# EDGAR Filing Document

**Accession Number:** 0002032432
**File Stem:** 0002071691-26-012559
**Filing Date:** 2026-5
**Character Count:** 370275
**Document Hash:** fb60154c730798db8427fe51dd78f33e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012559.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002071691-26-012559

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Private Multi-Asset Credit & Income Fund
- **CENTRAL INDEX KEY:** 0002032432

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23996
- **FILM NUMBER:** 261036757

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 212-503-2100

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Blackstone Private Multi-Asset Credit Fund
- **DATE OF NAME CHANGE:** 20240731

## Nport-Ex

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

Consolidated

Schedule

of

Investments

\|

March

31,

2026

See

Notes

to

Consolidated

Schedule

of

Investments.

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount/

Units/

Ownership

(3) Cost

(4) Fair

Value

First

Lien

Debt

-

non-controlled/non-affiliated

-

14.5%

Commercial

Services

&

Supplies

-

5.6%

Ground

Penetrating

Radar

Systems

LLC,

Delayed

Draw

Term

Loan

(5)(6)(7)(8)

SOFR

+ 4.50%

8.20%

01/02/2032

05/09/2025

$

$

$

Ground

Penetrating

Radar

Systems

LLC,

Revolver

(5)(6)(7)(8)

SOFR

+ 4.50%

8.20%

01/02/2032

05/09/2025

Ground

Penetrating

Radar

Systems

LLC,

Term

Loan

(5)(7)(8)

SOFR

+ 4.50%

8.20%

01/02/2032

05/09/2025

5,749

5,708

5,749

Jupiter

Purchaser

LLC,

Term

Loan

(5)(7)(8)(9)

SOFR

+ 5.00%

8.70%

(incl.

2.75%

PIK)

11/08/2031

05/09/2025

6,204

6,144

6,197

Langan

Midco

LLC,

Term

Loan

(5)(7)(10)

SOFR

+ 4.75%

8.42%

01/16/2029

10/31/2025

12,557

12,494

12,542

Scutum

SA,

Delayed

Draw

Term

Loan

(5)(6)(7)(11)

E

+ 5.00%

7.13%

07/23/2032

12/03/2025

597

EUR

684

644

Scutum

SA,

Term

Loan

(5)(7)(11)

E

+ 5.00%

7.13%

07/23/2032

12/03/2025

8,536

EUR

9,782

9,687

Veregy

Consolidated,

Inc.,

Term

Loan

(5)(7)(8)

SOFR

+ 4.25%

7.92%

04/16/2031

10/31/2025

$

3,983

3,963

3,980

38,944

38,969

Construction

&

Engineering

-

2.0%

Saber

Power

Services

LLC,

Term

Loan

(5)(7)(8)

SOFR

+ 5.00%

8.80%

10/21/2031

10/21/2025

13,812

13,792

13,811

Professional

Services

-

2.1%

Teneo

Holdings

LLC,

Delayed

Draw

Term

Loan

(5) (6)(7)(12)

SOFR

+ 4.75%

8.43%

07/31/2032

01/09/2026

519

514

519

Teneo

Holdings

LLC,

Revolver

(5)(6)(7)(12)

SOFR

+ 4.75%

8.42%

07/31/2030

01/09/2026

Teneo

Holdings

LLC,

Term

Loan

(5)(7)(12)

SOFR

+ 4.75%

8.42%

07/31/2032

01/09/2026

14,206

14,064

14,206

14,771

14,920

Real

Estate

Management

&

Development

-

1.1%

Odevo

AB,

Delayed

Draw

Term

Loan

(5)(7)(11)

E

+ 5.25%

7.22%

12/31/2030

05/09/2025

1,759

EUR

2,034

2,026

Odevo

AB,

Delayed

Draw

Term

Loan

(5)(7)(11)

SOFR

+ 5.25%

8.96%

12/31/2030

05/09/2025

$

1,030

1,029

1,030

Odevo

AB,

Delayed

Draw

Term

Loan

(5)(7)(11)

S

+ 5.25%

9.22%

12/31/2030

05/09/2025

GBP

504

Odevo

AB,

Term

Loan

(5)(7)(11)

ST

+ 5.25%

7.21%

12/31/2030

05/09/2025

5,835

SEK

607

613

Odevo

AB,

Term

Loan

(5)(7)(11)

