $40216.55     | 0.01%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: ZAR 6.686000 18-MAR-2031 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     572646 | OU      | $1336.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                                    | CUSIP: 59259YBY4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     155000 | PA      | $167264.22    | 0.03%             | 2039-11-15      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD CNH                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $204.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                         | CUSIP: 38384CEP0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       9243 | PA      | $7331.38      | 0.00%             | 2065-04-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XDGA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      52821 | PA      | $52964.92     | 0.01%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XCB9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     124000 | PA      | $75134.15     | 0.01%             | 2061-03-25      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-1138.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EU81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1438614 | PA      | $1422771.63   | 0.26%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                                           | Rockford Tower CLO 2019-2 Ltd                                                    | CUSIP: 77341GAU4<br>LEI: 549300IG5M07NI4QKK80 | Long             | ABS-CBDO         | CORP              | KY        |     625000 | PA      | $627417.06    | 0.11%             | 2032-08-20      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                                               | Regional Management Issuance Trust 2024-2                                        | CUSIP: 75907AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     459000 | PA      | $460595.58    | 0.08%             | 2033-12-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWCJ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    4626655 | PA      | $3900133.55   | 0.70%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.228000 11-DEC-2027 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   10230000 | OU      | $-52427.11    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CPQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       7000 | PA      | $6872.85      | 0.00%             | 2032-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Loan Trust 2020-A                                      | CUSIP: 63941FAB2<br>LEI: 549300GZIQGXPYGM8M95 | Long             | ABS-O            | CORP              | US        |      71224 | PA      | $69275.31     | 0.01%             | 2068-11-15      | Fixed         | 2.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XL3X4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     202539 | PA      | $186480.16    | 0.03%             | 2050-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                                   | Palmer Square Loan Funding 2025-3 Ltd                                            | CUSIP: 696918AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $249639.73    | 0.04%             | 2034-01-15      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                                         | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      50000 | PA      | $45048.60     | 0.01%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                                                 | Altria Group Inc                                                                 | CUSIP: 02209SBM4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     254000 | PA      | $192863.33    | 0.03%             | 2041-02-04      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CDL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1144000 | PA      | $1076968.75   | 0.19%             | 2028-11-30      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJT9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     472500 | PA      | $473385.94    | 0.09%             | 2027-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                                                           | NXP BV / NXP Funding LLC / NXP USA Inc                                           | CUSIP: 62954HBE7<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | XX        |     100000 | PA      | $100088.00    | 0.02%             | 2027-06-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $211.67       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                         | Enterprise Products Operating LLC                                                | CUSIP: 29379VAT0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     105000 | PA      | $110066.87    | 0.02%             | 2041-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $249.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                                          | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      25000 | PA      | $25755.80     | 0.00%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| THAIOIL TRSRY CENTER                                                             | THAIOIL TRSRY CENTER                                                             | CUSIP: 000000000<br>LEI: 549300NH03B9E8VGJR89 | Long             | DBT              | CORP              | TH        |     300000 | PA      | $293250.00    | 0.05%             | 2031-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140X9X34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      34474 | PA      | $26436.79     | 0.00%             | 2051-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140BJTD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      81272 | PA      | $83328.26     | 0.01%             | 2055-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                            | Truist Financial Corp                                                            | CUSIP: 89788MAM4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     132000 | PA      | $131931.05    | 0.02%             | 2034-01-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QAB58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     135481 | PA      | $132702.60    | 0.02%             | 2048-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NGB58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      32527 | PA      | $32193.38     | 0.01%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H032654<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     477000 | PA      | $431107.38    | 0.08%             | 2056-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HUF 5.540000 18-JUN-2036 BUB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   12206190 | OU      | $69.35        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC Holdings PLC                                                                | CUSIP: 404280CV9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $189682.08    | 0.03%             | 2029-08-17      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     173000 | PA      | $171242.43    | 0.03%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| VF CORP                                                                          | VF Corp                                                                          | CUSIP: 918204AY4<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |     200000 | PA      | $187642.02    | 0.03%             | 2032-02-25      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                       | MFA 2025-NQM3 Trust                                                              | CUSIP: 58004LAA5<br>LEI: 2549007EHG79GWD49I44 | Long             | ABS-MBS          | CORP              | US        |     154108 | PA      | $154357.84    | 0.03%             | 2070-08-25      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                                                       | DaVita Inc                                                                       | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     100000 | PA      | $103219.10    | 0.02%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CSTL Commercial Mortgage Trust                                                   | CSTL Commercial Mortgage Trust 2026-GATE3                                        | CUSIP: 228920AJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $98521.09     | 0.02%             | 2043-02-10      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                                       | Apidos CLO XXXI                                                                  | CUSIP: 03767VAW8<br>LEI: 549300IG6PHVJ3WBR394 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $500649.65    | 0.09%             | 2039-04-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| DOLCETTO HOLDCO SPA                                                              | Dolcetto Holdco SpA                                                              | CUSIP: 000000000<br>LEI: 81560029E819F2CE4A42 | Long             | DBT              | CORP              | IT        |     200000 | PA      | $234567.74    | 0.04%             | 2032-07-14      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2025-VOLT                                                               | CUSIP: 05619PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     350000 | PA      | $349781.25    | 0.06%             | 2044-12-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TH        |          1 | NC      | $-134.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-60949.44    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MAIN Trust                                                                       | MAIN Trust 2026-OLAS                                                             | CUSIP: 56036BAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     110000 | PA      | $109999.29    | 0.02%             | 2041-01-15      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |        300 | PA      | $162.67       | 0.00%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427P6C3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1493439 | PA      | $1370568.08   | 0.25%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                         | OBX 2025-NQM3 Trust                                                              | CUSIP: 67448YAC8<br>LEI: 254900MBGY6CR10DAX67 | Long             | ABS-MBS          | CORP              | US        |      71812 | PA      | $72371.88     | 0.01%             | 2064-12-01      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2026-NQM1                                                                   | CUSIP: 26846GAF4<br>LEI: 254900H3V169GPKPIM43 | Long             | ABS-MBS          | CORP              | US        |     788735 | PA      | $783377.50    | 0.14%             | 2071-02-25      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                         | Corebridge Financial Inc                                                         | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     200000 | PA      | $203001.20    | 0.04%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                        | Apple Inc                                                                        | CUSIP: 037833EA4<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     140000 | PA      | $75168.55     | 0.01%             | 2060-08-20      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QSBJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     143361 | PA      | $149477.22    | 0.03%             | 2053-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XTDK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     580848 | PA      | $489985.21    | 0.09%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                         | Virginia Electric and Power Co                                                   | CUSIP: 927804GN8<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     122000 | PA      | $118355.62    | 0.02%             | 2053-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2024-10                                                 | CUSIP: 034933AA9<br>LEI: 254900QN92XYN8GJBJ44 | Long             | ABS-MBS          | CORP              | US        |      35483 | PA      | $35565.48     | 0.01%             | 2069-10-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                                                | L3Harris Technologies Inc                                                        | CUSIP: 413875AS4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19622.53     | 0.00%             | 2035-04-27      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                                                   | HarborView Mortgage Loan Trust 2005-1                                            | CUSIP: 41161PLC5<br>LEI: 549300SZXFEQICAU3R39 | Long             | ABS-MBS          | CORP              | US        |      14845 | PA      | $7061.75      | 0.00%             | 2035-03-19      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-3566.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                                                                 | Credit Acceptance Corp                                                           | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $99666.00     | 0.02%             | 2030-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                                                             | Taylor Morrison Communities Inc                                                  | CUSIP: 87724RAB8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |      15000 | PA      | $15135.38     | 0.00%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                              | Global Payments Inc                                                              | CUSIP: 37940XAW2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      28000 | PA      | $27519.21     | 0.00%             | 2030-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                                                           | Santander Holdings USA Inc                                                       | CUSIP: 80282KBM7<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |     111000 | PA      | $112171.81    | 0.02%             | 2030-09-06      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36180AAE3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     704123 | PA      | $698967.09    | 0.13%             | 2054-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-BHR5                 | CUSIP: 46649WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      23897 | PA      | $23896.52     | 0.00%             | 2040-03-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust                                        | Santander Mortgage Asset Receivable Trust 2026-NQM1                              | CUSIP: 802931AC9<br>LEI: 254900O64LWPVM9P8N80 | Long             | ABS-MBS          | CORP              | US        |     142635 | PA      | $141932.96    | 0.03%             | 2065-11-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-BRBK                                           | CUSIP: 05613NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      51000 | PA      | $51158.62     | 0.01%             | 2041-10-15      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                                            | Panther Escrow Issuer LLC                                                        | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $100468.27    | 0.02%             | 2031-06-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| First Horizon Alternative Mortgage Securities                                    | First Horizon Alternative Mortgage Securities Trust 2005-AA12                    | CUSIP: 32051GQ81<br>LEI: 5493005TE20WPW8O1W08 | Long             | ABS-MBS          | CORP              | US        |      10725 | PA      | $6320.63      | 0.00%             | 2036-02-25      | Variable      | 4.72%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                                                | Park Blue CLO 2025-VIII Ltd                                                      | CUSIP: 70019WAA9<br>LEI: 2138008W8XU9WO8BZO09 | Long             | ABS-CBDO         | CORP              | KY        |     150000 | PA      | $150374.21    | 0.03%             | 2038-10-25      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                                           | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     111039 | PA      | $30063.24     | 0.01%             | 2031-08-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                                             | Sofi Professional Loan Program 2019-B LLC                                        | CUSIP: 83404WAB3<br>LEI: 5493002WMPR84WZ75V46 | Long             | ABS-O            | CORP              | US        |      52922 | PA      | $52145.49     | 0.01%             | 2048-08-17      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CPY1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      14000 | PA      | $13841.95     | 0.00%             | 2033-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     111000 | PA      | $92190.66     | 0.02%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                           | Lendmark Funding Trust 2021-2                                                    | CUSIP: 52604DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     622000 | PA      | $602549.19    | 0.11%             | 2032-04-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 000000000<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     450000 | PA      | $518266.10    | 0.09%             | 2033-08-17      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                                      | MetLife Inc                                                                      | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |     178000 | PA      | $182211.66    | 0.03%             | 2055-03-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179X2H8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      40067 | PA      | $37803.95     | 0.01%             | 2053-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 8.000000 28-DEC-2035 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     128734 | OU      | $-125.82      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                                 | Welltower OP LLC                                                                 | CUSIP: 95040QAM6<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |     100000 | PA      | $91858.78     | 0.02%             | 2031-06-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                                                               | CNX Resources Corp                                                               | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |      72000 | PA      | $75012.31     | 0.01%             | 2032-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Flagstar Bank NA                                                                 | Flagstar Bank NA                                                                 | CUSIP: 649445400<br>LEI: SS1TRMSN6BRNMOREEV51 | Long             | EC               | CORP              | US        |       8043 | NS      | $112360.71    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132CW5Q3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      23958 | PA      | $22891.30     | 0.00%             | 2037-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY FIN LLC                                                           | Morgan Stanley Finance LLC                                                       | CUSIP: 000000000<br>LEI: 5493003FCPSE9RKT4B56 | Long             | SN               | CORP              | US        |     471000 | PA      | $552789.00    | 0.10%             | 2031-05-08      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                                                   | Microsoft Corp                                                                   | CUSIP: 594918CF9<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     264000 | PA      | $158085.10    | 0.03%             | 2062-03-17      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132E0YM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     213564 | PA      | $203753.68    | 0.04%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                                                            | Egypt Government Bond                                                            | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    1256000 | PA      | $22981.54     | 0.00%             | 2028-08-26      | Fixed         | 23.38%                | No            |                  2 | On Loan: No      |
| IBM CORP                                                                         | International Business Machines Corp                                             | CUSIP: 459200KC4<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |     157000 | PA      | $120566.59    | 0.02%             | 2049-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179T4N2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       9325 | PA      | $8595.68      | 0.00%             | 2048-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD TRY                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-500.37      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Great Wolf Trust                                                                 | GWT 2024-WLF2                                                                    | CUSIP: 362414AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      61000 | PA      | $61114.38     | 0.01%             | 2041-05-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                         | Foundation Finance Trust 2025-3                                                  | CUSIP: 35042TAA0<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |     205531 | PA      | $203494.97    | 0.04%             | 2052-08-15      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| OCTAGON INVESTMENT PARTNERS 41, LTD.                                             | Octagon Investment Partners 41 Ltd                                               | CUSIP: 67592FBA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250066.40    | 0.04%             | 2033-10-15      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                        | ONEOK Inc                                                                        | CUSIP: 682680DA8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |      79000 | PA      | $71477.44     | 0.01%             | 2047-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      10000 | PA      | $10020.70     | 0.00%             | 2031-10-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ALA Trust                                                                        | ALA Trust 2025-OANA                                                              | CUSIP: 009920AG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     437000 | PA      | $438092.50    | 0.08%             | 2040-06-15      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Orchard Park CLO, LTD.                                                           | Orchard Park Clo Ltd                                                             | CUSIP: 68563JAA2<br>LEI: 3912000K0W3TWP1KMO81 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250488.13    | 0.04%             | 2037-10-20      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XA6H0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     108220 | PA      | $99767.51     | 0.02%             | 2036-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KT3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     157000 | PA      | $147145.18    | 0.03%             | 2054-10-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED PEN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | PE        |          1 | NC      | $120.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                                     | Ecopetrol SA                                                                     | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |       6000 | PA      | $6442.20      | 0.00%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| LBA Trust                                                                        | LBA Trust 2024-7IND                                                              | CUSIP: 52109XAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      14204 | PA      | $14212.67     | 0.00%             | 2041-10-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XTAZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     332138 | PA      | $303578.34    | 0.05%             | 2050-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QLKY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      28695 | PA      | $27206.56     | 0.00%             | 2036-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2025-12                                               | CUSIP: 92490FAP5<br>LEI: 2138009XAW9T934GL239 | Long             | ABS-MBS          | CORP              | US        |     128571 | PA      | $127688.04    | 0.02%             | 2070-12-25      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NHMP0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      25827 | PA      | $25560.36     | 0.00%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W44T1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     182841 | PA      | $175978.46    | 0.03%             | 2056-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                | EURO-BUXL 30Y BND JUN26                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -2 | NC      | $4082.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE INC                                                                   | Salesforce Inc                                                                   | CUSIP: 79466LAV6<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |     147000 | PA      | $146925.19    | 0.03%             | 2046-03-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119DE6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     315000 | PA      | $307200.48    | 0.06%             | 2032-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                                                             | SCG 2024-MSP Mortgage Trust                                                      | CUSIP: 78436EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     242000 | PA      | $242000.00    | 0.04%             | 2041-04-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWHS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     415526 | PA      | $410704.16    | 0.07%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NPQZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      30566 | PA      | $30234.83     | 0.01%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VHF4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     103000 | PA      | $101643.79    | 0.02%             | 2033-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTR 4.063000 07-APR-2028                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -2246000 | OU      | $-73450.51    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                         | CUSIP: 38381PXY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     133099 | PA      | $131943.40    | 0.02%             | 2065-05-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2025-8 Mortgage Loan Trust                                                  | CUSIP: 19689DAA7<br>LEI: 2138009IZ4NQZAKAEN75 | Long             | ABS-MBS          | CORP              | US        |      88643 | PA      | $89069.82     | 0.02%             | 2070-08-25      | Variable      | 5.48%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     658000 | PA      | $664091.64    | 0.12%             | 2031-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FORESTAR GROUP INC                                                               | Forestar Group Inc                                                               | CUSIP: 346232AE1<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |      11000 | PA      | $10914.61     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                                            | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51601.59     | 0.01%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                          | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |       8000 | PA      | $8893.33      | 0.00%             | 2033-03-04      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Loan Trust 2020-A                                      | CUSIP: 63941FAD8<br>LEI: 549300GZIQGXPYGM8M95 | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $90846.06     | 0.02%             | 2068-11-15      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | 10Y RTP 4.067000 07-FEB-2028                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |   -1479000 | OU      | $-51654.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BBAM US CLO LTD.                                                                 | BBAM US CLO I Ltd                                                                | CUSIP: 054978AL5<br>LEI: 549300LRECI1GZTZLF38 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250121.30    | 0.04%             | 2038-03-30      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO I, Ltd.                                                          | Sagard-Halseypoint Clo 10 Ltd                                                    | CUSIP: 78663BAA7<br>LEI: 254900N7LSI0GVY3UO19 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250624.90    | 0.05%             | 2038-10-20      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| MERIDIAN ARC HOLDCO LLC                                                          | Meridian Arc Holdco LLC                                                          | CUSIP: 58990CAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     112000 | PA      | $111974.51    | 0.02%             | 2031-04-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    6834000 | PA      | $6562241.75   | 1.18%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                                            | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50788.90     | 0.01%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Dwight 2025-FL1 Issuer LLC                                                       | Dwight 2025-FL1 Issuer LLC                                                       | CUSIP: 233636AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     100000 | PA      | $100155.68    | 0.02%             | 2042-06-18      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                                   | Lowe's Cos Inc                                                                   | CUSIP: 548661EW3<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |      87000 | PA      | $85478.76     | 0.02%             | 2032-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CET4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     920000 | PA      | $908607.81    | 0.16%             | 2027-05-31      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133BSH70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      40526 | PA      | $40094.37     | 0.01%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QSVJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      61494 | PA      | $62135.63     | 0.01%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-3337.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD CLP                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $611.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CME8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      21000 | PA      | $21068.50     | 0.00%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                                                            | Egypt Government Bond                                                            | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     400000 | PA      | $7457.66      | 0.00%             | 2028-08-05      | Fixed         | 24.44%                | No            |                  2 | On Loan: No      |
| PACIFICORP                                                                       | PacifiCorp                                                                       | CUSIP: 695114CG1<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     175000 | PA      | $183307.30    | 0.03%             | 2037-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD UYU                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $382.52       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                                         | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAP4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      25000 | PA      | $24088.45     | 0.00%             | 2029-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KR6D1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      66671 | PA      | $69415.90     | 0.01%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                                 | OneMain Financial Issuance Trust 2019-2                                          | CUSIP: 68269BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     125000 | PA      | $120405.20    | 0.02%             | 2036-10-14      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO                                                              | Sherwin-Williams Co/The                                                          | CUSIP: 824348BU9<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     217000 | PA      | $216374.83    | 0.04%             | 2028-08-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | USD C BRL P @5.350000 EO                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |    -402000 | OU      | $-2078.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2018-A                                          | CUSIP: 78449PAC3<br>LEI: 549300QHI21JZK7YIR34 | Long             | ABS-O            | CORP              | US        |      26125 | PA      | $26117.11     | 0.00%             | 2036-02-15      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-423.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CIP Commercial Mortgage Trust 2025-SBAY                                          | CIP Commercial Mortgage Trust 2025-SBAY                                          | CUSIP: 12576AAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     123000 | PA      | $123423.89    | 0.02%             | 2037-10-15      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-186.85      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    6987000 | PA      | $6991366.88   | 1.26%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                              | American Express Co                                                              | CUSIP: 025816EM7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      65000 | PA      | $62964.25     | 0.01%             | 2036-10-24      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YGC3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      47000 | PA      | $47087.04     | 0.01%             | 2047-03-13      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GR4C1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      56323 | PA      | $57609.57     | 0.01%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3138WD2D2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     103771 | PA      | $96784.59     | 0.02%             | 2045-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VCX0<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     250000 | PA      | $204640.93    | 0.04%             | 2048-09-15      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                                       | AbbVie Inc                                                                       | CUSIP: 00287YAV1<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      47000 | PA      | $44451.36     | 0.01%             | 2036-05-14      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO Limited                                                  | Bain Capital Credit Clo 2019-3 Ltd                                               | CUSIP: 05683TBG3<br>LEI: 549300434Q955VK1W392 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $472294.95    | 0.08%             | 2034-10-21      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                                                              | Cardinal Health Inc                                                              | CUSIP: 14149YBJ6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98973.17     | 0.02%             | 2027-06-15      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| LYB INT FINANCE III                                                              | LYB International Finance III LLC                                                | CUSIP: 50249AAH6<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |      87000 | PA      | $63947.95     | 0.01%             | 2040-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | FSWP: OIS 9.540000 17-DEC-2027 IBR                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |  241122428 | OU      | $-2722.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| 1345 Trust                                                                       | 1345T 2025-AOA                                                                   | CUSIP: 68271CAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      40000 | PA      | $40287.98     | 0.01%             | 2042-06-15      | Floating      | 8.15%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                                                 | Symphony CLO XXIX Ltd                                                            | CUSIP: 87168GAQ2<br>LEI: 254900H6EAUOGL2U2U64 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250799.33    | 0.05%             | 2035-10-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD PEN                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $121.58       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KD8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      52000 | PA      | $44544.06     | 0.01%             | 2052-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 17292GKU8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | SN               | CORP              | US        |     375000 | PA      | $356996.63    | 0.06%             | 2030-12-11      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 3618N5A25<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     728472 | PA      | $704684.87    | 0.13%             | 2054-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                             | Cross 2026-NQM2 Mortgage Trust                                                   | CUSIP: 227924AB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     354200 | PA      | $346450.37    | 0.06%             | 2061-03-25      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT LIGHT & PWR                                                          | Connecticut Light and Power Co/The                                               | CUSIP: 207597ET8<br>LEI: 549300O45IUXEDS1VZ32 | Long             | DBT              | CORP              | US        |      44000 | PA      | $44686.04     | 0.01%             | 2030-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RNQ1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     340000 | PA      | $335355.95    | 0.06%             | 2066-10-30      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Residential Funding Mtg Sec I                                                    | RFMSI Series 2007-SA4 Trust                                                      | CUSIP: 74959AAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      52801 | PA      | $31562.31     | 0.01%             | 2037-10-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1782000 | PA      | $1570665.94   | 0.28%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | MX        |          1 | NC      | $18919.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Regatta XXVII Funding Ltd.                                                       | Regatta XXVII Funding Ltd                                                        | CUSIP: 758970AA5<br>LEI: 213800A3LAH3GG226R43 | Long             | ABS-CBDO         | CORP              | JE        |     350000 | PA      | $350354.45    | 0.06%             | 2037-04-26      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | USD P MXN C @17.55000 EO                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |    -954000 | OU      | $-8975.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | 10Y RTP 4.103000 31-JAN-2028                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |   -2789000 | OU      | $-93062.43    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| THE 2023-MIC Trust                                                               | 2023-MIC Trust/THE                                                               | CUSIP: 87256GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10000 | PA      | $10645.28     | 0.00%             | 2038-12-05      | Variable      | 8.73%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                                         | OHA Credit Funding 22 Ltd                                                        | CUSIP: 67121HAA3<br>LEI: 2549003SYMVHPGWUV286 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250520.30    | 0.04%             | 2038-07-20      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| First NLC Trust                                                                  | First NLC Trust 2007-1                                                           | CUSIP: 32115BAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      40686 | PA      | $20140.77     | 0.00%             | 2037-08-25      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QSAM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     545697 | PA      | $540593.25    | 0.10%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AGL Core CLO                                                                     | AGL Core CLO 2 Ltd                                                               | CUSIP: 001200AJ3<br>LEI: 549300EIBQDZ5WXOZ105 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250406.38    | 0.04%             | 2037-07-20      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                                              | SG Residential Mortgage Trust 2021-1                                             | CUSIP: 784212AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     219669 | PA      | $184765.33    | 0.03%             | 2061-07-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| MAIN Trust                                                                       | MAIN Trust 2026-OLAS                                                             | CUSIP: 56036BAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $249996.57    | 0.04%             | 2041-01-15      | Floating      | 8.90%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                             | M&T Bank Corp                                                                    | CUSIP: 55261FAZ7<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |      98000 | PA      | $98089.20     | 0.02%             | 2035-07-30      | Fixed         | 5.40%                 | 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        |      20000 | PA      | $18956.72     | 0.00%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WALMART INC                                                                      | Walmart Inc                                                                      | CUSIP: 931142CK7<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |      60000 | PA      | $68600.73     | 0.01%             | 2037-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTR 3.940000 20-MAR-2028                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -3209000 | OU      | $-89771.52    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                                            | Toronto-Dominion Bank/The                                                        | CUSIP: 89115A3E0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $100777.49    | 0.02%             | 2028-01-31      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427QMX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     431636 | PA      | $436381.78    | 0.08%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                                                | Eversource Energy                                                                | CUSIP: 30040WBC1<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |      97000 | PA      | $96606.79     | 0.02%             | 2056-08-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HHLV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     123828 | PA      | $125762.98    | 0.02%             | 2054-12-25      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| BBVA Consumo FTA                                                                 | Bbva Consumer 2026-1 Fondo de Titulizacion                                       | CUSIP: 000000000<br>LEI: 9598008ZNM97MVXBD120 | Long             | ABS-O            | CORP              | ES        |     100000 | PA      | $117273.31    | 0.02%             | 2039-05-20      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                                                   | Czech Republic Government Bond                                                   | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     150000 | PA      | $6812.16      | 0.00%             | 2036-12-04      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                                          | Kinder Morgan Energy Partners LP                                                 | CUSIP: 28370TAF6<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     150000 | PA      | $130998.15    | 0.02%             | 2042-11-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XDH6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     133000 | PA      | $127868.95    | 0.02%             | 2028-04-10      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                          | Bristol-Myers Squibb Co                                                          | CUSIP: 110122DZ8<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     150000 | PA      | $160690.96    | 0.03%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                                                           | APA Infrastructure Ltd                                                           | CUSIP: 000000000<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |     250000 | PA      | $179121.80    | 0.03%             | 2036-04-28      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                                           | ConocoPhillips Co                                                                | CUSIP: 20826FBD7<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |     100000 | PA      | $72043.68     | 0.01%             | 2062-03-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DXR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      56017 | PA      | $49259.23     | 0.01%             | 2041-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                                                        | PG&E Corp                                                                        | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     368000 | PA      | $364307.34    | 0.07%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED CLP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CL        |          1 | NC      | $2.38         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                                                                | Xerox Corp                                                                       | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |      25000 | PA      | $20875.00     | 0.00%             | 2030-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 10Y RTR 3.707000 04-MAR-2027                                                     | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |   -1326000 | OU      | $-16721.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                                                 | Hewlett Packard Enterprise Co                                                    | CUSIP: 42824CBU2<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |      94000 | PA      | $93464.97     | 0.02%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CPB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      15000 | PA      | $14925.59     | 0.00%             | 2027-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |          1 | NC      | $17362.09     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                                             | BlueMountain CLO 2018-3 Ltd                                                      | CUSIP: 09630AAN6<br>LEI: 549300NUS8PQQUZMPR50 | Long             | ABS-CBDO         | CORP              | KY        |      36382 | PA      | $36364.90     | 0.01%             | 2030-10-25      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                                                             | FS Rialto 2024-FL9 Issuer LLC                                                    | CUSIP: 30338WAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     100000 | PA      | $100043.97    | 0.02%             | 2039-10-19      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                                                           | Standard Chartered PLC                                                           | CUSIP: 000000000<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |     300000 | PA      | $314625.00    | 0.06%             | 2032-01-16      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                                          | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              |  | US        |     100000 | PA      | $118527.94    | 0.02%             | 2032-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                                            | Northrop Grumman Corp                                                            | CUSIP: 666807CK6<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |     195000 | PA      | $196315.33    | 0.04%             | 2029-02-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                                             | Raizen Fuels Finance SA                                                          | CUSIP: 75102XAF3<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     203000 | PA      | $111142.50    | 0.02%             | 2032-07-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                                                            | DB Master Finance LLC                                                            | CUSIP: 233046AU5<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |     107730 | PA      | $106703.32    | 0.02%             | 2055-08-20      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJP7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     785100 | PA      | $788323.97    | 0.14%             | 2026-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HUF 5.760000 18-MAR-2028 BUB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    6236042 | OU      | $-212.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NOVARTIS CAPITAL CORP                                                            | Novartis Capital Corp                                                            | CUSIP: 66989HAH1<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |     373000 | PA      | $326218.47    | 0.06%             | 2044-05-06      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      68000 | PA      | $59714.72     | 0.01%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL                                                                 | Maxam Prill Sarl                                                                 | CUSIP: 000000000<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $118521.95    | 0.02%             | 2030-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                                              | Sirius XM Radio LLC                                                              | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     100000 | PA      | $90525.27     | 0.02%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QU2G0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     109642 | PA      | $113863.12    | 0.02%             | 2054-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                                            | Venezuela Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      26600 | PA      | $15155.35     | 0.00%             | 2031-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust                                                    | HTL Commercial Mortgage Trust 2024-T53                                           | CUSIP: 404300AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $101363.37    | 0.02%             | 2039-05-10      | Variable      | 8.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W0P82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     426065 | PA      | $429149.88    | 0.08%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                         | Foundation Finance Trust 2024-2                                                  | CUSIP: 35040VAB5<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |     154553 | PA      | $154129.14    | 0.03%             | 2050-03-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2021-8                                                | CUSIP: 92538GAA0<br>LEI: 213800278TKDEXPH6140 | Long             | ABS-MBS          | CORP              | US        |      72176 | PA      | $66122.99     | 0.01%             | 2066-11-25      | Variable      | 2.82%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CNY 1.638000 18-MAR-2031 CNR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     158996 | OU      | $103.29       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XLZ35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      74105 | PA      | $70615.25     | 0.01%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                                          | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   10020100 | PA      | $481510.76    | 0.09%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | USD P ZAR C @16.80000 EO                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |      59000 | OU      | $705.58       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                                                         | Toyota Motor Credit Corp                                                         | CUSIP: 89236TLZ6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     349000 | PA      | $357813.70    | 0.06%             | 2031-03-21      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XRC52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     677011 | PA      | $630505.81    | 0.11%             | 2049-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                         | CUSIP: 38381MZA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      60465 | PA      | $60398.22     | 0.01%             | 2056-10-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                            | Wells Fargo Commercial Mortgage Trust 2024-BPRC                                  | CUSIP: 95004AAE3<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |     219000 | PA      | $222976.64    | 0.04%             | 2043-07-15      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| SDAL Trust                                                                       | SDAL Trust 2025-DAL                                                              | CUSIP: 78437RAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99999.97     | 0.02%             | 2042-04-15      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| LYB INT FINANCE III                                                              | LYB International Finance III LLC                                                | CUSIP: 50249AAJ2<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |     247000 | PA      | $160714.84    | 0.03%             | 2051-04-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 2Y RTP 3.800000 14-SEP-2026                                                      | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -9452000 | OU      | $-33815.76    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 5.930000 17-DEC-2030 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    9841269 | OU      | $-2447.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                                    | TransDigm Inc                                                                    | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      23000 | PA      | $22695.69     | 0.00%             | 2029-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QRDC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      54043 | PA      | $56197.93     | 0.01%             | 2053-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                                        | Sunoco LP                                                                        | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51632.60     | 0.01%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Loan Trust                                           | Banc of America Alternative Loan Trust 2006-7                                    | CUSIP: 059469AD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       6756 | PA      | $1673.79      | 0.00%             | 2036-10-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                                                     | Hudson Yards 2016-10HY Mortgage Trust                                            | CUSIP: 44421LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     175000 | PA      | $174010.43    | 0.03%             | 2038-08-10      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                        | Amgen Inc                                                                        | CUSIP: 031162CZ1<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     618000 | PA      | $534861.31    | 0.10%             | 2032-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MUANGTHAI CAPITAL PCL                                                            | Muangthai Capital PCL                                                            | CUSIP: 000000000<br>LEI: 254900ZI1FO2W9132C98 | Long             | DBT              | CORP              | TH        |     250000 | PA      | $253536.88    | 0.05%             | 2030-07-21      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: ZAR 7.507500 17-JUN-2031 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2891000 | OU      | $-1284.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                            | PRPM 2026-RCF1 Trust                                                             | CUSIP: 69383VAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     750000 | PA      | $748564.35    | 0.13%             | 2056-01-25      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| PARKER-HANNIFIN CORP                                                             | Parker-Hannifin Corp                                                             | CUSIP: 701094AR5<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100014.38    | 0.02%             | 2027-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-71156.21    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                                                          | Turkiye Government Bond                                                          | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     620000 | PA      | $11484.85     | 0.00%             | 2033-10-05      | Fixed         | 26.20%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HHSB8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      65934 | PA      | $66756.80     | 0.01%             | 2054-02-25      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2025-6                                                | CUSIP: 92540YAA7<br>LEI: 213800KZO2G8SSFFDH61 | Long             | ABS-MBS          | CORP              | US        |     549191 | PA      | $552538.56    | 0.10%             | 2070-07-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                                                     | Atrium Hotel Portfolio Trust 2025-ATRM                                           | CUSIP: 049917AL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      78000 | PA      | $77235.12     | 0.01%             | 2042-08-15      | Floating      | 9.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQXP6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      25300 | PA      | $25541.57     | 0.00%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC                                                         | Jersey Mike's Funding LLC                                                        | CUSIP: 476681AG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     479000 | PA      | $472035.87    | 0.08%             | 2056-02-15      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| OHIO POWER COMPANY                                                               | Ohio Power Co                                                                    | CUSIP: 677415CU3<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |      66000 | PA      | $39558.04     | 0.01%             | 2051-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                                                          | Turkiye Government Bond                                                          | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    1188000 | PA      | $23044.99     | 0.00%             | 2034-09-27      | Fixed         | 27.70%                | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTR 3.872000 08-NOV-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -1770000 | OU      | $-41950.19    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MTN Commercial Mortgage Trust 2022-LPFL                                          | MTN Commercial Mortgage Trust 2022-LPFL                                          | CUSIP: 62475WAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99968.75     | 0.02%             | 2039-03-15      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                                    | Citigroup Inc                                                                    | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |         75 | NS      | $9598.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wealthfront Corp                                                                 | Wealthfront Corp                                                                 | CUSIP: 947002101<br>LEI: 254900H4LJLUHGFJYM32 | Long             | EC               | CORP              | US        |       1619 | NS      | $17048.07     | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| HALLIBURTON CO                                                                   | Halliburton Co                                                                   | CUSIP: 406216BE0<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |      43000 | PA      | $37872.21     | 0.01%             | 2043-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XRLX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2161760 | PA      | $2080211.22   | 0.37%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Madison Avenue Trust                                                             | MAD Commercial Mortgage Trust 2025-11MD                                          | CUSIP: 55616AAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99540.06     | 0.02%             | 2042-10-15      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust                                                              | Affirm Master Trust                                                              | CUSIP: 00833BAV0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $99600.88     | 0.02%             | 2034-02-15      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| FNA Trust                                                                        | FNA 8 LLC                                                                        | CUSIP: 30340WAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      66222 | PA      | $65832.08     | 0.01%             | 2045-03-15      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| New Mountain CLO Ltd                                                             | New Mountain CLO 3 Ltd                                                           | CUSIP: 647550AW2<br>LEI: 549300CEYMYPINCEX579 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250805.93    | 0.05%             | 2038-10-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust                                        | Santander Mortgage Asset Receivable Trust 2025-NQM3                              | CUSIP: 80263AAG6<br>LEI: 254900FHBJ2YHHBOAU80 | Long             | ABS-MBS          | CORP              | US        |     210000 | PA      | $210064.83    | 0.04%             | 2065-05-25      | Variable      | 7.21%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                                                          | Turkiye Government Bond                                                          | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     825343 | PA      | $16737.10     | 0.00%             | 2028-11-08      | Fixed         | 31.08%                | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                                           | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |       7000 | PA      | $6351.28      | 0.00%             | 2030-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Dowson 2026-1 Plc                                                                | Dowson 2026-1 PLC                                                                | CUSIP: 000000000<br>LEI: 213800ARUDISHV4A5218 | Long             | ABS-O            | CORP              | GB        |     159000 | PA      | $216357.23    | 0.04%             | 2033-05-20      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                     | CSMC 2021-BHAR                                                                   | CUSIP: 12659VAA8<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |      80000 | PA      | $79275.00     | 0.01%             | 2038-11-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                                         | Service Properties Trust                                                         | CUSIP: 81761LAF9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |      22000 | PA      | $20214.25     | 0.00%             | 2027-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MX        |          1 | NC      | $12633.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                                           | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     609000 | PA      | $172285.95    | 0.03%             | 2029-04-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                                   | NRG Energy Inc                                                                   | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     126000 | PA      | $136967.92    | 0.02%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 CO                                                                   | Phillips 66 Co                                                                   | CUSIP: 718547AZ5<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |     120000 | PA      | $119610.80    | 0.02%             | 2056-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                                     | Comcast Corp                                                                     | CUSIP: 20030NEQ0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     126000 | PA      | $123817.93    | 0.02%             | 2055-05-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                                                                 | DT Midstream Inc                                                                 | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      17000 | PA      | $16644.69     | 0.00%             | 2029-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| RESURGENT TRADE + INVT LTD                                                       | RESURGENT TRADE + INVT LTD                                                       | CUSIP: 76134NAA6<br>LEI: 89450041TCNTI3YL5A08 | Long             | DBT              | CORP              | MU        |     225000 | PA      | $225562.50    | 0.04%             | 2027-12-01      | Fixed         | 9.52%                 | No            |                  3 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2Q5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     100000 | PA      | $75346.88     | 0.01%             | 2041-04-30      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                                           | GreenSky Home Improvement Issuer Trust 2025-2                                    | CUSIP: 39571VAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     300000 | PA      | $299094.81    | 0.05%             | 2060-06-25      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                                                             | SCG Commercial Mortgage Trust 2025-FLWR                                          | CUSIP: 78438AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     120000 | PA      | $120149.83    | 0.02%             | 2042-08-15      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                                          | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $99616.39     | 0.02%             | 2028-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EAW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     138988 | PA      | $120370.11    | 0.02%             | 2042-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                                                    | FirstCash Inc                                                                    | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |      17000 | PA      | $16918.16     | 0.00%             | 2030-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HHLW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    3047489 | PA      | $3080982.13   | 0.55%             | 2054-12-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| LYB INT FINANCE III                                                              | LYB International Finance III LLC                                                | CUSIP: 50249AAR4<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |     762000 | PA      | $769728.52    | 0.14%             | 2036-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.550000 07-JUL-2030 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     551000 | OU      | $6285.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      17000 | PA      | $16855.23     | 0.00%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-552.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| APLD COMPUTECO LLC                                                               | APLD ComputeCo LLC                                                               | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $107488.49    | 0.02%             | 2030-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                                                        | Caesars Entertainment Inc                                                        | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |        750 | NS      | $20850.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DUTY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      22795 | PA      | $22641.78     | 0.00%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142K3PF9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     147794 | PA      | $146067.71    | 0.03%             | 2056-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWGY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      27676 | PA      | $27400.45     | 0.00%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS LP                                                               | Regency Centers LP                                                               | CUSIP: 75884RBF9<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |      20000 | PA      | $19495.76     | 0.00%             | 2033-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ID        |          1 | NC      | $-4664.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                                                | Italy Buoni Poliennali Del Tesoro                                                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     324000 | PA      | $368831.81    | 0.07%             | 2036-02-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2006-OC10                                                 | CUSIP: 23245FAE3<br>LEI: 5493004SLAYUFMHIS127 | Long             | ABS-MBS          | CORP              | US        |      99201 | PA      | $92989.29     | 0.02%             | 2036-11-25      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DW40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     646259 | PA      | $548439.27    | 0.10%             | 2041-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967EW7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     100000 | PA      | $125145.30    | 0.02%             | 2039-07-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179W2W7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     958604 | PA      | $873290.32    | 0.16%             | 2052-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| INFINITY NATURAL RESOURC                                                         | Infinity Natural Resources LLC                                                   | CUSIP: 45690BAA3<br>LEI: 54930021094IFVB5ND43 | Long             | DBT              | CORP              | US        |      18000 | PA      | $18304.31     | 0.00%             | 2031-04-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CO        |          1 | NC      | $253.88       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                                                | Eversource Energy                                                                | CUSIP: 30040WAT5<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101494.02    | 0.02%             | 2028-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| SHOPS Trust                                                                      | Shops at Crystals Trust 2016-CSTL                                                | CUSIP: 82510WAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     206000 | PA      | $205644.71    | 0.04%             | 2036-07-05      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QSF48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      21780 | PA      | $22385.80     | 0.00%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $1058.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H030658<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |    -244000 | PA      | $-217269.50   | -0.04%            | 2056-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2026-XL6                                            | CUSIP: 12433NAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     125000 | PA      | $124222.85    | 0.02%             | 2043-03-15      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| SALESFORCE INC                                                                   | Salesforce Inc                                                                   | CUSIP: 79466LAU8<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |     412000 | PA      | $410861.92    | 0.07%             | 2036-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | EUR P HUF C @365.0000 EO                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |      49000 | OU      | $658.93       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust 2021-909                                           | NYC Commercial Mortgage Trust 2025-3BP                                           | CUSIP: 67120UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     160000 | PA      | $159500.00    | 0.03%             | 2042-02-15      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2026-R1                                               | CUSIP: 924932AE6<br>LEI: 213800IRNLDELLG4XV07 | Long             | ABS-MBS          | CORP              | US        |     761000 | PA      | $757331.22    | 0.14%             | 2067-10-25      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H020659<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3105000 | PA      | $2554017.04   | 0.46%             | 2056-05-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers Jersey Borrower SPV Limited                                 | Vantage Data Centers Jersey Borrower Spv Ltd                                     | CUSIP: 000000000<br>LEI: 213800S5S638C9IBQ379 | Long             | ABS-O            | CORP              | JE        |     176000 | PA      | $240109.36    | 0.04%             | 2039-05-28      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CNY 1.540000 17-DEC-2028 CNR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     898706 | OU      | $231.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TEXTRON INC                                                                      | Textron Inc                                                                      | CUSIP: 883203BY6<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | DBT              | CORP              | US        |      46000 | PA      | $45158.45     | 0.01%             | 2028-03-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                             | FREMF 2018-K80 Mortgage Trust                                                    | CUSIP: 30307RAE7<br>LEI: 549300KQ08QVSM4XK212 | Long             | ABS-MBS          | USGSE             | US        |      95000 | PA      | $92873.47     | 0.02%             | 2050-08-25      | Variable      | 4.37%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ID        |          1 | NC      | $-143.94      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 6.508200 17-JUN-2031 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   10853586 | OU      | $-719.84      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | 10Y RTP 4.050000 30-MAR-2028                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |    2797855 | OU      | $104270.40    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AROUNDTOWN FINANCE SARL                                                          | Aroundtown Finance Sarl                                                          | CUSIP: 000000000<br>LEI: 8945006LEXV2KWSWVP51 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $111097.98    | 0.02%             | 2031-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWGG2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      78621 | PA      | $77846.97     | 0.01%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       1500 | PA      | $1530.06      | 0.00%             | 2031-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                                         | OHA Credit Funding 7 Ltd                                                         | CUSIP: 67098WAY7<br>LEI: 549300EX32IF3NZCVL73 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250414.75    | 0.04%             | 2038-07-19      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | BR        |          1 | NC      | $33351.76     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| First Horizon Corp                                                               | First Horizon Corp                                                               | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |       1232 | NS      | $30750.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDLINE BORROWER LP                                                              | Medline Borrower LP                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |      27000 | PA      | $26232.18     | 0.00%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| iShares iBoxx USD High Yield Corporate Bond ETF                                  | iShares iBoxx USD High Yield Corporate Bond ETF                                  | CUSIP: 464288513<br>LEI: 549300FCCXHK7O37PQ68 | Long             | EC               | RF                | US        |      41438 | NS      | $3330786.44   | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| DBC 2025-DBC Mortgage Trust                                                      | DBC 2025-DBC Mortgage Trust                                                      | CUSIP: 23306HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1637000 | PA      | $1638023.13   | 0.29%             | 2042-11-15      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD PEN                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-213.84      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ENTERGY LOUISIANA LLC                                                            | Entergy Louisiana LLC                                                            | CUSIP: 29364WAV0<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |     206000 | PA      | $187247.24    | 0.03%             | 2045-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                        | Amgen Inc                                                                        | CUSIP: 031162CF5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     116000 | PA      | $97130.66     | 0.02%             | 2051-06-15      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                                   | Amazon.com Inc                                                                   | CUSIP: 023135CW4<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     200000 | PA      | $188880.45    | 0.03%             | 2055-11-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                       | US Bancorp                                                                       | CUSIP: 91159HJL5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     116000 | PA      | $114728.48    | 0.02%             | 2034-02-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                                           | GreenSky Home Improvement Issuer Trust 2024-2                                    | CUSIP: 39571XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      12429 | PA      | $12447.74     | 0.00%             | 2059-10-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BVI LTD                                                             | Fortune Star BVI Ltd                                                             | CUSIP: 000000000<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |     255000 | PA      | $284915.20    | 0.05%             | 2030-11-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2023-3 Mortgage Loan Trust                                                  | CUSIP: 19688RAE9<br>LEI: 213800MIPEZY1A8W1N28 | Long             | ABS-MBS          | CORP              | US        |     193000 | PA      | $194067.87    | 0.03%             | 2068-09-25      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133C6TQ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      65767 | PA      | $65031.81     | 0.01%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                      | RCKT Mortgage Trust 2024-CES2                                                    | CUSIP: 74938PAF3<br>LEI: 2549002LEW4WNQBOMB89 | Long             | ABS-MBS          | CORP              | US        |     138000 | PA      | $140481.74    | 0.03%             | 2044-04-25      | Variable      | 8.01%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 912828ZS2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     823400 | PA      | $794806.15    | 0.14%             | 2027-05-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME                                                            | Six Flags Entertainment Corp                                                     | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98600.32     | 0.02%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| PRKCM Trust                                                                      | PRKCM 2022-AFC1 Trust                                                            | CUSIP: 69377CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      98605 | PA      | $98177.64     | 0.02%             | 2057-04-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                                         | MSCI Inc                                                                         | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     254000 | PA      | $240452.34    | 0.04%             | 2030-09-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Indonesia Government International Bonds                                         | Indonesia Government International Bonds                                         | CUSIP: 455780CQ7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     400000 | PA      | $375020.00    | 0.07%             | 2030-02-14      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                              | GS Mortgage-Backed Securities Trust 2026-NQM1                                    | CUSIP: 36276EAK6<br>LEI: 254900WEVNJASLS4UV47 | Long             | ABS-MBS          | CORP              | US        |     531176 | PA      | $524298.23    | 0.09%             | 2066-03-25      | Variable      | 7.59%                 | No            |                  2 | On Loan: No      |