E

+ 5.25%

7.36%

12/31/2030

05/09/2025

EUR

Odevo

AB,

Term

Loan

(5)(7)(11)

SOFR

+ 5.25%

8.96%

12/31/2030

05/09/2025

$

3,366

3,366

3,366

Odevo

AB,

Term

Loan

(5)(7)(11)

S

+ 5.25%

9.22%

12/31/2030

05/09/2025

GBP

7,609

7,594

Software

-

3.7%

Denali

Bidco

Ltd.,

Term

Loan

(5)(7)(11)

E

+ 5.00%

7.13%

09/05/2031

09/05/2025

EUR

Denali

Bidco

Ltd.,

Term

Loan

(5)(7)(11)

S

+ 5.00%

8.73%

09/05/2031

09/05/2025

GBP

Dropbox,

Inc.,

Delayed

Draw

Term

Loan

(5)(7)(8)(13)

SOFR

+ 4.50%

8.18%

09/09/2030

05/09/2025

$

2,916

2,905

2,887

Dropbox,

Inc.,

Term

Loan

(5)(7)(8)(13)

SOFR

+ 4.50%

8.17%

12/11/2029

05/09/2025

7,459

7,407

7,385

IRI

Group

Holdings,

Inc.,

Term

Loan

(5)(7)(8)

SOFR

+ 4.25%

7.95%

12/01/2029

05/09/2025

3,657

3,657

3,657

Optus

1011. GmbH,

Delayed

Draw

Term

Loan

(5) (7)(11)

E

+ 4.50%

6.64%

03/24/2032

05/09/2025

793

EUR

906

905

Optus

1011. GmbH,

Term

Loan

(5)(7)(11)

E

+ 4.50%

6.64%

03/24/2032

05/09/2025

9,423

EUR

10,662

10,749

25,688

25,729

Transportation

Infrastructure

-

0.0%

(14) Enstructure

LLC,

Term

Loan

(5)(7)(12)

SOFR

+ 4.50%

8.18%

08/15/2032

08/15/2025

$

TOTAL

FIRST

LIEN

DEBT

-

NON-CONTROLLED/NON-AFFILIATED

$

101,000

$

101,218

Second

Lien

Debt

-

non-controlled/non-affiliated

-

5.0%

Software

-

2.2%

Denali

Holdco

Ltd.,

Term

Loan

(5)(7)(9)

9.80%

PIK

09/05/2032

09/05/2025

8,204

EUR

9,538

9,310

Denali

Holdco

Ltd.,

Term

Loan

(5)(7)(9)

11.20%

PIK

09/05/2032

09/05/2025

4,760

GBP

6,374

6,183

15,912

15,493

Trading

Companies

&

Distributors

-

2.8%

BCPE

Empire

Holdings,

Inc.,

Term

Loan

(5)(7)(10)

SOFR

+ 5.25%

8.92%

12/31/2031

10/03/2025

$

20,000

19,725

19,700

TOTAL

SECOND

LIEN

DEBT

-

NON-CONTROLLED/NON-AFFILIATED

$

35,637

$

35,193

Subordinate

&

Other

Debt

-

non-controlled/non-affiliated

-

10.0%

Banks

-

0.4%

Clocktower

Intermediate

Lender

LP,

Revolver

(5) (6)(7)(11)

SOFR

+ 8.75%

12.26%

01/31/2033

01/29/2026

2,669

2,588

2,567

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

www.bmacx.com

See

Notes

to

Consolidated

Schedule

of

Investments.

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount/

Units/

Ownership

(3) Cost

(4) Fair

Value

Subordinate

&

Other

Debt

-

non-controlled/non-affiliated

-

10.0%

(continued)

Capital

Markets

-

4.2%

Lloyds

Bank

plc,

Credit-Linked

Note

(5)(7)(11)

S

+ 5.25%

8.98%

02/18/2035

01/23/2026

22,492

GBP

30,248

$

29,461

Financial

Services

-

2.6%

Auxilior

Capital

Partners,

Inc.,

Delayed

Draw

Term

Loan

(5)(7)

9.50%

07/01/2030

08/22/2025

$

17,857

$

17,857

17,857

Real

Estate

Management

&

Development

-

2.8%

Nightingale

2026-1

Limited,

Credit-Linked

Note

(5) (7)(11)

S

+ 7.00%

10.73%

10/30/2035

03/25/2026

15,000

GBP

20,057

19,781

TOTAL

SUBORDINATE

&

OTHER

DEBT

-

NON-CONTROLLED/NON-AFFILIATED

$

70,750

$

69,666

Corporate

Bonds

-

non-controlled/non-affiliated

-

11.5%

Aerospace

&

Defense

-

0.1%

Bombardier,

Inc.