| BlackRock Funds III                                                              | BlackRock Cash Funds: Treasury, SL Agency Shares                                 | CUSIP: 066922477<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |    6121797 | NS      | $6121796.85   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BFLD Trust                                                                       | BFLD Commercial Mortgage Trust 2025-660F                                         | CUSIP: 05556QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     249000 | PA      | $249155.63    | 0.04%             | 2042-11-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2025-NQM6                                                                   | CUSIP: 281916AC0<br>LEI: 254900VW35KQDQ4B4241 | Long             | ABS-MBS          | CORP              | US        |     434127 | PA      | $432863.28    | 0.08%             | 2070-12-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | FSWP: OIS 9.865000 17-DEC-2029 IBR                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |  130161151 | OU      | $2246.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                                          | NYMT Loan Trust 2026-INV1                                                        | CUSIP: 62957GAC1<br>LEI: 254900Y31NJCJWYHMA05 | Long             | ABS-MBS          | CORP              | US        |     166000 | PA      | $165408.89    | 0.03%             | 2061-02-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                                           | Williams Cos Inc/The                                                             | CUSIP: 88339WAA4<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     322000 | PA      | $219194.92    | 0.04%             | 2051-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                                         | Alexandria Real Estate Equities Inc                                              | CUSIP: 015271AG4<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |     185000 | PA      | $183506.24    | 0.03%             | 2029-07-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust                                       | Bear Stearns Asset Backed Securities I Trust 2006-AQ1                            | CUSIP: 07389PAY6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      69941 | PA      | $63480.15     | 0.01%             | 2036-10-25      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                                 | Duke Energy Corp                                                                 | CUSIP: 26441CAY1<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      26000 | PA      | $19412.16     | 0.00%             | 2047-08-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                              | Petroleos Mexicanos                                                              | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      10000 | PA      | $10035.00     | 0.00%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179VN30<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      55513 | PA      | $49495.84     | 0.01%             | 2050-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                  | SWAP/CDSWAP/ICE: (CDX.NA.HY.46.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |      63901 | OU      | $-4932.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GARUDA INDONESIA TBK PT                                                          | Garuda Indonesia Persero Tbk PT                                                  | CUSIP: 000000000<br>LEI: 254900CUWPNFYKQUW656 | Long             | DBT              | CORP              | ID        |     230908 | PA      | $195008.66    | 0.04%             | 2031-12-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COSTCO WHOLESALE CORP                                                            | Costco Wholesale Corp                                                            | CUSIP: 22160KAP0<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | DBT              | CORP              | US        |     100000 | PA      | $90585.85     | 0.02%             | 2030-04-20      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| ARES Commercial Mortgage Trust                                                   | ARES Commercial Mortgage Trust 2026-AZURE                                        | CUSIP: 03990QAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $250000.00    | 0.04%             | 2038-03-15      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC                                                         | Constellation Energy Generation LLC                                              | CUSIP: 210385AQ3<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     132000 | PA      | $130631.24    | 0.02%             | 2031-01-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                        | LOS ANGELES CA CMNTY CLG DIST                                                    | CUSIP: 54438CNZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      60000 | PA      | $64155.49     | 0.01%             | 2042-08-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                             | Cross 2025-H1 Mortgage Trust                                                     | CUSIP: 22758NAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     350000 | PA      | $351439.20    | 0.06%             | 2070-02-25      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                                         | FirstEnergy Transmission LLC                                                     | CUSIP: 000000000<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |      36000 | PA      | $29827.38     | 0.01%             | 2049-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CFU0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     596000 | PA      | $598095.31    | 0.11%             | 2027-10-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133AMPP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       9837 | PA      | $7547.97      | 0.00%             | 2051-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMQV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     535429 | PA      | $458344.69    | 0.08%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.050000 17-DEC-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     284000 | OU      | $1560.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 7.172500 11-APR-2028 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   13570000 | OU      | $-817.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                                                | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |       9000 | PA      | $2281.50      | 0.00%             | 2028-11-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                                       | AbbVie Inc                                                                       | CUSIP: 00287YDW6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     100000 | PA      | $94904.92     | 0.02%             | 2054-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| INV 2024-IND Mortgage Trust                                                      | INV 2024-IND Mortgage Trust                                                      | CUSIP: 45000DAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     168000 | PA      | $166530.00    | 0.03%             | 2041-11-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36202FPG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      22778 | PA      | $22526.45     | 0.00%             | 2041-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                                           | ISHARES CHINA LARGE-CAP ETF                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -18 | NC      | $-1531.83     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     115000 | PA      | $110278.71    | 0.02%             | 2044-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KQQT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      27372 | PA      | $28390.84     | 0.01%             | 2053-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | USD C BRL P @5.650000 EO                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |     581855 | OU      | $0.58         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| The BAHA Trust                                                                   | BAHA Trust 2024-MAR                                                              | CUSIP: 05493XAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10000 | PA      | $10334.59     | 0.00%             | 2041-12-10      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2025-12                                               | CUSIP: 92490FAE0<br>LEI: 2138009XAW9T934GL239 | Long             | ABS-MBS          | CORP              | US        |    1012392 | PA      | $1009231.31   | 0.18%             | 2070-12-25      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CQF1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      56000 | PA      | $56157.50     | 0.01%             | 2033-03-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308HH3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      51000 | PA      | $42614.36     | 0.01%             | 2044-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWFG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     448602 | PA      | $445267.38    | 0.08%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CAT1<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      27000 | PA      | $19964.06     | 0.00%             | 2047-12-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                                                        | HIH Trust 2024-61P                                                               | CUSIP: 40444VAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       9154 | PA      | $9168.11      | 0.00%             | 2041-10-15      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMX84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      31077 | PA      | $30744.40     | 0.01%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                                                    | DTE Energy Co                                                                    | CUSIP: 233331BM8<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100617.12    | 0.02%             | 2027-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fortuna Consumer Loan ABS                                                        | Fortuna Consumer Loan Abs 2026-1 DAC                                             | CUSIP: 000000000<br>LEI: 635400NBXJLIIDPDLP80 | Long             | ABS-O            | CORP              | IE        |     100000 | PA      | $117548.06    | 0.02%             | 2037-10-18      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| TARGET CORP                                                                      | Target Corp                                                                      | CUSIP: 87612EBV7<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |     123000 | PA      | $125345.20    | 0.02%             | 2036-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Consumo Santander                                                                | Santander Consumo 10 FT                                                          | CUSIP: 000000000<br>LEI: 9845003Q6DEF3R087B56 | Long             | ABS-O            | CORP              | ES        |     100000 | PA      | $117481.51    | 0.02%             | 2041-05-22      | Floating      | 3.74%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | SWP: OIS 13.800000 03-JAN-2028 BZD                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     901000 | OU      | $-78.38       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FS Trust                                                                         | FS Trust 2026-HULA                                                               | CUSIP: 30345AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     162000 | PA      | $162000.00    | 0.03%             | 2041-03-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                               | Morgan Stanley Mortgage Loan Trust 2007-3XS                                      | CUSIP: 61752RAJ1<br>LEI: 549300SRGEL7X4RBPX12 | Long             | ABS-MBS          | CORP              | US        |      76660 | PA      | $26139.26     | 0.00%             | 2047-01-25      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM 2024-WCL1 MORTGAGE TRUST                                                    | CUSIP: 20047DAC8<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |      11000 | PA      | $10986.25     | 0.00%             | 2041-06-15      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                          | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AL3<br>LEI: N/A                  | Long             | DBT              |  | US        |     163000 | PA      | $164300.58    | 0.03%             | 2029-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Barings Issuer LLC                                                               | BAR 2026-FL1 Issuer LLC                                                          | CUSIP: 06701PAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     750000 | PA      | $750248.48    | 0.13%             | 2043-08-20      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                                       | AbbVie Inc                                                                       | CUSIP: 00287YBF5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100189.40    | 0.02%             | 2028-11-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DYB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     331656 | PA      | $267302.49    | 0.05%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | VCC 2025-MC1 Trust                                                               | CUSIP: 91825JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      68114 | PA      | $67812.25     | 0.01%             | 2055-05-25      | Variable      | 8.16%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $1151.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                                    | UBS Commercial Mortgage Trust 2018-C15                                           | CUSIP: 90278LBC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      71000 | PA      | $68588.94     | 0.01%             | 2051-12-15      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc                                     | BAMLL Trust 2025-ASHF                                                            | CUSIP: 05494CAA3<br>LEI: 5493001M1XQ4INMTAE48 | Long             | ABS-MBS          | CORP              | US        |      86000 | PA      | $85999.55     | 0.02%             | 2042-02-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| NNN REIT INC                                                                     | NNN REIT Inc                                                                     | CUSIP: 637417AL0<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |     123000 | PA      | $122503.93    | 0.02%             | 2028-10-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                                                   | Eli Lilly & Co                                                                   | CUSIP: 532457CQ9<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     189000 | PA      | $188840.97    | 0.03%             | 2029-08-14      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QQ3U7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      48932 | PA      | $50401.19     | 0.01%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                                                        | PG&E Corp                                                                        | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     333000 | PA      | $342509.48    | 0.06%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132E0GX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      81211 | PA      | $80367.10     | 0.01%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |          1 | NC      | $894.28       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H022655<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2921000 | PA      | $2501607.46   | 0.45%             | 2056-05-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2025-5                                    | CUSIP: 92262KAK1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      99455 | PA      | $97844.89     | 0.02%             | 2055-12-25      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAX7<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     205000 | PA      | $203510.78    | 0.04%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2025-ROIC                                                               | CUSIP: 05593VAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      93698 | PA      | $93697.51     | 0.02%             | 2030-03-15      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                           | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BS3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     566000 | PA      | $595036.86    | 0.11%             | 2034-08-18      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| VERSANT MEDIA GROUP INC                                                          | Versant Media Group Inc                                                          | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |       6000 | PA      | $6229.59      | 0.00%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                         | Foundation Finance Trust 2025-1                                                  | CUSIP: 35040WAA5<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |     170906 | PA      | $170819.26    | 0.03%             | 2050-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | Ellington Financial Mortgage Trust 2021-3                                        | CUSIP: 31573JAB6<br>LEI: 254900UDLJF220C8I638 | Long             | ABS-MBS          | CORP              | US        |    1147077 | PA      | $963694.03    | 0.17%             | 2066-09-25      | Variable      | 1.40%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                                     | BARC 2026-CES1                                                                   | CUSIP: 06690CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     227395 | PA      | $225185.65    | 0.04%             | 2056-01-25      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD PEN                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $500.60       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OEG FINANCE PLC                                                                  | OEG Finance PLC                                                                  | CUSIP: 000000000<br>LEI: 254900KMBHWF9UK63G44 | Long             | DBT              | CORP              | GB        |     100000 | PA      | $122260.87    | 0.02%             | 2029-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CAMPBELLS COMPANY/THE                                                            | Campbell's Company/The                                                           | CUSIP: 134462AA8<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |     215000 | PA      | $208659.88    | 0.04%             | 2031-03-21      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                             | Glencore Funding LLC                                                             | CUSIP: 378272AV0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     146000 | PA      | $146948.57    | 0.03%             | 2029-03-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DURST Commercial Mortgage Trust                                                  | Durst Commercial Mortgage Trust 2025-151                                         | CUSIP: 266895AG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $103348.45    | 0.02%             | 2042-08-10      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EJF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      46926 | PA      | $46531.06     | 0.01%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                            | Toorak Mortgage Trust 2024-2                                                     | CUSIP: 89055KAA0<br>LEI: 254900ZRJRVK75Z6JJ57 | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100451.20    | 0.02%             | 2031-10-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NGC65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      30220 | PA      | $29907.86     | 0.01%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      67000 | PA      | $68300.21     | 0.01%             | 2031-01-24      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                                            | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $104049.00    | 0.02%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XED4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     100000 | PA      | $106488.37    | 0.02%             | 2033-01-09      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Lex Commercial Loan Master Trust                                                 | LEX 2024-BBG Mortgage Trust                                                      | CUSIP: 52885AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     289000 | PA      | $288312.44    | 0.05%             | 2033-10-13      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                                            | Caesars Entertainment Inc                                                        | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |      11000 | PA      | $10617.00     | 0.00%             | 2029-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                                   | Amazon.com Inc                                                                   | CUSIP: 023135DH6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |      85000 | PA      | $83660.46     | 0.02%             | 2056-03-13      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179W7L6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     241452 | PA      | $220186.49    | 0.04%             | 2052-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SELF Commercial Mortgage Trust                                                   | SELF Commercial Mortgage Trust 2024-STRG                                         | CUSIP: 81631WAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      70000 | PA      | $69759.79     | 0.01%             | 2034-11-15      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                     | GS Mortgage Securities Corp Trust 2025-800D                                      | CUSIP: 36273XAA9<br>LEI: 5493001UQE7OCP3UT106 | Long             | ABS-MBS          | CORP              | US        |     681000 | PA      | $681011.03    | 0.12%             | 2041-11-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Uruguay Government International Bonds                                           | Uruguay Government International Bonds                                           | CUSIP: 760942BB7<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     123933 | PA      | $124243.16    | 0.02%             | 2027-10-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Xerox Holdings Corp                                                              | Xerox Holdings Corp 2023 Non-CoOp Term Loan                                      | CUSIP: 98415LAY2<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | LON              | CORP              | US        |      17959 | PA      | $12751.05     | 0.00%             | 2029-11-19      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY CORP                                                               | Valero Energy Corp                                                               | CUSIP: 91913YBG4<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |      40000 | PA      | $39384.30     | 0.01%             | 2036-03-10      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     721000 | PA      | $718042.78    | 0.13%             | 2028-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                                                           | Brookfield Finance Inc                                                           | CUSIP: 11271LAK8<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $106401.27    | 0.02%             | 2034-01-05      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED PEN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | PE        |          1 | NC      | $-1673.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31329PYM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     105910 | PA      | $104051.99    | 0.02%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                              | Dominion Energy Inc                                                              | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      60000 | PA      | $63977.34     | 0.01%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F050650<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -70687856 | PA      | $-69633917.03 | -12.51%           | 2056-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                                   | Amazon.com Inc                                                                   | CUSIP: 023135CK0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     100000 | PA      | $73773.40     | 0.01%             | 2062-04-13      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| AMERICAN WATER CAPITAL C                                                         | American Water Capital Corp                                                      | CUSIP: 03040WAQ8<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |      60000 | PA      | $58982.62     | 0.01%             | 2027-09-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CNY 1.556000 18-MAR-2029 CNR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     199585 | OU      | $63.65        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                        | Towd Point Mortgage Trust 2026-FIX1                                              | CUSIP: 89183TAB4<br>LEI: 254900HMDJT9KG22DU68 | Long             | ABS-O            | CORP              | US        |     336750 | PA      | $333983.06    | 0.06%             | 2065-12-25      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| ADLER FINANCING SARL                                                             | Adler Financing Sarl                                                             | CUSIP: 000000000<br>LEI: 213800BAQB59IVKP7S93 | Long             | DBT              | CORP              | LU        |      70375 | PA      | $93215.13     | 0.02%             | 2028-12-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QMCD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      95790 | PA      | $80850.59     | 0.01%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                                             | Colombian TES                                                                    | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   17400000 | PA      | $4368.52      | 0.00%             | 2058-03-13      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| GS FINANCE CORP                                                                  | GS Finance Corp                                                                  | CUSIP: 40058XL51<br>LEI: 549300FR80KBVO6DRL61 | Long             | SN               | CORP              | US        |     356000 | PA      | $346410.78    | 0.06%             | 2031-02-17      | Variable      | 6.11%                 | No            |                  2 | On Loan: No      |
| Residential Funding Mtg Sec I                                                    | RFMSI Series 2006-SA4 Trust                                                      | CUSIP: 74958CAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       6526 | PA      | $5544.89      | 0.00%             | 2036-11-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Refi Loan Trust 2018-D                                 | CUSIP: 63940UAB0<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |      46850 | PA      | $46674.11     | 0.01%             | 2059-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PLYM Commercial Mortgage Trust                                                   | PLYM Commercial Mortgage Trust 2026-IND                                          | CUSIP: 69292BAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99500.42     | 0.02%             | 2043-03-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2020-1                                    | CUSIP: 92259LAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     119610 | PA      | $112283.21    | 0.02%             | 2050-02-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KQ2Z8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      11093 | PA      | $11398.23     | 0.00%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                                            | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      13000 | PA      | $13009.65     | 0.00%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                                                           | Brookfield Finance Inc                                                           | CUSIP: 11271LAC6<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $98822.42     | 0.02%             | 2028-01-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Citicorp Homeowners Mortgage Acceptance Corp. 1                                  | MAC Trust 2025-801B                                                              | CUSIP: 553918AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     785000 | PA      | $784168.29    | 0.14%             | 2040-10-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                                                         | Constellation Brands Inc                                                         | CUSIP: 21036PAY4<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98549.91     | 0.02%             | 2028-02-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWEE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      29739 | PA      | $29323.73     | 0.01%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QPDV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       4756 | PA      | $4592.63      | 0.00%             | 2037-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     131000 | PA      | $133255.68    | 0.02%             | 2031-04-23      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W4VV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1502766 | PA      | $1487811.56   | 0.27%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                                               | Banco Santander SA                                                               | CUSIP: 05964HAB1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     200000 | PA      | $200116.18    | 0.04%             | 2027-04-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY OHIO INC                                                             | Duke Energy Ohio Inc                                                             | CUSIP: 26442EAJ9<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |      47000 | PA      | $48039.41     | 0.01%             | 2033-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 7.320000 05-NOV-2030 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     427700 | OU      | $-464.27      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PFP III                                                                          | PFP 2026-13 Ltd                                                                  | CUSIP: 716966AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     765000 | PA      | $766208.78    | 0.14%             | 2043-08-18      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM 2025-167G Mortgage Trust                                                    | CUSIP: 12674VAN1<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |      16000 | PA      | $15876.50     | 0.00%             | 2040-08-10      | Variable      | 9.46%                 | No            |                  2 | On Loan: No      |
| RENEW POWER PVT LTD                                                              | ReNew Pvt Ltd                                                                    | CUSIP: 000000000<br>LEI: 335800BITJZHVZ1CN475 | Long             | DBT              | CORP              | IN        |     200000 | PA      | $199140.00    | 0.04%             | 2027-03-05      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                                                         | Transocean International Ltd                                                     | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |       6000 | PA      | $6229.66      | 0.00%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92344GAM8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     104000 | PA      | $117102.88    | 0.02%             | 2030-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W1AC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     116349 | PA      | $98075.38     | 0.02%             | 2053-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LYB INT FINANCE III                                                              | LYB International Finance III LLC                                                | CUSIP: 50249AAA1<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |     378000 | PA      | $271558.50    | 0.05%             | 2049-10-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Soundview Home Equity Loan Trust                                                 | Soundview Home Loan Trust 2005-OPT3                                              | CUSIP: 83611MGX0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      46000 | PA      | $38946.78     | 0.01%             | 2035-11-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                                                       | Fiserv Inc                                                                       | CUSIP: 337738AR9<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     285000 | PA      | $281911.61    | 0.05%             | 2028-10-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179W5D6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     425270 | PA      | $387815.78    | 0.07%             | 2052-05-20      | Fixed         | 3.50%                 | 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: 64972FL20<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |      10000 | PA      | $10228.00     | 0.00%             | 2042-06-15      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                               | Meta Platforms Inc                                                               | CUSIP: 30303M8X3<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     100000 | PA      | $92911.75     | 0.02%             | 2045-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                                                           | Canadian Imperial Bank of Commerce                                               | CUSIP: 13607PH98<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |     213000 | PA      | $214536.94    | 0.04%             | 2029-03-30      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                                                              | NOVA Chemicals Corp                                                              | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |      25000 | PA      | $24356.25     | 0.00%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FCD1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     256000 | PA      | $252601.74    | 0.05%             | 2034-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2005-55CW                                                 | CUSIP: 12668AUP8<br>LEI: 5493004SLAYUFMHIS127 | Long             | ABS-MBS          | CORP              | US        |      15398 | PA      | $11275.81     | 0.00%             | 2035-11-25      | Floating      | 4.14%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427MNC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      34830 | PA      | $35753.58     | 0.01%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418ET59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     285797 | PA      | $282864.54    | 0.05%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD CLP                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $132.58       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                                                           | Blue Owl Credit Income Corp                                                      | CUSIP: 09581CAD3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97285.61     | 0.02%             | 2030-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                                    | TransDigm Inc                                                                    | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25692.33     | 0.00%             | 2032-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                                           | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     738000 | PA      | $192615.90    | 0.03%             | 2035-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                                             | Lockheed Martin Corp                                                             | CUSIP: 539830BN8<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     303000 | PA      | $235978.40    | 0.04%             | 2052-09-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                         | CUSIP: 38381JDG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       4732 | PA      | $4217.04      | 0.00%             | 2063-09-16      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                                                         | Discovery Communications LLC                                                     | CUSIP: 25470DBY4<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     100000 | PA      | $76000.00     | 0.01%             | 2037-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDAMERICAN ENERGY CO                                                            | MidAmerican Energy Co                                                            | CUSIP: 595620AS4<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |       8000 | PA      | $5859.13      | 0.00%             | 2048-08-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                                         | Uruguay Government International Bond                                            | CUSIP: 760942BJ0<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    1699068 | PA      | $43122.20     | 0.01%             | 2035-10-29      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                               | Ukraine Government International Bond                                            | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       1000 | PA      | $631.00       | 0.00%             | 2030-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                                           | RR 20 Ltd                                                                        | CUSIP: 74989UAQ6<br>LEI: 2549005CH9FMTJFP8I04 | Long             | ABS-CBDO         | CORP              | BM        |     500000 | PA      | $497070.50    | 0.09%             | 2037-07-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QUBY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     177351 | PA      | $181436.71    | 0.03%             | 2054-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SEVERN TRENT WATER UTIL                                                          | Severn Trent Utilities Finance PLC                                               | CUSIP: 000000000<br>LEI: 213800KY9PT6WBH33232 | Long             | DBT              | CORP              | GB        |     100000 | PA      | $115198.75    | 0.02%             | 2040-01-29      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                                         | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |      17000 | PA      | $16285.21     | 0.00%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CO/THE                                                                 | Coca-Cola Co/The                                                                 | CUSIP: 191216DS6<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |      69000 | PA      | $65900.70     | 0.01%             | 2054-05-13      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140BNZY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      75631 | PA      | $77463.80     | 0.01%             | 2055-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                                      | BBCMS 2018-TALL Mortgage Trust                                                   | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $94500.00     | 0.02%             | 2037-03-15      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133C76A0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      48648 | PA      | $48159.32     | 0.01%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2005-59                                                   | CUSIP: 12668AEV3<br>LEI: 5493004SLAYUFMHIS127 | Long             | ABS-MBS          | CORP              | US        |       2337 | PA      | $2247.23      | 0.00%             | 2035-11-20      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                                | NatWest Group PLC                                                                | CUSIP: 780097BG5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $201298.81    | 0.04%             | 2029-05-18      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2006-9T1                                                  | CUSIP: 12668BVD2<br>LEI: 5493004SLAYUFMHIS127 | Long             | ABS-MBS          | CORP              | US        |      90728 | PA      | $31911.61     | 0.01%             | 2036-05-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CSX CORP                                                                         | CSX Corp                                                                         | CUSIP: 126408HQ9<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |     100000 | PA      | $93111.41     | 0.02%             | 2030-02-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| METHANEX CORP                                                                    | Methanex Corp                                                                    | CUSIP: 59151KAM0<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $100056.27    | 0.02%             | 2027-10-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| GLP PTE LTD                                                                      | GLP Pte Ltd                                                                      | CUSIP: 000000000<br>LEI: 254900PC2NNG9BLIJO15 | Long             | DBT              | CORP              | SG        |     200000 | PA      | $157100.00    | 0.03%             | 2028-05-20      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                                              | Peru Government International Bonds                                              | CUSIP: 715638DT6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     436000 | PA      | $302475.00    | 0.05%             | 2051-03-10      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QSAY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      59520 | PA      | $60139.70     | 0.01%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                                                 | Sofi Consumer Loan Program 2026-B Trust                                          | CUSIP: 83407MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      32000 | PA      | $31965.26     | 0.01%             | 2036-02-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                                                   | Mastercard Inc                                                                   | CUSIP: 57636QAM6<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     325000 | PA      | $313569.79    | 0.06%             | 2029-06-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119CW7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      83000 | PA      | $80295.38     | 0.01%             | 2064-04-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                                                  | AREIT 2024-CRE9 Ltd                                                              | CUSIP: 00193AAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      23274 | PA      | $23272.70     | 0.00%             | 2041-05-17      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61748UAX0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      15000 | PA      | $14910.00     | 0.00%             | 2037-04-10      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XNGD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     151835 | PA      | $145354.12    | 0.03%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nyack Park CLO, Ltd.                                                             | NYACK Park CLO Ltd                                                               | CUSIP: 67080PAW6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $500991.15    | 0.09%             | 2038-10-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                                                         | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |      27000 | PA      | $25762.18     | 0.00%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $711.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer II, LLC                                               | Compass Datacenters Issuer II LLC                                                | CUSIP: 20469CAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      80000 | PA      | $78526.70     | 0.01%             | 2050-11-25      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DSRU8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     214227 | PA      | $211936.71    | 0.04%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                                                           | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |      12000 | PA      | $11511.19     | 0.00%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418FSC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     144801 | PA      | $141136.34    | 0.03%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-71246.02    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| INTEL CORP                                                                       | Intel Corp                                                                       | CUSIP: 458140AV2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     150000 | PA      | $115665.68    | 0.02%             | 2046-05-19      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                                                               | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |      19000 | PA      | $19617.50     | 0.00%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                                          | American Electric Power Co Inc                                                   | CUSIP: 02557TAE9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |      32000 | PA      | $31820.43     | 0.01%             | 2056-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWDJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1210156 | PA      | $1020088.04   | 0.18%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                                                    | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20252.17     | 0.00%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                                                         | Discovery Communications LLC                                                     | CUSIP: 25470DBS7<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     803000 | PA      | $789935.19    | 0.14%             | 2028-03-20      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                                                          | VZ Secured Financing BV                                                          | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $175254.38    | 0.03%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                              | GS Mortgage-Backed Securities Trust 2026-CES1                                    | CUSIP: 36277LAA1<br>LEI: 2549005U12N6A8G3H936 | Long             | ABS-MBS          | CORP              | US        |     415559 | PA      | $412010.39    | 0.07%             | 2056-05-25      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $1582.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAN9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     493000 | PA      | $463817.91    | 0.08%             | 2031-05-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                                   | Mariner Finance Issuance Trust 2021-B                                            | CUSIP: 56847JAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     283000 | PA      | $276379.33    | 0.05%             | 2036-11-20      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWAW3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     749241 | PA      | $605969.30    | 0.11%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                                                    | Carnival Corp                                                                    | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |      11000 | PA      | $11055.31     | 0.00%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Post CLO LTD                                                                     | Post CLO 2023-1 Ltd                                                              | CUSIP: 73743CAQ5<br>LEI: 5493007CUC7FI0ONIF25 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251076.78    | 0.05%             | 2038-10-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                                    | Ballyrock CLO 20 Ltd                                                             | CUSIP: 05876CBM4<br>LEI: 254900WX8CA21F2QI356 | Long             | ABS-CBDO         | CORP              | KY        |     280000 | PA      | $279712.86    | 0.05%             | 2036-10-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 4.595000 17-JUN-2036 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     150850 | OU      | $38.08        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 2YR NOTE (CBT) JUN26                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        274 | NC      | $-106665.55   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO                                                                      | Southern Co/The                                                                  | CUSIP: 842587DL8<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      65000 | PA      | $67943.01     | 0.01%             | 2032-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                               | A&D Mortgage Trust 2024-NQM5                                                     | CUSIP: 00039KAC4<br>LEI: 9845006Z1DC68561N347 | Long             | ABS-MBS          | CORP              | US        |      75622 | PA      | $75985.30     | 0.01%             | 2069-11-25      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                                                         | Anheuser-Busch InBev Worldwide Inc                                               | CUSIP: 03523TBV9<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97610.13     | 0.02%             | 2049-01-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | ZA        |          1 | NC      | $-4702.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                                         | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |      25000 | PA      | $23675.52     | 0.00%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                                  | Republic Finance Issuance Trust 2025-A                                           | CUSIP: 76042FAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     123000 | PA      | $122229.33    | 0.02%             | 2034-11-20      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F062655<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     700000 | PA      | $726228.62    | 0.13%             | 2056-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                  | SWAP/CDSWAP/ICE: (ITRAXX.XO.45.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     498954 | OU      | $-55605.59    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD PHP                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $11378.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |          1 | NC      | $925.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                        | Nelnet Student Loan Trust 2025-A                                                 | CUSIP: 64033XAE4<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |     222367 | PA      | $220665.07    | 0.04%             | 2057-03-15      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                                     | CUSIP: 646139W35<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |     193000 | PA      | $225994.57    | 0.04%             | 2040-01-01      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HLLG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      94474 | PA      | $95966.05     | 0.02%             | 2055-06-25      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                                                         | Canadian Pacific Railway Co                                                      | CUSIP: 13645RAV6<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |      16000 | PA      | $15815.73     | 0.00%             | 2035-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KYVY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     338369 | PA      | $293470.18    | 0.05%             | 2041-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                                                        | College Ave Student Loans 2021-C LLC                                             | CUSIP: 19424WAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     151265 | PA      | $140812.09    | 0.03%             | 2055-07-26      | Fixed         | 2.32%                 | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust                                      | Goldman Home Improvement Trust 2022-GRN1 Issuer Trust                            | CUSIP: 38150YAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      12397 | PA      | $12376.17     | 0.00%             | 2052-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                                                             | Blue Owl Finance LLC                                                             | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |     100000 | PA      | $87039.55     | 0.02%             | 2031-06-10      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                         | Republic of South Africa Government Bond                                         | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    6574224 | PA      | $392290.65    | 0.07%             | 2030-01-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                                                             | Pilgrim's Pride Corp                                                             | CUSIP: 72147KAJ7<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |      18000 | PA      | $17300.59     | 0.00%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                        | IQVIA Inc                                                                        | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101839.60    | 0.02%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAM1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     421000 | PA      | $418832.70    | 0.08%             | 2026-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                         | Virginia Electric and Power Co                                                   | CUSIP: 927804FE9<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     140000 | PA      | $151444.02    | 0.03%             | 2037-11-30      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F042657<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -16282000 | PA      | $-15660119.92 | -2.81%            | 2056-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                                           | GreenSky Home Improvement Trust 2024-1                                           | CUSIP: 39571MAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     123831 | PA      | $125290.40    | 0.02%             | 2059-06-25      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427QR46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     121369 | PA      | $120510.85    | 0.02%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EHK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1414109 | PA      | $1366445.76   | 0.25%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DOW CHEMICAL CO/THE                                                              | Dow Chemical Co/The                                                              | CUSIP: 260543DM2<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |     488000 | PA      | $446387.51    | 0.08%             | 2055-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $8920.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALABAMA POWER CO                                                                 | Alabama Power Co                                                                 | CUSIP: 010392FD5<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |      15000 | PA      | $14821.91     | 0.00%             | 2041-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KLA CORP                                                                         | KLA Corp                                                                         | CUSIP: 482480AG5<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99485.28     | 0.02%             | 2029-03-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                              | American Express Co                                                              | CUSIP: 025816DF3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      40000 | PA      | $40151.22     | 0.01%             | 2034-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                            | Mexico Government International Bonds                                            | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     241000 | PA      | $248230.00    | 0.04%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| DK Trust 2025-LXP                                                                | DK Trust 2025-LXP                                                                | CUSIP: 23292LAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      15000 | PA      | $15009.38     | 0.00%             | 2037-08-15      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV                                                             | Telefonica Europe BV                                                             | CUSIP: 879385AD4<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |     180000 | PA      | $203717.23    | 0.04%             | 2030-09-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38145GAU4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      96000 | PA      | $93442.39     | 0.02%             | 2041-02-02      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418ECY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     385691 | PA      | $333265.05    | 0.06%             | 2042-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-5520.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP                                                          | Simon Property Group LP                                                          | CUSIP: 828807DM6<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |     196000 | PA      | $176363.86    | 0.03%             | 2031-02-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XG3A5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      16636 | PA      | $16257.05     | 0.00%             | 2034-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 2Y RTP 4.050000 04-OCT-2027                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  -15959000 | OU      | $-85583.01    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| QTS ISSUER ABS II LLC                                                            | QTS Issuer ABS II LLC                                                            | CUSIP: 74690FAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     106000 | PA      | $103953.51    | 0.02%             | 2055-10-05      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2025-NQM5                                                                   | CUSIP: 28225KAC9<br>LEI: 254900XFNEJEC9OBKH62 | Long             | ABS-MBS          | CORP              | US        |      91342 | PA      | $91101.14     | 0.02%             | 2070-11-25      | Variable      | 5.03%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                           | Philip Morris International Inc                                                  | CUSIP: 718172DD8<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     100000 | PA      | $103856.82    | 0.02%             | 2030-09-07      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAV1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     187000 | PA      | $200497.99    | 0.04%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                   | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2                         | CUSIP: 61778XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     477923 | PA      | $479526.42    | 0.09%             | 2070-07-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAM1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      31000 | PA      | $30975.73     | 0.01%             | 2026-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                                             | Diameter Capital CLO 10 Ltd                                                      | CUSIP: 25290BAA9<br>LEI: 25490018I1ROE4V49X69 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $501227.60    | 0.09%             | 2038-04-20      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                            | Truist Financial Corp                                                            | CUSIP: 89788MAR3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |      69000 | PA      | $70604.32     | 0.01%             | 2030-01-24      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CO        |          1 | NC      | $415.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                                         | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $98258.90     | 0.02%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                         | JP Morgan Mortgage Trust Series 2025-NQM5                                        | CUSIP: 46664DAE1<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |     325288 | PA      | $323485.27    | 0.06%             | 2066-05-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                                             | Royal Bank of Canada                                                             | CUSIP: 78016FZS6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |      35000 | PA      | $35036.04     | 0.01%             | 2027-08-03      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                                              | SG Residential Mortgage Trust 2026-2                                             | CUSIP: 78438NAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     648831 | PA      | $648671.84    | 0.12%             | 2066-04-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 2Y RTP 4.500000 16-DEC-2027                                                      | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |  -13533000 | OU      | $-48758.45    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2025-TAIL                                                               | CUSIP: 123912AJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     137000 | PA      | $137001.45    | 0.02%             | 2035-06-15      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XDX0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      75000 | PA      | $73363.81     | 0.01%             | 2031-02-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427GNA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      54676 | PA      | $56059.83     | 0.01%             | 2055-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corporation                                              | Banc of America Funding 2007-1 Trust                                             | CUSIP: 05951FBG8<br>LEI: 5493001796TAQ7M7QX12 | Long             | ABS-MBS          | CORP              | US        |       8785 | PA      | $7541.62      | 0.00%             | 2037-01-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                                         | CUSIP: 882722KF7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     159343 | PA      | $161507.34    | 0.03%             | 2039-04-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae REMICS                                                                | CUSIP: 3136BTK85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     131394 | PA      | $132795.15    | 0.02%             | 2054-12-25      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NVJY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      20000 | PA      | $20520.64     | 0.00%             | 2031-06-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                         | JP Morgan Mortgage Trust Series 2026-VIS1                                        | CUSIP: 46660PAB4<br>LEI: 529900ELA1S09AZO9Q54 | Long             | ABS-MBS          | CORP              | US        |     329425 | PA      | $326702.83    | 0.06%             | 2066-06-25      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XHW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     365639 | PA      | $333319.46    | 0.06%             | 2052-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DSFW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     387373 | PA      | $296897.67    | 0.05%             | 2052-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| MAIN Trust                                                                       | MAIN Trust 2026-OLAS                                                             | CUSIP: 56036BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $499997.52    | 0.09%             | 2041-01-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133C9DN0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      66547 | PA      | $65802.72     | 0.01%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QQYZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     113681 | PA      | $114722.65    | 0.02%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     100000 | PA      | $86923.17     | 0.02%             | 2036-09-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTR 4.075000 07-APR-2028                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -5139000 | OU      | $-170461.04   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Solaris Energy Infrastructure Inc                                                | Solaris Energy Infrastructure Inc                                                | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |        662 | NS      | $48882.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| STELLANTIS NV                                                                    | Stellantis NV                                                                    | CUSIP: 000000000<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $115123.88    | 0.02%             | 2033-12-16      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD SGD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-237.84      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                                 | OneMain Financial Issuance Trust 2023-2                                          | CUSIP: 68269HAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $102009.99    | 0.02%             | 2036-09-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                                         | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      28000 | PA      | $27749.24     | 0.00%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                                                           | APA Infrastructure Ltd                                                           | CUSIP: 000000000<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | SN               | CORP              | AU        |     170000 | PA      | $122464.97    | 0.02%             | 2056-04-28      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DMQW8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     210069 | PA      | $186096.31    | 0.03%             | 2050-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                                 | Peruvian Government International Bond                                           | CUSIP: 715638EA6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      86000 | PA      | $25793.94     | 0.00%             | 2039-08-12      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED PLN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | PL        |          1 | NC      | $-103.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HJD53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      55824 | PA      | $56499.45     | 0.01%             | 2055-02-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | FSWP: OIS 9.540000 17-DEC-2029 IBR                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |  122442153 | OU      | $2445.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                                         | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAR8<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |       6000 | PA      | $5917.90      | 0.00%             | 2029-07-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F060667<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2000000 | PA      | $2039555.68   | 0.37%             | 2056-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-KING                                           | CUSIP: 05612RAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     197401 | PA      | $197574.67    | 0.04%             | 2034-05-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                                                | Ares Capital Corp                                                                | CUSIP: 04010LBM4<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97265.47     | 0.02%             | 2031-04-12      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | FSWP: OIS 9.360000 17-DEC-2029 IBR                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | GB        |   62619657 | OU      | $1345.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-MF                                             | CUSIP: 05612EAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     327618 | PA      | $327822.94    | 0.06%             | 2039-02-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                                         | Rogers Communications Inc                                                        | CUSIP: 775109AL5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     145000 | PA      | $165123.33    | 0.03%             | 2038-08-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED CLP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CL        |          1 | NC      | $-203.84      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                                                   | Rocket Cos Inc                                                                   | CUSIP: 77311WAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $101868.90    | 0.02%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Penta CLO S.A.                                                                   | Penta CLO 11 DAC                                                                 | CUSIP: 000000000<br>LEI: 5493006SWLDNT2XZHH97 | Long             | ABS-CBDO         | CORP              | IE        |     963000 | PA      | $1118925.11   | 0.20%             | 2039-01-15      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: ZAR 6.867500 17-DEC-2030 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1533000 | OU      | $2663.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                                                 | Trestles CLO VI Ltd                                                              | CUSIP: 894940AQ8<br>LEI: 254900837GHK5VH7YU15 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250072.33    | 0.04%             | 2038-04-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     189000 | PA      | $192091.75    | 0.03%             | 2036-01-28      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | American Tower Corp                                                              | CUSIP: 03027XCP3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     240000 | PA      | $241545.34    | 0.04%             | 2035-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                                                                | Cisco Systems Inc                                                                | CUSIP: 17275RAD4<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |      19000 | PA      | $20101.43     | 0.00%             | 2039-02-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                                                     | Ares XLI Clo Ltd                                                                 | CUSIP: 04016DAU9<br>LEI: 549300X38KZ67Q2FQG11 | Long             | ABS-CBDO         | CORP              | KY        |     300000 | PA      | $300776.07    | 0.05%             | 2034-04-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                   | Morgan Stanley Residential Mortgage Loan Trust 2026-NQM3                         | CUSIP: 617960AB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $500264.85    | 0.09%             | 2071-03-25      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| Genius Sports Ltd                                                                | Genius Sports Ltd                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |       2724 | NS      | $11876.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORP                                                                     | Stryker Corp                                                                     | CUSIP: 863667AQ4<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98810.11     | 0.02%             | 2028-03-07      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| CoreWeave Inc                                                                    | CoreWeave Inc                                                                    | CUSIP: 21873S108<br>LEI: 984500511DP2B6186053 | Long             | EC               | CORP              | US        |        220 | NS      | $24552.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WOM MOBILE SA                                                                    | WOM Mobile SA                                                                    | CUSIP: 97810LAA7<br>LEI: 549300T600VUO0QJ3063 | Long             | DBT              | CORP              | CL        |      17399 | PA      | $17688.00     | 0.00%             | 2031-04-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 10YR NOTE (CBT)JUN26                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        125 | NC      | $-96140.28    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| MCR Mortgage Trust                                                               | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      25000 | PA      | $25156.30     | 0.00%             | 2039-06-12      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| SENSATA TECH INC                                                                 | Sensata Technologies Inc                                                         | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24239.07     | 0.00%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                                               | Regional Management Issuance Trust 2021-2                                        | CUSIP: 75907UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $97436.53     | 0.02%             | 2033-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | 10Y RTR 4.050000 30-MAR-2028                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |    2797855 | OU      | $89850.43     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                         | Occidental Petroleum Corp                                                        | CUSIP: 674599DH5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     200000 | PA      | $236286.00    | 0.04%             | 2039-06-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD PHP                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $1027.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133L8XH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     113942 | PA      | $104517.24    | 0.02%             | 2037-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MVM ENERGETIKA ZRT                                                               | MVM Energetika Zrt                                                               | CUSIP: 000000000<br>LEI: 529900ELI5AQ9F74PF85 | Long             | DBT              | CORP              | HU        |     200000 | PA      | $209380.00    | 0.04%             | 2031-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED CZK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CZ        |          1 | NC      | $50.86        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GZM9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     442000 | PA      | $400177.96    | 0.07%             | 2033-02-24      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| AON CORP/AON GLOBAL HOLD                                                         | Aon Corp / Aon Global Holdings PLC                                               | CUSIP: 03740LAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      87000 | PA      | $89023.78     | 0.02%             | 2033-02-28      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                                                 | LPL Holdings Inc                                                                 | CUSIP: 50212YAJ3<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101062.59    | 0.02%             | 2027-05-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD INR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-10.04       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NP4K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      51589 | PA      | $51089.18     | 0.01%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                                      | Visio 2022-1 Trust                                                               | CUSIP: 92838CAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99627.66     | 0.02%             | 2057-08-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust 2021-909                                           | NYC Trust 2025-77C                                                               | CUSIP: 67123LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     280000 | PA      | $278236.84    | 0.05%             | 2036-01-10      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| CENCORA INC                                                                      | Cencora Inc                                                                      | CUSIP: 03073EBD6<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |      22000 | PA      | $21638.93     | 0.00%             | 2033-02-13      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                                               | Regional Management Issuance Trust 2025-2                                        | CUSIP: 75908BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     147000 | PA      | $145904.39    | 0.03%             | 2037-11-16      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                                                  | Nissan Motor Co Ltd                                                              | CUSIP: 000000000<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     200000 | PA      | $241008.04    | 0.04%             | 2033-07-17      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427QFB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     396352 | PA      | $406381.66    | 0.07%             | 2055-10-01      | Fixed         | 6.00%                 | 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        |      64000 | PA      | $62531.34     | 0.01%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                         | Prudential Financial Inc                                                         | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |      11000 | PA      | $11326.74     | 0.00%             | 2054-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                                           | ISHARES MSCI EMERGING MARKETS                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -11 | NC      | $-906.07      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H062669<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     300000 | PA      | $312709.16    | 0.06%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                                               | Expand Energy Corp                                                               | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     765000 | PA      | $772905.43    | 0.14%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                        | Nelnet Student Loan Trust 2025-B                                                 | CUSIP: 64032BAD5<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $98313.78     | 0.02%             | 2055-05-17      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GVCX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     864208 | PA      | $883611.06    | 0.16%             | 2055-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427RKD1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     381129 | PA      | $360245.41    | 0.06%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                                                             | Birch Grove CLO 4 Ltd                                                            | CUSIP: 09077CAQ5<br>LEI: 254900VS6E4BD1HWHW18 | Long             | ABS-CBDO         | CORP              | KY        |     100000 | PA      | $100137.80    | 0.02%             | 2037-07-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                                   | CFMT 2024-R1 LLC                                                                 | CUSIP: 12530YAA7<br>LEI: 984500D67D63D8645054 | Long             | ABS-MBS          | CORP              | US        |     100947 | PA      | $99046.42     | 0.02%             | 2054-10-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Consumo Santander                                                                | Santander Consumo 10 FT                                                          | CUSIP: 000000000<br>LEI: 9845003Q6DEF3R087B56 | Long             | ABS-O            | CORP              | ES        |     100000 | PA      | $117543.60    | 0.02%             | 2041-05-22      | Floating      | 4.14%                 | No            |                  2 | On Loan: No      |
| COLUMBUS MCKINNON CORP                                                           | Columbus McKinnon Corp/NY                                                        | CUSIP: 199333AK1<br>LEI: 549300W3HQB0HO1F3G69 | Long             | DBT              | CORP              | US        |       4000 | PA      | $4022.82      | 0.00%             | 2033-02-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                                                           | American Honda Finance Corp                                                      | CUSIP: 02665WFY2<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     358000 | PA      | $358344.96    | 0.06%             | 2030-03-05      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | MX        |          1 | NC      | $-481.63      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.631500 09-SEP-2030 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1567000 | OU      | $10258.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM 2025-SBX Mortgage Trust                                                     | CUSIP: 20047UAC0<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |      17000 | PA      | $16874.34     | 0.00%             | 2041-08-10      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 000000000<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     100000 | PA      | $117921.57    | 0.02%             | 2036-05-22      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      70000 | PA      | $70051.95     | 0.01%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                                             | Diameter Capital CLO 8 Ltd                                                       | CUSIP: 25256JAA4<br>LEI: 25490018I1ROE4V49X69 | Long             | ABS-CBDO         | CORP              | KY        |     350000 | PA      | $350740.04    | 0.06%             | 2037-10-20      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NLVQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      33973 | PA      | $33598.83     | 0.01%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHARF Commercial Mortgage Trust                                                  | WHARF Commercial Mortgage Trust 2025-DC                                          | CUSIP: 92987LAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $102647.10    | 0.02%             | 2040-07-15      | Variable      | 7.98%                 | No            |                  2 | On Loan: No      |
| BALTIMORE GAS & ELECTRIC                                                         | Baltimore Gas and Electric Co                                                    | CUSIP: 059165EM8<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |       5000 | PA      | $3129.03      | 0.00%             | 2050-06-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                             | Cross 2025-H4 Mortgage Trust                                                     | CUSIP: 22790AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      83121 | PA      | $83601.02     | 0.02%             | 2070-06-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                       | MFA 2026-NQM1 Trust                                                              | CUSIP: 55287YAF0<br>LEI: 254900T233AM4RM23465 | Long             | ABS-MBS          | CORP              | US        |     991454 | PA      | $988470.02    | 0.18%             | 2071-02-25      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | MX        |          1 | NC      | $307.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                                       | AbbVie Inc                                                                       | CUSIP: 00287YAS8<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     200000 | PA      | $176969.87    | 0.03%             | 2045-05-14      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Elm CLO Ltd                                                                      | ELM Trust 2024-ELM                                                               | CUSIP: 26860XAA9<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |      11000 | PA      | $11007.17     | 0.00%             | 2039-06-10      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W3CQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2877604 | PA      | $2909671.75   | 0.52%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DBGS Mortgage Trust                                                              | DBGS 2024-SBL                                                                    | CUSIP: 23306QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $249843.75    | 0.04%             | 2034-08-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133C4FM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      41585 | PA      | $41069.56     | 0.01%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HJGH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     682829 | PA      | $691323.78    | 0.12%             | 2055-02-25      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.519700 15-APR-2030 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     200000 | OU      | $2024.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QMHX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     742677 | PA      | $635188.85    | 0.11%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Uruguay Government International Bonds                                           | Uruguay Government International Bonds                                           | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     438403 | PA      | $407309.27    | 0.07%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| LEX Trust                                                                        | LEX Trust 2026-450                                                               | CUSIP: 501970AJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     650000 | PA      | $643775.29    | 0.12%             | 2043-03-15      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWJK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     511691 | PA      | $505965.84    | 0.09%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                                                                    | Nordstrom Inc                                                                    | CUSIP: 655664AY6<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |      25000 | PA      | $23012.61     | 0.00%             | 2031-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Elm CLO Ltd                                                                      | ELM Trust 2024-ELM                                                               | CUSIP: 26860XAU5<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |      11000 | PA      | $11007.17     | 0.00%             | 2039-06-10      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                                         | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAH2<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     260000 | PA      | $256541.97    | 0.05%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133BU2R7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     143845 | PA      | $145231.73    | 0.03%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-262.06      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                  | SWAP/CDSWAP/ICE: (COLOM)                                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     170250 | OU      | $7749.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RNP3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     105000 | PA      | $104014.15    | 0.02%             | 2056-10-30      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust                                        | GoodLeap Home Improvement Solutions Trust 2025-2                                 | CUSIP: 38238FAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     140121 | PA      | $141145.33    | 0.03%             | 2049-06-20      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Refi Loan Trust 2020-C                                 | CUSIP: 63941KAC9<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |      84237 | PA      | $85023.62     | 0.02%             | 2068-11-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| ITELYUM REGENERATION SPA                                                         | Itelyum Regeneration Spa                                                         | CUSIP: 000000000<br>LEI: 815600051FBC23AA8A45 | Long             | DBT              | CORP              | IT        |     100000 | PA      | $118265.90    | 0.02%             | 2030-04-15      | Fixed         | 5.75%                 | 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              | XX        |     100000 | PA      | $98554.92     | 0.02%             | 2027-05-28      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                                            | Caesars Entertainment Inc                                                        | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101520.36    | 0.02%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| harvest commercial capital loan trust                                            | Harvest Commercial Capital Loan Trust 2024-1                                     | CUSIP: 417927AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     398910 | PA      | $405778.80    | 0.07%             | 2056-10-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                                                         | Viper Energy Partners LLC                                                        | CUSIP: 92764MAB0<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |     696000 | PA      | $706564.16    | 0.13%             | 2035-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer III, LLC                                              | Compass Datacenters Issuer III LLC                                               | CUSIP: 20469BAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     168000 | PA      | $166420.25    | 0.03%             | 2056-02-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                                     | Comcast Corp                                                                     | CUSIP: 20030NDW8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      63000 | PA      | $33152.05     | 0.01%             | 2063-11-01      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| MUANGTHAI CAPITAL PCL                                                            | Muangthai Capital PCL                                                            | CUSIP: 000000000<br>LEI: 254900ZI1FO2W9132C98 | Long             | DBT              | CORP              | TH        |     200000 | PA      | $201008.00    | 0.04%             | 2028-09-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | USD P ZAR C @16.30000 EO                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |    -954000 | OU      | $-1910.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KV8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     172000 | PA      | $166988.94    | 0.03%             | 2055-03-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 3.890000 17-DEC-2030 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    5893596 | OU      | $-5428.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| A10 Securitization                                                               | A10 2025-FL6 Issuer LLC                                                          | CUSIP: 00028AAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     100000 | PA      | $99928.73     | 0.02%             | 2042-05-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CCY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     174300 | PA      | $163719.45    | 0.03%             | 2028-09-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                                                          | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc                      | CUSIP: 03522AAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     118000 | PA      | $106742.07    | 0.02%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2005-29CB                                                 | CUSIP: 12667GUS0<br>LEI: 5493004SLAYUFMHIS127 | Long             | ABS-MBS          | CORP              | US        |       7996 | PA      | $4411.79      | 0.00%             | 2035-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W4LX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     132893 | PA      | $131678.20    | 0.02%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                                                                  | DTE Electric Co                                                                  | CUSIP: 23338VBA3<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |      35000 | PA      | $33546.13     | 0.01%             | 2056-03-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ASTRAZENECA FINANCE LLC                                                          | Astrazeneca Finance LLC                                                          | CUSIP: 04636NAG8<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |     213000 | PA      | $217139.26    | 0.04%             | 2030-03-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Century Communities Inc                                                          | Century Communities Inc                                                          | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |        381 | NS      | $21343.62     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR Financial CLO Ltd                                                            | KKR CLO 58 Ltd                                                                   | CUSIP: 48257HAE1<br>LEI: 2549008R44IN2IU2DG62 | Long             | ABS-CBDO         | CORP              | KY        |     735000 | PA      | $738570.48    | 0.13%             | 2038-10-15      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Inc                                                       | Morgan Stanley ABS Capital I Inc Trust 2007-HE1                                  | CUSIP: 617526AF5<br>LEI: 5493002PQ8PF80BA0L77 | Long             | ABS-O            | CORP              | US        |     676105 | PA      | $395292.07    | 0.07%             | 2036-11-25      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140MWPT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      75399 | PA      | $74648.91     | 0.01%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX 2024-PALM                                                                     | CUSIP: 05612UAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     173077 | PA      | $173081.16    | 0.03%             | 2037-06-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                                           | Mitsubishi UFJ Financial Group Inc                                               | CUSIP: 606822CR3<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |     200000 | PA      | $205535.73    | 0.04%             | 2033-09-13      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certificates                                            | CWABS Asset-Backed Certificates Trust 2006-11                                    | CUSIP: 12666TAD8<br>LEI: 549300H6I2066O1LC673 | Long             | ABS-O            | CORP              | US        |      42401 | PA      | $41392.79     | 0.01%             | 2035-12-25      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      28000 | PA      | $28020.51     | 0.01%             | 2026-05-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DK Trust 2025-LXP                                                                | DK Trust 2025-LXP                                                                | CUSIP: 23292LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     544000 | PA      | $544506.63    | 0.10%             | 2037-08-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $777.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H030658<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2749000 | PA      | $2447843.67   | 0.44%             | 2056-05-20      | Fixed         | 3.00%                 | 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        |      16000 | PA      | $15893.83     | 0.00%             | 2029-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP                                                            | Norfolk Southern Corp                                                            | CUSIP: 655844CT3<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     100000 | PA      | $103976.21    | 0.02%             | 2034-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| VALARIS LTD                                                                      | Valaris Ltd                                                                      | CUSIP: 91889FAC5<br>LEI: 5299008BQ9IREYWBTS30 | Long             | DBT              | CORP              | BM        |     100000 | PA      | $104276.90    | 0.02%             | 2030-04-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | MX        |          1 | NC      | $-2162.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                                             | Diameter Capital Clo 3 Ltd                                                       | CUSIP: 25255JAL1<br>LEI: 254900L1QJX98W5ORK78 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250549.70    | 0.04%             | 2038-01-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWCP6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      11477 | PA      | $9680.50      | 0.00%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140X8ZF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     303751 | PA      | $271787.04    | 0.05%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | TRSWAP: HYG US EQUITY                                                            | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |    1736086 | OU      | $-4277.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     368700 | PA      | $292151.54    | 0.05%             | 2053-02-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust                                                              | Affirm Master Trust                                                              | CUSIP: 00833KAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     150000 | PA      | $150052.07    | 0.03%             | 2035-04-16      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.120000 17-JUN-2031 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     609000 | OU      | $3362.39      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | BYJ35QWV3 BR AIS                                                                 | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |   -5164000 | OU      | $-162499.82   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAN9<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     586000 | PA      | $566519.88    | 0.10%             | 2029-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2026-NQM3                                                                   | CUSIP: 26846JAF8<br>LEI: 254900UDLJF220C8I638 | Long             | ABS-MBS          | CORP              | US        |     995262 | PA      | $992349.43    | 0.18%             | 2071-03-25      | Variable      | 5.03%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                                          | NYMT Loan Trust 2026-INV1                                                        | CUSIP: 62957GAM9<br>LEI: 254900Y31NJCJWYHMA05 | Long             | ABS-MBS          | CORP              | US        |     200000 | PA      | $196370.30    | 0.04%             | 2061-02-25      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWJM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     241299 | PA      | $246643.51    | 0.04%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA                                                                 | Beazer Homes USA Inc                                                             | CUSIP: 07556QBT1<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |      18000 | PA      | $18233.64     | 0.00%             | 2029-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| PHILIPPINE GOVERNMENT                                                            | Philippine Government Bond                                                       | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |   13790000 | PA      | $215614.68    | 0.04%             | 2035-04-28      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                   | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1                         | CUSIP: 617932AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      75984 | PA      | $76689.32     | 0.01%             | 2069-11-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                                                 | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAA8<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $172183.72    | 0.03%             | 2031-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | Energy Transfer LP                                                               | CUSIP: 29273RAJ8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     518000 | PA      | $598259.97    | 0.11%             | 2038-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                              | Elevance Health Inc                                                              | CUSIP: 036752BA0<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |      33000 | PA      | $31239.33     | 0.01%             | 2054-06-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: KRW 3.670000 17-JUN-2031 KRW                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  184240000 | OU      | $-891.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQPS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      75483 | PA      | $74753.05     | 0.01%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PGA National Resort Commercial Mortgage Trust                                    | PGA Trust 2024-RSR2                                                              | CUSIP: 69381CAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     107000 | PA      | $106966.56    | 0.02%             | 2039-06-15      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133C5ZE4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      30521 | PA      | $30129.97     | 0.01%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CNY 1.583000 17-DEC-2030 CNR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     505000 | OU      | $151.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179TAK1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       5521 | PA      | $5113.61      | 0.00%             | 2047-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-CNYN                                                               | CUSIP: 05612HAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      71296 | PA      | $70961.24     | 0.01%             | 2041-04-15      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                                                             | WEC Energy Group Inc                                                             | CUSIP: 92939UAU0<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99385.08     | 0.02%             | 2056-05-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP                                                               | Essex Portfolio LP                                                               | CUSIP: 29717PAR8<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              |  | US        |     100000 | PA      | $99265.22     | 0.02%             | 2027-05-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWDR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     466812 | PA      | $393082.16    | 0.07%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HJSS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      66604 | PA      | $67558.81     | 0.01%             | 2055-02-25      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                                                  | Cigna Group/The                                                                  | CUSIP: 125523CY4<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     134000 | PA      | $134217.52    | 0.02%             | 2032-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                                                           | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              |  | US        |      15000 | PA      | $14591.14     | 0.00%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 3.615000 18-MAR-2031 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     714000 | OU      | $1160.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                             | Cross 2025-H10 Mortgage Trust                                                    | CUSIP: 22758YAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     234640 | PA      | $233644.90    | 0.04%             | 2071-01-25      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F050668<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -51790000 | PA      | $-50969270.40 | -9.15%            | 2056-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 000000000<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     200000 | PA      | $237400.20    | 0.04%             | 2032-07-22      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                   | Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1                         | CUSIP: 617950AB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     757000 | PA      | $753534.00    | 0.14%             | 2071-01-25      | Variable      | 4.93%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2025-NQM1                                                                   | CUSIP: 26846CAN6<br>LEI: 254900TJEVLCYF1H3X71 | Long             | ABS-MBS          | CORP              | US        |     350000 | PA      | $352555.84    | 0.06%             | 2070-01-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                                                  | AREIT 2025-CRE10 Ltd                                                             | CUSIP: 00193DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     323000 | PA      | $322575.32    | 0.06%             | 2029-12-17      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141EC31<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     100000 | PA      | $88999.20     | 0.02%             | 2044-07-08      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE                                                         | Caterpillar Financial Services Corp                                              | CUSIP: 14913UAY6<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |     200000 | PA      | $200869.06    | 0.04%             | 2028-03-03      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      33000 | PA      | $20744.82     | 0.00%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-GPA3                                           | CUSIP: 123910AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     221123 | PA      | $221468.80    | 0.04%             | 2039-12-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | BR        |          1 | NC      | $175.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED NGN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NG        |          1 | NC      | $1298.22      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OLIN CORP                                                                        | Olin Corp                                                                        | CUSIP: 680665AK2<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |      27000 | PA      | $26168.24     | 0.00%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XEN2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     100000 | PA      | $102894.67    | 0.02%             | 2029-01-07      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                            | Wells Fargo Commercial Mortgage Trust 2024-BPRC                                  | CUSIP: 95004AAG8<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |      12000 | PA      | $11981.37     | 0.00%             | 2043-07-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                                                            | Texas Instruments Inc                                                            | CUSIP: 882508CK8<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |      30000 | PA      | $30163.50     | 0.01%             | 2030-05-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                                          | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |      54000 | PA      | $55266.46     | 0.01%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ION PLATFORM FINANCE SAR                                                         | ION Platform Finance SARL                                                        | CUSIP: 000000000<br>LEI: 6488IU1F9M51Z3P60R77 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $97911.90     | 0.02%             | 2030-09-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-5112.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XNSA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     202009 | PA      | $200091.93    | 0.04%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | ITRAXX.XO.45.V1 5YR RTR @ 275.0000                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              |  | KY        |     -61000 | OU      | $-96.16       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OHA Loan Funding Ltd                                                             | OHA Loan Funding 2016-1 Ltd                                                      | CUSIP: 67110UAW9<br>LEI: 54930016024GMIAF7A82 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250394.58    | 0.04%             | 2037-07-20      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                                               | Union Pacific Corp                                                               | CUSIP: 907818FV5<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     127000 | PA      | $83911.85     | 0.02%             | 2061-05-20      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                              | Synchrony Financial                                                              | CUSIP: 87165BAR4<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |      87000 | PA      | $76448.94     | 0.01%             | 2031-10-28      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HUF 5.490000 18-JUN-2036 BUB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   12259260 | OU      | $4.34         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                                   | Amazon.com Inc                                                                   | CUSIP: 023135DF0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |      90000 | PA      | $88679.90     | 0.02%             | 2036-03-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                                                   | AUD P USD C @0.680000 EO                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |    -200000 | OU      | $-426.79      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae REMICS                                                                | CUSIP: 3136BVN46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     198251 | PA      | $201563.12    | 0.04%             | 2055-05-25      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD PEN                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-353.04      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. Bank National Association                                                   | US Bank NA                                                                       | CUSIP: 90355PAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     238593 | PA      | $236230.89    | 0.04%             | 2046-12-25      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                                                      | Chemours Co/The                                                                  | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |      18000 | PA      | $17960.05     | 0.00%             | 2028-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                                         | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     161000 | PA      | $147354.90    | 0.03%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                                     | NiSource Inc                                                                     | CUSIP: 65473PAY1<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     149000 | PA      | $149027.12    | 0.03%             | 2056-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                                                                  | Cameron LNG LLC                                                                  | CUSIP: 133434AB6<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |     100000 | PA      | $87375.79     | 0.02%             | 2035-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| BAKER HUGHES LLC/CO-OBL                                                          | Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     120000 | PA      | $140373.67    | 0.03%             | 2034-03-11      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       4000 | PA      | $4035.78      | 0.00%             | 2027-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                                               | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      71000 | PA      | $374.19       | 0.00%             | 2039-06-12      | Fixed         | 0.92%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON & CO                                                            | Becton Dickinson & Co                                                            | CUSIP: 075887CJ6<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |      59000 | PA      | $55193.25     | 0.01%             | 2030-05-20      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                                             | Colombian TES                                                                    | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  497100000 | PA      | $122661.49    | 0.02%             | 2035-01-24      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                                                | Rakuten Group Inc                                                                | CUSIP: 000000000<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |     400000 | PA      | $458326.82    | 0.08%             | 2027-04-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GXG4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     100000 | PA      | $93181.40     | 0.02%             | 2030-02-07      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWHE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     620402 | PA      | $614227.58    | 0.11%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QC3S3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     114657 | PA      | $105699.32    | 0.02%             | 2050-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | BR        |          1 | NC      | $5660.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Master Trust                                                              | Affirm Master Trust                                                              | CUSIP: 00833BAU2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     202000 | PA      | $201011.39    | 0.04%             | 2034-02-15      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XEB7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     273000 | PA      | $251597.45    | 0.05%             | 2056-02-04      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED HUF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | HU        |          1 | NC      | $400.06       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMC GLOBAL MEDIA INC                                                             | AMC Global Media Inc                                                             | CUSIP: 00164VAJ2<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |      16000 | PA      | $15980.00     | 0.00%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CFK Trust                                                                        | CFK Trust 2020-MF2                                                               | CUSIP: 12529AAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $92973.93     | 0.02%             | 2039-03-15      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                                         | Duke Energy Progress LLC                                                         | CUSIP: 26442UAP9<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |       9000 | PA      | $6797.43      | 0.00%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                                                            | Scotts Miracle-Gro Co/The                                                        | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |      25000 | PA      | $23327.13     | 0.00%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAV1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     278000 | PA      | $280951.60    | 0.05%             | 2028-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61748UAE2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      77000 | PA      | $78276.48     | 0.01%             | 2031-01-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                                                         | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       7000 | PA      | $6868.28      | 0.00%             | 2033-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                                       | BFLD Commercial Mortgage Trust 2025-5MW                                          | CUSIP: 088921AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99290.47     | 0.02%             | 2042-10-10      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XL5C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     294950 | PA      | $299228.65    | 0.05%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $53.27        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                                                      | Prologis LP                                                                      | CUSIP: 74340XCH2<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |     103000 | PA      | $104011.03    | 0.02%             | 2034-01-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | SWP: OIS 4.087000 12-DEC-2055 SOF                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   14300000 | OU      | $-290569.03   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W1AL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     507747 | PA      | $502997.53    | 0.09%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XBA6<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     262000 | PA      | $251388.59    | 0.05%             | 2054-04-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XPQK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     537615 | PA      | $473074.83    | 0.08%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                               | Meta Platforms Inc                                                               | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     135000 | PA      | $131571.61    | 0.02%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427QV82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     151289 | PA      | $155190.00    | 0.03%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                             | Glencore Funding LLC                                                             | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      21000 | PA      | $19136.80     | 0.00%             | 2031-04-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                                                        | PG&E Corp                                                                        | CUSIP: 69331CAN8<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     357000 | PA      | $356928.49    | 0.06%             | 2056-09-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | SWAP/CDSWAP/SCDS: (ARGENT)                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | US        |       3000 | OU      | $-43.34       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Avenue of Americas                                                               | 1301 Trust 2025-AOA                                                              | CUSIP: 682461AN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     371000 | PA      | $385243.89    | 0.07%             | 2042-08-11      | Variable      | 8.37%                 | No            |                  2 | On Loan: No      |
| Great Lakes CLO Ltd                                                              | Great Lakes CLO IX Ltd                                                           | CUSIP: 390922AC6<br>LEI: 254900GD0BIHJ4BVAE98 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $249968.88    | 0.04%             | 2039-01-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                                          | NYMT Loan Trust 2024-INV1                                                        | CUSIP: 62956XAA9<br>LEI: 2549009GL7U73W4FX613 | Long             | ABS-MBS          | CORP              | US        |      78050 | PA      | $78278.74     | 0.01%             | 2069-06-25      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DWQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      52328 | PA      | $40108.21     | 0.01%             | 2051-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | USD P CLP C @890.00 EO                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |     -57000 | OU      | $-490.37      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U4B6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     143000 | PA      | $139306.33    | 0.03%             | 2036-09-15      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                                   | Amazon.com Inc                                                                   | CUSIP: 023135DG8<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |      55000 | PA      | $54240.94     | 0.01%             | 2046-03-13      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2021-5 Mortgage Loan Trust                                                  | CUSIP: 12598RAA1<br>LEI: 2138001HZNOLT1K3WY73 | Long             | ABS-MBS          | CORP              | US        |      77052 | PA      | $69795.59     | 0.01%             | 2066-11-26      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| HONEYWELL AEROSPACE INC                                                          | Honeywell Aerospace Inc                                                          | CUSIP: 43849RAG0<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |     150000 | PA      | $148297.44    | 0.03%             | 2036-03-16      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC                                                             | Waste Management Inc                                                             | CUSIP: 94106LCB3<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |      30000 | PA      | $30214.50     | 0.01%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA BUYER/ATLANTI                                                         | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     200000 | PA      | $234425.86    | 0.04%             | 2032-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ACX1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     163000 | PA      | $155310.74    | 0.03%             | 2062-09-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Refi Loan Trust 2019-C                                 | CUSIP: 63940YAB2<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |      28433 | PA      | $28216.86     | 0.01%             | 2068-02-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                                               | Vodafone Group PLC                                                               | CUSIP: 92857WBM1<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     127000 | PA      | $114949.93    | 0.02%             | 2048-05-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HMZ94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      84953 | PA      | $86113.64     | 0.02%             | 2055-09-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CBS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     257200 | PA      | $244761.97    | 0.04%             | 2028-03-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Soundview Home Equity Loan Trust                                                 | Soundview Home Loan Trust 2007-NS1                                               | CUSIP: 83612QAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     148687 | PA      | $155451.14    | 0.03%             | 2037-01-25      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust                                       | Bear Stearns Asset Backed Securities I Trust 2006-IM1                            | CUSIP: 07387UFW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     117086 | PA      | $118182.98    | 0.02%             | 2036-04-25      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | 3 MONTH SOFR FUT DEC26                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        115 | NC      | $-148851.65   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| AREIT CRE Trust                                                                  | AREIT 2025-CRE11                                                                 | CUSIP: 04002DAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     334000 | PA      | $334465.96    | 0.06%             | 2043-07-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2006-OC7                                                  | CUSIP: 23243VAD2<br>LEI: 5493004SLAYUFMHIS127 | Long             | ABS-MBS          | CORP              | US        |     171546 | PA      | $159604.13    | 0.03%             | 2046-07-25      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427RNJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     157251 | PA      | $151348.72    | 0.03%             | 2056-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QSUC3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      71025 | PA      | $72885.49     | 0.01%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bonds                                         | Sri Lanka Government International Bonds                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      10000 | PA      | $7700.00      | 0.00%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | FSWP: OIS 9.420000 17-DEC-2029 IBR                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |   62436006 | OU      | $1309.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                                                                 | DP World Ltd/United Arab Emirates                                                | CUSIP: 000000000<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |     180000 | PA      | $193837.50    | 0.03%             | 2037-07-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      88000 | PA      | $90398.27     | 0.02%             | 2036-04-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| BOS Trust 2026-LYRK                                                              | BOS Trust 2026-LYRK                                                              | CUSIP: 05595BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      90000 | PA      | $89647.57     | 0.02%             | 2041-05-11      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 7.675000 07-APR-2031 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2310000 | OU      | $-950.73      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308JH1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     218000 | PA      | $163084.86    | 0.03%             | 2040-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                                                           | GE HealthCare Technologies Inc                                                   | CUSIP: 36267VAH6<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |     165000 | PA      | $171823.52    | 0.03%             | 2030-03-15      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| TOTALENERGI CAP USA LLC                                                          | TotalEnergies Capital USA LLC                                                    | CUSIP: 89158TAB5<br>LEI: 9845000979865101C194 | Long             | DBT              | CORP              | US        |     193000 | PA      | $190855.66    | 0.03%             | 2033-01-13      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2025-JDI                                            | CUSIP: 05594LAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      88920 | PA      | $89031.43     | 0.02%             | 2042-11-15      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                                                            | Bonos de la Tesoreria de la Republica en pesos                                   | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |  125000000 | PA      | $139123.73    | 0.02%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                                                            | Republic Services Inc                                                            | CUSIP: 760759BJ8<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |     144000 | PA      | $146999.66    | 0.03%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H062651<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     584000 | PA      | $609995.18    | 0.11%             | 2054-05-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 1Y RTR 4.150000 24-APR-2028                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | KY        |    8111000 | OU      | $56194.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179TUA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      12483 | PA      | $11538.04     | 0.00%             | 2048-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC                                                         | Jersey Mike's Funding                                                            | CUSIP: 476681AE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     159200 | PA      | $161255.62    | 0.03%             | 2055-08-16      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                                        | CIM Trust 2023-I1                                                                | CUSIP: 12570DAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99615.89     | 0.02%             | 2058-04-25      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORP                                                            | Blue Owl Capital Corp                                                            | CUSIP: 69121KAJ3<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99315.37     | 0.02%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: —       |
| Chicago Mercantile Exchange                                                      | SWP: OIS 13.085000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1836927 | OU      | $-7264.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132D6JC5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     145140 | PA      | $139437.25    | 0.03%             | 2040-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| iShares iBoxx USD Investment Grade Corporate Bond ETF                            | iShares iBoxx USD Investment Grade Corporate Bond ETF                            | CUSIP: 464287242<br>LEI: 549300FYCXFXG8POR355 | Long             | EC               | RF                | US        |      66000 | NS      | $7184100.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: —       |
| BMP Trust                                                                        | BMP 2024-MF23                                                                    | CUSIP: 05593JAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     285000 | PA      | $285356.25    | 0.05%             | 2041-06-15      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2023-2 Mortgage Loan Trust                                                  | CUSIP: 12598UAE6<br>LEI: 213800IHRVKO9R6JZ883 | Long             | ABS-MBS          | CORP              | US        |     262000 | PA      | $262285.87    | 0.05%             | 2068-07-25      | Variable      | 7.94%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $-340.85      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-54.92       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W34Y2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1460241 | PA      | $1447957.63   | 0.26%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-162.35      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2025-SPOT                                           | CUSIP: 12433FAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     262926 | PA      | $263089.75    | 0.05%             | 2040-04-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                              | Global Payments Inc                                                              | CUSIP: 37940XAY8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      33000 | PA      | $31827.20     | 0.01%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EB90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     835804 | PA      | $704213.24    | 0.13%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                                            | Level 3 Financing Inc                                                            | CUSIP: 527298CQ4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      30000 | PA      | $32130.33     | 0.01%             | 2036-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                              | Elevance Health Inc                                                              | CUSIP: 94973VBB2<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     209000 | PA      | $183003.52    | 0.03%             | 2043-01-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140J6GJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       8953 | PA      | $8309.68      | 0.00%             | 2047-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                                          | AEP Transmission Co LLC                                                          | CUSIP: 00115AAH2<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |      24000 | PA      | $17821.80     | 0.00%             | 2047-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications LLC, Fidium Fiber Finance Holdco LLC                 | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC                  | CUSIP: 315961AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     200000 | PA      | $200348.84    | 0.04%             | 2055-12-20      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                                          | Saluda Grade Alternative Mortgage Trust 2024-RTL5                                | CUSIP: 795935AA3<br>LEI: 213800ETGZN4SIG56R83 | Long             | ABS-MBS          | CORP              | US        |      86007 | PA      | $85992.50     | 0.02%             | 2030-04-25      | Variable      | 7.76%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                                   | Amazon.com Inc                                                                   | CUSIP: 000000000<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     100000 | PA      | $116413.55    | 0.02%             | 2064-03-16      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| VB-S1 Issuer LLC                                                                 | VB-S1 Issuer LLC                                                                 | CUSIP: 91825HAC8<br>LEI: 549300DKEDU9WZPGTC09 | Long             | ABS-O            | CORP              | US        |      79000 | PA      | $78193.15     | 0.01%             | 2056-03-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                                   | Upgrade Master Pass-Thru Trust Series 2025-ST8                                   | CUSIP: 91535UAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $99360.57     | 0.02%             | 2033-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bank                                                                             | BANK 2021-BNK35                                                                  | CUSIP: 06540CBX4<br>LEI: 549300664283JRAXM588 | Long             | ABS-MBS          | CORP              | US        |      13000 | PA      | $10938.38     | 0.00%             | 2064-06-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CEM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     514000 | PA      | $498901.25    | 0.09%             | 2029-04-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING CO                                                          | Five Point Operating Co LP                                                       | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       3000 | PA      | $3076.24      | 0.00%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED USD / SOLD INR                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $279.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QRER0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      99652 | PA      | $102644.53    | 0.02%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                                          | Kinder Morgan Energy Partners LP                                                 | CUSIP: 494550AV8<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     111000 | PA      | $120596.63    | 0.02%             | 2037-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds                                | Argentina Republic Government International Bonds                                | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |        630 | PA      | $562.59       | 0.00%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427Q3T7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2711077 | PA      | $2772662.23   | 0.50%             | 2054-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD CLP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $76.04        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae REMICS                                                                | CUSIP: 3136BU2R0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      70459 | PA      | $71336.75     | 0.01%             | 2055-03-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED PEN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | PE        |          1 | NC      | $450.95       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-1523.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $-4903.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Walt Disney Co/The                                                               | Walt Disney Co/The                                                               | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |        148 | NS      | $15355.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SG Capital Partners                                                              | SG Residential Mortgage Trust 2025-1                                             | CUSIP: 81880NAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1552193 | PA      | $1548300.45   | 0.28%             | 2065-12-25      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142K3P93<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     149335 | PA      | $150763.18    | 0.03%             | 2056-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                                               | Realty Income Corp                                                               | CUSIP: 756109CX0<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |     109000 | PA      | $106579.43    | 0.02%             | 2033-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                                             | Samarco Mineracao SA                                                             | CUSIP: 000000000<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     183823 | PA      | $184006.82    | 0.03%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HMKA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     154901 | PA      | $156815.37    | 0.03%             | 2055-08-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QQWT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      21136 | PA      | $21988.08     | 0.00%             | 2052-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                             | Targa Resources Corp                                                             | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |      92000 | PA      | $87396.69     | 0.02%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Braccan Mortgage Funding                                                         | Braccan Mortgage Funding 2026-1 PLC                                              | CUSIP: 000000000<br>LEI: 2138006RXLKWX319BI66 | Long             | ABS-MBS          | CORP              | GB        |     100000 | PA      | $136297.45    | 0.02%             | 2068-04-17      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                                               | Expand Energy Corp                                                               | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     475000 | PA      | $465721.45    | 0.08%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                                                         | First Citizens BancShares Inc/NC                                                 | CUSIP: 31959XAF0<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |      49000 | PA      | $48102.57     | 0.01%             | 2040-03-12      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBK9<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      58000 | PA      | $54182.53     | 0.01%             | 2053-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                                            | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $105274.10    | 0.02%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD PHP                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $337.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                                      | BBCMS Mortgage Trust 2025-C39                                                    | CUSIP: 05556YAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10000 | PA      | $10174.65     | 0.00%             | 2058-12-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     969000 | PA      | $947954.53    | 0.17%             | 2031-09-30      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                                           | RR 43 Ltd                                                                        | CUSIP: 78110AAG5<br>LEI: 549300V317BEVFPNAZ66 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $499810.60    | 0.09%             | 2039-10-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     155000 | PA      | $159135.98    | 0.03%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                                           | Mitsubishi UFJ Financial Group Inc                                               | CUSIP: 606822CL6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |     200000 | PA      | $201280.67    | 0.04%             | 2028-07-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD/RWLV CAP                                                           | Resorts World Las Vegas LLC / RWLV Capital Inc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     300000 | PA      | $267750.00    | 0.05%             | 2029-04-16      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F042665<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -12778000 | PA      | $-12280968.26 | -2.21%            | 2056-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                                           | GreenSky Home Improvement Issuer Trust 2025-3                                    | CUSIP: 39571WAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      82586 | PA      | $82350.24     | 0.01%             | 2060-12-27      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                                      | Gartner Inc                                                                      | CUSIP: 366651AC1<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     818000 | PA      | $803483.07    | 0.14%             | 2028-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                                              | SG Residential Mortgage Trust 2026-1                                             | CUSIP: 818916AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     590133 | PA      | $585493.29    | 0.11%             | 2066-01-25      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD PEN                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $898.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452151LF8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     410098 | PA      | $416539.11    | 0.07%             | 2033-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | BR        |          1 | NC      | $121.69       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                                          | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97632.76     | 0.02%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XBS4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     436424 | PA      | $397919.70    | 0.07%             | 2052-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley ReRemic Trust                                                     | Morgan Stanley Resecuritization Trust 2015-R3                                    | CUSIP: 61690TAV5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $77053.17     | 0.01%             | 2047-04-26      | Floating      | 3.68%                 | No            |                  2 | On Loan: No      |
| THERMO FISHER SCIENTIFIC                                                         | Thermo Fisher Scientific Inc                                                     | CUSIP: 883556DH2<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |      92000 | PA      | $90740.83     | 0.02%             | 2033-06-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                                   | NRG Energy Inc                                                                   | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99954.42     | 0.02%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Quest Trust                                                                      | Quest Trust                                                                      | CUSIP: 03072SSY2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     240916 | PA      | $220992.71    | 0.04%             | 2034-06-25      | Floating      | 6.99%                 | No            |                  2 | On Loan: No      |