(7) 7.45%

05/01/2034

12/19/2025

$

BWX

Technologies,

Inc.

(7)(15)

4.13%

04/15/2029

12/19/2025

TransDigm,

Inc.

(7) 6.63%

03/01/2032

03/17/2026

TransDigm,

Inc.

(7)(15)

6.13%

07/31/2034

02/10/2026

531

522

Air

Freight

&

Logistics

-

0.1%

Clue

Opco

LLC

(7) 9.50%

10/15/2031

03/05/2026

JetBlue

Airways

Corp.

/

JetBlue

Loyalty

LP

(7)(15)

9.88%

09/20/2031

12/12/2025

590

598

559

629

588

Automobile

Components

-

0.1%

Cooper-Standard

Automotive,

Inc.

(7)(15)

9.25%

03/01/2031

02/20/2026

Cyprium

Corp.

/

Cyprium

Holdings

Luxembourg

SARL

(7) 6.13%

04/15/2031

03/04/2026

Cyprium

Corp.

/

Cyprium

Holdings

Luxembourg

SARL

(7) 6.38%

04/15/2034

03/04/2026

Tenneco,

Inc.

(7) 8.00%

11/17/2028

12/12/2025

The

Goodyear

Tire

&

Rubber

Co.

(15) 5.00%

07/15/2029

12/19/2025

852

820

Automobiles

-

0.1%

Nissan

Motor

Acceptance

Co.

LLC

(7)(15)

7.05%

09/15/2028

12/12/2025

530

546

539

Nissan

Motor

Co.

Ltd.

(7)(15)

4.81%

09/17/2030

12/12/2025

ZF

North

America

Capital,

Inc.

(7)(15)

7.50%

03/24/2031

12/19/2025

ZF

North

America

Capital,

Inc.

(7)(15)

6.88%

04/23/2032

12/12/2025

844

827

Biotechnology

-

0.0%

(14) Emergent

BioSolutions,

Inc.

(7)(15)

3.88%

08/15/2028

12/12/2025

Broadline

Retail

-

0.1%

Kohl's

Corp.

(15) 5.55%

07/17/2045

12/12/2025

Macy's

Retail

Holdings

LLC

(7)(15)

7.38%

08/01/2033

12/12/2025

Nordstrom,

Inc.

(15) 4.38%

04/01/2030

12/12/2025

Nordstrom,

Inc.

4.25%

08/01/2031

12/19/2025

Nordstrom,

Inc.

5.00%

01/15/2044

12/12/2025

Rakuten

Group,

Inc.

(7)(15)

9.75%

04/15/2029

12/12/2025

Capital

Markets

-

0.1%

Aretec

Group,

Inc.

(7) 10.00%

08/15/2030

12/19/2025

Focus

Financial

Partners

LLC

(7) 6.75%

09/15/2031

03/04/2026

Jane

Street

Group

LLC

/

JSG

Finance,

Inc.

(7) 7.13%

04/30/2031

03/05/2026

Jane

Street

Group

LLC

/

JSG

Finance,

Inc.

(7)(15)

6.13%

11/01/2032

12/12/2025

Jane

Street

Group

LLC

/

JSG

Finance,

Inc.

(7)(15)

6.75%

05/01/2033

03/05/2026

Jefferies

Finance

LLC

/

JFIN

Co-Issuer

Corp.

(7)(15)

6.63%

10/15/2031

02/04/2026

Osaic

Holdings,

Inc.

(7) 6.75%

08/01/2032

02/11/2026

Stonex

Escrow

Issuer

LLC

(7) 6.88%

07/15/2032

02/05/2026

933

914

Chemicals

-

0.3%

Celanese

US

Holdings

LLC

(15) 6.50%

04/15/2030

12/12/2025

Celanese

US

Holdings

LLC

7.00%

02/15/2031

03/16/2026

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

Consolidated

Schedule

of

Investments

\|

March

31,

2026

See

Notes

to

Consolidated

Schedule

of

Investments.