| SIERRA PACIFIC POWER CO                                                          | Sierra Pacific Power Co                                                          | CUSIP: 826418BR5<br>LEI: QB888G5GSVGE1LD1WV84 | Long             | DBT              | CORP              | US        |     232000 | PA      | $228160.26    | 0.04%             | 2055-12-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                            | Mexico Government International Bonds                                            | CUSIP: 91087BAG5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     800000 | PA      | $595300.00    | 0.11%             | 2050-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2026-1                                    | CUSIP: 92262WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     262572 | PA      | $259026.73    | 0.05%             | 2056-02-25      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                                           | Rockford Tower CLO 2021-1 Ltd                                                    | CUSIP: 77341KAE1<br>LEI: 5493000QG193Z8ZVLY16 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250286.95    | 0.04%             | 2034-07-20      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | USD P BRL C @5.350000 EO                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |    -402000 | OU      | $-28154.87    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                                                     | SM Energy Co                                                                     | CUSIP: 17888HAC7<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |       4000 | PA      | $4231.10      | 0.00%             | 2030-11-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |          1 | NC      | $787.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                               | Ukraine Government International Bond                                            | CUSIP: 903724CF7<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       2000 | PA      | $1018.00      | 0.00%             | 2035-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                                 | Vista Point Securitization Trust 2026-CES1                                       | CUSIP: 92790EAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     151800 | PA      | $149862.17    | 0.03%             | 2056-02-25      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                                                   | Golub Capital Partners Clo 44M Ltd                                               | CUSIP: 38180NAA9<br>LEI: 254900KERZS5XFEN4I27 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $499982.10    | 0.09%             | 2038-10-21      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                                                             | Keurig Dr Pepper Inc                                                             | CUSIP: 49271VAJ9<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     118000 | PA      | $111030.74    | 0.02%             | 2030-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $540.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-7358.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                                         | Burlington Northern Santa Fe LLC                                                 | CUSIP: 12189LAN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     110000 | PA      | $96114.80     | 0.02%             | 2043-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | BR        |          1 | NC      | $6444.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ATOS SE                                                                          | Atos SE                                                                          | CUSIP: 000000000<br>LEI: 5493001EZOOA66PTBR68 | Long             | SN               | CORP              | FR        |     187094 | PA      | $250579.89    | 0.05%             | 2029-12-18      | Variable      | 9.36%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                                    | Ballyrock Clo 32 Ltd                                                             | CUSIP: 058944AA7<br>LEI: 254900RL3S1UBVHQYH63 | Long             | ABS-CBDO         | CORP              | KY        |     340000 | PA      | $340339.76    | 0.06%             | 2039-01-25      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308HD2<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |       8000 | PA      | $6590.27      | 0.00%             | 2043-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                                            | Silver Point Clo 5 Ltd                                                           | CUSIP: 82809BAA4<br>LEI: 254900IB4JHW6SUR0Q75 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250531.70    | 0.04%             | 2037-10-20      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     236000 | PA      | $215764.84    | 0.04%             | 2030-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-BRBK                                           | CUSIP: 05613NAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      86000 | PA      | $86106.98     | 0.02%             | 2041-10-15      | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                                            | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101385.50    | 0.02%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                                            | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AF3<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     100000 | PA      | $104643.30    | 0.02%             | 2034-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EQUITABLE HOLDINGS INC                                                           | Equitable Holdings Inc                                                           | CUSIP: 29452EAD3<br>LEI: 549300FIBAKMNHPZ4009 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51280.10     | 0.01%             | 2055-03-28      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2026-VLT9                                           | CUSIP: 05618UAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     201000 | PA      | $200623.13    | 0.04%             | 2045-03-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | SWAPTION 4.12125 PUT USD 20280                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |    2797858 | OU      | $96527.19     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SHR Trust                                                                        | SHR Trust 2024-LXRY                                                              | CUSIP: 784234AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100349.76    | 0.02%             | 2041-10-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust                                        | GoodLeap Home Improvement Solutions Trust 2025-3                                 | CUSIP: 38237FAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     440837 | PA      | $437834.32    | 0.08%             | 2049-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                                                          | Pfizer Investment Enterprises Pte Ltd                                            | CUSIP: 716973AG7<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |      85000 | PA      | $78743.57     | 0.01%             | 2053-05-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| HONEYWELL AEROSPACE INC                                                          | Honeywell Aerospace Inc                                                          | CUSIP: 43849RAJ4<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19670.90     | 0.00%             | 2056-03-16      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2025-VLT6                                                               | CUSIP: 12433KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     281000 | PA      | $279770.63    | 0.05%             | 2042-03-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                              | New Residential Mortgage Loan Trust 2025-NQM7                                    | CUSIP: 64831YAE6<br>LEI: 2138008C4H1F2CU67V53 | Long             | ABS-MBS          | CORP              | US        |     930981 | PA      | $927268.42    | 0.17%             | 2065-10-26      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WR26<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     172307 | PA      | $147749.60    | 0.03%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                                                             | Reworld Holding Corp                                                             | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |      28000 | PA      | $26761.14     | 0.00%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WLP1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     694475 | PA      | $595157.20    | 0.11%             | 2051-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 7.520000 04-DEC-2030 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1209567 | OU      | $-814.54      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED PEN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | PE        |          1 | NC      | $162.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                     | GS Mortgage Securities Corp Trust 2023-FUN                                       | CUSIP: 36267CAA3<br>LEI: 5493001UQE7OCP3UT106 | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99968.75     | 0.02%             | 2028-03-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                                                 | Trinitas CLO XVIII Ltd                                                           | CUSIP: 89640LAL6<br>LEI: 2549005HDP7QU1IK5W96 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $500206.45    | 0.09%             | 2035-01-20      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds                                           | Ukraine Government International Bonds                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       8700 | PA      | $5133.00      | 0.00%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO I Ltd                                                               | Whitebox Clo I Ltd                                                               | CUSIP: 96467FBJ8<br>LEI: 549300E4AC0513DYO913 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $249724.88    | 0.04%             | 2037-01-24      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| PENN Commercial Mortgage Trust                                                   | PENN Commercial Mortgage Trust 2025-P11                                          | CUSIP: 69382VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     258000 | PA      | $262042.86    | 0.05%             | 2042-08-10      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | AUD/USD One-touch barrier option; Barrier price AUD 0.68000                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |      10000 | OU      | $643.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Navient Education Loan Trust                                                     | Navient Education Loan Trust 2026-A                                              | CUSIP: 63943MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $99615.72     | 0.02%             | 2056-09-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CFJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     799900 | PA      | $779590.04    | 0.14%             | 2029-08-31      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust                                      | MF1 2026-FL21 LLC                                                                | CUSIP: 55287NAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     251000 | PA      | $250590.67    | 0.05%             | 2041-02-18      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                                    | AppLovin Corp                                                                    | CUSIP: 03831WAB4<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     323000 | PA      | $325578.49    | 0.06%             | 2029-12-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                                             | BlueMountain CLO 2016-3 Ltd                                                      | CUSIP: 09628VAW4<br>LEI: 549300EYIDIF4X8MHI21 | Long             | ABS-CBDO         | CORP              | KY        |      27388 | PA      | $27386.46     | 0.00%             | 2030-11-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-3563.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TABCORP FINANCE PTY LTD                                                          | Tabcorp Finance Pty Ltd                                                          | CUSIP: 000000000<br>LEI: 213800DP7KVM374ANX97 | Long             | DBT              | CORP              | AU        |     250000 | PA      | $174645.51    | 0.03%             | 2031-05-28      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FBY6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     211000 | PA      | $215995.46    | 0.04%             | 2031-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                              | Fifth Third Bancorp                                                              | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     291000 | PA      | $301336.73    | 0.05%             | 2029-07-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| CIP Commercial Mortgage Trust 2025-SBAY                                          | CIP Commercial Mortgage Trust 2025-SBAY                                          | CUSIP: 12576AAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     332000 | PA      | $332412.38    | 0.06%             | 2037-10-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NBP96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     513972 | PA      | $508883.79    | 0.09%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 3.741000 18-MAR-2031 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1011619 | OU      | $-1363.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                                                                  | DTE Electric Co                                                                  | CUSIP: 23338VBB1<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |      35000 | PA      | $34221.03     | 0.01%             | 2036-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                                                   | TRSWAP: HYG US EQUITY                                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |     674117 | OU      | $1985.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                                            | China Government Bond                                                            | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     540000 | PA      | $81466.70     | 0.01%             | 2034-08-25      | Fixed         | 2.11%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                       | US Bancorp                                                                       | CUSIP: 91159HJW1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      47000 | PA      | $46456.85     | 0.01%             | 2032-01-26      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CAL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     453600 | PA      | $432089.44    | 0.08%             | 2027-09-30      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132CWV50<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     423036 | PA      | $403955.03    | 0.07%             | 2037-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                                   | Amazon.com Inc                                                                   | CUSIP: 023135DD5<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     130000 | PA      | $128727.67    | 0.02%             | 2031-03-13      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308HR1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     197000 | PA      | $145052.47    | 0.03%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                                         | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AN1<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |      25000 | PA      | $22887.09     | 0.00%             | 2032-02-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| FS Trust                                                                         | FS 2026-ORL                                                                      | CUSIP: 30343YAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $499843.75    | 0.09%             | 2041-02-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                                           | SLM Private Education Loan Trust 2010-C                                          | CUSIP: 78445QAE1<br>LEI: 549300JEA36NHBYED811 | Long             | ABS-O            | CORP              | US        |      49353 | PA      | $51725.92     | 0.01%             | 2041-10-15      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWHZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      25832 | PA      | $25556.66     | 0.00%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD PLN                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $3846.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ecuador Government International Bonds                                           | Ecuador Government International Bonds                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |       9000 | PA      | $8343.00      | 0.00%             | 2035-07-31      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XPDK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     432272 | PA      | $427906.95    | 0.08%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CNY 1.616000 17-DEC-2030 CNR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1025149 | OU      | $533.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179W2U1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     208532 | PA      | $178793.40    | 0.03%             | 2052-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | TRSWAP: HYG US EQUITY                                                            | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |     898189 | OU      | $13553.73     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                         | CUSIP: 38381MXF2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      56463 | PA      | $55824.39     | 0.01%             | 2056-08-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                                                | Park Blue Clo 2025-IX Ltd                                                        | CUSIP: 70019UAA3<br>LEI: 213800GMETRF98C4D824 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250624.93    | 0.05%             | 2038-10-20      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| CELLNEX FINANCE CO SA                                                            | Cellnex Finance Co SA                                                            | CUSIP: 000000000<br>LEI: 549300OUROMFTRFA7T23 | Long             | DBT              | CORP              | ES        |     100000 | PA      | $113480.07    | 0.02%             | 2036-01-19      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SM Energy Co                                                                     | SM Energy Co                                                                     | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |       1916 | NS      | $59453.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                         | Ford Motor Credit Co LLC                                                         | CUSIP: 345397G72<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     202000 | PA      | $204768.92    | 0.04%             | 2028-03-20      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2025-7 Mortgage Loan Trust                                                  | CUSIP: 19689CAA9<br>LEI: 213800DOQUYA3TO33M98 | Long             | ABS-MBS          | CORP              | US        |      88181 | PA      | $88593.13     | 0.02%             | 2070-06-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                                          | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     471800 | PA      | $27233.46     | 0.00%             | 2029-03-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BMP Trust                                                                        | BMP 2024-MF23                                                                    | CUSIP: 05593JAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      11000 | PA      | $10979.86     | 0.00%             | 2041-06-15      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                                                           | Energizer Holdings Inc                                                           | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |      18000 | PA      | $17315.48     | 0.00%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 38145GAT7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     104000 | PA      | $99449.66     | 0.02%             | 2047-01-21      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                                             | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49968.83     | 0.01%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                                    | Boeing Co/The                                                                    | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |        250 | NS      | $18050.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-206.33      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NLT41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      53397 | PA      | $52868.85     | 0.01%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 2Y RTP 3.850000 21-OCT-2026                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | KY        |  -20619000 | OU      | $-76415.66    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                                                                 | Ziggo Bond Co BV                                                                 | CUSIP: 000000000<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $102265.25    | 0.02%             | 2030-02-28      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FCQ2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      18000 | PA      | $16396.28     | 0.00%             | 2031-02-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                         | Foundation Finance Trust 2025-1                                                  | CUSIP: 35040WAB3<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |     141315 | PA      | $141868.91    | 0.03%             | 2050-04-15      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F042657<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7549000 | PA      | $7260671.00   | 1.30%             | 2056-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Saxon Asset Securities Trust                                                     | Saxon Asset Securities Trust 2007-1                                              | CUSIP: 80556BAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     211791 | PA      | $208538.55    | 0.04%             | 2047-01-25      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | MX        |          1 | NC      | $4167.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KYVJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     979161 | PA      | $825800.70    | 0.15%             | 2041-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC Holdings PLC                                                                | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $201617.64    | 0.04%             | 2028-08-11      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                                                              | BWAY Trust 2025-1535                                                             | CUSIP: 12430BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      18000 | PA      | $18186.05     | 0.00%             | 2042-05-05      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                          | Bristol-Myers Squibb Co                                                          | CUSIP: 110122EK0<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     114000 | PA      | $109441.49    | 0.02%             | 2054-02-22      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H060655<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1518000 | PA      | $1547536.86   | 0.28%             | 2056-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H052652<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3125000 | PA      | $3146960.09   | 0.57%             | 2056-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real Estate Notes                                        | Arbor Realty Commercial Real Estate Notes 2025-FL1 LLC                           | CUSIP: 03881KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     175000 | PA      | $174761.72    | 0.03%             | 2043-01-20      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2006-OA2                                                  | CUSIP: 126694S41<br>LEI: 5493004SLAYUFMHIS127 | Long             | ABS-MBS          | CORP              | US        |     186894 | PA      | $169999.08    | 0.03%             | 2046-05-20      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust 2021-909                                           | NYC Commercial Mortgage Trust 2025-300P                                          | CUSIP: 67121TAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      53000 | PA      | $53032.87     | 0.01%             | 2042-07-13      | Variable      | 7.39%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTP 3.872000 08-NOV-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -1770000 | OU      | $-70364.47    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                                                         | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc        | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      18000 | PA      | $16657.50     | 0.00%             | 2031-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                                 | OneMain Financial Issuance Trust 2021-1                                          | CUSIP: 68269MAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     250000 | PA      | $249107.55    | 0.04%             | 2036-06-16      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                                                  | Cigna Group/The                                                                  | CUSIP: 125523DA5<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99980.03     | 0.02%             | 2056-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                         | Virginia Electric and Power Co                                                   | CUSIP: 927804FG4<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |      73000 | PA      | $95353.45     | 0.02%             | 2038-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2Z5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      44000 | PA      | $36456.31     | 0.01%             | 2053-04-25      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $-47137.73    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BOOTS GROUP FINCO LP                                                             | Boots Group Finco LP                                                             | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |     100000 | PA      | $138378.67    | 0.02%             | 2032-08-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                                                              | Egypt Treasury Bills                                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | STIV             | NUSS              | EG        |    4300000 | PA      | $77797.76     | 0.01%             | 2026-06-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GR6V7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     124768 | PA      | $128170.70    | 0.02%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STREAM INNOVATIONS ISSUER TRUST                                                  | Stream Innovations 2025-1 Issuer Trust                                           | CUSIP: 86324XAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      87072 | PA      | $87140.18     | 0.02%             | 2045-09-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ZA        |          1 | NC      | $342.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                                            | Venezuela Government International Bond                                          | CUSIP: 922646AS3<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      15000 | PA      | $7681.50      | 0.00%             | 2027-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ABBOTT LABORATORIES                                                              | Abbott Laboratories                                                              | CUSIP: 002824BV1<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     300000 | PA      | $289802.42    | 0.05%             | 2038-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                                                           | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       6000 | PA      | $6155.71      | 0.00%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     298000 | PA      | $310645.45    | 0.06%             | 2035-04-22      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418CQA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      58463 | PA      | $54024.07     | 0.01%             | 2047-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW IMMO HOLDING SA                                                              | New Immo Holding SA                                                              | CUSIP: 000000000<br>LEI: 5493007LOTJ0I8E94R81 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $116012.83    | 0.02%             | 2030-11-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EV80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     353945 | PA      | $356752.25    | 0.06%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ABBOTT LABORATORIES                                                              | Abbott Laboratories                                                              | CUSIP: 002824BW9<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |      76000 | PA      | $73480.73     | 0.01%             | 2056-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     184600 | PA      | $146115.23    | 0.03%             | 2053-05-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                                             | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   38000000 | PA      | $2343.89      | 0.00%             | 2032-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                                           | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAF4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |      37000 | PA      | $35263.26     | 0.01%             | 2030-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD TRY                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-49.10       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2014-II-R Ltd                                                       | CUSIP: 12548RAK0<br>LEI: 549300O8WGQU5B6HEB94 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250624.33    | 0.05%             | 2037-10-24      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142J6BL6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     126634 | PA      | $131314.14    | 0.02%             | 2055-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.814000 16-MAY-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2649000 | OU      | $6921.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HJAC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      87728 | PA      | $88904.49     | 0.02%             | 2054-10-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                                                      | FIGRE Trust 2026-HE2                                                             | CUSIP: 31684VAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     335384 | PA      | $332696.28    | 0.06%             | 2056-01-25      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                         | Enterprise Products Operating LLC                                                | CUSIP: 29379VBN2<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     126000 | PA      | $125686.26    | 0.02%             | 2077-08-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                                                              | LCM 34 Ltd                                                                       | CUSIP: 50203CAQ6<br>LEI: 54930038DJKYPKSVRB29 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $500379.00    | 0.09%             | 2034-10-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119DC0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     121000 | PA      | $119700.45    | 0.02%             | 2055-03-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                                           | Cloud Software Group Inc                                                         | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     107000 | PA      | $105061.71    | 0.02%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                                 | Duke Energy Corp                                                                 | CUSIP: 26441CBN4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      12000 | PA      | $8038.67      | 0.00%             | 2051-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                             | Deephaven Residential Mortgage Trust 2025-CES1                                   | CUSIP: 24380WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      88122 | PA      | $87957.74     | 0.02%             | 2055-10-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 5.714000 17-DEC-2030 INR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    6751000 | OU      | $-2328.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DBC 2025-DBC Mortgage Trust                                                      | DBC 2025-DBC Mortgage Trust                                                      | CUSIP: 23306HAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100000.00    | 0.02%             | 2042-11-15      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| PBF Energy Inc                                                                   | PBF Energy Inc                                                                   | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |        787 | NS      | $34124.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                                         | Florida Power & Light Co                                                         | CUSIP: 341081FC6<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     322000 | PA      | $332820.37    | 0.06%             | 2040-03-01      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                                      | MetLife Inc                                                                      | CUSIP: 59156RBD9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |      51000 | PA      | $42470.48     | 0.01%             | 2042-08-13      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 4.149000 17-JUN-2028 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   12207000 | OU      | $1056.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179TNR2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       7387 | PA      | $6830.02      | 0.00%             | 2047-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                                | Post Holdings Inc                                                                | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     106000 | PA      | $102982.63    | 0.02%             | 2030-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                                                         | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      10000 | PA      | $9520.97      | 0.00%             | 2030-04-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| VIVION INVESTMENTS                                                               | Vivion Investments Sarl                                                          | CUSIP: 000000000<br>LEI: 529900SJ7X71ESJK9N76 | Long             | DBT              | CORP              | LU        |     100875 | PA      | $118721.68    | 0.02%             | 2029-02-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AIR FRANCE-KLM                                                                   | Air France-KLM                                                                   | CUSIP: 000000000<br>LEI: 969500AQW31GYO8JZD66 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $112812.38    | 0.02%             | 2030-05-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                                                            | Freedom Mortgage Corp                                                            | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |      10000 | PA      | $10852.60     | 0.00%             | 2030-10-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED COP / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CO        |          1 | NC      | $-914.19      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GCAT                                                                             | GCAT 2022-NQM1 Trust                                                             | CUSIP: 36168VAH6<br>LEI: 254900KVL1UYCCX9U836 | Long             | ABS-MBS          | CORP              | US        |     180000 | PA      | $136197.32    | 0.02%             | 2067-02-25      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                              | New Residential Mortgage Loan Trust 2025-NQM4                                    | CUSIP: 64832FAC0<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |      84234 | PA      | $84483.74     | 0.02%             | 2065-07-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                                             | Neptune Bidco US Inc                                                             | CUSIP: 640695AC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     100000 | PA      | $103197.10    | 0.02%             | 2031-05-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2024-NQM1                                                                   | CUSIP: 26845DAA3<br>LEI: 254900GTI06L3BTCLG55 | Long             | ABS-MBS          | CORP              | US        |      95702 | PA      | $96233.00     | 0.02%             | 2069-11-25      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179YPG3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      24264 | PA      | $24570.23     | 0.00%             | 2054-01-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMKG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      62033 | PA      | $59573.21     | 0.01%             | 2035-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VB-S1 Issuer LLC                                                                 | VB-S1 Issuer LLC                                                                 | CUSIP: 91825HAA2<br>LEI: 549300DKEDU9WZPGTC09 | Long             | ABS-O            | CORP              | US        |     432000 | PA      | $422394.22    | 0.08%             | 2056-03-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | SWP: OIS 13.020000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     336000 | OU      | $-1566.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AES CORP/THE                                                                     | AES Corp/The                                                                     | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97554.82     | 0.02%             | 2055-07-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| DOW CHEMICAL CO/THE                                                              | Dow Chemical Co/The                                                              | CUSIP: 260543CV3<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |      40000 | PA      | $31521.80     | 0.01%             | 2049-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                                     | Barclays Mortgage Loan Trust 2025-NQM3                                           | CUSIP: 06745VAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     300000 | PA      | $303151.62    | 0.05%             | 2065-05-25      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427Q3P5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     113084 | PA      | $117813.64    | 0.02%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                                         | RTX Corp                                                                         | CUSIP: 75513ECM1<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     103000 | PA      | $89955.18     | 0.02%             | 2031-09-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| FEDEX CORP                                                                       | FedEx Corp                                                                       | CUSIP: 31428XDP8<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |     166000 | PA      | $151066.84    | 0.03%             | 2044-01-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                                               | Chase Mortgage Finance Trust Series 2007-S5                                      | CUSIP: 161631AK2<br>LEI: 529900A7SLLSJMEDIN80 | Long             | ABS-MBS          | CORP              | US        |     121239 | PA      | $50140.39     | 0.01%             | 2037-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XRN84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      87988 | PA      | $87383.80     | 0.02%             | 2054-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 47, LLC                                              | Octagon Investment Partners 47 Ltd                                               | CUSIP: 67576XAU4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      66667 | PA      | $66562.84     | 0.01%             | 2038-01-22      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Gaea Mortgage Loan Trust                                                         | Gaea Mortgage Loan Trust 2025-A                                                  | CUSIP: 362928AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      35064 | PA      | $34542.53     | 0.01%             | 2030-02-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XEAL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     828781 | PA      | $717488.21    | 0.13%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Certificates                                          | WaMu Mortgage Pass-Through Certificates Series 2007-OA5 Trust                    | CUSIP: 93364BAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     101383 | PA      | $86027.18     | 0.02%             | 2047-06-25      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| GS REFT 2026-FL1 Issuer Ltd                                                      | GS REFT 2026-FL1 Issuer Ltd                                                      | CUSIP: 36274DAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250360.16    | 0.04%             | 2043-04-19      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                        | ONEOK Inc                                                                        | CUSIP: 682680BL6<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |      49000 | PA      | $51542.19     | 0.01%             | 2033-09-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                           | BP Capital Markets America Inc                                                   | CUSIP: 10373QBG4<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     170000 | PA      | $109592.73    | 0.02%             | 2050-02-24      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-7391.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VDR2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     300000 | PA      | $279339.96    | 0.05%             | 2039-03-15      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| BRCK Trust                                                                       | BRCK Trust 2025-830B                                                             | CUSIP: 10635AAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     168000 | PA      | $170858.82    | 0.03%             | 2042-12-10      | Variable      | 7.51%                 | No            |                  2 | On Loan: No      |
| WALMART INC                                                                      | Walmart Inc                                                                      | CUSIP: 931142FN8<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |      35000 | PA      | $35296.03     | 0.01%             | 2030-04-28      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                                                 | Georgia Power Co                                                                 | CUSIP: 373334KQ3<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |      24000 | PA      | $24076.14     | 0.00%             | 2032-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV                                                          | Mong Duong Finance Holdings BV                                                   | CUSIP: 000000000<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     144845 | PA      | $143034.69    | 0.03%             | 2029-05-07      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $-235.50      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                                              | Bank of Nova Scotia/The                                                          | CUSIP: 06418GAZ0<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |      47000 | PA      | $46479.37     | 0.01%             | 2034-02-02      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| HONO Mortgage Trust                                                              | HONO 2021-LULU Mortgage Trust                                                    | CUSIP: 40390MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     127132 | PA      | $125781.22    | 0.02%             | 2036-10-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                                    | Ballyrock CLO 22 Ltd                                                             | CUSIP: 05877GAJ2<br>LEI: 254900XC0FEB91ZCO167 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251291.48    | 0.05%             | 2037-04-15      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through CTFS                                     | Washington Mutual Mortgage Pass-Through Certificates WMALT Ser 2006-AR10 Trust   | CUSIP: 93935YAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     202558 | PA      | $170427.98    | 0.03%             | 2036-12-25      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $2897.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                                         | Antero Midstream Partners LP / Antero Midstream Finance Corp                     | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       6000 | PA      | $5993.91      | 0.00%             | 2029-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HKE75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     364302 | PA      | $368663.26    | 0.07%             | 2055-01-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                           | Extra Space Storage LP                                                           | CUSIP: 30225VAN7<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |      31000 | PA      | $30498.55     | 0.01%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                         | CUSIP: 38385BZM5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      61280 | PA      | $61869.19     | 0.01%             | 2055-01-20      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                                                               | Athene Holding Ltd                                                               | CUSIP: 04686JAM3<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |      33000 | PA      | $32023.65     | 0.01%             | 2055-06-28      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                              | GS Mortgage-Backed Securities Trust 2026-DSC1                                    | CUSIP: 36276BAA4<br>LEI: 254900D34P4JFEYPLX58 | Long             | ABS-MBS          | CORP              | US        |     488962 | PA      | $483714.65    | 0.09%             | 2066-05-25      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-3444.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810UR7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      60000 | PA      | $57768.75     | 0.01%             | 2056-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     239000 | PA      | $216551.79    | 0.04%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                                  | CVS Health Corp                                                                  | CUSIP: 126650EL0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     104000 | PA      | $103501.08    | 0.02%             | 2055-09-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XHHN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1940989 | PA      | $1781442.49   | 0.32%             | 2037-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD CLP                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $154.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2023-B                                          | CUSIP: 78449HAB3<br>LEI: 549300XC4C7GRVLU6076 | Long             | ABS-O            | CORP              | US        |     104155 | PA      | $105945.12    | 0.02%             | 2056-10-16      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trust                                                  | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU                               | CUSIP: 34461WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     385000 | PA      | $385256.06    | 0.07%             | 2039-12-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H032654<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |    -174000 | PA      | $-157259.30   | -0.03%            | 2056-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Lebanon Government International Bonds                                           | Lebanon Government International Bonds                                           | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      37000 | PA      | $9379.50      | 0.00%             | 2027-03-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                                                     | SM Energy Co                                                                     | CUSIP: 097793AE3<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |      31000 | PA      | $30974.62     | 0.01%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                                         | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AZ9<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     122716 | PA      | $127778.26    | 0.02%             | 2037-09-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                                           | GreenSky Home Improvement Trust 2024-1                                           | CUSIP: 39571MAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      46278 | PA      | $46885.74     | 0.01%             | 2059-06-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CNY 1.563500 17-DEC-2028 CNR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     430752 | OU      | $150.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                         | JP Morgan Mortgage Trust 2026-NQM1                                               | CUSIP: 46660DAB1<br>LEI: 529900PEVYDPZXGGUW77 | Long             | ABS-MBS          | CORP              | US        |     899000 | PA      | $892317.01    | 0.16%             | 2066-06-25      | Variable      | 4.93%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Asset-Backed CTFS                                              | Washington Mutual Asset-Backed Certificates WMABS Series 2007-HE1 Trust          | CUSIP: 93935KAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      12224 | PA      | $3811.01      | 0.00%             | 2036-11-25      | Floating      | 3.89%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308HA8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     136000 | PA      | $101651.66    | 0.02%             | 2042-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                                              | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     200000 | PA      | $228913.82    | 0.04%             | 2033-07-10      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                | EURO-BOBL FUTURE JUN26                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -9 | NC      | $-2755.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LBD0<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    1978000 | PA      | $1968627.44   | 0.35%             | 2031-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F030454<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |     -11000 | PA      | $-10474.46    | -0.00%            | 2037-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                                          | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      73400 | PA      | $4227.35      | 0.00%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VOLTAGRID LLC                                                                    | VoltaGrid LLC                                                                    | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |      49000 | PA      | $50858.18     | 0.01%             | 2030-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XCV5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     122000 | PA      | $92814.51     | 0.02%             | 2064-09-27      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2026-1                                                | CUSIP: 92541JAE1<br>LEI: 2138009KJR7Q44BI8668 | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99609.34     | 0.02%             | 2071-01-25      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                                      | MetLife Inc                                                                      | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |      64000 | PA      | $83095.94     | 0.01%             | 2039-08-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $-329.77      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                             | Deephaven Residential Mortgage Trust 2022-2                                      | CUSIP: 24380XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     472201 | PA      | $460563.80    | 0.08%             | 2067-03-25      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418FNL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      63146 | PA      | $65479.53     | 0.01%             | 2055-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     864000 | PA      | $923382.30    | 0.17%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds                                | Argentina Republic Government International Bonds                                | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      22000 | PA      | $16412.00     | 0.00%             | 2035-07-09      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                                         | Standard Industries Inc/NY                                                       | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |      12000 | PA      | $11930.97     | 0.00%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| First Citizens BancShares Inc/NC                                                 | First Citizens BancShares Inc/NC                                                 | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |         27 | NS      | $53563.14     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Acquisition Corp                                              | JP Morgan Mortgage Acquisition Trust 2007-CH1                                    | CUSIP: 46630LAH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     200000 | PA      | $202874.96    | 0.04%             | 2036-11-25      | Variable      | 4.36%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                                                         | Live Nation Entertainment Inc                                                    | CUSIP: 538034AX7<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24516.87     | 0.00%             | 2028-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133BRUS1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      23716 | PA      | $23485.12     | 0.00%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ERP OPERATING LP                                                                 | ERP Operating LP                                                                 | CUSIP: 26884ABL6<br>LEI: DX5HQV5MLU50FEWZ5072 | Long             | DBT              |  | US        |     396000 | PA      | $379662.10    | 0.07%             | 2029-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QEXQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     144892 | PA      | $117813.72    | 0.02%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | ITRAXX.XO.44.V1 5YR RTR @ 300.0000                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DCR              |  | US        |    -741000 | OU      | $-16740.16    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SELF Commercial Mortgage Trust                                                   | SELF Commercial Mortgage Trust 2024-STRG                                         | CUSIP: 81631WAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      12555 | PA      | $12555.47     | 0.00%             | 2034-11-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| CART                                                                             | CONE Trust 2024-DFW1                                                             | CUSIP: 20682AAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      45000 | PA      | $44609.74     | 0.01%             | 2041-08-15      | Floating      | 7.54%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI                 | CUSIP: 46593JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     130000 | PA      | $131265.06    | 0.02%             | 2039-10-05      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PAK2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     107000 | PA      | $84431.95     | 0.02%             | 2048-07-24      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QR3K7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      75463 | PA      | $77614.73     | 0.01%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                                 | Onemain Financial Issuance Trust 2024-1                                          | CUSIP: 68269NAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     148000 | PA      | $153562.57    | 0.03%             | 2041-05-14      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                              | New Residential Mortgage Loan Trust 2025-NQM5                                    | CUSIP: 64832GAC8<br>LEI: 213800USJ6KQFZEWGZ76 | Long             | ABS-MBS          | CORP              | US        |      85248 | PA      | $85068.91     | 0.02%             | 2065-08-25      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| SALESFORCE INC                                                                   | Salesforce Inc                                                                   | CUSIP: 79466LAQ7<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |     374000 | PA      | $374351.19    | 0.07%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CIPHER COMPUTE LLC                                                               | Cipher Compute LLC                                                               | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       6000 | PA      | $6219.06      | 0.00%             | 2030-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | FSWP: OIS 9.310000 17-DEC-2027 IBR                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  122345493 | OU      | $-1505.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140Y66J4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      51995 | PA      | $53174.14     | 0.01%             | 2055-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 10YR ULTRA FUT JUN26                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         24 | NC      | $-18796.05    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                                                | CUSIP: 796253Y30<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     170000 | PA      | $174933.28    | 0.03%             | 2041-02-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust                                                     | JW Trust 2024-BERY                                                               | CUSIP: 46676AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     200000 | PA      | $200375.00    | 0.04%             | 2039-11-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NG7B0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      41819 | PA      | $41413.30     | 0.01%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                                             | Samarco Mineracao SA                                                             | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |        156 | PA      | $156.16       | 0.00%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED PEN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | PE        |          1 | NC      | $-1690.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                                                          | SBA Communications Corp                                                          | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              |  | US        |     100000 | PA      | $99379.98     | 0.02%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.912800 16-MAY-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2649000 | OU      | $-4251.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GRUPO TELEVISA SAB                                                               | Grupo Televisa SAB                                                               | CUSIP: 40049JAZ0<br>LEI: 549300O4AF0C816ILN62 | Long             | DBT              | CORP              | MX        |       2000 | PA      | $1737.50      | 0.00%             | 2040-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| The BAHA Trust                                                                   | BAHA Trust 2024-MAR                                                              | CUSIP: 05493XAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     114000 | PA      | $117539.27    | 0.02%             | 2041-12-10      | Variable      | 7.77%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC Holdings PLC                                                                | CUSIP: 404280EG0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     220000 | PA      | $227912.81    | 0.04%             | 2032-05-17      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     100000 | PA      | $95086.51     | 0.02%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| EPHIOS SUBCO SARL                                                                | Ephios Subco 3 Sarl                                                              | CUSIP: 000000000<br>LEI: 213800E4EG6VFUFVEH64 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $123753.78    | 0.02%             | 2031-01-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Acres PLC                                                                        | ACRES 2025-FL3 LLC                                                               | CUSIP: 00501DAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     385000 | PA      | $385583.39    | 0.07%             | 2040-08-18      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN                                                         | Northern States Power Co/MN                                                      | CUSIP: 665772CE7<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199468.63    | 0.04%             | 2039-11-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100115.06    | 0.02%             | 2028-10-22      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F022451<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |     -20000 | PA      | $-18818.04    | -0.00%            | 2041-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                                                    | AIB Group PLC                                                                    | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |     200000 | PA      | $238647.58    | 0.04%             | 2031-07-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                              | NRZT 2025-NQM6                                                                   | CUSIP: 64832KAC9<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |     119789 | PA      | $119579.62    | 0.02%             | 2065-10-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133C52T7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      21589 | PA      | $21333.73     | 0.00%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED PEN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | PE        |          1 | NC      | $74.44        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | IN        |          1 | NC      | $-255.69      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     700000 | PA      | $586339.98    | 0.11%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HONEYWELL AEROSPACE INC                                                          | Honeywell Aerospace Inc                                                          | CUSIP: 43849RAE5<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |      15000 | PA      | $14816.95     | 0.00%             | 2031-03-16      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                                                    | CoreWeave Inc                                                                    | CUSIP: 21873SAG3<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     127000 | PA      | $127735.40    | 0.02%             | 2031-10-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC                                                            | Bath & Body Works Inc                                                            | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |      17000 | PA      | $17228.45     | 0.00%             | 2030-10-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Sesac Finance                                                                    | Sesac Finance LLC                                                                | CUSIP: 78396YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      91000 | PA      | $88992.36     | 0.02%             | 2055-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       8000 | PA      | $8056.37      | 0.00%             | 2027-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                        | Apple Inc                                                                        | CUSIP: 037833CH1<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     228000 | PA      | $191024.40    | 0.03%             | 2047-02-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer III, LLC                                              | Compass Datacenters Issuer III LLC                                               | CUSIP: 20469BAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     124000 | PA      | $122388.07    | 0.02%             | 2050-07-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| iShares Flexible Income Active ETF                                               | iShares Flexible Income Active ETF                                               | CUSIP: 092528603<br>LEI: 5299008ELWKMLX9XJP73 | Long             | EC               | RF                | US        |      11100 | NS      | $580641.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | 3 MONTH SOFR FUT DEC27                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |         29 | NC      | $-21031.87    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133C8NJ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      50504 | PA      | $50005.53     | 0.01%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427PZD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1088795 | PA      | $1077623.99   | 0.19%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SLG Trust                                                                        | SLG Office Trust 2026-OMA                                                        | CUSIP: 78451FAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     750000 | PA      | $755193.15    | 0.14%             | 2041-04-15      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQUP9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     191157 | PA      | $181988.32    | 0.03%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Pass-through Certificates                                    | ILPT Commercial Mortgage Trust 2025-LPF2                                         | CUSIP: 451955AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     224000 | PA      | $226191.28    | 0.04%             | 2042-07-13      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD CHF                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-500.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QSUJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     199923 | PA      | $207699.46    | 0.04%             | 2053-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJG7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     860600 | PA      | $890956.32    | 0.16%             | 2030-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING                                                         | Nidda Healthcare Holding GmbH                                                    | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | DBT              | CORP              | DE        |     100000 | PA      | $117540.63    | 0.02%             | 2032-10-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                   | Morgan Stanley Residential Mortgage Loan Trust 2026-NQM2                         | CUSIP: 617949AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     524063 | PA      | $519594.54    | 0.09%             | 2071-01-26      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| PRM5 Trust                                                                       | PRM5 Trust 2025-PRM5                                                             | CUSIP: 693980AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      69000 | PA      | $68441.09     | 0.01%             | 2033-03-10      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| The BAHA Trust                                                                   | BAHA Trust 2024-MAR                                                              | CUSIP: 05493XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     210000 | PA      | $214626.05    | 0.04%             | 2041-12-10      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                                                                | Park Blue CLO 2025-VII Ltd                                                       | CUSIP: 70019HAA2<br>LEI: 2138008W8XU9WO8BZO09 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250250.68    | 0.04%             | 2038-04-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| FRONERI LUX FINCO SARL                                                           | Froneri Lux FinCo SARL                                                           | CUSIP: 000000000<br>LEI: 9845005YBZ75E5AA3B94 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $113666.86    | 0.02%             | 2032-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1470000 | PA      | $1203390.23   | 0.22%             | 2042-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XLVZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     450040 | PA      | $363066.36    | 0.07%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                          | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |       3000 | PA      | $3390.00      | 0.00%             | 2045-10-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                                         | Rogers Communications Inc                                                        | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $102069.00    | 0.02%             | 2055-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $776.31       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTINUUM ENERGY AURA                                                            | Continuum Energy Aura Pte Ltd                                                    | CUSIP: 000000000<br>LEI: 984500AB52D7C8GC2E33 | Long             | DBT              | CORP              | SG        |     200000 | PA      | $201750.00    | 0.04%             | 2027-02-24      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XPBW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     217973 | PA      | $215669.05    | 0.04%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EDP SA                                                                           | EDP SA                                                                           | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |     100000 | PA      | $115352.23    | 0.02%             | 2082-03-14      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                         | Vistra Operations Co LLC                                                         | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     100000 | PA      | $104873.00    | 0.02%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                                                                   | Brink's Co/The                                                                   | CUSIP: 109696AA2<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |      11000 | PA      | $10947.37     | 0.00%             | 2027-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                                          | AEP Transmission Co LLC                                                          | CUSIP: 00115AAL3<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |      47000 | PA      | $30850.76     | 0.01%             | 2049-09-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CO        |          1 | NC      | $30.72        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                                                              | Egypt Treasury Bills                                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | STIV             | NUSS              | EG        |    3450000 | PA      | $64206.55     | 0.01%             | 2026-05-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                             | Deephaven Residential Mortgage Trust 2024-1                                      | CUSIP: 24380QAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      63971 | PA      | $64469.70     | 0.01%             | 2069-07-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EDC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     627961 | PA      | $528656.99    | 0.09%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                                                     | SM Energy Co                                                                     | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |      15000 | PA      | $15001.43     | 0.00%             | 2027-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                                          | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $99125.00     | 0.02%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BRCK Trust                                                                       | BRCK Trust 2025-830B                                                             | CUSIP: 10635AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     105000 | PA      | $104304.03    | 0.02%             | 2042-12-10      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                                            | Melco Resorts Finance Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     400000 | PA      | $397222.00    | 0.07%             | 2028-07-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                                                   | Merck & Co Inc                                                                   | CUSIP: 806605AH4<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     368000 | PA      | $412811.49    | 0.07%             | 2037-09-15      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NJG81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      33062 | PA      | $32730.95     | 0.01%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                              | New Residential Mortgage Loan Trust 2026-NQM3                                    | CUSIP: 64832PAE4<br>LEI: 213800BXPAJOYIE7S264 | Long             | ABS-MBS          | CORP              | US        |     738413 | PA      | $732999.11    | 0.13%             | 2066-02-25      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | SWP: OIS 13.238000 02-JAN-2031 BZD                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     213000 | OU      | $-856.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                                                          | Turkiye Government Bond                                                          | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     788495 | PA      | $15469.84     | 0.00%             | 2029-09-12      | Fixed         | 30.00%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DNWL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     296219 | PA      | $281781.47    | 0.05%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400GG2<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     100000 | PA      | $73830.01     | 0.01%             | 2047-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                        | Nelnet Student Loan Trust 2025-C                                                 | CUSIP: 64035UAB4<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |     112830 | PA      | $112549.05    | 0.02%             | 2065-06-22      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| 3M COMPANY                                                                       | 3M Co                                                                            | CUSIP: 88579YBQ3<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |      61000 | PA      | $61629.61     | 0.01%             | 2030-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | SWP: OIS 6.975000 04-NOV-2026 TII                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1054117 | OU      | $116.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2026-1 Mortgage Loan Trust                                                  | CUSIP: 196926AM1<br>LEI: 2138009O96115X8GVT44 | Long             | ABS-MBS          | CORP              | US        |     211765 | PA      | $209754.44    | 0.04%             | 2071-02-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                             | Cross 2025-H8 Mortgage Trust                                                     | CUSIP: 22757XAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     135469 | PA      | $135074.63    | 0.02%             | 2070-11-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ACQ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      22000 | PA      | $19588.85     | 0.00%             | 2032-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     163000 | PA      | $137813.73    | 0.02%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                                         | Permian Resources Operating LLC                                                  | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     100000 | PA      | $104022.00    | 0.02%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds                                | Argentina Republic Government International Bonds                                | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |        982 | PA      | $847.54       | 0.00%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                             | GCAT 2022-CM1 Trust                                                              | CUSIP: 36168XAA7<br>LEI: 254900KVL1UYCCX9U836 | Long             | ABS-MBS          | CORP              | US        |     146220 | PA      | $135126.15    | 0.02%             | 2066-12-27      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                                                         | Intercontinental Exchange Inc                                                    | CUSIP: 45866FAH7<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |     274000 | PA      | $221844.37    | 0.04%             | 2048-09-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| University of California                                                         | UNIV OF CALIFORNIA REVENUES                                                      | CUSIP: 91412GHA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     142000 | PA      | $116188.21    | 0.02%             | 2112-05-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer III, LLC                                              | Compass Datacenters Issuer III LLC                                               | CUSIP: 20469BAH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     136000 | PA      | $134787.97    | 0.02%             | 2056-02-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LBB4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     493000 | PA      | $535440.01    | 0.10%             | 2030-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM 2025-167G Mortgage Trust                                                    | CUSIP: 12674VAA9<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |      24000 | PA      | $23698.78     | 0.00%             | 2040-08-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Eagle Bancorp Inc                                                                | Eagle Bancorp Inc                                                                | CUSIP: 268948106<br>LEI: 549300B47NZODRMG3D47 | Long             | EC               | CORP              | US        |        177 | NS      | $4575.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W3DX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     195471 | PA      | $193526.05    | 0.03%             | 2054-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARBADOS GOVT OF                                                                 | Barbados Government International Bond                                           | CUSIP: 067070AK8<br>LEI: 529900UD1KUUS4SFD905 | Long             | DBT              | NUSS              | BB        |      20000 | PA      | $21406.20     | 0.00%             | 2035-06-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                            | PRPM 2025-NQM1 Trust                                                             | CUSIP: 74391EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     157351 | PA      | $158328.40    | 0.03%             | 2069-11-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                                          | NYMT Loan Trust 2026-INV1                                                        | CUSIP: 62957GAF4<br>LEI: 254900Y31NJCJWYHMA05 | Long             | ABS-MBS          | CORP              | US        |     418216 | PA      | $416069.56    | 0.07%             | 2061-02-25      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| VIVION INVESTMENTS                                                               | Vivion Investments Sarl                                                          | CUSIP: 000000000<br>LEI: 529900SJ7X71ESJK9N76 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $112216.54    | 0.02%             | 2030-06-08      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                                    | Ballyrock CLO 20 Ltd                                                             | CUSIP: 05876CBN2<br>LEI: 254900WX8CA21F2QI356 | Long             | ABS-CBDO         | CORP              | KY        |     280000 | PA      | $275104.42    | 0.05%             | 2036-10-15      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD CLP                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $144.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY OHIO INC                                                             | Duke Energy Ohio Inc                                                             | CUSIP: 26442EAL4<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |      50000 | PA      | $47613.55     | 0.01%             | 2054-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| MLTI Trust                                                                       | MLTI Trust 2026-SF75                                                             | CUSIP: 55318JAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     134000 | PA      | $133833.17    | 0.02%             | 2036-03-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                                                         | Viper Energy Partners LLC                                                        | CUSIP: 92764MAA2<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |     443000 | PA      | $442750.85    | 0.08%             | 2030-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NCMF Trust                                                                       | NCMF Trust 2025-MFS                                                              | CUSIP: 62887TAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     236000 | PA      | $236792.20    | 0.04%             | 2033-06-10      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTERNATIONAL                                                           | American International Group Inc                                                 | CUSIP: 026874DW4<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |     130000 | PA      | $131289.53    | 0.02%             | 2030-05-07      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bonds                                         | Sri Lanka Government International Bonds                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |       1590 | PA      | $1516.86      | 0.00%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132E0QC9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      25883 | PA      | $25637.48     | 0.00%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                                         | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      50000 | PA      | $51659.50     | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                                    | CUSIP: 13063A5G5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |     155000 | PA      | $183336.88    | 0.03%             | 2039-04-01      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       3000 | PA      | $2911.17      | 0.00%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Acres PLC                                                                        | ACRES Commercial Realty 2026-FL4 Issuer LLC                                      | CUSIP: 00501XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     785000 | PA      | $784996.62    | 0.14%             | 2044-08-18      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F030652<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7362000 | PA      | $6443903.53   | 1.16%             | 2056-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                                                                      | PepsiCo Inc                                                                      | CUSIP: 713448DP0<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     100000 | PA      | $74040.90     | 0.01%             | 2046-10-06      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                                                             | Keurig Dr Pepper Inc                                                             | CUSIP: 49271VAZ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99607.65     | 0.02%             | 2028-05-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DNF81<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     498110 | PA      | $406619.52    | 0.07%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                           | Extra Space Storage LP                                                           | CUSIP: 30225VAK3<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |      91000 | PA      | $93363.67     | 0.02%             | 2030-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      17000 | PA      | $17005.98     | 0.00%             | 2032-02-29      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| EP INFRASTRUCTURE AS                                                             | EP Infrastructure AS                                                             | CUSIP: 000000000<br>LEI: 315700I4J1M1NKGWWY89 | Long             | DBT              | CORP              | CZ        |     125000 | PA      | $143898.25    | 0.03%             | 2034-01-29      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                                                          | Global Partners LP / GLP Finance Corp                                            | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      25000 | PA      | $26246.00     | 0.00%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| American Municipal Power Inc                                                     | AMERICAN MUNI PWR-OHIO INC OH REVENUE                                            | CUSIP: 02765UEK6<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |     185000 | PA      | $229012.85    | 0.04%             | 2050-02-15      | Fixed         | 8.08%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                                           | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RBP1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     115000 | PA      | $113892.14    | 0.02%             | 2034-02-01      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XFK67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      56544 | PA      | $47459.89     | 0.01%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE OP CO                                                             | Public Storage Operating Co                                                      | CUSIP: 74460DAC3<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              |  | US        |     100000 | PA      | $98526.17     | 0.02%             | 2027-09-15      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EAN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     172052 | PA      | $145191.16    | 0.03%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                                                          | John Deere Capital Corp                                                          | CUSIP: 24422ETW9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98385.42     | 0.02%             | 2027-09-08      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                                          | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABF4<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |     110000 | PA      | $110000.00    | 0.02%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                                                                 | Ziggo Bond Co BV                                                                 | CUSIP: 000000000<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $104647.43    | 0.02%             | 2032-11-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                              | New Residential Mortgage Loan Trust 2025-NQM1                                    | CUSIP: 64832DAC5<br>LEI: 213800CZKHCTHKMD9W65 | Long             | ABS-MBS          | CORP              | US        |     115901 | PA      | $117158.74    | 0.02%             | 2065-01-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| MTN Commercial Mortgage Trust                                                    | MTN Commercial Mortgage Trust 2026-LPFX                                          | CUSIP: 624944AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100578.13    | 0.02%             | 2043-05-15      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                                          | NYMT 2024-RR1 Trust                                                              | CUSIP: 62956VAA3<br>LEI: 2549009GL7U73W4FX613 | Long             | ABS-MBS          | CORP              | US        |     119979 | PA      | $119257.04    | 0.02%             | 2064-05-25      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 2Y RTP 4.300000 20-SEP-2027                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  -11936000 | OU      | $-46970.67    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                                     | Comcast Corp                                                                     | CUSIP: 20030NAV3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     129000 | PA      | $144243.62    | 0.03%             | 2037-08-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                                                         | Discovery Communications LLC                                                     | CUSIP: 25470DBZ1<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     100000 | PA      | $79008.75     | 0.01%             | 2040-06-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                                                     | Centene Corp                                                                     | CUSIP: 15135BAX9<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     175000 | PA      | $152519.20    | 0.03%             | 2031-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | SWP: OIS 13.180000 02-JAN-2031 BZD                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     504000 | OU      | $-1726.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | FSWP: OIS 10.780000 18-MAR-2028 IB                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  132533125 | OU      | $-890.93      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                                | Iron Mountain Inc                                                                | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     117000 | PA      | $112434.11    | 0.02%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                   | Morgan Stanley Capital I Trust 2021-230P                                         | CUSIP: 61772WAG2<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |      10000 | PA      | $9400.00      | 0.00%             | 2038-12-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427MTZ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1004402 | PA      | $995316.60    | 0.18%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EQT Trust 2024-EXTR                                                              | EQT Trust 2024-EXTR                                                              | CUSIP: 29439DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      70256 | PA      | $71217.63     | 0.01%             | 2041-07-05      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XEA9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     244000 | PA      | $226918.83    | 0.04%             | 2046-02-04      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418ES43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     827151 | PA      | $818920.07    | 0.15%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                                                            | Uber Technologies Inc                                                            | CUSIP: 90353TAN0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99207.25     | 0.02%             | 2030-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED CHF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CH        |          1 | NC      | $-63.01       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| First Horizon Alternative Mortgage Securities                                    | First Horizon Alternative Mortgage Securities Trust 2006-AA7                     | CUSIP: 32052CAA1<br>LEI: 5493005TE20WPW8O1W08 | Long             | ABS-MBS          | CORP              | US        |      98405 | PA      | $75789.54     | 0.01%             | 2037-01-25      | Variable      | 4.58%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119BV0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     100000 | PA      | $91763.32     | 0.02%             | 2047-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | SWP: OIS 12.900000 02-JAN-2029 BZD                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     356293 | OU      | $-1664.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                                                 | SoFi Consumer Loan Program Trust 2026-1                                          | CUSIP: 83408AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     260000 | PA      | $257634.70    | 0.05%             | 2035-12-26      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust                                                     | JW Commercial Mortgage Trust 2024-MRCO                                           | CUSIP: 46657XAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     110000 | PA      | $110000.00    | 0.02%             | 2039-06-15      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DNX24<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      56721 | PA      | $56348.88     | 0.01%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2026-R1                                               | CUSIP: 924932AC0<br>LEI: 213800IRNLDELLG4XV07 | Long             | ABS-MBS          | CORP              | US        |     244420 | PA      | $242193.88    | 0.04%             | 2067-10-25      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                                     | Alphabet Inc                                                                     | CUSIP: 02079KBB2<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     344000 | PA      | $329222.80    | 0.06%             | 2075-11-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| DURST Commercial Mortgage Trust                                                  | Durst Commercial Mortgage Trust 2025-151                                         | CUSIP: 266895AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     120000 | PA      | $121275.19    | 0.02%             | 2042-08-10      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2025-8                                                  | CUSIP: 03466UAA2<br>LEI: 254900WZRTR935QJJ709 | Long             | ABS-MBS          | CORP              | US        |      93045 | PA      | $93535.06     | 0.02%             | 2070-07-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                                 | BAT Capital Corp                                                                 | CUSIP: 05526DBK0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      96000 | PA      | $79789.49     | 0.01%             | 2049-09-06      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                                     | Alphabet Inc                                                                     | CUSIP: 02079KBP1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     394000 | PA      | $386445.93    | 0.07%             | 2056-02-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                                         | American Airlines Inc/AAdvantage Loyalty IP Ltd                                  | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      23000 | PA      | $23015.62     | 0.00%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      77000 | PA      | $70888.87     | 0.01%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced Securuties Limited                                  | HOMES 2025-NQM5 Trust                                                            | CUSIP: 43762CAA9<br>LEI: 2549001JI3VOZZFMYK81 | Long             | ABS-MBS          | CORP              | US        |     104975 | PA      | $104575.12    | 0.02%             | 2070-09-25      | Variable      | 5.03%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 4.436000 17-JUN-2031 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1122329 | OU      | $78.21        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                                | Iron Mountain Inc                                                                | CUSIP: 000000000<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     100000 | PA      | $113582.17    | 0.02%             | 2034-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 000000000<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     120000 | PA      | $136821.66    | 0.02%             | 2036-11-07      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Asset-Backed CTFS                                              | Washington Mutual Asset-Backed Certificates WMABS Series 2007-HE1 Trust          | CUSIP: 93935KAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     108620 | PA      | $33996.18     | 0.01%             | 2036-11-25      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140U7FF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      58119 | PA      | $55937.24     | 0.01%             | 2056-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XGX46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     559834 | PA      | $450032.87    | 0.08%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                                             | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  195000000 | PA      | $11113.08     | 0.00%             | 2033-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QDJY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      54933 | PA      | $51975.84     | 0.01%             | 2035-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 6.905000 11-SEP-2026 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   12064213 | OU      | $-798.54      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | IN        |          1 | NC      | $-226.27      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                                          | Oncor Electric Delivery Co LLC                                                   | CUSIP: 68233JCD4<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |      76000 | PA      | $44436.80     | 0.01%             | 2051-11-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                                                                    | LGI Homes Inc                                                                    | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |      15000 | PA      | $14375.45     | 0.00%             | 2032-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | 2Y RTP 4.000000 08-DEC-2027                                                      | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |   -8366204 | OU      | $-50888.44    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                                  | Republic Finance Issuance Trust 2024-A                                           | CUSIP: 76041RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     115000 | PA      | $115479.04    | 0.02%             | 2032-08-20      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     164000 | PA      | $161390.61    | 0.03%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | IN        |          1 | NC      | $-803.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                                         | Western Midstream Operating LP                                                   | CUSIP: 958254AJ3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |      12000 | PA      | $10205.63     | 0.00%             | 2048-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PCD6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     260000 | PA      | $196405.50    | 0.04%             | 2042-04-22      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GEORGIA                                                        | CUSIP: 626207YF5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |     148000 | PA      | $156523.84    | 0.03%             | 2057-04-01      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                                       | PacifiCorp                                                                       | CUSIP: 695114CV8<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     100000 | PA      | $75141.57     | 0.01%             | 2050-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F042459<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1246000 | PA      | $1236218.00   | 0.22%             | 2041-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                                              | Intesa Sanpaolo SpA                                                              | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |     150000 | PA      | $208780.51    | 0.04%             | 2029-03-14      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                                        | CIM Trust 2023-I2                                                                | CUSIP: 12570HAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     115000 | PA      | $113931.61    | 0.02%             | 2067-12-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| MONDELEZ INTERNATIONAL                                                           | Mondelez International Inc                                                       | CUSIP: 609207BF1<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99868.89     | 0.02%             | 2028-05-06      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KZ9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     329000 | PA      | $317426.04    | 0.06%             | 2055-10-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                                               | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      30000 | PA      | $30129.38     | 0.01%             | 2039-06-12      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| PG&E Corp                                                                        | PG&E Corp                                                                        | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |       1050 | NS      | $17451.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Apidos CLO                                                                       | Apidos Clo LIV                                                                   | CUSIP: 03771RAJ0<br>LEI: 254900SXYQWBYZA9L226 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $248170.50    | 0.04%             | 2038-10-20      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                                                  | Benefit Street Partners CLO IX Ltd                                               | CUSIP: 08181BBE8<br>LEI: 254900TPMKEES6UQHQ33 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250692.95    | 0.05%             | 2037-10-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NL3P2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      39645 | PA      | $39246.53     | 0.01%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                                         | Brazil Notas do Tesouro Nacional Serie F                                         | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    1542000 | PA      | $304011.96    | 0.05%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 4.556000 17-JUN-2036 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     280150 | OU      | $27.13        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HUF 5.980000 18-MAR-2031 BUB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1286024 | OU      | $14.06        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                                   | Mariner Finance Issuance Trust 2025-B                                            | CUSIP: 56847TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     102000 | PA      | $101502.81    | 0.02%             | 2038-11-22      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                             | GCAT 2026-NQM1 Trust                                                             | CUSIP: 36274BAC2<br>LEI: 254900KVL1UYCCX9U836 | Long             | ABS-MBS          | CORP              | US        |     422576 | PA      | $419671.87    | 0.08%             | 2070-12-25      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | 10Y RTR 4.067000 07-FEB-2028                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |   -1479000 | OU      | $-47605.71    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED EUR / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |          1 | NC      | $-90.20       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD PEN                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $527.24       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-AIRC                                           | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     390263 | PA      | $391349.51    | 0.07%             | 2041-08-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RMZ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     114000 | PA      | $110915.03    | 0.02%             | 2056-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CZK 3.580000 18-MAR-2031 PRI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     711790 | OU      | $1212.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                                        | Anchorage Capital Clo 20 Ltd                                                     | CUSIP: 03330YAQ3<br>LEI: 549300AYL7KYENHY1C67 | Long             | ABS-CBDO         | CORP              | KY        |     355000 | PA      | $355443.82    | 0.06%             | 2035-01-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC                                                             | Waste Management Inc                                                             | CUSIP: 94106LBP3<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |     152000 | PA      | $132254.85    | 0.02%             | 2031-03-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                                               | Regional Management Issuance Trust 2025-1                                        | CUSIP: 75908AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $100611.15    | 0.02%             | 2034-04-17      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                                                          | John Deere Capital Corp                                                          | CUSIP: 24422EYK9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |      38000 | PA      | $37697.33     | 0.01%             | 2029-03-09      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ZA        |          1 | NC      | $8275.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EQUINIX EU 2 FINANCING C                                                         | Equinix Europe 2 Financing Corp LLC                                              | CUSIP: 29390XAH7<br>LEI: 254900FSZR46BPMCKI50 | Long             | DBT              |  | US        |      72000 | PA      | $70523.98     | 0.01%             | 2033-03-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                                  | CVS Health Corp                                                                  | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      71000 | PA      | $65795.37     | 0.01%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Penta CLO S.A.                                                                   | Penta CLO 11 DAC                                                                 | CUSIP: 000000000<br>LEI: 5493006SWLDNT2XZHH97 | Long             | ABS-CBDO         | CORP              | IE        |     500000 | PA      | $588827.44    | 0.11%             | 2039-01-15      | Floating      | 4.14%                 | No            |                  2 | On Loan: No      |
| UPG HI Issuer Trust                                                              | UPG HI 2025-2 Issuer Trust                                                       | CUSIP: 90321EAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     202035 | PA      | $200548.26    | 0.04%             | 2047-09-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                         | Republic of South Africa Government Bond                                         | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    9102100 | PA      | $517306.10    | 0.09%             | 2031-02-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                                                   | USD C ZAR P @17.50000 EO                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | KY        |     237000 | OU      | $299.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-1NYP                                               | One New York Plaza Trust 2020-1NYP                                               | CUSIP: 68249DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      37756 | PA      | $36694.44     | 0.01%             | 2036-01-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                                                          | Fidelity National Information Services Inc                                       | CUSIP: 31620MCD6<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |     135000 | PA      | $134472.81    | 0.02%             | 2029-03-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | USD/CNH One-touch barrier option; Barrier price USD 6.65000                      | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |      15000 | OU      | $673.56       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BLOCK INC                                                                        | Block Inc                                                                        | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     100000 | PA      | $90812.56     | 0.02%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD INR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-17.21       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                                                         | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              |  | US        |     100000 | PA      | $98307.96     | 0.02%             | 2029-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO I, Ltd.                                                          | Sagard-Halseypoint Clo 8 Ltd                                                     | CUSIP: 78662AAA0<br>LEI: 254900W5MVYX9QDPHC09 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250503.48    | 0.04%             | 2038-01-30      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| AMC GLOBAL MEDIA INC                                                             | AMC Global Media Inc                                                             | CUSIP: 00164VAF0<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |      18000 | PA      | $15807.20     | 0.00%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Chicago Mercantile Exchange                                                      | SWP: OIS 13.705000 04-JAN-2027 BZD                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1486700 | OU      | $-2004.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CPZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     242000 | PA      | $236895.31    | 0.04%             | 2036-02-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                        | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAC0<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |     381000 | PA      | $381171.64    | 0.07%             | 2062-04-20      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| GATX CORP                                                                        | GATX Corp                                                                        | CUSIP: 361448BA0<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98231.67     | 0.02%             | 2028-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| INDIA CLEAN ENERGY HLDG                                                          | India Clean Energy Holdings                                                      | CUSIP: 000000000<br>LEI: 254900XQFJ9593DCY022 | Long             | DBT              | CORP              | MU        |     400000 | PA      | $393137.52    | 0.07%             | 2027-04-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TRAVELERS COS INC                                                                | Travelers Cos Inc/The                                                            | CUSIP: 89417EAH2<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |      93000 | PA      | $92332.47     | 0.02%             | 2040-11-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                                            | Toronto-Dominion Bank/The                                                        | CUSIP: 89116CQJ9<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     170000 | PA      | $170910.86    | 0.03%             | 2034-09-10      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Sunrise Srl                                                                      | Sunrise Spv 98 Srl                                                               | CUSIP: 000000000<br>LEI: 81560036AE47FD868675 | Long             | ABS-O            | CORP              | IT        |     100000 | PA      | $117558.62    | 0.02%             | 2051-04-27      | Floating      | 3.52%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                         | Republic of South Africa Government Bond                                         | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    1076000 | PA      | $60909.22     | 0.01%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                                         | Builders FirstSource Inc                                                         | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |      17000 | PA      | $16636.39     | 0.00%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                                                 | Trinitas CLO XXXII Ltd                                                           | CUSIP: 89642NAA4<br>LEI: 254900KN2E57M5580B74 | Long             | ABS-CBDO         | CORP              | KY        |     125000 | PA      | $125294.24    | 0.02%             | 2038-07-23      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $1080.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                                         | Lloyds Banking Group PLC                                                         | CUSIP: 53944YBC6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     223000 | PA      | $224932.38    | 0.04%             | 2028-11-26      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Bridge Street CLO                                                                | Bridge Street CLO III Ltd                                                        | CUSIP: 10806YAN0<br>LEI: 254900PNW8DFFG2S8664 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250575.18    | 0.05%             | 2037-10-20      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | TRSWAP: HYG US EQUITY                                                            | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |    5478760 | OU      | $-18193.65    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MAIN Trust                                                                       | MAIN Trust 2026-OLAS                                                             | CUSIP: 56036BAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $249998.00    | 0.04%             | 2041-01-15      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                                                 | Georgia Power Co                                                                 | CUSIP: 373334KT7<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |      28000 | PA      | $28197.85     | 0.01%             | 2033-05-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                            | Wells Fargo & Co                                                                 | CUSIP: 94974BGU8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     152000 | PA      | $128255.43    | 0.02%             | 2046-12-07      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VERISK ANALYTICS INC                                                             | Verisk Analytics Inc                                                             | CUSIP: 92345YAP1<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24656.09     | 0.00%             | 2031-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                                            | Molina Healthcare Inc                                                            | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |      16000 | PA      | $15774.53     | 0.00%             | 2028-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CGP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     615000 | PA      | $616225.20    | 0.11%             | 2028-02-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITED OVERSEAS BANK LTD                                                         | United Overseas Bank Ltd                                                         | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | DBT              | CORP              | SG        |     250000 | PA      | $195558.45    | 0.04%             | 2033-01-21      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | BR        |          1 | NC      | $3228.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CreekSource (Dunes Creek) CLO Ltd                                                | Creeksource 2024-1 Dunes Creek Clo Ltd                                           | CUSIP: 225914AE0<br>LEI: 254900CZYOXX4AZ15302 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251109.38    | 0.05%             | 2038-01-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                                           | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25279.13     | 0.00%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                            | PRPM 2026-RCF1 Trust                                                             | CUSIP: 69383VAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     709091 | PA      | $674156.64    | 0.12%             | 2056-01-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                                                       | Intel Corp                                                                       | CUSIP: 458140BN9<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     128000 | PA      | $104667.26    | 0.02%             | 2060-03-25      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                                                       | Viasat Inc                                                                       | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49879.75     | 0.01%             | 2027-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                  | SWAP/CDSWAP/ICE: (BRAZIL)                                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     194218 | OU      | $1624.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3131YA6L9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     306163 | PA      | $273671.91    | 0.05%             | 2048-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XLUL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      12212 | PA      | $11548.59     | 0.00%             | 2053-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                                                     | Entergy Corp                                                                     | CUSIP: 29364GAR4<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |     145000 | PA      | $145058.58    | 0.03%             | 2056-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179UCC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      53777 | PA      | $52863.51     | 0.01%             | 2048-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Vistance Networks Inc                                                            | Vistance Networks Inc                                                            | CUSIP: 20337X109<br>LEI: 254900AW4CEPCQWSRI58 | Long             | EC               | CORP              | US        |       2171 | NS      | $27777.95     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BRAVO Residential Funding Trust                                                  | BRAVO Residential Funding Trust Series 2026-NQM2                                 | CUSIP: 105934AB9<br>LEI: 254900NOKQW417VKV943 | Long             | ABS-MBS          | CORP              | US        |     240095 | PA      | $238030.78    | 0.04%             | 2065-11-25      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F022451<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     423000 | PA      | $398001.59    | 0.07%             | 2041-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | Crown Castle Inc                                                                 | CUSIP: 22822VBF7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |      41000 | PA      | $41192.20     | 0.01%             | 2029-09-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust 2021-D                                          | CUSIP: 78449MAB2<br>LEI: 549300XC4C7GRVLU6076 | Long             | ABS-O            | CORP              | US        |      76459 | PA      | $75930.13     | 0.01%             | 2053-03-17      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWC27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      94024 | PA      | $79249.43     | 0.01%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KRMR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     208151 | PA      | $206522.73    | 0.04%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GQF80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      83687 | PA      | $85847.22     | 0.02%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SAMMAAN CAPITAL LTD                                                              | Sammaan Capital Ltd                                                              | CUSIP: 000000000<br>LEI: 335800A2A3G53ZQZTQ21 | Long             | DBT              | CORP              | IN        |     200000 | PA      | $205650.00    | 0.04%             | 2027-07-03      | Fixed         | 9.70%                 | No            |                  2 | On Loan: No      |
| CHENIERE CORP CHRISTI HD                                                         | Cheniere Corpus Christi Holdings LLC                                             | CUSIP: 16412XAL9<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |     220000 | PA      | $186243.46    | 0.03%             | 2039-12-31      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| FMC CORP                                                                         | FMC Corp                                                                         | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |      84000 | PA      | $55669.64     | 0.01%             | 2055-11-01      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 3622AEBB1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     979235 | PA      | $872937.26    | 0.16%             | 2052-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QSP47<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     102713 | PA      | $104000.48    | 0.02%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO                                                          | Public Service Co of Colorado                                                    | CUSIP: 744448CV1<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |      34000 | PA      | $29708.48     | 0.01%             | 2031-06-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                                           | Sempra                                                                           | CUSIP: 816851BV0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     178000 | PA      | $179828.77    | 0.03%             | 2055-04-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                                                          | Consolidated Edison Co of New York Inc                                           | CUSIP: 209111FQ1<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     237000 | PA      | $188706.33    | 0.03%             | 2058-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NYC Trust                                                                        | NYCT Trust 2024-3ELV                                                             | CUSIP: 62956HAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     110000 | PA      | $109589.36    | 0.02%             | 2029-08-15      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| Arini US CLO Limited                                                             | Arini US CLO IV Ltd                                                              | CUSIP: 04039EAA4<br>LEI: 2549000YTF465KO4L531 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $501090.60    | 0.09%             | 2039-01-15      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133L74L8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     149914 | PA      | $137558.59    | 0.02%             | 2035-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132D94E1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     747787 | PA      | $639062.95    | 0.11%             | 2042-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                         | Republic of South Africa Government Bond                                         | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    6659387 | PA      | $384201.55    | 0.07%             | 2037-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      15000 | PA      | $15315.23     | 0.00%             | 2035-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                                         | Duke Energy Progress LLC                                                         | CUSIP: 26442UAK0<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     178000 | PA      | $101430.53    | 0.02%             | 2050-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD ZAR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $319.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F030652<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |   -1568000 | PA      | $-1372458.67  | -0.25%            | 2056-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NNZ40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      56820 | PA      | $56166.80     | 0.01%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133BUVY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     608357 | PA      | $602365.24    | 0.11%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MBH7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     225000 | PA      | $224696.30    | 0.04%             | 2034-01-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VGY4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     112000 | PA      | $108676.71    | 0.02%             | 2035-02-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                                       | AbbVie Inc                                                                       | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     100000 | PA      | $96228.51     | 0.02%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $93276.51     | 0.02%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BAYER AG                                                                         | Bayer AG                                                                         | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |     100000 | PA      | $118891.89    | 0.02%             | 2082-03-25      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140J8MA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      12319 | PA      | $12155.23     | 0.00%             | 2029-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                                             | Colombian TES                                                                    | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 1206300000 | PA      | $264047.31    | 0.05%             | 2030-09-18      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | BR        |          1 | NC      | $6633.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OZLM Ltd                                                                         | OZLM XIX Ltd                                                                     | CUSIP: 67112CBN6<br>LEI: 5493009C40QUU66J8E83 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251418.25    | 0.05%             | 2035-01-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| ZEGONA FINANCE PLC                                                               | Zegona Finance PLC                                                               | CUSIP: 98927UAA5<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $209214.88    | 0.04%             | 2029-07-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140MW2Q8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      32392 | PA      | $32001.79     | 0.01%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | FSWP: OIS 4.435000 17-DEC-2027 CLI                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |  120887000 | OU      | $971.67       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SV VANIR LOGISTICS FINANCE S.A R.L                                               | Vanir Logistics Finance Sarl                                                     | CUSIP: 000000000<br>LEI: 636700UXUGBCCF9PA752 | Long             | ABS-MBS          | CORP              | LU        |     100000 | PA      | $116950.55    | 0.02%             | 2037-07-23      | Floating      | 3.98%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GRMY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      66624 | PA      | $68321.52     | 0.01%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W0VB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     675269 | PA      | $543884.33    | 0.10%             | 2052-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132E0UF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      38531 | PA      | $35550.50     | 0.01%             | 2052-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Park Avenue Trust                                                                | 245 Park Avenue Trust 2017-245P                                                  | CUSIP: 90187LAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      45000 | PA      | $43732.96     | 0.01%             | 2037-06-05      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                                           | Match Group Holdings II LLC                                                      | CUSIP: 57665RAN6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |      26000 | PA      | $25665.75     | 0.00%             | 2028-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                                               | Panama Government International Bond                                             | CUSIP: 698299AD6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     153000 | PA      | $161835.75    | 0.03%             | 2027-09-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                                           | Northern Oil & Gas Inc                                                           | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |      11000 | PA      | $11400.34     | 0.00%             | 2033-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FUNDING LLC                                                           | NXP BV / NXP Funding LLC                                                         | CUSIP: 62947QBC1<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | XX        |      40000 | PA      | $40917.20     | 0.01%             | 2028-12-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                          | MPLX LP                                                                          | CUSIP: 55336VCF5<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      27000 | PA      | $26237.65     | 0.00%             | 2056-04-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308JJ7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     209000 | PA      | $138059.21    | 0.02%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                                   | Mariner Finance issuance Trust 2024-B                                            | CUSIP: 56847GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $100138.57    | 0.02%             | 2038-11-20      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                                                      | Chemours Co/The                                                                  | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     100000 | PA      | $95918.76     | 0.02%             | 2029-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179YML5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     860470 | PA      | $882699.88    | 0.16%             | 2053-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | TRSWAP: HYG US EQUITY                                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |    1217287 | OU      | $11024.98     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2025-5                                                | CUSIP: 92540XAE1<br>LEI: 213800Z7TIVJRAYLRV98 | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100430.36    | 0.02%             | 2070-06-25      | Variable      | 7.06%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: ZAR 6.553800 17-DEC-2027 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1096360 | OU      | $879.22       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CFC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1016000 | PA      | $975717.18    | 0.18%             | 2029-07-31      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XCQ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     280000 | PA      | $222731.34    | 0.04%             | 2053-02-06      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWCU5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      51710 | PA      | $43637.27     | 0.01%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                                         | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $100496.70    | 0.02%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| QUALCOMM INC                                                                     | QUALCOMM Inc                                                                     | CUSIP: 747525BV4<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |     468000 | PA      | $471329.98    | 0.08%             | 2032-05-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                                             | Sofi Professional Loan Program 2019-A LLC                                        | CUSIP: 78471HAC2<br>LEI: 5493002WMPR84WZ75V46 | Long             | ABS-O            | CORP              | US        |     130000 | PA      | $125324.82    | 0.02%             | 2048-06-15      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XLE95<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     127475 | PA      | $128616.88    | 0.02%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XLAH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      49736 | PA      | $48917.40     | 0.01%             | 2049-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                                           | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     342000 | PA      | $93829.46     | 0.02%             | 2029-07-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARES Commercial Mortgage Trust                                                   | ARES Commercial Mortgage Trust 2026-GCP                                          | CUSIP: 04021QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     263000 | PA      | $263000.00    | 0.05%             | 2043-02-15      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMEZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      35754 | PA      | $36190.22     | 0.01%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DV5D3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     569301 | PA      | $503554.71    | 0.09%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWFR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      56963 | PA      | $56407.61     | 0.01%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD CLP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $744.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                                            | GFL Environmental Inc                                                            | CUSIP: 36168QAL8<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |      50000 | PA      | $48864.83     | 0.01%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                                                              | Churchill Downs Inc                                                              | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |      24000 | PA      | $24547.61     | 0.00%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                                                   | Czech Republic Government Bond                                                   | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    1440000 | PA      | $59545.32     | 0.01%             | 2044-04-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sculptor CLO Ltd                                                                 | Sculptor CLO XXXVI LTD                                                           | CUSIP: 81125KAA3<br>LEI: 254900N93UKNW3W0WS40 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250500.83    | 0.04%             | 2039-01-30      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                                                | Newell Brands Inc                                                                | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24982.83     | 0.00%             | 2029-09-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP                                                              | Select Medical Corp                                                              | CUSIP: 816196AV1<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |       7000 | PA      | $6797.19      | 0.00%             | 2032-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| ALBERTSONS COS/SAFEWAY                                                           | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AG6<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |      50000 | PA      | $47681.98     | 0.01%             | 2029-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                                       | BFLD Trust 2025-EWEST                                                            | CUSIP: 05494JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     218000 | PA      | $217728.24    | 0.04%             | 2042-06-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NEZY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      76444 | PA      | $75682.82     | 0.01%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WR34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     128361 | PA      | $114417.37    | 0.02%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                       | Navient Private Education Refi Loan Trust 2019-A                                 | CUSIP: 63941BAD7<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |     129000 | PA      | $125141.71    | 0.02%             | 2043-01-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMMF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      99130 | PA      | $102327.58    | 0.02%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                                   | Lowe's Cos Inc                                                                   | CUSIP: 548661DY0<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     217000 | PA      | $192086.30    | 0.03%             | 2030-10-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DUDP9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     391640 | PA      | $346036.32    | 0.06%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TRUST 2401                                                                       | Trust 2401                                                                       | CUSIP: 89834MAB2<br>LEI: N/A                  | Long             | DBT              |  | MX        |     200000 | PA      | $217576.00    | 0.04%             | 2032-01-23      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                       | US Bancorp                                                                       | CUSIP: 91159HJF8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      19000 | PA      | $19029.96     | 0.00%             | 2028-07-22      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.389700 26-NOV-2030 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |    1100000 | OU      | $17296.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2023-1                                                  | CUSIP: 03465WAA9<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |      71337 | PA      | $71173.85     | 0.01%             | 2067-09-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust                                        | Santander Mortgage Asset Receivable Trust 2025-NQM6                              | CUSIP: 80265DAA1<br>LEI: 2549003RXF6LNJ2GP990 | Long             | ABS-MBS          | CORP              | US        |      91271 | PA      | $91135.42     | 0.02%             | 2065-11-25      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                                                   | Czech Republic Government Bond                                                   | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    1470000 | PA      | $70199.28     | 0.01%             | 2032-11-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                                                    | Ballyrock CLO 14 Ltd                                                             | CUSIP: 05874XAL3<br>LEI: 254900GXTF670X967J67 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250563.15    | 0.04%             | 2037-07-20      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| SLG Trust                                                                        | SLG Office Trust 2026-OMA                                                        | CUSIP: 78451FAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $502529.80    | 0.09%             | 2041-04-15      | Variable      | 6.96%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      39000 | PA      | $38883.16     | 0.01%             | 2039-11-09      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                                                 | Sofi Consumer Loan Program 2026-B Trust                                          | CUSIP: 83407MAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      32000 | PA      | $31962.49     | 0.01%             | 2036-02-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| Sand Trust                                                                       | Sandstone Peak II Ltd                                                            | CUSIP: 80013TAL7<br>LEI: 254900ZRRTOYR8JJD593 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250429.80    | 0.04%             | 2038-07-20      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                                                   | USD C BRL P @5.100000 EO                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | US        |      86000 | OU      | $1143.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                                                         | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      12000 | PA      | $11250.37     | 0.00%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | BR        |          1 | NC      | $1483.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-CNYN                                                               | CUSIP: 05612HAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      71296 | PA      | $71340.74     | 0.01%             | 2041-04-15      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-1393.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179W2T4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     687557 | PA      | $565935.29    | 0.10%             | 2052-04-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | JP        |          1 | NC      | $429.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                                                | Vedanta Resources Finance II PLC                                                 | CUSIP: 000000000<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     300000 | PA      | $318375.00    | 0.06%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| VISTRA CORP                                                                      | Vistra Operations Co LLC                                                         | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      16000 | PA      | $15997.14     | 0.00%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                                            | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAE7<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50657.45     | 0.01%             | 2030-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| GRAND CITY PROPERTIES SA                                                         | Grand City Properties SA                                                         | CUSIP: 000000000<br>LEI: 5299002QLUYKK2WBMB18 | Long             | DBT              | CORP              | LU        |     200000 | PA      | $233827.69    | 0.04%             | 2026-05-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F020455<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     406000 | PA      | $372238.68    | 0.07%             | 2041-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                                     | Comcast Corp                                                                     | CUSIP: 20030NEK3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     116000 | PA      | $105957.04    | 0.02%             | 2054-06-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Guaranteed Funding (DK) Limited                                                  | DK Trust 2024-SPBX                                                               | CUSIP: 23346LAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      58000 | PA      | $58086.03     | 0.01%             | 2034-03-15      | Floating      | 7.65%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2025-NQM3                                                                   | CUSIP: 26846YAC2<br>LEI: 2549007I2BIJP4S0O647 | Long             | ABS-MBS          | CORP              | US        |     168023 | PA      | $168733.94    | 0.03%             | 2070-08-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CFY2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     624000 | PA      | $622293.75    | 0.11%             | 2029-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | 10Y RTP 4.030000 16-DEC-2027                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |   -2180000 | OU      | $-75374.13    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CAZ7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      64000 | PA      | $42756.47     | 0.01%             | 2049-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-90953.65    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| QTS ISSUER ABS II LLC                                                            | QTS Issuer ABS II LLC                                                            | CUSIP: 74690FAS5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      49000 | PA      | $48276.34     | 0.01%             | 2056-01-05      | Fixed         | 6.73%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 30Y RTR 3.250000 30-APR-2026                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -2396000 | OU      | $-0.02        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D6K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      70992 | PA      | $59256.86     | 0.01%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                                           | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     392000 | PA      | $103595.09    | 0.02%             | 2034-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                                           | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     190000 | PA      | $52407.77     | 0.01%             | 2030-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                                                                | Cisco Systems Inc                                                                | CUSIP: 17275RBW1<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |     178000 | PA      | $179591.60    | 0.03%             | 2028-02-24      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | IN        |          1 | NC      | $-785.33      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XBE4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     145000 | PA      | $122740.69    | 0.02%             | 2035-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                                                 | Georgia Power Co                                                                 | CUSIP: 373334KN0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |      16000 | PA      | $11683.17     | 0.00%             | 2050-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds                                | Argentina Republic Government International Bonds                                | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      18000 | PA      | $12411.00     | 0.00%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| BLACKROCK CASH FUNDS                                                             | BlackRock Cash Funds: Treasury, SL Agency Shares                                 | CUSIP: 066922477<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   20269200 | NS      | $20275280.80  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                                                             | Royal Bank of Canada                                                             | CUSIP: 78017DAM0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |      62000 | PA      | $61916.07     | 0.01%             | 2031-08-06      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | SWP: OIS 13.864000 04-JAN-2027 BZD                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |      84000 | OU      | $100.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XBB4<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     551000 | PA      | $531535.50    | 0.10%             | 2064-04-18      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RDJ8<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      13000 | PA      | $10404.28     | 0.00%             | 2048-03-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                              | Charles Schwab Corp/The                                                          | CUSIP: 808513CJ2<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     291000 | PA      | $303456.00    | 0.05%             | 2029-11-17      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | FSWP: OIS 9.825000 17-DEC-2027 IBR                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |  235838170 | OU      | $-2367.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                            | Mexico Government International Bonds                                            | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     200000 | PA      | $213125.00    | 0.04%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                                              | Medline Borrower LP                                                              | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49760.54     | 0.01%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179W2V9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      62667 | PA      | $55857.69     | 0.01%             | 2052-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | Crown Castle Inc                                                                 | CUSIP: 22822VBA8<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     202000 | PA      | $203554.52    | 0.04%             | 2028-01-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | FSWP: OIS 9.370000 17-DEC-2027 IBR                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  112067997 | OU      | $-1349.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TCW Gem Ltd                                                                      | TCW CLO 2024-2 Ltd                                                               | CUSIP: 87252GAJ5<br>LEI: 549300BD6SSD2EBMCC95 | Long             | ABS-CBDO         | CORP              | KY        |     450000 | PA      | $450638.60    | 0.08%             | 2037-07-17      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                         | Benchmark 2020-B21 Mortgage Trust                                                | CUSIP: 08163LAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      56000 | PA      | $49627.46     | 0.01%             | 2053-12-17      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H060655<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |    -221000 | PA      | $-225300.16   | -0.04%            | 2056-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                                            | Silver Point Clo 3 Ltd                                                           | CUSIP: 827925AL2<br>LEI: 5493000HU7LKTSD3BK48 | Long             | ABS-CBDO         | CORP              | JE        |     250000 | PA      | $250523.65    | 0.04%             | 2039-01-18      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Sycamore Tree CLO Ltd                                                            | Sycamore Tree CLO 2025-7 Ltd                                                     | CUSIP: 87122KAJ4<br>LEI: 2138001WII41ZXUQO254 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $502013.50    | 0.09%             | 2038-08-28      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| WESTCONNEX FINANCE CO PT                                                         | WestConnex Finance Co Pty Ltd                                                    | CUSIP: 000000000<br>LEI: 254900CGI0XY1HBTHF74 | Long             | DBT              | CORP              | AU        |     320000 | PA      | $228428.10    | 0.04%             | 2036-04-30      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                                                         | Standard Building Solutions Inc                                                  | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100988.00    | 0.02%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                                                         | CenterPoint Energy Houston Electric LLC                                          | CUSIP: 15189XBE7<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |     151000 | PA      | $152393.70    | 0.03%             | 2034-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| APA Corp                                                                         | APA Corp                                                                         | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |        983 | NS      | $40037.59     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | MX        |          1 | NC      | $1261.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED JPY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |          1 | NC      | $1364.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                                             | SoFi Professional Loan Program 2020-C Trust                                      | CUSIP: 83390UAF4<br>LEI: 5493002WMPR84WZ75V46 | Long             | ABS-O            | CORP              | US        |      66099 | PA      | $62177.16     | 0.01%             | 2046-02-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                                     | Barclays Mortgage Loan Trust 2025-NQM1                                           | CUSIP: 06744WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     190937 | PA      | $192265.89    | 0.03%             | 2065-01-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HHJ85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     561825 | PA      | $568836.83    | 0.10%             | 2054-11-25      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                               | Meta Platforms Inc                                                               | CUSIP: 30303M8K1<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     121000 | PA      | $91713.35     | 0.02%             | 2062-08-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133C6CS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      22922 | PA      | $22641.20     | 0.00%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                                         | National Rural Utilities Cooperative Finance Corp                                | CUSIP: 63743HFJ6<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     193000 | PA      | $195990.12    | 0.04%             | 2028-09-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                                                             | Boston Properties LP                                                             | CUSIP: 10112RBC7<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              |  | US        |     155000 | PA      | $144471.82    | 0.03%             | 2030-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                                                          | JetBlue Airways Corp / JetBlue Loyalty LP                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     100000 | PA      | $93136.85     | 0.02%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                         | JP Morgan Mortgage Trust 2025-VIS2                                               | CUSIP: 46659RAG2<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |      83340 | PA      | $83827.81     | 0.02%             | 2055-12-25      | Variable      | 7.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418ES50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     234157 | PA      | $236229.59    | 0.04%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                                                         | Canadian Pacific Railway Co                                                      | CUSIP: 13648TAA5<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |      70000 | PA      | $64103.93     | 0.01%             | 2030-03-05      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Clover CLO                                                                       | Clover CLO 2021-3 LLC                                                            | CUSIP: 18915FAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     250000 | PA      | $249969.08    | 0.04%             | 2035-01-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                            | PRPM 2025-NQM3 Trust                                                             | CUSIP: 69382NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      98418 | PA      | $98842.01     | 0.02%             | 2070-05-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179TCX1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      12120 | PA      | $11228.91     | 0.00%             | 2047-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                                         | Brazil Notas do Tesouro Nacional Serie F                                         | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     694000 | PA      | $123151.61    | 0.02%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD PEN                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-118.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EYN4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     180561 | PA      | $184586.23    | 0.03%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | SWAP/TRSWAP/TRSWAP: HYG US EQUITY                                                | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |    1817460 | OU      | $35340.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Peninsula Pacific Entertainment LLC                                              | Peninsula Pacific Entertainment LLC 2025 Term Loan B                             | CUSIP: 70715SAB3<br>LEI: 549300LWV74H4IE3FG45 | Long             | LON              | CORP              | US        |     110000 | PA      | $109266.30    | 0.02%             | 2032-10-01      | Floating      | 8.45%                 | No            |                  2 | On Loan: No      |