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount/

Units/

Ownership

(3) Cost

(4) Fair

Value

Corporate

Bonds

-

non-controlled/non-affiliated

-

11.5%

(continued)

Chemicals

-

0.3%

(continued)

Celanese

US

Holdings

LLC

(15) 7.38%

02/15/2034

03/05/2026

$

$

$

CVR

Partners

LP

/

CVR

Nitrogen

Finance

Corp.

(7) (15) 6.13%

06/15/2028

03/05/2026

Huntsman

International

LLC

4.50%

05/01/2029

03/05/2026

Huntsman

International

LLC

(15) 5.70%

10/15/2034

01/23/2026

Nufarm

Australia

Ltd.

/

Nufarm

Americas,

Inc.

(7) 5.00%

01/27/2030

12/12/2025

Olin

Corp.

(7)(15)

6.63%

04/01/2033

02/05/2026

The

Chemours

Co.

(7)(15)

8.00%

01/15/2033

01/12/2026

500

510

503

The

Chemours

Co.

(7)(15)

7.88%

03/15/2034

02/26/2026

619

608

620

2,422

2,421

Commercial

Services

&

Supplies

-

0.4%

ACCO

Brands

Corp.

(7)(15)

4.25%

03/15/2029

12/12/2025

Cimpress

plc

(7)(15)

7.38%

09/15/2032

12/19/2025

Deluxe

Corp.

(7)(15)

8.00%

06/01/2029

12/12/2025

596

604

600

Garda

World

Security

Corp.

(7)(15)

6.50%

01/15/2031

12/12/2025

GFL

Environmental,

Inc.

(7)(15)

4.38%

08/15/2029

03/05/2026

800

788

779

Pitney

Bowes,

Inc.

(7)(15)

7.25%

03/15/2029

02/25/2026

R.R.

Donnelley

&

Sons

Co.

(7) 9.50%

08/01/2029

12/12/2025

2,635

2,601

Communications

Equipment

-

0.0%

(14) ATP

Tower

Holdings

LLC

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

Colombia

SAS

(7) 7.88%

02/03/2030

12/12/2025

Ciena

Corp.

(7) 4.00%

01/31/2030

12/12/2025

Viavi

Solutions,

Inc.

(7)(15)

3.75%

10/01/2029

12/12/2025

Construction

&

Engineering

-

0.0%

(14) Dycom

Industries,

Inc.

(7)(15)

4.50%

04/15/2029

12/19/2025

Williams

Scotsman,

Inc.

(7) 6.63%

04/15/2030

12/12/2025

Construction

Materials

-

0.0%

(14) Smyrna

Ready

Mix

Concrete

LLC

(7) 8.88%

11/15/2031

12/12/2025

Star

Holding

LLC

(7) 8.75%

08/01/2031

12/12/2025

Consumer

Finance

-

0.7%

Ally

Financial,

Inc.

(15) 6.70%

02/14/2033

12/12/2025

Azorra

Finance

Ltd.

(7) 6.25%

02/15/2034

03/17/2026

Bread

Financial

Holdings,

Inc.

(7)(15)

6.75%

05/15/2031

12/12/2025

Credit

Acceptance

Corp.

(7)(15)

6.63%

03/15/2030

12/12/2025

Enova

International,

Inc.

(7)(15)

9.13%

08/01/2029

12/12/2025

580

610

594

FirstCash,

Inc.

(7) 4.63%

09/01/2028

03/03/2026

FirstCash,

Inc.

(7)(15)

6.88%

03/01/2032

03/04/2026

940

964

959

Navient

Corp.

(15) 5.50%

03/15/2029

12/12/2025

Navient

Corp.

(15) 7.88%

06/15/2032

12/12/2025

OneMain

Finance

Corp.

6.75%

03/15/2032

12/12/2025

OneMain

Finance

Corp.

(15) 7.13%

09/15/2032

12/19/2025

OneMain

Finance

Corp.

(15) 6.75%

09/15/2033

12/12/2025

PRA

Group,

Inc.

(7) 5.00%

10/01/2029

12/19/2025

PRA

Group,

Inc.

(7) 8.88%

01/31/2030

03/04/2026

PROG

Holdings,

Inc.

(7)(15)

6.00%

11/15/2029

12/12/2025

Synchrony

Financial

(15) 7.25%

02/02/2033

12/12/2025

4,782

4,613

Consumer

Staples

Distribution

&

Retail

-

0.0%

(14) US

Foods,

Inc.

(7) 4.75%

02/15/2029

03/09/2026

Containers

&

Packaging

-

0