| Sunrise Srl                                                                      | Sunrise Spv 98 Srl                                                               | CUSIP: 000000000<br>LEI: 81560036AE47FD868675 | Long             | ABS-O            | CORP              | IT        |     100000 | PA      | $117561.09    | 0.02%             | 2051-04-27      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W2XK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     868893 | PA      | $819651.01    | 0.15%             | 2037-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | USD C ZAR P @16.74000 EO                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |    -582000 | OU      | $-1936.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWDQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     528147 | PA      | $424283.86    | 0.08%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | FSWP: OIS 9.540000 17-DEC-2029 IBR                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |  132832322 | OU      | $2653.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NCMF Trust                                                                       | NCMF Trust 2025-MFS                                                              | CUSIP: 62887TAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      70000 | PA      | $69809.43     | 0.01%             | 2033-06-10      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2025-BCAT                                           | CUSIP: 12433HAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     188573 | PA      | $189279.87    | 0.03%             | 2042-08-15      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| CHEVRON USA INC                                                                  | Chevron USA Inc                                                                  | CUSIP: 166756BD7<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |     154000 | PA      | $155945.41    | 0.03%             | 2030-04-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding Trust                                              | Bear Stearns Mortgage Funding Trust 2007-AR2                                     | CUSIP: 07401TAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      69310 | PA      | $63801.23     | 0.01%             | 2037-03-25      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                                           | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAL9<br>LEI: N/A                  | Long             | DBT              |  | US        |     469000 | PA      | $456574.21    | 0.08%             | 2029-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 2Y RTP 3.400000 14-OCT-2026                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |   -6911000 | OU      | $-18693.88    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| firstkey homes 2020-sfr1 trust                                                   | FirstKey Homes 2022-SFR1 Trust                                                   | CUSIP: 33768NAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     170000 | PA      | $167670.18    | 0.03%             | 2039-05-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                                       | BFLD Commercial Mortgage Trust 2024-UNIV                                         | CUSIP: 08861RAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      13000 | PA      | $13008.13     | 0.00%             | 2041-11-15      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                            | WELLS FARGO COMMERCIAL MORTGAG                                                   | CUSIP: 95004AAC7<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |     153000 | PA      | $1226.07      | 0.00%             | 2043-07-15      | Variable      | 0.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GRVW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     108593 | PA      | $111498.29    | 0.02%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ACREC LLC                                                                        | ACREC 2026-FL4 LLC                                                               | CUSIP: 004970AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     765000 | PA      | $764441.01    | 0.14%             | 2043-01-18      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| DOW CHEMICAL CO/THE                                                              | Dow Chemical Co/The                                                              | CUSIP: 260543BY8<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |     100000 | PA      | $128606.92    | 0.02%             | 2039-05-15      | Fixed         | 9.40%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                                           | ISHARES MSCI EMERGING MARKETS                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         11 | NC      | $2690.43      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Atrium Hotel Portfolio Trust                                                     | Atrium Hotel Portfolio Trust 2024-ATRM                                           | CUSIP: 04963XAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10000 | PA      | $10315.70     | 0.00%             | 2029-11-10      | Variable      | 9.52%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                                           | GreenSky Home Improvement Issuer Trust 2024-2                                    | CUSIP: 39571XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     151359 | PA      | $151644.19    | 0.03%             | 2059-10-27      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                | EURO STOXX 50 JUN26                                                              | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         -2 | NC      | $-8360.66     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                           | US 5YR FUTR OPTN  JUN26C 108.5 EXP 05/22/2026                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          2 | NC      | $218.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Oak Hill Credit Partners                                                         | OHA Credit Funding 2 LTD                                                         | CUSIP: 67707EBQ6<br>LEI: 549300EX32IF3NZCVL73 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $501923.75    | 0.09%             | 2038-01-21      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CCV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     343000 | PA      | $321910.86    | 0.06%             | 2028-08-31      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133B6UA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     601388 | PA      | $506409.18    | 0.09%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd.                                                  | LoanCore 2025 2025-CRE8 Issuer LLC                                               | CUSIP: 53947FAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     116000 | PA      | $116016.67    | 0.02%             | 2042-08-17      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                                            | Tenet Healthcare Corp                                                            | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     116000 | PA      | $115107.02    | 0.02%             | 2028-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | BR        |          1 | NC      | $5721.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                           | Lendmark Funding Trust 2021-2                                                    | CUSIP: 52604DAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     179000 | PA      | $168378.52    | 0.03%             | 2032-04-20      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H042653<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |    -176000 | PA      | $-169702.50   | -0.03%            | 2056-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Methanex Corp                                                                    | Methanex Corp                                                                    | CUSIP: 59151K108<br>LEI: 549300TSJHRXT9QXRD13 | Long             | EC               | CORP              | CA        |       1028 | NS      | $67375.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                                      | BBCMS Mortgage Trust 2025-C35                                                    | CUSIP: 07337DAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      27000 | PA      | $27760.48     | 0.00%             | 2058-07-15      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                         | CUSIP: 38381MYE4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      19801 | PA      | $19581.94     | 0.00%             | 2054-09-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                                                          | Summer BC Holdco B SARL                                                          | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $103382.97    | 0.02%             | 2030-02-15      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED CLP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CL        |          1 | NC      | $-3312.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWJE4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     156042 | PA      | $154295.68    | 0.03%             | 2053-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NGB66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      48945 | PA      | $48397.58     | 0.01%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                                             | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      23000 | PA      | $23487.30     | 0.00%             | 2031-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQ6M3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2151265 | PA      | $1902361.17   | 0.34%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WVT2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1523493 | PA      | $1254003.02   | 0.23%             | 2052-01-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                                           | ISHARES IBOXX USD INVESTMENT G                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -148 | NC      | $-2543.85     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-423.56      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.550000 07-JUL-2030 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     551000 | OU      | $-6285.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F030454<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     246000 | PA      | $234246.93    | 0.04%             | 2037-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                        | Apple Inc                                                                        | CUSIP: 037833DY3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     269000 | PA      | $237985.39    | 0.04%             | 2030-08-20      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427N2N8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     148305 | PA      | $120173.01    | 0.02%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2024-1                                    | CUSIP: 92261CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      56893 | PA      | $57593.18     | 0.01%             | 2054-01-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KRPY4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      79711 | PA      | $80570.97     | 0.01%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAS CAPITAL NO2 LTD                                                              | Cas Capital No 2 Ltd                                                             | CUSIP: 000000000<br>LEI: 2549007CLL9JS1Z83O04 | Long             | DBT              | CORP              | VG        |     200000 | PA      | $200750.00    | 0.04%             | 2031-01-13      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                                                       | BFLD Commercial Mortgage Trust 2024-UNIV                                         | CUSIP: 08861RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      20000 | PA      | $20012.50     | 0.00%             | 2041-11-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                                                 | TRESTLES CLO 2017-1 Ltd                                                          | CUSIP: 89531FAY3<br>LEI: 254900QSBDX181YYBH38 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250388.30    | 0.04%             | 2037-07-25      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CCF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     306000 | PA      | $305199.14    | 0.05%             | 2026-05-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| HEINEKEN NV                                                                      | Heineken NV                                                                      | CUSIP: 000000000<br>LEI: 724500K5PTPSST86UQ23 | Long             | DBT              | CORP              | NL        |     110000 | PA      | $126735.55    | 0.02%             | 2034-05-03      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWBQ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      65204 | PA      | $55075.45     | 0.01%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJP5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     580000 | PA      | $527131.94    | 0.09%             | 2032-03-11      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                                             | Garda World Security Corp                                                        | CUSIP: 36485MAN9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |      50000 | PA      | $51157.25     | 0.01%             | 2032-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $800.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-VLT4                                                               | CUSIP: 05612TAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      95950 | PA      | $95380.30     | 0.02%             | 2041-06-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HJX51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     530003 | PA      | $536609.95    | 0.10%             | 2055-02-25      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| SOLARIS ENERGY INFRASTRU                                                         | Solaris Energy Infrastructure Inc                                                | CUSIP: 83419XAB4<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | DBT              | CORP              | US        |      79000 | PA      | $120672.50    | 0.02%             | 2031-10-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD                                                                      | Nutrien Ltd                                                                      | CUSIP: 67077MAW8<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |      91000 | PA      | $85452.15     | 0.02%             | 2030-05-13      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                                                             | Birch Grove CLO 6 Ltd                                                            | CUSIP: 09077FAL9<br>LEI: 254900HENKWLW4T9SW86 | Long             | ABS-CBDO         | CORP              | JE        |     250000 | PA      | $250436.98    | 0.04%             | 2037-07-20      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                                            | CUSIP: 73358WRP1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     105000 | PA      | $97755.56     | 0.02%             | 2046-08-01      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F020455<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |     -94000 | PA      | $-86183.34    | -0.02%            | 2041-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                            | Mexico Government International Bond                                             | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     100000 | PA      | $115605.08    | 0.02%             | 2040-05-16      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                                                     | ARES XLIV CLO Ltd                                                                | CUSIP: 04016NBR3<br>LEI: 549300BC3E2Y44TL8536 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $246150.00    | 0.04%             | 2034-04-15      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                         | JP Morgan Mortgage Trust 2026-CES1                                               | CUSIP: 46660BAB5<br>LEI: 529900ELA1S09AZO9Q54 | Long             | ABS-MBS          | CORP              | US        |     950094 | PA      | $941823.21    | 0.17%             | 2056-06-25      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 5YR FUTR OPTN JUN26P 107                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         -2 | NC      | $-250.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DNAY9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      70361 | PA      | $60144.11     | 0.01%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2004-J13                                                  | CUSIP: 12667FD51<br>LEI: 5493004SLAYUFMHIS127 | Long             | ABS-MBS          | CORP              | US        |     278601 | PA      | $259357.86    | 0.05%             | 2035-02-25      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                                           | Northern Oil & Gas Inc                                                           | CUSIP: 665530AB7<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |      25000 | PA      | $26105.75     | 0.00%             | 2031-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                                     | Alphabet Inc                                                                     | CUSIP: 02079KBK2<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |      37000 | PA      | $36565.86     | 0.01%             | 2031-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CCE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     489000 | PA      | $463346.60    | 0.08%             | 2028-05-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust                                       | Bear Stearns Asset Backed Securities I Trust 2006-AC2                            | CUSIP: 07387UGB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      13436 | PA      | $3377.82      | 0.00%             | 2036-03-25      | Floating      | 4.12%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD TRY                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-27.55       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NDLJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      56038 | PA      | $55290.76     | 0.01%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SLG Trust                                                                        | SLG Commercial Mortgage Trust 2026-PAT                                           | CUSIP: 78451CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     284000 | PA      | $282047.73    | 0.05%             | 2039-02-15      | Variable      | 4.93%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                                          | AEP Transmission Co LLC                                                          | CUSIP: 00115AAN9<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |      20000 | PA      | $12005.33     | 0.00%             | 2051-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     216000 | PA      | $137906.57    | 0.02%             | 2061-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | IN        |          1 | NC      | $-310.47      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY INC                                                              | Cheniere Energy Inc                                                              | CUSIP: 16411RAN9<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |      58000 | PA      | $59750.17     | 0.01%             | 2034-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2006-6CB                                                  | CUSIP: 12668BSQ7<br>LEI: 5493004SLAYUFMHIS127 | Long             | ABS-MBS          | CORP              | US        |      93645 | PA      | $32621.02     | 0.01%             | 2036-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | BR        |          1 | NC      | $7164.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                                                          | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99958.76     | 0.02%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED CHF / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CH        |          1 | NC      | $-34.12       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140Q9KE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     105121 | PA      | $103083.95    | 0.02%             | 2048-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JM SMUCKER CO                                                                    | J M Smucker Co/The                                                               | CUSIP: 832696AR9<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98506.59     | 0.02%             | 2027-12-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                                                            | Egypt Government Bond                                                            | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    1743000 | PA      | $31985.26     | 0.01%             | 2027-10-01      | Fixed         | 24.46%                | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.402000 17-JUN-2031 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     610000 | OU      | $1304.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                                          | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    5224400 | PA      | $299384.78    | 0.05%             | 2026-09-03      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UNIV Trust                                                                       | UNIV Trust 2025-APTS                                                             | CUSIP: 91336XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     393000 | PA      | $392022.22    | 0.07%             | 2042-11-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                           | CHL Mortgage Pass-Through Trust 2006-17                                          | CUSIP: 17025AAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       7428 | PA      | $3221.83      | 0.00%             | 2036-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F062655<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |     -55000 | PA      | $-57060.82    | -0.01%            | 2056-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                                     | Alphabet Inc                                                                     | CUSIP: 02079KBQ9<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     566000 | PA      | $550679.33    | 0.10%             | 2066-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2025-5                                                | CUSIP: 92540XAA9<br>LEI: 213800Z7TIVJRAYLRV98 | Long             | ABS-MBS          | CORP              | US        |      92891 | PA      | $93338.47     | 0.02%             | 2070-06-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                         | Prudential Financial Inc                                                         | CUSIP: 744320AW2<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     417000 | PA      | $408549.04    | 0.07%             | 2047-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWBN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      21734 | PA      | $16680.18     | 0.00%             | 2051-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Philippines Government International Bonds                                       | Philippines Government International Bonds                                       | CUSIP: 718286CP0<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     400000 | PA      | $276000.00    | 0.05%             | 2046-07-06      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                                         | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     100000 | PA      | $102294.00    | 0.02%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XNGB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      31809 | PA      | $29506.94     | 0.01%             | 2051-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | USD C ZAR P @17.50000 EO                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |      14750 | OU      | $2.33         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| APA CORP                                                                         | APA Corp                                                                         | CUSIP: 03743QBC1<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |       5000 | PA      | $4278.18      | 0.00%             | 2042-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BALTIMORE GAS & ELECTRIC                                                         | Baltimore Gas and Electric Co                                                    | CUSIP: 059165EJ5<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |      17000 | PA      | $12663.89     | 0.00%             | 2047-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CJA0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     446000 | PA      | $453421.72    | 0.08%             | 2028-09-30      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED AUD / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |          1 | NC      | $10546.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                                   | Lowe's Cos Inc                                                                   | CUSIP: 548661EM5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |      32000 | PA      | $30304.72     | 0.01%             | 2053-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                  | BRAVO Residential Funding Trust 2023-NQM6                                        | CUSIP: 10569DAE3<br>LEI: 2549000KHGUZMZ31N203 | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100253.71    | 0.02%             | 2063-09-25      | Variable      | 7.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XBXK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     169092 | PA      | $155547.56    | 0.03%             | 2036-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | USD C BRL P @5.650000 EO                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |    -581855 | OU      | $-0.58        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                                                | Nexstar Media Inc                                                                | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |      26000 | PA      | $25616.78     | 0.00%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1304000 | PA      | $1303643.43   | 0.23%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                                                          | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      12000 | PA      | $11715.38     | 0.00%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                                                | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      26000 | PA      | $6591.00      | 0.00%             | 2024-11-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                                                      | FIGRE Trust 2024-SL1                                                             | CUSIP: 31684JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      94135 | PA      | $94803.04     | 0.02%             | 2053-07-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                           | CHL Mortgage Pass-Through Trust 2007-J1                                          | CUSIP: 12669MAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     798143 | PA      | $277660.88    | 0.05%             | 2037-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Commercial Mortgage Trust                                        | Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3                | CUSIP: 06427DAW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      90000 | PA      | $88769.39     | 0.02%             | 2050-02-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | EUR P HUF C @365.0000 EO                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | LU        |    -130500 | OU      | $-1036.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                                  | CVS Health Corp                                                                  | CUSIP: 126650DW7<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101243.85    | 0.02%             | 2029-01-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                          | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |       3000 | PA      | $3463.73      | 0.00%             | 2033-06-07      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QQ4J1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      12916 | PA      | $13435.63     | 0.00%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |          1 | NC      | $5.30         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED COP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CO        |          1 | NC      | $220.15       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                           | General Motors Financial Co Inc                                                  | CUSIP: 37045XDL7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     100000 | PA      | $90118.29     | 0.02%             | 2031-06-10      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                              | Petroleos Mexicanos                                                              | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      44000 | PA      | $43065.00     | 0.01%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                                                          | BDS 2024-FL13 LLC                                                                | CUSIP: 05555MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     138000 | PA      | $138419.45    | 0.02%             | 2039-09-19      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust                                      | Goldman Home Improvement Trust 2022-GRN2 Issuer Trust                            | CUSIP: 38151JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     278936 | PA      | $284778.65    | 0.05%             | 2052-10-25      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 9128282R0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     203300 | PA      | $199202.23    | 0.04%             | 2027-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE                                                         | Caterpillar Financial Services Corp                                              | CUSIP: 14913UAQ3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |     136000 | PA      | $136491.11    | 0.02%             | 2029-08-16      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae REMICS                                                                | CUSIP: 3136BWXP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      65664 | PA      | $66632.19     | 0.01%             | 2055-08-25      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                                                   | Wynn Macau Ltd                                                                   | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $198827.70    | 0.04%             | 2028-08-26      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F052656<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   46317964 | PA      | $46548365.76  | 8.36%             | 2056-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD                                                                      | Nutrien Ltd                                                                      | CUSIP: 67077MBA5<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $100817.52    | 0.02%             | 2028-03-27      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM 2024-WCL1 MORTGAGE TRUST                                                    | CUSIP: 20047DAA2<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |      41000 | PA      | $40948.75     | 0.01%             | 2041-06-15      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-124.96      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                                           | Taco Bell Funding LLC                                                            | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     130000 | PA      | $128523.90    | 0.02%             | 2055-08-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Saxon Asset Securities Trust                                                     | Saxon Asset Securities Trust 2004-2                                              | CUSIP: 805564QE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     167429 | PA      | $129708.67    | 0.02%             | 2035-08-25      | Variable      | 2.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3131XU2J5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     242755 | PA      | $219912.66    | 0.04%             | 2046-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                              | Petroleos Mexicanos                                                              | CUSIP: 71654QCP5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     116000 | PA      | $118262.00    | 0.02%             | 2029-01-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                      | Southern Co/The                                                                  | CUSIP: 842587EA1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      61000 | PA      | $59356.08     | 0.01%             | 2035-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                              | GS Mortgage-Backed Securities Trust 2026-NQM1                                    | CUSIP: 36276EAA8<br>LEI: 254900WEVNJASLS4UV47 | Long             | ABS-MBS          | CORP              | US        |     268243 | PA      | $266691.86    | 0.05%             | 2066-03-25      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-PURE                                           | CUSIP: 74625PAB0<br>LEI: 984500C1C9AYD5CC1A96 | Long             | ABS-MBS          | CORP              | CA        |       7674 | PA      | $5652.92      | 0.00%             | 2041-11-15      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| PAYPAL HOLDINGS INC                                                              | PayPal Holdings Inc                                                              | CUSIP: 70450YAE3<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |     169000 | PA      | $160216.01    | 0.03%             | 2029-10-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                                                            | Mineral Resources Ltd                                                            | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |      16000 | PA      | $16606.25     | 0.00%             | 2028-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 2Y RTP 4.050000 04-OCT-2027                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |   -3000000 | OU      | $-16088.04    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |      30000 | PA      | $30256.79     | 0.01%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                                                 | Trinitas CLO XXXV Ltd                                                            | CUSIP: 89643NAJ4<br>LEI: 2549006LSGK3FM05EN89 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250437.83    | 0.04%             | 2039-01-22      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $-8644.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NNQ57<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      72458 | PA      | $71729.56     | 0.01%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERTIV HOLDINGS CO                                                               | Vertiv Holdings Co                                                               | CUSIP: 92537NAA6<br>LEI: 549300KTTIRAOGXCRV69 | Long             | DBT              | CORP              | US        |      15000 | PA      | $14601.85     | 0.00%             | 2036-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H050656<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |    -258000 | PA      | $-255740.21   | -0.05%            | 2056-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                           | Blackstone Private Credit Fund                                                   | CUSIP: 09261HBX4<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98218.50     | 0.02%             | 2032-01-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRITON CONTAINER/TAL INT                                                         | Triton Container International Ltd / TAL International Container Corp            | CUSIP: 89681LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     100000 | PA      | $98161.50     | 0.02%             | 2033-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD PEN                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-118.85      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2024-VLT4                                                               | CUSIP: 05612TAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     334866 | PA      | $333819.05    | 0.06%             | 2041-06-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HJGG6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      91827 | PA      | $93181.67     | 0.02%             | 2055-02-25      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                                                           | Motorola Solutions Inc                                                           | CUSIP: 620076BW8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |      73000 | PA      | $75601.99     | 0.01%             | 2032-06-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                      | Equinix Inc                                                                      | CUSIP: 29444UBS4<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |     142000 | PA      | $127297.81    | 0.02%             | 2031-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                                               | Ford Motor Co                                                                    | CUSIP: 345370CQ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |      47000 | PA      | $36300.67     | 0.01%             | 2043-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD CZK                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $749.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| College Ave Student Loans                                                        | College Ave Student Loans 2023-A LLC                                             | CUSIP: 193938AB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      63864 | PA      | $64105.04     | 0.01%             | 2055-05-25      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| CHUBB INA HOLDINGS LLC                                                           | Chubb INA Holdings LLC                                                           | CUSIP: 171232AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      16000 | PA      | $17069.91     | 0.00%             | 2037-05-11      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179W5B0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     117034 | PA      | $100343.30    | 0.02%             | 2052-05-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XLH7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     929583 | PA      | $927253.31    | 0.17%             | 2052-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                                                     | Entegris Inc                                                                     | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |      12000 | PA      | $11829.11     | 0.00%             | 2028-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                        | Nelnet Student Loan Trust 2023-PL1                                               | CUSIP: 64034UAA7<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |     323808 | PA      | $327885.67    | 0.06%             | 2053-11-25      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED CLP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CL        |          1 | NC      | $-5567.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                                          | Dell International LLC / EMC Corp                                                | CUSIP: 24703TAG1<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |     100000 | PA      | $102173.49    | 0.02%             | 2029-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CEW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     859000 | PA      | $853497.03    | 0.15%             | 2027-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                          | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |       3000 | PA      | $3440.07      | 0.00%             | 2037-10-07      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EMISIONES SAU                                                         | Telefonica Emisiones SA                                                          | CUSIP: 87938WAC7<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |      63000 | PA      | $69519.90     | 0.01%             | 2036-06-20      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| ARES STRATEGIC INCOME FU                                                         | Ares Strategic Income Fund                                                       | CUSIP: 04020EAR8<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |     100000 | PA      | $95470.96     | 0.02%             | 2031-01-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F032450<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |      -4000 | PA      | $-3841.10     | -0.00%            | 2041-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | IN        |          1 | NC      | $407.98       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LV Trust                                                                         | Fashion Show Mall LLC                                                            | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      19374 | PA      | $19518.79     | 0.00%             | 2041-10-10      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427QCQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1501824 | PA      | $1572693.82   | 0.28%             | 2055-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                               | Morgan Stanley Mortgage Loan Trust 2006-12XS                                     | CUSIP: 61749EAE7<br>LEI: 5493001INKZRJR8O7L63 | Long             | ABS-MBS          | CORP              | US        |      10649 | PA      | $2221.64      | 0.00%             | 2036-10-25      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PFP6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19880.49     | 0.00%             | 2037-04-23      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corporation                                              | Banc of America Funding Corp                                                     | CUSIP: 05990QAB9<br>LEI: 54930023UHZHF7UJ8596 | Long             | ABS-MBS          | CORP              | US        |      77731 | PA      | $65847.85     | 0.01%             | 2036-03-27      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-1016.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                                                           | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAK6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99955.57     | 0.02%             | 2028-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: —       |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $29.48        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                                                   | S&P Global Inc                                                                   | CUSIP: 78409VBG8<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |     239000 | PA      | $237762.00    | 0.04%             | 2029-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CND9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      29000 | PA      | $28919.57     | 0.01%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                                    | TransDigm Inc                                                                    | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     150000 | PA      | $152026.20    | 0.03%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DU2R7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      71108 | PA      | $73113.73     | 0.01%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE                                                           | Arizona Public Service Co                                                        | CUSIP: 040555DK7<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |     651000 | PA      | $640876.33    | 0.12%             | 2036-03-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | IN        |          1 | NC      | $-5.86        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real Estate Notes                                        | Arbor Realty Commercial Real Estate Notes 2026-FL1 LLC                           | CUSIP: 03881XAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     250000 | PA      | $250276.00    | 0.04%             | 2043-09-20      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2025-11 Mortgage Loan Trust                                                 | CUSIP: 12676KAC7<br>LEI: 213800CETFGZSOQ6WF79 | Long             | ABS-MBS          | CORP              | US        |     147420 | PA      | $147256.08    | 0.03%             | 2070-11-25      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308HN0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      66000 | PA      | $50754.94     | 0.01%             | 2046-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trust                                                  | Residential Mortgage Loan Trust 2019-2                                           | CUSIP: 76119DAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $98891.54     | 0.02%             | 2059-05-25      | Variable      | 6.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EV72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2058270 | PA      | $2035238.45   | 0.37%             | 2053-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac REMICS                                                               | CUSIP: 3137HKBM5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     831668 | PA      | $843385.73    | 0.15%             | 2055-03-25      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                                                                  | Yum! Brands Inc                                                                  | CUSIP: 988498AL5<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |      29000 | PA      | $28717.87     | 0.01%             | 2030-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                                                     | Voya CLO 2018-4 Ltd                                                              | CUSIP: 92917WBU1<br>LEI: 254900MS3D9HONB0N824 | Long             | ABS-CBDO         | CORP              | KY        |     300000 | PA      | $303150.00    | 0.05%             | 2037-10-15      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                                                                    | Amphenol Corp                                                                    | CUSIP: 032095AJ0<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |     100000 | PA      | $94326.83     | 0.02%             | 2030-02-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                                             | Colombian TES                                                                    | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  137400000 | PA      | $27221.78     | 0.00%             | 2032-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | BR        |          1 | NC      | $3222.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     198000 | PA      | $199370.43    | 0.04%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 1Y RTP 3.500000 08-JUN-2026                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  -19869734 | OU      | $-50596.49    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D6D9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      60206 | PA      | $53022.78     | 0.01%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                                         | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      50000 | PA      | $51029.65     | 0.01%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                                                         | Hess Midstream Operations LP                                                     | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      50000 | PA      | $48492.86     | 0.01%             | 2030-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H040657<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |    -141000 | PA      | $-131540.42   | -0.02%            | 2056-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED TRY / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |          1 | NC      | $113.60       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VOLCAN CIA MINERA SAA-CM                                                         | Volcan Cia Minera SAA                                                            | CUSIP: 92863UAD8<br>LEI: 549300XKJ91C4SZLG750 | Long             | DBT              | CORP              | PE        |       2000 | PA      | $2057.48      | 0.00%             | 2032-10-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                       | US Bancorp                                                                       | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     100000 | PA      | $102622.40    | 0.02%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                             | Cross 2025-H1 Mortgage Trust                                                     | CUSIP: 22758NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     496889 | PA      | $500325.36    | 0.09%             | 2070-02-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      35000 | PA      | $31789.18     | 0.01%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GRANITE RIDGE RESOURCES                                                          | Granite Ridge Resources Inc                                                      | CUSIP: 387432AA5<br>LEI: 254900CAHJQKOQ1YZC67 | Long             | DBT              | CORP              | US        |     123000 | PA      | $119674.12    | 0.02%             | 2029-11-05      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418DV66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      61126 | PA      | $46937.23     | 0.01%             | 2051-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc                                     | BAMLL Commercial Mortgage Securities Trust 2026-HRHB                             | CUSIP: 05557KAA9<br>LEI: 5493001M1XQ4INMTAE48 | Long             | ABS-MBS          | CORP              | US        |     398000 | PA      | $398000.00    | 0.07%             | 2040-05-05      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                         | JP Morgan Mortgage Trust Series 2025-NQM5                                        | CUSIP: 46664DAB7<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |     267261 | PA      | $265677.02    | 0.05%             | 2066-05-25      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Navient Refinance Loan Trust                                                     | Navient Refinance Loan Trust 2025-B                                              | CUSIP: 63943NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     109437 | PA      | $108462.89    | 0.02%             | 2055-09-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Option One Mortgage Loan Trust                                                   | Option One Mortgage Loan Trust 2007-FXD1                                         | CUSIP: 68402VAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      26781 | PA      | $26284.18     | 0.00%             | 2037-01-25      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                                                         | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 29103CAA6<br>LEI: 5493000GJYE7GAQCUC61 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51188.95     | 0.01%             | 2030-12-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                                                   | Microsoft Corp                                                                   | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     263000 | PA      | $167311.29    | 0.03%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| SLG Trust                                                                        | SLG Office Trust 2026-OMA                                                        | CUSIP: 78451FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $250903.23    | 0.05%             | 2041-04-15      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                             | Deephaven Residential Mortgage Trust 2025-INV1                                   | CUSIP: 24382EAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     136830 | PA      | $136536.23    | 0.02%             | 2060-11-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                                               | Royalty Pharma PLC                                                               | CUSIP: 78081BAN3<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |      13000 | PA      | $11398.26     | 0.00%             | 2031-09-02      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NBQ79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     175169 | PA      | $173371.63    | 0.03%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS INC                                                               | Conagra Brands Inc                                                               | CUSIP: 205887CC4<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |     173000 | PA      | $173328.23    | 0.03%             | 2028-11-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XDC6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     139000 | PA      | $115887.20    | 0.02%             | 2065-08-03      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                               | Alternative Loan Trust 2007-OA3                                                  | CUSIP: 02150TAA8<br>LEI: 5493004SLAYUFMHIS127 | Long             | ABS-MBS          | CORP              | US        |     121913 | PA      | $111925.44    | 0.02%             | 2047-04-25      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                                 | BAT Capital Corp                                                                 | CUSIP: 054989AC2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     127000 | PA      | $140282.08    | 0.03%             | 2043-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418E7A2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     207875 | PA      | $209130.64    | 0.04%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.793700 16-MAY-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    3452000 | OU      | $9735.17      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                         | CUSIP: 38381MRL6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     138266 | PA      | $137831.87    | 0.02%             | 2058-06-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARKEL GROUP INC                                                                 | Markel Group Inc                                                                 | CUSIP: 570535AR5<br>LEI: 549300SCNO12JLWIK605 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98498.19     | 0.02%             | 2027-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | S+P500 EMINI FUT JUN26                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |          2 | NC      | $48784.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140MWNN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      78082 | PA      | $77336.72     | 0.01%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                                                   | Microsoft Corp                                                                   | CUSIP: 594918AM6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     135000 | PA      | $137963.07    | 0.02%             | 2041-02-08      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179YRH9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     650638 | PA      | $658854.20    | 0.12%             | 2054-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2025-3                                    | CUSIP: 92262RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     236539 | PA      | $237324.88    | 0.04%             | 2055-06-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DTP79<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      75140 | PA      | $60403.32     | 0.01%             | 2052-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                                                   | Open Text Corp                                                                   | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |      25000 | PA      | $24189.17     | 0.00%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810SQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1145400 | PA      | $709521.60    | 0.13%             | 2040-08-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 30Y RTR 3.550000 30-APR-2026                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |    2396000 | OU      | $0.02         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                                         | Service Properties Trust                                                         | CUSIP: 44106MBB7<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |      19000 | PA      | $17855.25     | 0.00%             | 2029-10-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: —       |
| CVS HEALTH CORP                                                                  | CVS Health Corp                                                                  | CUSIP: 126650DY3<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     134000 | PA      | $135789.21    | 0.02%             | 2033-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810PW2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3250000 | PA      | $3224736.32   | 0.58%             | 2038-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                                         | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAA7<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |      46000 | PA      | $43585.20     | 0.01%             | 2044-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                     | GS Mortgage Securities Corp Trust 2024-RVR                                       | CUSIP: 36272JAL7<br>LEI: 5493001UQE7OCP3UT106 | Long             | ABS-MBS          | CORP              | US        |      43000 | PA      | $42590.49     | 0.01%             | 2041-08-10      | Variable      | 7.72%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                           | Venture Global LNG Inc                                                           | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      15000 | PA      | $14835.64     | 0.00%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2025-OMG                                                                | CUSIP: 05619HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      88000 | PA      | $88000.00     | 0.02%             | 2042-10-15      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| STL HOLDING CO LLC                                                               | STL Holding Co LLC                                                               | CUSIP: 861036AB7<br>LEI: 984500BC2I63E7F48656 | Long             | DBT              | CORP              | US        |      10000 | PA      | $10376.70     | 0.00%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| GGP Trust                                                                        | GGP 2026-TY                                                                      | CUSIP: 373914AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      51000 | PA      | $50496.58     | 0.01%             | 2043-03-05      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| Italy Buoni Poliennali Del Tesoro                                                | Italy Buoni Poliennali Del Tesoro                                                | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     285000 | PA      | $329269.44    | 0.06%             | 2031-02-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                                     | Comcast Corp                                                                     | CUSIP: 20030NCC3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     100000 | PA      | $73387.10     | 0.01%             | 2047-11-01      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                  | BRAVO Residential Funding Trust 2024-CES2                                        | CUSIP: 10570PAA1<br>LEI: 2549009UFWL9U1TS6959 | Long             | ABS-MBS          | CORP              | US        |     107347 | PA      | $107575.02    | 0.02%             | 2054-09-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust 2021-909                                           | NYC Commercial Mortgage Trust 2025-11X                                           | CUSIP: 67122NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1063000 | PA      | $1065657.50   | 0.19%             | 2040-10-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XTBW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     442870 | PA      | $360106.23    | 0.06%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W4S65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      91333 | PA      | $77198.60     | 0.01%             | 2042-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers Jersey Borrower SPV Limited                                 | Vantage Data Centers Jersey Borrower Spv Ltd                                     | CUSIP: 000000000<br>LEI: 213800S5S638C9IBQ379 | Long             | ABS-O            | CORP              | JE        |     119000 | PA      | $158516.40    | 0.03%             | 2039-05-28      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CEE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     601000 | PA      | $575692.26    | 0.10%             | 2029-03-31      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | BR        |          1 | NC      | $4582.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                                                | GEO Group Inc/The                                                                | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     100000 | PA      | $104042.20    | 0.02%             | 2029-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| WYETH LLC                                                                        | Wyeth LLC                                                                        | CUSIP: 983024AG5<br>LEI: 549300Q9GR3WRH4N4836 | Long             | DBT              | CORP              | US        |      69000 | PA      | $76216.39     | 0.01%             | 2034-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 61748UAW2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24938.82     | 0.00%             | 2032-04-16      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                       | MFA 2024-NPL1 Trust                                                              | CUSIP: 58004YAA7<br>LEI: 2549007EHG79GWD49I44 | Long             | ABS-MBS          | CORP              | US        |      81470 | PA      | $81592.06     | 0.01%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                                                             | Telecom Argentina SA                                                             | CUSIP: 879273AV2<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |       4500 | PA      | $4774.05      | 0.00%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ESTEE LAUDER CO INC                                                              | Estee Lauder Cos Inc/The                                                         | CUSIP: 29736RAS9<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100048.03    | 0.02%             | 2028-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 3.880216 17-DEC-2027 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     629612 | OU      | $1397.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                                   | Amazon.com Inc                                                                   | CUSIP: 023135DJ2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     890000 | PA      | $877838.83    | 0.16%             | 2066-03-13      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ALABAMA POWER CO                                                                 | Alabama Power Co                                                                 | CUSIP: 010392FB9<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |      12000 | PA      | $12683.27     | 0.00%             | 2039-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWDS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     708999 | PA      | $622193.41    | 0.11%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                                                            | Philippine Government Bond                                                       | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    6270000 | PA      | $100196.27    | 0.02%             | 2030-07-27      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ACRA Trust 2024-NQM1                                                             | ACRA Trust 2024-NQM1                                                             | CUSIP: 00112EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     105861 | PA      | $106224.41    | 0.02%             | 2064-10-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                                                      | PRKCM 2026-AFC1 Trust                                                            | CUSIP: 74277KAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     321021 | PA      | $317899.83    | 0.06%             | 2061-02-25      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                                         | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |      80000 | PA      | $85919.12     | 0.02%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 912828U24<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     623000 | PA      | $617290.79    | 0.11%             | 2026-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VISA INC                                                                         | Visa Inc                                                                         | CUSIP: 92826CBB7<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |      56000 | PA      | $55473.22     | 0.01%             | 2036-02-12      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                 | T-Mobile USA Inc                                                                 | CUSIP: 87264ABY0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     314000 | PA      | $202043.83    | 0.04%             | 2060-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                                          | Hungary Government Bond                                                          | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   29840000 | PA      | $97696.80     | 0.02%             | 2037-09-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $36.18        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust                                        | GoodLeap Home Improvement Solutions Trust 2025-2                                 | CUSIP: 38238FAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      80379 | PA      | $80640.22     | 0.01%             | 2049-06-20      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                     | Broadcom Inc                                                                     | CUSIP: 11135FCG4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     138000 | PA      | $141488.43    | 0.03%             | 2032-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ATMOS ENERGY CORP                                                                | Atmos Energy Corp                                                                | CUSIP: 049560AN5<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98702.70     | 0.02%             | 2027-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UPX HIL 2025-1 Issuer Trust                                                      | UPX HIL 2025-1 Issuer Trust                                                      | CUSIP: 916925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     216532 | PA      | $215937.61    | 0.04%             | 2047-01-25      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| WESTCONNEX FINANCE CO PT                                                         | WestConnex Finance Co Pty Ltd                                                    | CUSIP: 000000000<br>LEI: 254900CGI0XY1HBTHF74 | Long             | DBT              | CORP              | AU        |     390000 | PA      | $278402.36    | 0.05%             | 2032-04-30      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| JP Morgan ReRemic                                                                | JP Morgan Resecuritization Trust Series 2014-5                                   | CUSIP: 46642VAR9<br>LEI: 549300I70LJMOFGPXY37 | Long             | ABS-MBS          | CORP              | US        |     294183 | PA      | $47881.42     | 0.01%             | 2036-05-27      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                                             | Royal Bank of Canada                                                             | CUSIP: 78017DAK4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     147000 | PA      | $147121.89    | 0.03%             | 2029-08-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED MXN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | MX        |          1 | NC      | $7128.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                                          | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     100000 | PA      | $102552.02    | 0.02%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| AT&T REIGN II LB PTT                                                             | AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust                     | CUSIP: 046912AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     123151 | PA      | $121360.12    | 0.02%             | 2044-12-15      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| KSL COMMERCIAL MORTGAGE                                                          | KSL COMMERCIAL MORTGAGE                                                          | CUSIP: 50116JAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     160000 | PA      | $160509.51    | 0.03%             | 2042-06-05      | Fixed         | 7.76%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                         | Prudential Financial Inc                                                         | CUSIP: 744320BH4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     162000 | PA      | $149416.08    | 0.03%             | 2050-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       1000 | PA      | $1009.73      | 0.00%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EXW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     102329 | PA      | $106159.45    | 0.02%             | 2053-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CHE4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1659300 | PA      | $1650420.16   | 0.30%             | 2028-05-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| CONTOURGLOBAL POWER HLDG                                                         | ContourGlobal Power Holdings SA                                                  | CUSIP: 000000000<br>LEI: 549300O5AGIFK0PQ1516 | Long             | DBT              | CORP              | LU        |     100000 | PA      | $113845.62    | 0.02%             | 2031-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                                                         | International Business Machines Corp                                             | CUSIP: 459200JH5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |     171000 | PA      | $144687.43    | 0.03%             | 2046-02-19      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                              | GS Mortgage-Backed Securities Trust 2026-NQM1                                    | CUSIP: 36276EAJ9<br>LEI: 254900WEVNJASLS4UV47 | Long             | ABS-MBS          | CORP              | US        |     279412 | PA      | $276408.01    | 0.05%             | 2066-03-25      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY OHIO INC                                                             | Duke Energy Ohio Inc                                                             | CUSIP: 26442EAH3<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |      99000 | PA      | $90177.56     | 0.02%             | 2030-06-01      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| IndyMac INDX Mortgage Loan Trust                                                 | IndyMac INDX Mortgage Loan Trust 2005-AR31                                       | CUSIP: 45660LW39<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     126100 | PA      | $125943.64    | 0.02%             | 2036-01-25      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                                     | Alphabet Inc                                                                     | CUSIP: 02079KAW7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     610000 | PA      | $604806.71    | 0.11%             | 2030-11-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-XL4                                            | CUSIP: 05611VAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      79918 | PA      | $79771.83     | 0.01%             | 2039-02-15      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-XL4                                            | CUSIP: 05611VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     597789 | PA      | $598349.40    | 0.11%             | 2039-02-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                                   | Upgrade Master Pass-Thru Trust Series 2026-ST1                                   | CUSIP: 91533VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      87614 | PA      | $87498.79     | 0.02%             | 2034-03-15      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                                          | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      50000 | PA      | $51838.54     | 0.01%             | 2031-04-30      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Spain Government Bonds                                                           | Spain Government Bonds                                                           | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |    2232000 | PA      | $2576865.89   | 0.46%             | 2036-04-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140U8AX8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      61171 | PA      | $60502.65     | 0.01%             | 2056-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                                                         | Fortescue Treasury Pty Ltd                                                       | CUSIP: 30251GBA4<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |      16000 | PA      | $15875.21     | 0.00%             | 2027-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XRDG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     309008 | PA      | $305494.33    | 0.05%             | 2054-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-295.47      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $530.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| 610 Funding 2 CLO Ltd                                                            | Anchorage Capital CLO 2026-22 Ltd                                                | CUSIP: 03333KAC1<br>LEI: 549300GQXKMJDZ17HU89 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250302.30    | 0.04%             | 2039-01-20      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                                          | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAK1<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |      31000 | PA      | $30827.38     | 0.01%             | 2028-09-29      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                               | Meta Platforms Inc                                                               | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     176000 | PA      | $156426.03    | 0.03%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2025-LUNR                                                               | CUSIP: 05594CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     228030 | PA      | $228457.50    | 0.04%             | 2040-06-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | Crown Castle Inc                                                                 | CUSIP: 22822VAY7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |      18000 | PA      | $15947.67     | 0.00%             | 2031-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                                                 | Sofi Consumer Loan Program 2026-B Trust                                          | CUSIP: 83407MAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      32000 | PA      | $31957.05     | 0.01%             | 2036-02-25      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certificates                                            | CWABS Asset-Backed Certificates Trust 2006-7                                     | CUSIP: 232422AF2<br>LEI: 549300H6I2066O1LC673 | Long             | ABS-O            | CORP              | US        |     283161 | PA      | $233701.06    | 0.04%             | 2046-04-25      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| MLTI Trust                                                                       | MLTI Trust 2026-SF75                                                             | CUSIP: 55318JAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     124400 | PA      | $123585.40    | 0.02%             | 2036-03-15      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer LLC                                                 | Planet Fitness Master Issuer LLC                                                 | CUSIP: 72703PAJ2<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |     111000 | PA      | $110186.40    | 0.02%             | 2055-12-06      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2025-12 Mortgage Loan Trust                                                 | CUSIP: 19688UAD4<br>LEI: 213800A53WDNKWGEVL75 | Long             | ABS-MBS          | CORP              | US        |     568581 | PA      | $567121.81    | 0.10%             | 2071-01-26      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| First Franklin Mtg Loan Asset Backed Certificates                                | First Franklin Mortgage Loan Trust 2006-FFH1                                     | CUSIP: 32027NZN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     330890 | PA      | $303125.87    | 0.05%             | 2036-01-25      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.004023 17-DEC-2030 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |       9531 | OU      | $57.94        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BCP MODULAR SERVICES                                                             | BCP V Modular Services Finance II PLC                                            | CUSIP: 000000000<br>LEI: 213800227GGD6UI7PI97 | Long             | DBT              | CORP              | GB        |     100000 | PA      | $102892.30    | 0.02%             | 2031-07-10      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Kennedy Lewis CLO Ltd                                                            | Kennedy Lewis CLO 20 Ltd                                                         | CUSIP: 370912AC1<br>LEI: 5493009C48K5WG4EX118 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250894.33    | 0.05%             | 2038-01-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| GSMPS Mortgage Loan Trust                                                        | GSMPS Mortgage Loan Trust 2004-4                                                 | CUSIP: 36242DJQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     272153 | PA      | $248244.38    | 0.04%             | 2034-06-25      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2020-IV Ltd                                                         | CUSIP: 12562RAJ4<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250628.90    | 0.05%             | 2040-01-15      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                                                                   | CVR Energy Inc                                                                   | CUSIP: 12662PAH1<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |      19000 | PA      | $19241.74     | 0.00%             | 2031-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Alternative Loan Trust                                               | JP Morgan Alternative Loan Trust 2006-A1                                         | CUSIP: 46627MCU9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     201896 | PA      | $149631.44    | 0.03%             | 2036-03-25      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                                         | Celanese US Holdings LLC                                                         | CUSIP: 15089QAP9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     100000 | PA      | $105978.20    | 0.02%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CNM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       7000 | PA      | $6996.99      | 0.00%             | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                        | Apple Inc                                                                        | CUSIP: 037833EF3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     120000 | PA      | $72964.53     | 0.01%             | 2051-02-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EQ86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1251210 | PA      | $1238822.91   | 0.22%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BIFFA GROUP HOLDINGS LTD                                                         | Biffa Group Holdings Ltd                                                         | CUSIP: 000000000<br>LEI: 21380012LWLXNMXB8I44 | Long             | DBT              | CORP              | JE        |     100000 | PA      | $115925.83    | 0.02%             | 2031-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                                                    | AEP Texas Inc                                                                    | CUSIP: 00108WAJ9<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |      22000 | PA      | $16628.81     | 0.00%             | 2049-05-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2025-2                                                  | CUSIP: 03466QAA1<br>LEI: 254900DKH168ZWJSMI96 | Long             | ABS-MBS          | CORP              | US        |     162182 | PA      | $163128.08    | 0.03%             | 2070-02-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC                                                         | Baxter International Inc                                                         | CUSIP: 071813CB3<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |     137000 | PA      | $115510.92    | 0.02%             | 2031-04-01      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp                                                     | Six Flags Entertainment Corp                                                     | CUSIP: 83001C108<br>LEI: 529900AS2CYWYFHRS781 | Long             | EC               | CORP              | US        |        713 | NS      | $13390.14     | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| AEP TRANSMISSION CO LLC                                                          | AEP Transmission Co LLC                                                          | CUSIP: 00115AAK5<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |       6000 | PA      | $4411.88      | 0.00%             | 2049-06-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QQTM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      43665 | PA      | $44976.44     | 0.01%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced Securuties Limited                                  | HOMES 2025-AFC1 Trust                                                            | CUSIP: 403969AF5<br>LEI: 2549006ZK3R8WZLA9S73 | Long             | ABS-MBS          | CORP              | US        |     200000 | PA      | $200828.52    | 0.04%             | 2060-01-25      | Variable      | 6.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XNGE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     106117 | PA      | $104026.55    | 0.02%             | 2050-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                                                   | Merck & Co Inc                                                                   | CUSIP: 58933YAT2<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |      20000 | PA      | $15484.81     | 0.00%             | 2045-02-10      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                                                    | DTE Energy Co                                                                    | CUSIP: 233331BC0<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     138000 | PA      | $133416.09    | 0.02%             | 2029-06-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                                   | Mariner Finance Issuance Trust 2025-A                                            | CUSIP: 567920AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     195000 | PA      | $196097.66    | 0.04%             | 2038-05-20      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| TRUE ANOMALY SERIES D PREF EQ                                                    | TRUE ANOMALY SERIES D PREF EQ                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       7869 | NS      | $206010.42    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| FIBERCOP SPA                                                                     | Fibercop SpA                                                                     | CUSIP: 000000000<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     100000 | PA      | $118914.35    | 0.02%             | 2031-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F032450<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      76000 | PA      | $72980.94     | 0.01%             | 2041-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA                                                          | Veolia Environnement SA                                                          | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $228329.63    | 0.04%             | 2027-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Inflation-Indexed Notes                                            | CUSIP: 91282CNB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    6550485 | PA      | $6652798.53   | 1.19%             | 2030-04-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED GBP / SOLD USD                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | GB        |          1 | NC      | $484.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Apidos CLO                                                                       | Apidos CLO XXXIX Ltd                                                             | CUSIP: 03766HAQ3<br>LEI: 549300CRPUKFOJKGAT02 | Long             | ABS-CBDO         | CORP              | JE        |     250000 | PA      | $250434.75    | 0.04%             | 2038-10-21      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE                 | CUSIP: 46646GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     130000 | PA      | $129211.86    | 0.02%             | 2038-09-06      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| HONEYWELL AEROSPACE INC                                                          | Honeywell Aerospace Inc                                                          | CUSIP: 43849RAH8<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |      65000 | PA      | $63929.30     | 0.01%             | 2046-03-16      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO G & E                                                                  | San Diego Gas & Electric Co                                                      | CUSIP: 797440CE2<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101343.13    | 0.02%             | 2028-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                                                        | BPR Commercial Mortgage Trust 2025-STAR                                          | CUSIP: 05619DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     110000 | PA      | $108770.18    | 0.02%             | 2042-11-05      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                                         | Uruguay Government International Bond                                            | CUSIP: 760942BF8<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     693770 | PA      | $19195.94     | 0.00%             | 2033-07-20      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                                 | Deutsche Bank AG/New York NY                                                     | CUSIP: 25160PAQ0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     150000 | PA      | $151674.05    | 0.03%             | 2029-01-10      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                                         | Service Properties Trust                                                         | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |      40000 | PA      | $41047.52     | 0.01%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH                          | CUSIP: 54627RAM2<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |     240000 | PA      | $237993.29    | 0.04%             | 2033-02-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED MYR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | MY        |          1 | NC      | $-506.83      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ZA        |          1 | NC      | $1112.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ECOLAB INC                                                                       | Ecolab Inc                                                                       | CUSIP: 278865BQ2<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |      31000 | PA      | $31055.03     | 0.01%             | 2028-06-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                          | MPLX LP                                                                          | CUSIP: 55336VBX7<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     191000 | PA      | $193334.93    | 0.03%             | 2034-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133USJP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     507939 | PA      | $413015.62    | 0.07%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                                        | Boeing Co/The                                                                    | CUSIP: 097023CQ6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     176000 | PA      | $125822.81    | 0.02%             | 2050-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                                                             | Amentum Holdings Inc                                                             | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51755.49     | 0.01%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D3Y6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     572365 | PA      | $482941.72    | 0.09%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F042459<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |     -17000 | PA      | $-16866.54    | -0.00%            | 2041-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                                                      | FIGRE Trust 2026-HE1                                                             | CUSIP: 30249NAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     180770 | PA      | $179167.41    | 0.03%             | 2056-01-25      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                                           | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     122000 | PA      | $31559.78     | 0.01%             | 2031-07-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $142.88       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                  | SWAP/CDSWAP/ICE: (ITRAXX.XO.44.V1)                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    1348200 | OU      | $164180.87    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                        | ONEOK Inc                                                                        | CUSIP: 682680CR2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |       5000 | PA      | $5281.23      | 0.00%             | 2030-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SALESFORCE INC                                                                   | Salesforce Inc                                                                   | CUSIP: 79466LAT1<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |     772000 | PA      | $770619.67    | 0.14%             | 2033-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                                                        | BPR 2023-STON Mortgage Trust                                                     | CUSIP: 05593GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $102882.26    | 0.02%             | 2039-12-05      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                                         | RTX Corp                                                                         | CUSIP: 75513EAC5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     100000 | PA      | $65770.88     | 0.01%             | 2050-07-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                                 | SMB Private Education Loan Trust                                                 | CUSIP: 78449XAA0<br>LEI: 549300XC4C7GRVLU6076 | Long             | ABS-O            | CORP              | US        |      90192 | PA      | $86302.88     | 0.02%             | 2053-07-15      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EU99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     175417 | PA      | $176946.01    | 0.03%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITI SERVICES LLC                                                               | Uniti Services LLC                                                               | CUSIP: 97382BAB5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |       5000 | PA      | $5264.28      | 0.00%             | 2033-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED PEN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | PE        |          1 | NC      | $-929.93      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Elm CLO Ltd                                                                      | ELM Trust 2024-ELM                                                               | CUSIP: 26860XBG5<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |      29000 | PA      | $28995.40     | 0.01%             | 2039-06-10      | Variable      | 8.05%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967PG0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     269000 | PA      | $274011.74    | 0.05%             | 2035-02-13      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                                                           | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 98380MAA3<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |     100000 | PA      | $106856.60    | 0.02%             | 2031-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | FSWP: OIS 4.435000 17-DEC-2027 CLI                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | GB        |  121730205 | OU      | $978.44       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                            | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBC7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      41000 | PA      | $28337.78     | 0.01%             | 2051-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Deutsche Alt-A Securities INC Mortgage Loan Trust                                | Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA4/DE                 | CUSIP: 25151XAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     893641 | PA      | $881891.77    | 0.16%             | 2047-08-25      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP                                                            | Norfolk Southern Corp                                                            | CUSIP: 655844BM9<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |      77000 | PA      | $62920.16     | 0.01%             | 2042-10-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | USD P COP C @3520.00 EO                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |    -145500 | OU      | $-2.91        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ivy Hill Middle Market Credit Fund Ltd                                           | Ivy Hill Middle Market Credit Fund XVIII Ltd                                     | CUSIP: 46603PAL2<br>LEI: 5493003XZKSFJKWICW70 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $249994.90    | 0.04%             | 2037-01-22      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | CAD P MXN C @12.35000 EO                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | KY        |      60000 | OU      | $0.22         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                                          | United Rentals North America Inc                                                 | CUSIP: 911365BP8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     100000 | PA      | $92816.05     | 0.02%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     180000 | PA      | $193056.04    | 0.03%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OHS Issuer LLC                                                                   | OHS Issuer LLC                                                                   | CUSIP: 67115SAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     259567 | PA      | $254915.56    | 0.05%             | 2061-02-25      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                                         | Univision Communications Inc                                                     | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     100000 | PA      | $103484.80    | 0.02%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Kennedy Lewis CLO Ltd                                                            | Kennedy Lewis CLO 4 Ltd                                                          | CUSIP: 37148BAC4<br>LEI: 549300HNXZUJB12SQJ60 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250292.15    | 0.04%             | 2037-07-20      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                           | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-2566.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MTP ABS FUNDING LLC                                                              | Mtp Abs Funding LLC                                                              | CUSIP: 55378HAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      41000 | PA      | $41180.98     | 0.01%             | 2056-04-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KYWN5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     864591 | PA      | $747004.55    | 0.13%             | 2042-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                  | SWAP/CDSWAP/ICE: (MEX)                                                           | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     276300 | OU      | $-1822.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ALA Trust                                                                        | ALA Trust 2025-OANA                                                              | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     658000 | PA      | $660467.50    | 0.12%             | 2040-06-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                                                 | Sofi Consumer Loan Program 2026-B Trust                                          | CUSIP: 83407MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     540000 | PA      | $539952.43    | 0.10%             | 2036-02-25      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427SGW2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1845816 | PA      | $1827447.28   | 0.33%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CHM6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     983400 | PA      | $984990.34    | 0.18%             | 2026-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PROGROUP AG                                                                      | Progroup AG                                                                      | CUSIP: 000000000<br>LEI: 529900YI5W5TQ8F2FP82 | Long             | DBT              | CORP              | DE        |     100000 | PA      | $118081.45    | 0.02%             | 2031-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                                                            | Philippine Government Bond                                                       | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |   10700000 | PA      | $168473.56    | 0.03%             | 2030-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                                        | CIM Trust 2025-I1                                                                | CUSIP: 12571DAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     150000 | PA      | $150846.96    | 0.03%             | 2069-10-25      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                                    | Boeing Co/The                                                                    | CUSIP: 097023DU6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     146000 | PA      | $163079.21    | 0.03%             | 2064-05-01      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                                | State Street Corp                                                                | CUSIP: 857477DA8<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     244000 | PA      | $244624.43    | 0.04%             | 2028-04-24      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| LMRE 2025-SFR1 Trust Issuing Entity                                              | LMRE 2025 SFR1 Trust                                                             | CUSIP: 50208WAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $96896.54     | 0.02%             | 2042-12-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                                            | Vale Overseas Ltd                                                                | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |       8000 | PA      | $8190.00      | 0.00%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                       | Progress Residential 2026-SFR1 Trust                                             | CUSIP: 74334HAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     400000 | PA      | $368625.08    | 0.07%             | 2043-02-17      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| American Home Mortgage Investment Trust                                          | American Home Mortgage Investment Trust 2006-2                                   | CUSIP: 02660YAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     482779 | PA      | $37861.93     | 0.01%             | 2036-05-25      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| QTS ISSUER ABS II LLC                                                            | QTS Issuer ABS II LLC                                                            | CUSIP: 74690FBE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     203000 | PA      | $204392.99    | 0.04%             | 2056-03-06      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                                         | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      50000 | PA      | $47567.92     | 0.01%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31329PX73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      83653 | PA      | $79637.29     | 0.01%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | USD P INR C @94.0000 EO                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |     -87000 | OU      | $-139.64      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KR5K6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      96935 | PA      | $97861.90     | 0.02%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                                                            | Egypt Government Bond                                                            | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     351000 | PA      | $6482.68      | 0.00%             | 2028-07-01      | Fixed         | 23.44%                | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HUF 6.250000 17-DEC-2027 BUB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   45011376 | OU      | $-445.71      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                  | BRAVO Residential Funding Trust 2025-NQM7                                        | CUSIP: 10570TAP0<br>LEI: 254900I1LYOO3G3UAT10 | Long             | ABS-MBS          | CORP              | US        |     167328 | PA      | $168091.70    | 0.03%             | 2065-07-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W36G9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     364419 | PA      | $367308.12    | 0.07%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | BR        |          1 | NC      | $65623.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MIDWEST GMNG BOR/MWG FIN                                                         | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp                        | CUSIP: 59833DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      11000 | PA      | $10754.69     | 0.00%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                                                | Citigroup Mortgage Loan Trust Inc                                                | CUSIP: 17313JAM6<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |     134438 | PA      | $123683.73    | 0.02%             | 2037-07-25      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                                           | ISHARES CHINA LARGE-CAP ETF                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         18 | NC      | $1230.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| 1345 Trust                                                                       | 1345T 2025-AOA                                                                   | CUSIP: 68271CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     462000 | PA      | $462000.00    | 0.08%             | 2042-06-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                | SHORT EURO-BTP FU JUN26                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |          5 | NC      | $-3772.81     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BRES Commercial Mortgage Trust                                                   | BRES Commercial Mortgage Trust 2025-ATCAP                                        | CUSIP: 05619GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     137000 | PA      | $136796.45    | 0.02%             | 2042-11-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| AMER AIRLINE 25-1B PTT                                                           | American Airlines 2025-1 Class B Pass Through Trust                              | CUSIP: 02377PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       9000 | PA      | $8947.35      | 0.00%             | 2034-11-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| MCKESSON CORP                                                                    | McKesson Corp                                                                    | CUSIP: 581557BJ3<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99330.55     | 0.02%             | 2028-02-16      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                                                   | Eli Lilly & Co                                                                   | CUSIP: 532457CN6<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |      18000 | PA      | $16115.05     | 0.00%             | 2064-02-09      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CHF1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     913000 | PA      | $904975.59    | 0.16%             | 2030-05-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                                                             | Kraft Heinz Foods Co                                                             | CUSIP: 50076QAR7<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     100000 | PA      | $108800.54    | 0.02%             | 2039-01-26      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                                          | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |      26000 | PA      | $25263.97     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CNJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      58000 | PA      | $57540.08     | 0.01%             | 2032-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINANCING I                                                           | Vmed O2 UK Financing I PLC                                                       | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     100000 | PA      | $111364.16    | 0.02%             | 2032-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                                                              | Gilead Sciences Inc                                                              | CUSIP: 375558BD4<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     141000 | PA      | $124803.14    | 0.02%             | 2046-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Crescent Midstream Operating LLC                                                 | Crescent Midstream Operating LLC Term Loan B                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     112000 | PA      | $112467.04    | 0.02%             | 2033-02-18      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE                                                         | Perrigo Finance Unlimited Co                                                     | CUSIP: 000000000<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |     100000 | PA      | $113557.31    | 0.02%             | 2032-09-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                                          | Dell International LLC / EMC Corp                                                | CUSIP: 24703TAN6<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |      36000 | PA      | $36702.40     | 0.01%             | 2032-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $10267.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                                     | Alphabet Inc                                                                     | CUSIP: 02079KBN6<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |      61000 | PA      | $59986.78     | 0.01%             | 2046-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | 2Y RTP 3.310000 15-OCT-2026                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |   -4662000 | OU      | $-14574.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SALESFORCE INC                                                                   | Salesforce Inc                                                                   | CUSIP: 79466LAX2<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |      47000 | PA      | $47192.38     | 0.01%             | 2066-03-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                            | Mexico Government International Bonds                                            | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    1190000 | PA      | $1059100.00   | 0.19%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2018-III Ltd                                                        | CUSIP: 12551YAS2<br>LEI: 635400OB7ZCBUWDQNV87 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251302.58    | 0.05%             | 2038-10-18      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| SAIF Securitization Trust                                                        | SAIF Securitization Trust 2024-CES1                                              | CUSIP: 78436VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      54655 | PA      | $54994.01     | 0.01%             | 2054-07-25      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                           | Lendmark Funding Trust 2024-2                                                    | CUSIP: 52590AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     147000 | PA      | $147128.63    | 0.03%             | 2034-02-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                            | TRK 2021-INV2 Trust                                                              | CUSIP: 87267TAE1<br>LEI: 25490023B58UP9CM5N96 | Long             | ABS-MBS          | CORP              | US        |     137000 | PA      | $119249.44    | 0.02%             | 2056-11-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| CLEAN RENEWABLE POWER                                                            | Clean Renewable Power Mauritius Pte Ltd                                          | CUSIP: 000000000<br>LEI: 2138003P9CSDW7P4MT75 | Long             | DBT              | CORP              | MU        |     294000 | PA      | $289590.00    | 0.05%             | 2027-03-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GS FINANCE CORP                                                                  | GS Finance Corp                                                                  | CUSIP: 40058XL69<br>LEI: 549300FR80KBVO6DRL61 | Long             | SN               | CORP              | US        |     738000 | PA      | $720434.12    | 0.13%             | 2031-02-17      | Variable      | 7.35%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 060505GR9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     108000 | PA      | $106328.98    | 0.02%             | 2037-02-06      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GARFUNKELUX HOLDCO 3 SA                                                          | Garfunkelux Holdco 3 SA                                                          | CUSIP: 000000000<br>LEI: 2221007QVSNJV7EWBX69 | Long             | DBT              | CORP              | LU        |      96260 | PA      | $113495.79    | 0.02%             | 2028-09-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                                                          | VZ Secured Financing BV                                                          | CUSIP: 000000000<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $111467.91    | 0.02%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                                               | Expand Energy Corp                                                               | CUSIP: 165167DH7<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    1452000 | PA      | $1480909.19   | 0.27%             | 2035-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                                                          | Light & Wonder International Inc                                                 | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     100000 | PA      | $104217.70    | 0.02%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |          1 | NC      | $58534.23     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                                                   | Bombardier Inc                                                                   | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      16000 | PA      | $16835.02     | 0.00%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Iskandar Enterprise LLC                                                          | Iskandar Enterprise LLC                                                          | CUSIP: 464338AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     189000 | PA      | $189000.00    | 0.03%             | 2056-04-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK                                                             | AUD P USD C @0.708000 EO                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |     119000 | OU      | $24.50        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TOTALENERGIES CAP INTL                                                           | TotalEnergies Capital International SA                                           | CUSIP: 89153VAW9<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | CORP              | FR        |      67000 | PA      | $43192.91     | 0.01%             | 2060-06-29      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                                    | AppLovin Corp                                                                    | CUSIP: 03831WAE8<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     276000 | PA      | $253177.84    | 0.05%             | 2054-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EAR1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     460234 | PA      | $413032.52    | 0.07%             | 2037-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                              | GS Mortgage-Backed Securities Trust 2026-CES1                                    | CUSIP: 36277LAB9<br>LEI: 2549005U12N6A8G3H936 | Long             | ABS-MBS          | CORP              | US        |     182000 | PA      | $180545.07    | 0.03%             | 2056-05-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| KSL COMMERCIAL MORTGAGE                                                          | KSL COMMERCIAL MORTGAGE                                                          | CUSIP: 50116JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     358000 | PA      | $357899.66    | 0.06%             | 2042-06-15      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                                            | Directv Financing LLC                                                            | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      14000 | PA      | $14258.61     | 0.00%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2025-R1                                               | CUSIP: 92541AAE0<br>LEI: 213800UBQ9UM61L7TB84 | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99178.02     | 0.02%             | 2065-05-25      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                          | Bristol-Myers Squibb Co                                                          | CUSIP: 110122DK1<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      97000 | PA      | $80055.27     | 0.01%             | 2047-11-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| QXO Inc                                                                          | QXO Inc                                                                          | CUSIP: 82846H405<br>LEI: 549300HDXQWWCBOYXP31 | Long             | EC               | CORP              | US        |        699 | NS      | $14028.93     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2025-INV1                                                                   | CUSIP: 26846XAA8<br>LEI: 2549005YTE90D77H8V23 | Long             | ABS-MBS          | CORP              | US        |     157273 | PA      | $158162.13    | 0.03%             | 2070-03-25      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP                                                            | Antero Resources Corp                                                            | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |    1157000 | PA      | $1164002.16   | 0.21%             | 2030-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $333.38       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAQ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      75000 | PA      | $76442.15     | 0.01%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MTP ABS FUNDING LLC                                                              | Mtp Abs Funding LLC                                                              | CUSIP: 55378HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     192000 | PA      | $192000.00    | 0.03%             | 2056-04-25      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       8000 | PA      | $7691.56      | 0.00%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                                              | SG Residential Mortgage Trust 2025-1                                             | CUSIP: 81880NAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     850000 | PA      | $849411.89    | 0.15%             | 2065-12-25      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED CNH / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |          1 | NC      | $-232.86      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EP20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     726889 | PA      | $718979.65    | 0.13%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                                             | Sofi Professional Loan Program 2019-C LLC                                        | CUSIP: 83401CAB0<br>LEI: 5493002WMPR84WZ75V46 | Long             | ABS-O            | CORP              | US        |      51396 | PA      | $50049.89     | 0.01%             | 2048-11-16      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2021-2                                                  | CUSIP: 03465DAA1<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |     162774 | PA      | $141188.59    | 0.03%             | 2066-04-25      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| FLOURISHING TRADE + INVT LTD                                                     | FLOURISHING TRADE + INVT LTD                                                     | CUSIP: 343427AA8<br>LEI: 894500SZ5TN63ZJ0Y632 | Long             | DBT              | CORP              | MU        |     222997 | PA      | $230244.40    | 0.04%             | 2030-04-02      | Variable      | 11.04%                | No            |                  3 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140MWPK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      82735 | PA      | $81952.26     | 0.01%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elstree Funding                                                                  | Elstree 2026-1 Mix PLC                                                           | CUSIP: 000000000<br>LEI: 213800GBXBLN9YSO6I96 | Long             | ABS-MBS          | CORP              | GB        |     100000 | PA      | $136226.29    | 0.02%             | 2066-09-21      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED PEN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | PE        |          1 | NC      | $416.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| M&T Bank RV Trust                                                                | M&T Bank RV Trust 2026-1                                                         | CUSIP: 551923AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     101881 | PA      | $100427.44    | 0.02%             | 2046-01-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED THB / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TH        |          1 | NC      | $-4167.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133CFU80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      54200 | PA      | $54577.94     | 0.01%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                           | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       2000 | PA      | $1971.47      | 0.00%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications LLC, Fidium Fiber Finance Holdco LLC                 | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC                  | CUSIP: 315961AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     117000 | PA      | $115840.86    | 0.02%             | 2056-03-20      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XFLU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     255887 | PA      | $227333.27    | 0.04%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DC Commercial Mortgage Trust                                                     | DC Trust 2024-HLTN                                                               | CUSIP: 24022FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10000 | PA      | $10047.27     | 0.00%             | 2040-04-13      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                                         | Alexandria Real Estate Equities Inc                                              | CUSIP: 015271AU3<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |      84000 | PA      | $83977.63     | 0.02%             | 2030-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                             | Deephaven Residential Mortgage Trust 2026-INV1                                   | CUSIP: 24381GAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     172146 | PA      | $169774.36    | 0.03%             | 2070-12-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 1Y RTR 3.000000 08-JUN-2026                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |   19869734 | OU      | $385.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                                         | Citizens Financial Group Inc                                                     | CUSIP: 174610BK0<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |      23000 | PA      | $22802.32     | 0.00%             | 2036-01-29      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                       | Verus Securitization Trust 2024-7                                                | CUSIP: 924925AG5<br>LEI: 213800HQOHEFNJCQYJ07 | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100387.24    | 0.02%             | 2069-09-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | FSWP: OIS 9.310000 17-DEC-2027 IBR                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  112894789 | OU      | $-1388.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                                         | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAC3<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     135000 | PA      | $111852.68    | 0.02%             | 2049-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                             | GCAT 2023-NQM4 Trust                                                             | CUSIP: 36171FAA1<br>LEI: 254900KVL1UYCCX9U836 | Long             | ABS-MBS          | CORP              | US        |     280679 | PA      | $264961.43    | 0.05%             | 2067-05-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                                                              | SoftBank Group Corp                                                              | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     100000 | PA      | $118352.84    | 0.02%             | 2030-04-22      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                                                          | Exxon Mobil Corp                                                                 | CUSIP: 30231GAY8<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |      60000 | PA      | $47796.91     | 0.01%             | 2039-08-16      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Impac Secured Assets Corp.                                                       | Impac Secured Assets Trust 2006-3                                                | CUSIP: 45255RAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      24220 | PA      | $22451.64     | 0.00%             | 2036-11-25      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corporation                                          | Structured Asset Securities Corp Mortgage Loan Trust 2006-BC6                    | CUSIP: 86362VAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      30375 | PA      | $29149.95     | 0.01%             | 2037-01-25      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CLB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      30000 | PA      | $30048.68     | 0.01%             | 2026-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                                                 | Georgia Power Co                                                                 | CUSIP: 373334LA7<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |      11000 | PA      | $11139.95     | 0.00%             | 2031-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                                      | BBCMS Mortgage Trust 2025-C35                                                    | CUSIP: 07337DAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      18000 | PA      | $13968.55     | 0.00%             | 2058-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      92000 | PA      | $83377.36     | 0.01%             | 2033-01-25      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2025-INV3                                                                   | CUSIP: 26847NAA9<br>LEI: 254900C1B6ZW3SK54M36 | Long             | ABS-MBS          | CORP              | US        |     358847 | PA      | $360184.72    | 0.06%             | 2070-07-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD PEN                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $698.73       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc                                     | BAMLL Trust 2025-ASHF                                                            | CUSIP: 05494CAJ4<br>LEI: 5493001M1XQ4INMTAE48 | Long             | ABS-MBS          | CORP              | US        |      51000 | PA      | $51005.83     | 0.01%             | 2042-02-15      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                                                              | Egypt Treasury Bills                                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | STIV             | NUSS              | EG        |    2925000 | PA      | $49119.49     | 0.01%             | 2026-10-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                              | Petroleos Mexicanos                                                              | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     359387 | PA      | $384903.48    | 0.07%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ELFI Graduate Loan Program 2018-A LLC                                            | ELFI Graduate Loan Program 2024-A LLC                                            | CUSIP: 28627LAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     129289 | PA      | $129829.01    | 0.02%             | 2049-08-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                                                            | Silver Point CLO 8 Ltd                                                           | CUSIP: 827918AA1<br>LEI: 254900U97WKD6RJ07L38 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250226.90    | 0.04%             | 2038-04-15      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 3.950000 17-DEC-2027 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     358000 | OU      | $662.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179YFL3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     214115 | PA      | $216739.05    | 0.04%             | 2053-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QST27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     206375 | PA      | $208644.87    | 0.04%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                                         | MSCI Inc                                                                         | CUSIP: 55354GAS9<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     115000 | PA      | $111405.87    | 0.02%             | 2036-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427QMY5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     189718 | PA      | $196334.46    | 0.04%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 7.552500 10-APR-2031 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2591883 | OU      | $1859.22      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 4.000000 17-DEC-2026 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     319000 | OU      | $-4.67        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GQKK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      27229 | PA      | $27446.69     | 0.00%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                                                               | MCR 2024-HTL Mortgage Trust                                                      | CUSIP: 55286PAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      80569 | PA      | $80469.89     | 0.01%             | 2037-02-15      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US ULTRA BOND CBT JUN26                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        169 | NC      | $-719174.05   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | Diamondback Energy Inc                                                           | CUSIP: 25278XAR0<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     877000 | PA      | $819808.98    | 0.15%             | 2031-03-24      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133C6LX5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      84747 | PA      | $83768.21     | 0.02%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Residential Asset Mortgage Products, INC.                                        | RAMP Series 2007-RS1 Trust                                                       | CUSIP: 74923RAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     111157 | PA      | $24474.29     | 0.00%             | 2037-02-25      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWET6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      44236 | PA      | $43809.31     | 0.01%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179WLN6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     245038 | PA      | $201693.77    | 0.04%             | 2051-08-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| APCOA GMBH                                                                       | APCOA GmbH                                                                       | CUSIP: 000000000<br>LEI: 529900H8FIYAOV5FUW68 | Long             | DBT              | CORP              | DE        |     100000 | PA      | $117500.29    | 0.02%             | 2031-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                                                 | UWM Holdings LLC                                                                 | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      14000 | PA      | $12982.92     | 0.00%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                                         | Florida Power & Light Co                                                         | CUSIP: 341081ET0<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     109000 | PA      | $108880.75    | 0.02%             | 2035-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BONCER                                                                           | Argentina Treasury Bond BONCER                                                   | CUSIP: 000000000<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   15222000 | PA      | $25705.64     | 0.00%             | 2027-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                                     | Alphabet Inc                                                                     | CUSIP: 02079KBM8<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     114000 | PA      | $112841.52    | 0.02%             | 2036-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                                           | RR 32 LTD /old                                                                   | CUSIP: 74988CAA2<br>LEI: 549300V317BEVFPNAZ66 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250478.00    | 0.04%             | 2039-10-15      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: MYR 3.319000 18-MAR-2028 KLI                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1432000 | OU      | $521.69       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INT Commercial Mortgage Trust 2025-PLAZA                                         | INT Commercial Mortgage Trust 2025-PLAZA                                         | CUSIP: 44989YAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99899.38     | 0.02%             | 2037-11-05      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D7F3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      39179 | PA      | $33062.36     | 0.01%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                                                 | Bain Capital Credit CLO 2019-2                                                   | CUSIP: 05682LBC0<br>LEI: 549300WZ8E2KQS66KT95 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250119.58    | 0.04%             | 2032-10-17      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| RR 36 LTD                                                                        | RR 36 Ltd                                                                        | CUSIP: 74989AAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     900000 | PA      | $902419.20    | 0.16%             | 2040-01-15      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                                               | Chase Mortgage Finance Trust Series 2007-A1                                      | CUSIP: 161630AL2<br>LEI: 529900A7SLLSJMEDIN80 | Long             | ABS-MBS          | CORP              | US        |      91259 | PA      | $90827.57     | 0.02%             | 2037-02-25      | Variable      | 5.48%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-941.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CEP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      45000 | PA      | $41969.53     | 0.01%             | 2032-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| JOHNSON & JOHNSON                                                                | Johnson & Johnson                                                                | CUSIP: 478160AJ3<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |     197000 | PA      | $215145.59    | 0.04%             | 2029-09-01      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2022-3 Mortgage Loan Trust                                                  | CUSIP: 12659YAF1<br>LEI: 2138001HZNOLT1K3WY73 | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $83946.26     | 0.02%             | 2067-02-25      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| OAK-EAGLE ACQUIRECO INC                                                          | OAK-Eagle Acquireco Inc                                                          | CUSIP: 67124CAA1<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |      24000 | PA      | $24729.98     | 0.00%             | 2033-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LBA Trust                                                                        | LBA Trust 2024-7IND                                                              | CUSIP: 52109XAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      16334 | PA      | $16344.56     | 0.00%             | 2041-10-15      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H052652<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |     -58000 | PA      | $-58407.58    | -0.01%            | 2056-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                                                      | Prologis LP                                                                      | CUSIP: 74340XCG4<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |     100000 | PA      | $101175.40    | 0.02%             | 2028-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H042653<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2032000 | PA      | $1959292.50   | 0.35%             | 2056-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                         | Capital One Financial Corp                                                       | CUSIP: 254709AT5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     232000 | PA      | $267613.68    | 0.05%             | 2034-11-02      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQ2C9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     427261 | PA      | $366239.94    | 0.07%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SALESFORCE INC                                                                   | Salesforce Inc                                                                   | CUSIP: 79466LAW4<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |      47000 | PA      | $46669.92     | 0.01%             | 2056-03-15      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418ECQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     392624 | PA      | $330613.27    | 0.06%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                               | PURCHASED PLN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | PL        |          1 | NC      | $-501.18      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced Securuties Limited                                  | HOMES 2025-NQM1 Trust                                                            | CUSIP: 43761DAF7<br>LEI: 254900LUV7YA0N50XT86 | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100619.65    | 0.02%             | 2070-01-25      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-MDHS                                           | CUSIP: 12433BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     200066 | PA      | $200128.09    | 0.04%             | 2041-05-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XP6Q7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     299033 | PA      | $240173.70    | 0.04%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179TSH9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      66574 | PA      | $63373.16     | 0.01%             | 2048-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                                             | Lockheed Martin Corp                                                             | CUSIP: 539830BZ1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     137000 | PA      | $137629.09    | 0.02%             | 2028-05-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                          | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |       5000 | PA      | $5112.54      | 0.00%             | 2031-07-16      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                                         | Burlington Northern Santa Fe LLC                                                 | CUSIP: 12189TAX2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      55000 | PA      | $59897.60     | 0.01%             | 2036-08-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                         | Vistra Operations Co LLC                                                         | CUSIP: 92840VAS1<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     136000 | PA      | $140333.10    | 0.03%             | 2034-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119CZ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     100000 | PA      | $101837.98    | 0.02%             | 2030-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED CZK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CZ        |          1 | NC      | $205.83       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                           | Sequoia Mortgage Trust 2026-HYB1                                                 | CUSIP: 81750GAB2<br>LEI: 549300671OK77JNRLK28 | Long             | ABS-MBS          | CORP              | US        |     981670 | PA      | $963824.70    | 0.17%             | 2056-04-25      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F040453<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     101000 | PA      | $98395.41     | 0.02%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH EDISON CO                                                           | Commonwealth Edison Co                                                           | CUSIP: 202795JA9<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |     356000 | PA      | $286345.81    | 0.05%             | 2042-10-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORP                                                               | Mattamy Group Corp                                                               | CUSIP: 57701RAM4<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |      15000 | PA      | $14325.22     | 0.00%             | 2030-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                   | Morgan Stanley Capital I Trust 2024-NSTB                                         | CUSIP: 61690BAA0<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |      79719 | PA      | $78661.39     | 0.01%             | 2057-09-24      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                                                                 | Boyd Gaming Corp                                                                 | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |      23000 | PA      | $22166.85     | 0.00%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                          | Bristol-Myers Squibb Co                                                          | CUSIP: 110122DL9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      42000 | PA      | $35530.91     | 0.01%             | 2048-02-20      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                            | Wells Fargo Commercial Mortgage Trust 2024-BPRC                                  | CUSIP: 95004AAJ2<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |      17000 | PA      | $16946.19     | 0.00%             | 2043-07-15      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179NJB5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      24076 | PA      | $23227.63     | 0.00%             | 2043-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                                                                 | ABN AMRO Bank NV                                                                 | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $264813.67    | 0.05%             | 2030-11-08      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | USD C CLP P @905.00 EO                                                           | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |    -158000 | OU      | $-1457.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | EUR P HUF C @373.0000 EO                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |      87000 | OU      | $2464.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                                                             | Westpac Banking Corp                                                             | CUSIP: 961214EY5<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     107000 | PA      | $78845.22     | 0.01%             | 2041-11-18      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED ARS / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | AR        |          1 | NC      | $-1285.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                                 | Onemain Financial Issuance Trust 2024-1                                          | CUSIP: 68269NAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $104592.84    | 0.02%             | 2041-05-14      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                               | Dominican Republic International Bond                                            | CUSIP: 25714PFD5<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    8000000 | PA      | $141750.19    | 0.03%             | 2037-03-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Sage AR Funding                                                                  | Sage AR Funding                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |     220000 | PA      | $297311.89    | 0.05%             | 2038-05-18      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CFZ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     914000 | PA      | $913892.89    | 0.16%             | 2027-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| EC FINANCE PLC                                                                   | EC Finance PLC                                                                   | CUSIP: 000000000<br>LEI: 213800NKPB53RHYDQE45 | Long             | DBT              | CORP              | GB        |     100000 | PA      | $115646.59    | 0.02%             | 2026-10-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133KRJT2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      58518 | PA      | $59071.45     | 0.01%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WCORE Commercial Mortgage Trust                                                  | WCORE Commercial Mortgage Trust 2024-CORE                                        | CUSIP: 951913AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     800000 | PA      | $800995.36    | 0.14%             | 2041-11-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2026-NQM1                                                                   | CUSIP: 26846GAM9<br>LEI: 254900H3V169GPKPIM43 | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $98932.92     | 0.02%             | 2071-02-25      | Variable      | 6.54%                 | No            |                  2 | On Loan: No      |
| MIDAMERICAN ENERGY CO                                                            | MidAmerican Energy Co                                                            | CUSIP: 595620AV7<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |      36000 | PA      | $23934.72     | 0.00%             | 2050-04-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XDT9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     257000 | PA      | $212313.24    | 0.04%             | 2065-09-26      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                                        | CIM Trust 2025-I1                                                                | CUSIP: 12571DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100268 | PA      | $100956.51    | 0.02%             | 2069-10-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                                           | Comstock Resources Inc                                                           | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |      23000 | PA      | $22991.88     | 0.00%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                                                             | FS Rialto 2026-FL11 Issuer LLC                                                   | CUSIP: 30343TAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     481000 | PA      | $480426.36    | 0.09%             | 2044-01-19      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | SWP: IFS 2.428000 15-APR-2030 USC                                                | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DO               |  | US        |     654675 | OU      | $9486.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US LONG BOND(CBT) JUN26                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        237 | NC      | $-563905.28   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Home Owner Mortgage Enhanced Securuties Limited                                  | HOMES 2025-NQM2 Trust                                                            | CUSIP: 403966AA2<br>LEI: 2549001JI3VOZZFMYK81 | Long             | ABS-MBS          | CORP              | US        |      81517 | PA      | $81765.19     | 0.01%             | 2070-02-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| PFIZER INC                                                                       | Pfizer Inc                                                                       | CUSIP: 717081CY7<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     123000 | PA      | $143732.99    | 0.03%             | 2039-03-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                                                   | Eli Lilly & Co                                                                   | CUSIP: 532457CY2<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     128000 | PA      | $124599.42    | 0.02%             | 2055-02-12      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CART                                                                             | CONE Trust 2024-DFW1                                                             | CUSIP: 20682AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      30000 | PA      | $29973.94     | 0.01%             | 2041-08-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 912828X88<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     203300 | PA      | $200369.62    | 0.04%             | 2027-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MAIN Trust                                                                       | MAIN Trust 2026-OLAS                                                             | CUSIP: 56036BAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $499997.23    | 0.09%             | 2041-01-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: ZAR 7.420000 17-JUN-2027 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4469000 | OU      | $-55.42       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                                             | Colombian TES                                                                    | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  229400000 | PA      | $59530.68     | 0.01%             | 2030-02-27      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Trust 2025-ARIA                                                               | CUSIP: 05619TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     230000 | PA      | $231549.99    | 0.04%             | 2042-12-13      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DNHE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     347596 | PA      | $329765.55    | 0.06%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H020659<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |    -337000 | PA      | $-277199.27   | -0.05%            | 2056-05-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                                        | Sunoco LP                                                                        | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     100000 | PA      | $102202.30    | 0.02%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Pavillion Consumer PLC                                                           | Pavillion Consumer 2025-1 PLC                                                    | CUSIP: 000000000<br>LEI: 213800XK4G6W1NHSJJ12 | Long             | ABS-O            | CORP              | GB        |     103000 | PA      | $140008.65    | 0.03%             | 2036-01-25      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: PLN 3.490000 18-MAR-2028 WIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      86769 | OU      | $402.84       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SV RNO PROPERTY OWNER 1                                                          | SV RNO Property Owner 1 LLC                                                      | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      42000 | PA      | $41208.24     | 0.01%             | 2031-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                                             | Diameter Capital CLO 12 Ltd                                                      | CUSIP: 25255YAA2<br>LEI: 25490018I1ROE4V49X69 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250468.73    | 0.04%             | 2038-10-20      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS/CAN WON/MILLEN                                                         | Six Flags Entertainment Corp/Canada's Wonderland Co/Millennium Operations LLC    | CUSIP: 83003AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      12000 | PA      | $12199.81     | 0.00%             | 2032-01-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                                           | Marriott International Inc/MD                                                    | CUSIP: 571903BZ5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      72000 | PA      | $69053.08     | 0.01%             | 2038-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                                      | BBCMS Mortgage Trust 2022-C17                                                    | CUSIP: 054976AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      18000 | PA      | $17468.90     | 0.00%             | 2055-09-15      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                                                         | Petroleos de Venezuela SA                                                        | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |      16000 | PA      | $6240.00      | 0.00%             | 2026-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MAIN Trust                                                                       | MAIN Trust 2026-OLAS                                                             | CUSIP: 56036BAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $249997.30    | 0.04%             | 2041-01-15      | Floating      | 7.90%                 | No            |                  2 | On Loan: No      |
| Argent Securities Inc.                                                           | Argent Securities Trust 2006-W2                                                  | CUSIP: 040104RW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     255698 | PA      | $143858.95    | 0.03%             | 2036-03-25      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | 10Y RTP 4.093000 28-APR-2028                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   -2211000 | OU      | $-80838.10    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds                                           | Ukraine Government International Bonds                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      32200 | PA      | $16341.50     | 0.00%             | 2036-02-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications LLC, Fidium Fiber Finance Holdco LLC                 | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC                  | CUSIP: 315961AJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $98690.36     | 0.02%             | 2056-03-20      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                     | CSMC 2022-LION                                                                   | CUSIP: 12660TAA0<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99599.61     | 0.02%             | 2027-02-15      | Floating      | 7.09%                 | No            |                  3 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC Holdings PLC                                                                | CUSIP: 404280DU0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $205598.98    | 0.04%             | 2029-03-09      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D7G1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     230449 | PA      | $203283.99    | 0.04%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                                            | Level 3 Financing Inc                                                            | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      24000 | PA      | $24893.45     | 0.00%             | 2034-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PPL ELECTRIC UTILITIES                                                           | PPL Electric Utilities Corp                                                      | CUSIP: 69351UBC6<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |     269000 | PA      | $268725.28    | 0.05%             | 2034-02-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                                                         | Charles River Laboratories International Inc                                     | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |       6000 | PA      | $5737.61      | 0.00%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| XHR LP                                                                           | XHR LP                                                                           | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |       2000 | PA      | $1963.02      | 0.00%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     472500 | PA      | $474520.58    | 0.09%             | 2027-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $-136.97      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                              | Fifth Third Bancorp                                                              | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |        128 | NS      | $6497.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDCO LAUREL TREE                                                                | Medco Laurel Tree Pte Ltd                                                        | CUSIP: 000000000<br>LEI: 254900SX7FFGRREZD046 | Long             | DBT              | CORP              | SG        |     200000 | PA      | $200540.78    | 0.04%             | 2028-11-12      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                                                           | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc               | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $96893.93     | 0.02%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Bear Stearns Structured Products Inc.                                            | Bear Stearns Structured Products Trust 2007-EMX1                                 | CUSIP: 07402LAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      17378 | PA      | $17352.21     | 0.00%             | 2037-03-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                        | Amgen Inc                                                                        | CUSIP: 031162CU2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     100000 | PA      | $92976.39     | 0.02%             | 2030-02-21      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133C4E34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     194148 | PA      | $195822.43    | 0.04%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust                                        | GoodLeap Home Improvement Solutions Trust 2025-1                                 | CUSIP: 38237EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      74606 | PA      | $74846.51     | 0.01%             | 2049-02-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                                                         | California Resources Corp                                                        | CUSIP: 13057QAL1<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |      14000 | PA      | $14286.03     | 0.00%             | 2034-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RNJ7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      79000 | PA      | $76218.72     | 0.01%             | 2046-04-30      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                                         | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748BS0<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     175000 | PA      | $182999.83    | 0.03%             | 2052-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2025-BCAT                                           | CUSIP: 12433HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100886 | PA      | $100980.99    | 0.02%             | 2042-08-15      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae REMICS                                                                | CUSIP: 3136BUXZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     155338 | PA      | $157543.31    | 0.03%             | 2055-02-25      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                                                                   | NCR Atleos Corp                                                                  | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |     100000 | PA      | $106385.70    | 0.02%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| DUPONT DE NEMOURS INC                                                            | DuPont de Nemours Inc                                                            | CUSIP: 26614NAC6<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |     125000 | PA      | $125527.32    | 0.02%             | 2028-11-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                                          | Hungary Government Bond                                                          | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   32110000 | PA      | $76368.86     | 0.01%             | 2038-10-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                         | Angel Oak Mortgage Trust 2025-1                                                  | CUSIP: 034934AA7<br>LEI: 254900HC0S1X9R2JZB30 | Long             | ABS-MBS          | CORP              | US        |     274335 | PA      | $276105.68    | 0.05%             | 2070-01-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 1Y RTR 2.500000 08-JUN-2026                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  -19869734 | OU      | $-57.22       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XPHE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     110136 | PA      | $111347.43    | 0.02%             | 2054-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                                         | MSCI Inc                                                                         | CUSIP: 55354GAL4<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     145000 | PA      | $137695.34    | 0.02%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: ZAR 6.862500 17-DEC-2030 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    3229162 | OU      | $5650.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                                                     | Atrium Hotel Portfolio Trust 2025-ATRM                                           | CUSIP: 049917AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      73000 | PA      | $73113.00     | 0.01%             | 2042-08-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| DGWD Trust                                                                       | DGWD Trust 2025-INFL                                                             | CUSIP: 23347FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     905000 | PA      | $906402.48    | 0.16%             | 2035-08-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EBE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     217371 | PA      | $199505.27    | 0.04%             | 2037-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                        | Amgen Inc                                                                        | CUSIP: 031162CR9<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      86000 | PA      | $66821.73     | 0.01%             | 2040-02-21      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                   | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2                         | CUSIP: 61778XAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     200000 | PA      | $200881.86    | 0.04%             | 2070-07-25      | Variable      | 7.10%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                                      | Gartner Inc                                                                      | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     365000 | PA      | $343605.52    | 0.06%             | 2029-06-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BHMS Mortgage Trust                                                              | BHMS Commercial Mortgage Trust 2025-ATLS                                         | CUSIP: 088928AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     315000 | PA      | $315393.75    | 0.06%             | 2042-08-15      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                            | PRPM 2025-NQM5 Trust                                                             | CUSIP: 69383FAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      99445 | PA      | $99286.69     | 0.02%             | 2070-10-25      | Variable      | 5.18%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                          | Goldman Sachs Group Inc/The                                                      | CUSIP: 000000000<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     200000 | PA      | $231569.77    | 0.04%             | 2036-12-18      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                           | Lendmark Funding Trust 2025-1                                                    | CUSIP: 52604QAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $100664.66    | 0.02%             | 2034-09-20      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                                                         | Spain Government Bond                                                            | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     600000 | PA      | $691958.03    | 0.12%             | 2031-05-31      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                              | New Residential Mortgage Loan Trust 2025-NQM3                                    | CUSIP: 64832CAG8<br>LEI: 2138002D8CMDYG7QOU84 | Long             | ABS-MBS          | CORP              | US        |     107000 | PA      | $106412.94    | 0.02%             | 2065-05-25      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RLV2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      65000 | PA      | $41561.29     | 0.01%             | 2059-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                                          | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    2313300 | PA      | $133529.38    | 0.02%             | 2029-03-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                          | HCA Inc                                                                          | CUSIP: 404119CV9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      87000 | PA      | $83884.62     | 0.02%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $2949.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJA8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      54000 | PA      | $42110.19     | 0.01%             | 2051-03-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418D4F6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      42869 | PA      | $36046.87     | 0.01%             | 2041-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO I, Ltd.                                                          | Sagard-Halseypoint Clo 9 Ltd                                                     | CUSIP: 78662EAC8<br>LEI: 254900XOQCO9R6J0SO60 | Long             | ABS-CBDO         | CORP              | KY        |     400000 | PA      | $400319.12    | 0.07%             | 2038-04-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                          | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                                        | CUSIP: 072024NV0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |     157166 | PA      | $177118.69    | 0.03%             | 2050-04-01      | Fixed         | 7.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NCM71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      42442 | PA      | $42039.34     | 0.01%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                        | Nelnet Student Loan Trust 2025-B                                                 | CUSIP: 64032BAB9<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |     215228 | PA      | $214806.71    | 0.04%             | 2055-05-17      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| BEIGNET INVESTOR LLC                                                             | Beignet Investor LLC                                                             | CUSIP: 076912AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     845000 | PA      | $872666.27    | 0.16%             | 2049-05-30      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 1.617860 17-JUN-2031 THO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    6939456 | OU      | $-909.73      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | SWAPTION 4.12125 CALL USD 2028                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |    2797858 | OU      | $97720.06     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT CORP                                                                         | EQT Corp                                                                         | CUSIP: 26884LAR0<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    3750000 | PA      | $3882228.94   | 0.70%             | 2034-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 30Y RTR 3.250000 30-APR-2026                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -2000000 | OU      | $-0.02        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | SWP: OIS 13.883000 04-JAN-2027 BZD                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     706606 | OU      | $819.58       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CNX5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4589000 | PA      | $4519985.75   | 0.81%             | 2030-08-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Boca Commercial Mortgage Trust                                                   | BOCA Commercial Mortgage Trust 2025-BOCA                                         | CUSIP: 05619RAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     180000 | PA      | $180225.00    | 0.03%             | 2042-12-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL                                                           | Brazil Letras do Tesouro Nacional                                                | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    2223000 | PA      | $424708.02    | 0.08%             | 2026-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                   | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1                         | CUSIP: 617932AF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100905.57    | 0.02%             | 2069-11-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                                              | NCL Corp Ltd                                                                     | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     100000 | PA      | $99509.37     | 0.02%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810UD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     825700 | PA      | $742355.91    | 0.13%             | 2044-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWDY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     137051 | PA      | $115484.06    | 0.02%             | 2052-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ELEC POWER                                                          | Southwestern Electric Power Co                                                   | CUSIP: 845437BV3<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |      27000 | PA      | $26636.96     | 0.00%             | 2036-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                                                 | Bank of Montreal                                                                 | CUSIP: 06368BGS1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     170000 | PA      | $167169.10    | 0.03%             | 2032-12-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | USD P CLP C @905.00 EO                                                           | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |    -158000 | OU      | $-2371.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BALL CORP                                                                        | Ball Corp                                                                        | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |       6000 | PA      | $5457.74      | 0.00%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED USD / SOLD INR                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $495.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308LB1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    2665000 | PA      | $2538656.08   | 0.46%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                           | Lendmark Funding Trust 2026-1                                                    | CUSIP: 52603KAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     107000 | PA      | $106979.49    | 0.02%             | 2035-11-20      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                                               | Union Pacific Corp                                                               | CUSIP: 907818FG8<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     176000 | PA      | $125066.81    | 0.02%             | 2060-03-20      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-AIR2                                           | CUSIP: 05613QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      95918 | PA      | $96097.87     | 0.02%             | 2041-10-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| NRTH PARK Mortgage Trust                                                         | NRTH Commercial Mortgage Trust 2025-PARK                                         | CUSIP: 669985AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     900000 | PA      | $899438.13    | 0.16%             | 2040-10-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Long Beach Mortgage Loan Trust                                                   | Long Beach Mortgage Loan Trust 2006-2                                            | CUSIP: 542514TQ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     317981 | PA      | $279909.59    | 0.05%             | 2046-03-25      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED CNH / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CN        |          1 | NC      | $-606.23      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142J6BV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     337575 | PA      | $350052.11    | 0.06%             | 2055-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F020661<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4305000 | PA      | $3442700.79   | 0.62%             | 2056-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                                                              | NuStar Logistics LP                                                              | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51976.25     | 0.01%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 8.270000 05-DEC-2035 TII                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     885707 | OU      | $77.27        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                              | American Express Co                                                              | CUSIP: 025816DH9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     190000 | PA      | $193499.86    | 0.03%             | 2029-07-27      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| GSAMP Trust                                                                      | GSAMP Trust 2006-HE4                                                             | CUSIP: 362439AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      50000 | PA      | $43466.76     | 0.01%             | 2036-06-25      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                                           | Rockford Tower CLO 2018-1 Ltd                                                    | CUSIP: 77342JAA1<br>LEI: 549300KPFGDIQ0PMP224 | Long             | ABS-CBDO         | CORP              | KY        |      21381 | PA      | $21380.87     | 0.00%             | 2031-05-20      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      31000 | PA      | $31230.18     | 0.01%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140QGV79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      29118 | PA      | $27608.63     | 0.00%             | 2036-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                                                         | British Telecommunications PLC                                                   | CUSIP: 000000000<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |     100000 | PA      | $143048.50    | 0.03%             | 2083-12-20      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      42000 | PA      | $41886.80     | 0.01%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                                                               | Macquarie Bank Ltd                                                               | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |     400000 | PA      | $286900.15    | 0.05%             | 2036-08-20      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | SWP: OIS 13.695000 04-JAN-2027 BZD                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     212474 | OU      | $250.09       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142JS2Z7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     207376 | PA      | $204863.28    | 0.04%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                | HSBC Holdings PLC                                                                | CUSIP: 404280AH2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     168000 | PA      | $180228.24    | 0.03%             | 2037-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418FPJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     125490 | PA      | $130127.77    | 0.02%             | 2055-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CreekSource (Dunes Creek) CLO Ltd                                                | Creeksource 2024-1 Dunes Creek Clo Ltd                                           | CUSIP: 225914AA8<br>LEI: 254900CZYOXX4AZ15302 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250374.10    | 0.04%             | 2038-01-15      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132CXBV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      24087 | PA      | $23118.91     | 0.00%             | 2037-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                                   | NRG Energy Inc                                                                   | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      24000 | PA      | $22294.48     | 0.00%             | 2031-02-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400JK0<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97961.72     | 0.02%             | 2055-09-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| MOTABILITY OPERATIONS GR                                                         | Motability Operations Group PLC                                                  | CUSIP: 000000000<br>LEI: AZ3NL8JCZDCNUXFWI720 | Long             | DBT              | CORP              | GB        |     160000 | PA      | $184977.69    | 0.03%             | 2038-02-04      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC                                                         | Constellation Energy Generation LLC                                              | CUSIP: 210385AG5<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |      23000 | PA      | $22856.22     | 0.00%             | 2029-02-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                           | Verizon Communications Inc                                                       | CUSIP: 92343VGB4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      46000 | PA      | $32048.44     | 0.01%             | 2051-03-22      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| GS FINANCE CORP                                                                  | GS Finance Corp                                                                  | CUSIP: 40058WV86<br>LEI: 549300FR80KBVO6DRL61 | Long             | SN               | CORP              | US        |    1260000 | PA      | $1194807.60   | 0.21%             | 2031-01-15      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| FLUIDSTACK SERIES A PREF EQ                                                      | FLUIDSTACK SERIES A PREF EQ                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |       1126 | NS      | $83425.34     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RKB7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      61000 | PA      | $40633.08     | 0.01%             | 2060-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |          1 | NC      | $5790.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                                                         | Live Nation Entertainment Inc                                                    | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |      12000 | PA      | $11964.13     | 0.00%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CLARIANE SE                                                                      | Clariane SE                                                                      | CUSIP: 000000000<br>LEI: 969500WEPS61H6TJM037 | Long             | DBT              | CORP              | FR        |     255000 | PA      | $178176.88    | 0.03%             | 2027-03-06      | Fixed         | 0.88%                 | No            |                  1 | On Loan: No      |
| ARES Commercial Mortgage Trust                                                   | ARES1 2024-IND2                                                                  | CUSIP: 04021EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      80000 | PA      | $80125.00     | 0.01%             | 2034-10-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H022655<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |    -335000 | PA      | $-286901.23   | -0.05%            | 2056-05-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                                                       | Intel Corp                                                                       | CUSIP: 458140CF5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |      45000 | PA      | $45728.10     | 0.01%             | 2030-02-10      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM 2025-167G Mortgage Trust                                                    | CUSIP: 12674VAL5<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |      20000 | PA      | $19842.21     | 0.00%             | 2040-08-10      | Variable      | 8.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWDC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1740987 | PA      | $1399649.29   | 0.25%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | E-MINI RUSS 2000 JUN26                                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         -3 | NC      | $-43026.66    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF MONTREAL                                                                 | Bank of Montreal                                                                 | CUSIP: 06368L3K0<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $101175.59    | 0.02%             | 2027-06-04      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                                                                 | HILT COMMERCIAL MORTGAGE TRUST 2024-ORL                                          | CUSIP: 403956AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100000.00    | 0.02%             | 2037-05-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                                                        | Anchorage Capital Clo 17 Ltd                                                     | CUSIP: 03332PAN7<br>LEI: 549300UNU854VTZYQ112 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250273.78    | 0.04%             | 2038-02-15      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD HUF                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-611.73      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                           | NextEra Energy Capital Holdings Inc                                              | CUSIP: 000000000<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     200000 | PA      | $228475.61    | 0.04%             | 2056-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                                                 | TRESTLES CLO 2017-1 Ltd                                                          | CUSIP: 89531FBC0<br>LEI: 254900QSBDX181YYBH38 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $502003.60    | 0.09%             | 2037-07-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                            | PRPM 2026-NQM1 Trust                                                             | CUSIP: 74391DAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     487003 | PA      | $485869.25    | 0.09%             | 2071-02-25      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     105000 | PA      | $98884.57     | 0.02%             | 2055-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL                                                           | Brazil Letras do Tesouro Nacional                                                | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     453000 | PA      | $89496.73     | 0.02%             | 2026-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |          1 | NC      | $31698.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED BRL / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | BR        |          1 | NC      | $201.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-XL5                                            | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     213950 | PA      | $214150.59    | 0.04%             | 2041-03-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae REMICS                                                                | CUSIP: 3136BVEA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      54348 | PA      | $54989.58     | 0.01%             | 2055-03-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | SWP: OIS 13.750000 03-JAN-2028 BZD                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1805000 | OU      | $-365.09      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XPQV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     558078 | PA      | $427756.60    | 0.08%             | 2051-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWBP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     783211 | PA      | $631856.36    | 0.11%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 31427QH96<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     252671 | PA      | $258869.13    | 0.05%             | 2055-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTP 3.870000 15-MAR-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -4080000 | OU      | $-123848.11   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                                                   | TRSWAP: HYG US EQUITY                                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |     885088 | OU      | $13643.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $1689.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CQC8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      57000 | PA      | $55494.84     | 0.01%             | 2033-02-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae REMICS                                                                | CUSIP: 3136BUJ92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     368447 | PA      | $373475.04    | 0.07%             | 2055-02-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418ER77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1143487 | PA      | $1132107.76   | 0.20%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED PEN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | PE        |          1 | NC      | $-939.05      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae II Pool                                                               | CUSIP: 36179XND4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     124399 | PA      | $117322.82    | 0.02%             | 2052-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications LLC, Fidium Fiber Finance Holdco LLC                 | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC                  | CUSIP: 315961AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     330000 | PA      | $332613.60    | 0.06%             | 2055-12-20      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Terwin Mortgage Trust                                                            | Terwin Mortgage Trust Series TMTS 2005-10HE                                      | CUSIP: 881561VF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      24696 | PA      | $23378.00     | 0.00%             | 2036-06-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE ENERGY PARTNERS                                                         | Enbridge Energy Partners LP                                                      | CUSIP: 29250RAP1<br>LEI: CZ6VG2MNE1J6YDI02G48 | Long             | DBT              | CORP              | US        |     106000 | PA      | $122916.09    | 0.02%             | 2038-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810ST6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1145400 | PA      | $732608.58    | 0.13%             | 2040-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| NEW IMMO HOLDING SA                                                              | New Immo Holding SA                                                              | CUSIP: 000000000<br>LEI: 5493007LOTJ0I8E94R81 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $116922.47    | 0.02%             | 2031-04-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                           | Lendmark Funding Trust 2025-3                                                    | CUSIP: 525951AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     132000 | PA      | $130797.92    | 0.02%             | 2035-05-21      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                            | PRPM 2025-NQM3 Trust                                                             | CUSIP: 69382NAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     150000 | PA      | $150064.82    | 0.03%             | 2070-05-25      | Variable      | 6.89%                 | No            |                  2 | On Loan: No      |
| FS Trust                                                                         | FS 2026-ORL                                                                      | CUSIP: 30343YAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99989.32     | 0.02%             | 2041-02-15      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                        | ONEOK Inc                                                                        | CUSIP: 682680BF9<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     100000 | PA      | $108777.43    | 0.02%             | 2051-01-15      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                                                           | Cogent Communications Group LLC / Cogent Finance Inc                             | CUSIP: 19240WAB5<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |     100000 | PA      | $92735.00     | 0.02%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| DISCOVERY HOLDINGS INC                                                           | Discovery Global Holdings Inc                                                    | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    1913000 | PA      | $1896868.63   | 0.34%             | 2027-03-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                 | CIFC Funding 2021-III Ltd                                                        | CUSIP: 12564DAN4<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $251051.88    | 0.05%             | 2038-10-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| KEYBANK NATIONAL ASSN                                                            | Keybank National Association                                                     | CUSIP: 49327M3H5<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |     250000 | PA      | $247562.61    | 0.04%             | 2033-01-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      56000 | PA      | $55790.40     | 0.01%             | 2030-09-19      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                       | Affirm Asset Securitization Trust 2025-X1                                        | CUSIP: 00834MAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     292000 | PA      | $292361.55    | 0.05%             | 2030-04-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133BMMY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      33235 | PA      | $32910.03     | 0.01%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3142GRLM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      56887 | PA      | $58197.48     | 0.01%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD MXN                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $496.67       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNION ELECTRIC CO                                                                | Union Electric Co                                                                | CUSIP: 02360FAB2<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     143000 | PA      | $144499.26    | 0.03%             | 2037-08-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL                                                            | Evergy Kansas Central Inc                                                        | CUSIP: 30036FAC5<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |      60000 | PA      | $63387.12     | 0.01%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Point Broadband Funding LLC                                                      | Point Broadband Funding LLC                                                      | CUSIP: 73052AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     250000 | PA      | $251047.25    | 0.05%             | 2055-07-20      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| arbor multifamily mortgage securities trust                                      | Arbor Multifamily Mortgage Securities Trust 2022-MF4                             | CUSIP: 03882LAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     170000 | PA      | $158502.24    | 0.03%             | 2055-02-15      | Variable      | 3.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMHW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      15089 | PA      | $14820.38     | 0.00%             | 2034-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JOHNSON & JOHNSON                                                                | Johnson & Johnson                                                                | CUSIP: 478160CL6<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |      45000 | PA      | $38985.11     | 0.01%             | 2038-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XRM44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     160501 | PA      | $141653.86    | 0.03%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: ZAR 6.658000 17-DEC-2026 JIB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4266383 | OU      | $844.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED PEN / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | PE        |          1 | NC      | $246.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F022667<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   12703271 | PA      | $10631740.98  | 1.91%             | 2056-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: HUF 5.645000 18-JUN-2036 BUB                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   12448610 | OU      | $209.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Point Broadband Funding LLC                                                      | Point Broadband Funding LLC                                                      | CUSIP: 73052AAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     153000 | PA      | $153176.18    | 0.03%             | 2055-07-20      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                                               | Realty Income Corp                                                               | CUSIP: 756109BG8<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |     100000 | PA      | $99583.69     | 0.02%             | 2027-08-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                           | Venture Global LNG Inc                                                           | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      26000 | PA      | $27108.48     | 0.00%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | SWP: OIS 7.280000 30-OCT-2030 TII                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    2274783 | OU      | $-2647.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CNY 1.584000 17-DEC-2030 CNR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     726589 | OU      | $222.36       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ANDURIL SERIES H PREF EQ                                                         | ANDURIL SERIES H PREF EQ                                                         | CUSIP: 000000000<br>LEI: 254900CIXLZUXXNYQW57 | Long             | EC               | CORP              | US        |       2225 | NS      | $153419.76    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Retained Vantage Data Centers Issuer, LLC                                        | Retained Vantage Data Centers Issuer LLC                                         | CUSIP: 76134KAM6<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |      96000 | PA      | $93644.37     | 0.02%             | 2050-08-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                             | Bank of America Corp                                                             | CUSIP: 06051GJM2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      61000 | PA      | $37534.49     | 0.01%             | 2051-10-24      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133BRSY1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      40872 | PA      | $40452.23     | 0.01%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-359.79      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                   | Morgan Stanley                                                                   | CUSIP: 617482V92<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     395000 | PA      | $425573.80    | 0.08%             | 2042-07-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                 | COLT 2025-8 Mortgage Loan Trust                                                  | CUSIP: 19689DAE9<br>LEI: 2138009IZ4NQZAKAEN75 | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100281.60    | 0.02%             | 2070-08-25      | Variable      | 7.10%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 17327CBA0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100374.70    | 0.02%             | 2036-03-27      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED IDR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ID        |          1 | NC      | $-3788.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | FSWP: OIS 9.540000 17-DEC-2027 IBR                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |  222496371 | OU      | $-2512.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae REMICS                                                                | CUSIP: 3136BQF38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     139594 | PA      | $140567.61    | 0.03%             | 2054-01-25      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     720000 | PA      | $722189.16    | 0.13%             | 2039-11-09      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| BBVA Consumo FTA                                                                 | Bbva Consumer 2026-1 Fondo de Titulizacion                                       | CUSIP: 000000000<br>LEI: 9598008ZNM97MVXBD120 | Long             | ABS-O            | CORP              | ES        |     100000 | PA      | $116644.97    | 0.02%             | 2039-05-20      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                                      | BNP Paribas SA                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     400000 | PA      | $463200.21    | 0.08%             | 2034-04-20      | Fixed         | 3.74%                 | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer III, LLC                                              | Compass Datacenters Issuer III LLC                                               | CUSIP: 20469BAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     136000 | PA      | $135198.08    | 0.02%             | 2056-02-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| CSX CORP                                                                         | CSX Corp                                                                         | CUSIP: 126408GH0<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |     310000 | PA      | $332594.99    | 0.06%             | 2036-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| firstkey homes 2020-sfr1 trust                                                   | FirstKey Homes 2022-SFR3 Trust                                                   | CUSIP: 33768EAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     184000 | PA      | $182969.58    | 0.03%             | 2038-07-17      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WORLDLINE SA/FRANCE                                                              | Worldline SA/France                                                              | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $111629.25    | 0.02%             | 2027-06-30      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| REYNOLDS AMERICAN INC                                                            | Reynolds American Inc                                                            | CUSIP: 761713BW5<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |      10000 | PA      | $10875.66     | 0.00%             | 2041-08-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                      | Southern Co/The                                                                  | CUSIP: 842587EB9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51502.30     | 0.01%             | 2055-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LQR Trust                                                                        | LQR Trust 2025-CALI                                                              | CUSIP: 50216WAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      88000 | PA      | $87999.12     | 0.02%             | 2043-01-15      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                                 | Vista Point Securitization Trust 2026-CES1                                       | CUSIP: 92790EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     986673 | PA      | $978879.98    | 0.18%             | 2056-02-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                      | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | IN        |          1 | NC      | $-543.45      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                | PURCHASED USD / SOLD IDR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $10281.08     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DEEPOCEAN LTD                                                                    | Deepocean Ltd                                                                    | CUSIP: 000000000<br>LEI: 213800OYKN2J6ZFIFU40 | Long             | DBT              | CORP              | JE        |     100000 | PA      | $120019.73    | 0.02%             | 2031-04-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                         | AT&T Inc                                                                         | CUSIP: 00206RDS8<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     110000 | PA      | $101066.26    | 0.02%             | 2047-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: OIS 1.654000 17-JUN-2031 THO                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     995093 | OU      | $-77.20       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY FIN                                                           | Berkshire Hathaway Finance Corp                                                  | CUSIP: 084664DB4<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |     100000 | PA      | $75445.47     | 0.01%             | 2052-03-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10000 | PA      | $9977.58      | 0.00%             | 2039-11-09      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| CHI Commercial Mortgage Trust                                                    | CHI Commercial Mortgage Trust 2025-110W                                          | CUSIP: 12577HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99442.97     | 0.02%             | 2040-12-13      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                                                          | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $100536.90    | 0.02%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                                                         | Canadian Pacific Railway Co                                                      | CUSIP: 13645RAY0<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |     256000 | PA      | $254290.92    | 0.05%             | 2028-06-01      | Fixed         | 4.00%                 | 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: 64972FY34<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |      20000 | PA      | $20102.46     | 0.00%             | 2044-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                      | Oracle Corp                                                                      | CUSIP: 68389XEC5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     927000 | PA      | $851719.87    | 0.15%             | 2066-02-04      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                   | PURCHASED USD / SOLD COP                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $3261.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                     | Barclays PLC                                                                     | CUSIP: 06738ECA1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     239000 | PA      | $246299.21    | 0.04%             | 2033-08-09      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CKJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1644000 | PA      | $1655238.29   | 0.30%             | 2027-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                                                           | Full House Resorts Inc                                                           | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |       5000 | PA      | $4740.05      | 0.00%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED CZK / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CZ        |          1 | NC      | $-144.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTP 4.075000 07-APR-2028                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -5139000 | OU      | $-187899.67   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                                            | Northrop Grumman Corp                                                            | CUSIP: 666807BP6<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |      35000 | PA      | $27538.30     | 0.00%             | 2047-10-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | USD C MXN P @18.05000 EO                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | KY        |    -581855 | OU      | $-35.49       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                                           | Cloud Software Group Inc                                                         | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |      59000 | PA      | $57445.70     | 0.01%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SAN MIGUEL GLOBAL POWER                                                          | San Miguel Global Power Holdings Corp                                            | CUSIP: 000000000<br>LEI: 549300HBCE80QXKII590 | Long             | DBT              | CORP              | PH        |     200000 | PA      | $199002.00    | 0.04%             | 2030-10-20      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | FSWP: OIS 3.790300 16-MAY-2026 SOF                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    1139160 | OU      | $-3252.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | FSWP: OIS 9.370000 17-DEC-2027 IBR                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |  121449623 | OU      | $-1462.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                                                    | AEP Texas Inc                                                                    | CUSIP: 0010EPAF5<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |      14000 | PA      | $15108.01     | 0.00%             | 2033-02-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| BBVA Consumo FTA                                                                 | Bbva Consumer 2026-1 Fondo de Titulizacion                                       | CUSIP: 000000000<br>LEI: 9598008ZNM97MVXBD120 | Long             | ABS-O            | CORP              | ES        |     200000 | PA      | $233934.39    | 0.04%             | 2039-05-20      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                        | Nelnet Student Loan Trust 2025-C                                                 | CUSIP: 64035UAE8<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |     129000 | PA      | $125748.49    | 0.02%             | 2065-06-22      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DQS80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     256152 | PA      | $229302.77    | 0.04%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                                     | UBS Group AG                                                                     | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     290000 | PA      | $204087.88    | 0.04%             | 2032-08-13      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140BL2S0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      84216 | PA      | $86347.47     | 0.02%             | 2055-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                 | Paramount Global                                                                 | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     100000 | PA      | $71442.24     | 0.01%             | 2057-02-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2025-JDI                                            | CUSIP: 05594LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     237417 | PA      | $237862.29    | 0.04%             | 2042-11-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD                                                          | Studio City Finance Ltd                                                          | CUSIP: 000000000<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |     200000 | PA      | $198904.00    | 0.04%             | 2028-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                      | Equinix Inc                                                                      | CUSIP: 29444UBU9<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |      64000 | PA      | $60727.44     | 0.01%             | 2032-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Philippines Government International Bonds                                       | Philippines Government International Bonds                                       | CUSIP: 718286CC9<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     600000 | PA      | $586374.00    | 0.11%             | 2028-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3133C3C79<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      53848 | PA      | $53323.32     | 0.01%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CQA2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     886000 | PA      | $876447.81    | 0.16%             | 2029-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PINNACLE WEST CAPITAL                                                            | Pinnacle West Capital Corp                                                       | CUSIP: 723484AN1<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | DBT              | CORP              | US        |     224000 | PA      | $227809.62    | 0.04%             | 2030-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Rain City Mortgage Trust                                                         | Rain City Mortgage Trust 2024-RTL1                                               | CUSIP: 75079KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100863.80    | 0.02%             | 2029-09-25      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       2000 | PA      | $1992.34      | 0.00%             | 2030-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KH9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     629000 | PA      | $656767.44    | 0.12%             | 2053-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust                                        | GoodLeap Home Improvement Solutions Trust 2024-1                                 | CUSIP: 381935AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      77588 | PA      | $78023.45     | 0.01%             | 2046-10-20      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| HLTN Commercial Mortgage Trust 2024-DPLO                                         | HLTN Commercial Mortgage Trust 2026-DPLO                                         | CUSIP: 40446RAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100156.25    | 0.02%             | 2041-04-15      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES                                   | BlackRock Cash Funds: Treasury, SL Agency Shares                                 | CUSIP: 066922477<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |     100000 | NS      | $100000.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture CDO Ltd                                                                  | Venture XXVII CLO Ltd                                                            | CUSIP: 92331LBE9<br>LEI: 549300JZGSLL2771YV05 | Long             | ABS-CBDO         | CORP              | KY        |     114049 | PA      | $114165.53    | 0.02%             | 2030-07-20      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                                                 | Deutsche Bank AG                                                                 | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     200000 | PA      | $245097.96    | 0.04%             | 2030-10-30      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| DEERE & COMPANY                                                                  | Deere & Co                                                                       | CUSIP: 244199BD6<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | DBT              | CORP              | US        |     331000 | PA      | $343088.40    | 0.06%             | 2029-10-16      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                                         | Burlington Northern Santa Fe LLC                                                 | CUSIP: 12189LBL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      44000 | PA      | $42394.72     | 0.01%             | 2055-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                                                        | HIH Trust 2024-61P                                                               | CUSIP: 40444VAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      91538 | PA      | $91652.37     | 0.02%             | 2041-10-15      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                           | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-562.86      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ares Direct Lending CLO LLC                                                      | Ares Direct Lending CLO 6 LLC                                                    | CUSIP: 039960AA7<br>LEI: 254900F5EQV7KVCD4M68 | Long             | ABS-CBDO         | CORP              | US        |     340000 | PA      | $339879.03    | 0.06%             | 2037-10-16      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| PEPSICO SINGAPORE FIN                                                            | Pepsico Singapore Financing I Pte Ltd                                            | CUSIP: 713466AD2<br>LEI: 254900DOMTCMUFROFJ76 | Long             | DBT              | CORP              | SG        |     167000 | PA      | $166486.10    | 0.03%             | 2034-02-16      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bonds                                                              | CUSIP: 912810TW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4702000 | PA      | $4603919.20   | 0.83%             | 2043-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-6414.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140XMX76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       8152 | PA      | $8231.41      | 0.00%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                         | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      56000 | PA      | $44764.19     | 0.01%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA                                                                   | FSWP: OIS 5.415000 17-JUN-2036 CLI                                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |   53205000 | OU      | $-415.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                      | USD C THB P @32.5000 EO                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |      73000 | OU      | $646.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                               | Ukraine Government International Bond                                            | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |       2000 | PA      | $1180.00      | 0.00%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| KB Home                                                                          | KB Home                                                                          | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |        338 | NS      | $17910.62     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Oak Hill Credit Partners                                                         | OHA Credit Funding 6 Ltd                                                         | CUSIP: 67098UAY1<br>LEI: 549300EX32IF3NZCVL73 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250456.93    | 0.04%             | 2037-10-20      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                                                   | Microsoft Corp                                                                   | CUSIP: 594918CD4<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     161000 | PA      | $88629.56     | 0.02%             | 2060-06-01      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED INR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | IN        |          1 | NC      | $-9.21        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                                                          | Exxon Mobil Corp                                                                 | CUSIP: 30231GBM3<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |      81000 | PA      | $57658.04     | 0.01%             | 2051-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| STAR 2025-SFR5 Trust                                                             | STAR 2025-SFR5 Trust                                                             | CUSIP: 85520CAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     350000 | PA      | $350160.16    | 0.06%             | 2042-02-17      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                                           | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAA3<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49213.59     | 0.01%             | 2029-04-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                                               | Banco Santander SA                                                               | CUSIP: 05964HBJ3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     400000 | PA      | $410546.50    | 0.07%             | 2030-01-17      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140W4LT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     537625 | PA      | $533496.38    | 0.10%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 31418EB82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    6373283 | PA      | $5119950.83   | 0.92%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Loan Trust                                           | Banc of America Alternative Loan Trust 2003-8                                    | CUSIP: 05948XTV3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      77099 | PA      | $77907.74     | 0.01%             | 2033-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                                             | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  291000000 | PA      | $17021.04     | 0.00%             | 2033-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                                                         | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       5000 | PA      | $5045.56      | 0.00%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                           | Pacific Gas and Electric Co                                                      | CUSIP: 694308KF3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100908.97    | 0.02%             | 2027-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                           | PURCHASED ZAR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ZA        |          1 | NC      | $-2322.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTR 3.870000 15-MAR-2027                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -4080000 | OU      | $-73051.38    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HalseyPoint CLO I, Ltd.                                                          | Sagard-Halseypoint Clo 9 Ltd                                                     | CUSIP: 78662EAA2<br>LEI: 254900XOQCO9R6J0SO60 | Long             | ABS-CBDO         | CORP              | KY        |     290000 | PA      | $290720.68    | 0.05%             | 2038-04-20      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                               | EFMT 2026-NQM1                                                                   | CUSIP: 26846GAC1<br>LEI: 254900H3V169GPKPIM43 | Long             | ABS-MBS          | CORP              | US        |     233764 | PA      | $232496.55    | 0.04%             | 2071-02-25      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| MEHILAINEN YHTIOT OY                                                             | Mehilainen Yhtiot Oy                                                             | CUSIP: 000000000<br>LEI: 2138006X78HGYRHS5865 | Long             | DBT              | CORP              | FI        |     200000 | PA      | $235619.40    | 0.04%             | 2032-06-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 10Y RTP 4.025000 24-APR-2028                                                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | US        |   -5164000 | OU      | $-201325.10   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust 2024-XL5                                            | CUSIP: 05612GAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      71400 | PA      | $71444.63     | 0.01%             | 2041-03-15      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                                         | Targa Resources Partners LP / Targa Resources Partners Finance Corp              | CUSIP: 87612BBQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     258000 | PA      | $261098.31    | 0.05%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OHIO POWER COMPANY                                                               | Ohio Power Co                                                                    | CUSIP: 677415CS8<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |      57000 | PA      | $52897.36     | 0.01%             | 2030-04-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | 10Y RTR 4.103000 31-JAN-2028                                                     | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |   -2789000 | OU      | $-93562.22    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F040453<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |      -3000 | PA      | $-2922.64     | -0.00%            | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CD&R FIREFLY BIDCO LTD                                                           | CD&R Firefly Bidco PLC                                                           | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $280248.34    | 0.05%             | 2029-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132A5HR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     154090 | PA      | $146240.54    | 0.03%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                           | Philip Morris International Inc                                                  | CUSIP: 718172CW7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     155000 | PA      | $160740.45    | 0.03%             | 2029-11-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                                         | Celanese US Holdings LLC                                                         | CUSIP: 15089QAX2<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |      50000 | PA      | $53671.00     | 0.01%             | 2030-11-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                              | Southern California Edison Co                                                    | CUSIP: 842400FC2<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |      35000 | PA      | $34930.77     | 0.01%             | 2036-02-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Indonesia Government International Bonds                                         | Indonesia Government International Bonds                                         | CUSIP: 455780CW4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     400000 | PA      | $254500.00    | 0.05%             | 2051-03-12      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust                                                              | Affirm Master Trust Series 2025-3                                                | CUSIP: 00833BAN8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     430000 | PA      | $428668.20    | 0.08%             | 2034-10-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae Pool                                                                  | CUSIP: 3140NEBK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      47252 | PA      | $46763.89     | 0.01%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWGQ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     307474 | PA      | $304446.12    | 0.05%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                    | Citigroup Inc                                                                    | CUSIP: 172967QF1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98880.66     | 0.02%             | 2031-09-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   11367000 | PA      | $11387425.13  | 2.05%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONEYWELL AEROSPACE INC                                                          | Honeywell Aerospace Inc                                                          | CUSIP: 43849RAA3<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |      86000 | PA      | $85359.63     | 0.02%             | 2028-03-16      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                               | A&D Mortgage Trust 2024-NQM5                                                     | CUSIP: 00039KAF7<br>LEI: 9845006Z1DC68561N347 | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100330.81    | 0.02%             | 2069-11-25      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                         | JP Morgan Mortgage Trust 2025-VIS1                                               | CUSIP: 46659BAF9<br>LEI: 529900CBDGTUOOQONB64 | Long             | ABS-MBS          | CORP              | US        |     253000 | PA      | $254350.06    | 0.05%             | 2055-08-25      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                                                         | Sumitomo Mitsui Financial Group Inc                                              | CUSIP: 86562MEJ5<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |     293000 | PA      | $290662.72    | 0.05%             | 2029-01-15      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                              | New Residential Mortgage Loan Trust 2026-NQM1                                    | CUSIP: 64832LAE3<br>LEI: 213800ECBEJHYYK9P940 | Long             | ABS-MBS          | CORP              | US        |     262101 | PA      | $260146.85    | 0.05%             | 2065-11-25      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                        | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F022659<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     406000 | PA      | $339904.35    | 0.06%             | 2056-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                                   | Mariner Finance Issuance Trust 2025-A                                            | CUSIP: 567920AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $100704.42    | 0.02%             | 2038-05-20      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| EdgeConnex Data Centers Europe                                                   | EdgeConneX Data Centers Europe BV                                                | CUSIP: 000000000<br>LEI: 72450093DSNFE8T3IA66 | Long             | ABS-O            | CORP              | NL        |     437000 | PA      | $505909.68    | 0.09%             | 2056-04-30      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                                            | Panama Government International Bonds                                            | CUSIP: 698299BF0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    1960000 | PA      | $1940400.00   | 0.35%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                           | Velocity Commercial Capital Loan Trust 2025-2                                    | CUSIP: 922969AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     303465 | PA      | $303310.42    | 0.05%             | 2055-04-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| WPP FINANCE 2013                                                                 | WPP Finance 2013                                                                 | CUSIP: 000000000<br>LEI: 549300L84EKSLWWPGI24 | Long             | DBT              | CORP              | GB        |     390000 | PA      | $443626.41    | 0.08%             | 2031-06-09      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| MUTHOOT FINANCE LTD                                                              | Muthoot Finance Ltd                                                              | CUSIP: 62828M2F7<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |     200000 | PA      | $198050.00    | 0.04%             | 2030-08-04      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG                   | CUSIP: 46593KAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      34000 | PA      | $33863.28     | 0.01%             | 2039-11-09      | Variable      | 8.49%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Ginnie Mae                                                                       | CUSIP: 21H050656<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2576000 | PA      | $2553437.10   | 0.46%             | 2056-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                                                            | Encompass Health Corp                                                            | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24612.88     | 0.00%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                                                               | 10Y RTP 4.063000 07-APR-2028                                                     | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |   -2246000 | OU      | $-83132.68    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                                                | Eversource Energy                                                                | CUSIP: 30040WAK4<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     100000 | PA      | $88110.80     | 0.02%             | 2030-08-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                         | FSWP: CNY 1.535000 17-DEC-2028 CNR                                               | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     580000 | OU      | $137.73       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RD MICHIGAN PROP OWNER I                                                         | RD Michigan Property Owner I LLC                                                 | CUSIP: 74941YAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     737000 | PA      | $736851.90    | 0.13%             | 2045-03-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                      | SWP: BRL 13.398750 03-JAN-2028 BZD                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    4380000 | OU      | $-5545.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                                                                | Sysco Corp                                                                       | CUSIP: 871829BL0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |     100000 | PA      | $104064.22    | 0.02%             | 2030-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Iskandar Enterprise LLC                                                          | Iskandar Enterprise LLC                                                          | CUSIP: 464338AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     132000 | PA      | $131958.75    | 0.02%             | 2056-04-17      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                                                      | 1Y RTR 3.650000 24-APR-2028                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DIR              |  | KY        |   -8111000 | OU      | $-32387.64    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                              | JPMorgan Chase & Co                                                              | CUSIP: 46647PBU9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      93000 | PA      | $81903.73     | 0.01%             | 2031-11-19      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                          | MPLX LP                                                                          | CUSIP: 55336VAM2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      34000 | PA      | $30690.36     | 0.01%             | 2038-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                              | CUSIP: 91282CMT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      18000 | PA      | $18001.41     | 0.00%             | 2032-03-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| SPIRE INC                                                                        | Spire Inc                                                                        | CUSIP: 84857LAD3<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99657.47     | 0.02%             | 2056-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Fannie Mae REMICS                                                                | CUSIP: 3136BQEZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     140111 | PA      | $141257.27    | 0.03%             | 2053-08-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                                          | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    1965600 | PA      | $103587.13    | 0.02%             | 2036-02-21      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BAKER HUGHES LLC/CO-OBL                                                          | Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc                          | CUSIP: 05724BAQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      80000 | PA      | $78965.61     | 0.01%             | 2056-06-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                      | PURCHASED USD / SOLD BRL                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-178.68      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                                           | Republic of Poland Government Bond                                               | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     133588 | PA      | $33621.83     | 0.01%             | 2036-08-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                     | CSMC 2020-SPT1 Trust                                                             | CUSIP: 12659LAK8<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     428237 | PA      | $430634.03    | 0.08%             | 2065-04-25      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| BAKER HUGHES LLC/CO-OBL                                                          | Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc                          | CUSIP: 05724BAP4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      80000 | PA      | $78730.32     | 0.01%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                                          | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAA8<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |      65020 | PA      | $65346.92     | 0.01%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NCMF Trust                                                                       | NCMF Trust 2025-MFS                                                              | CUSIP: 62887TAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     125000 | PA      | $125508.35    | 0.02%             | 2033-06-10      | Variable      | 8.72%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                                     | Comcast Corp                                                                     | CUSIP: 20030NER8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     100000 | PA      | $100712.62    | 0.02%             | 2032-05-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| STELLANTIS NV                                                                    | Stellantis NV                                                                    | CUSIP: 000000000<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $132386.27    | 0.02%             | 2032-06-16      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                                                            | Rio Tinto Finance USA PLC                                                        | CUSIP: 76720AAN6<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |      90000 | PA      | $91325.65     | 0.02%             | 2033-03-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIT Mortgage Loan Trust                                                          | CIT Mortgage Loan Trust 2007-1                                                   | CUSIP: 12559QAH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     425000 | PA      | $419420.26    | 0.08%             | 2037-10-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL                                               | 2Y RTP 3.700000 03-AUG-2026                                                      | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              |  | US        |   -8768000 | OU      | $-33027.04    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                                                             | Signal Peak CLO 11 Ltd                                                           | CUSIP: 82666XAA8<br>LEI: 635400L44OLNOBHFTO08 | Long             | ABS-CBDO         | CORP              | KY        |     930000 | PA      | $931204.82    | 0.17%             | 2037-07-18      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Freddie Mac Pool                                                                 | CUSIP: 3132DWG80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     645190 | PA      | $638802.62    | 0.11%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-29

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer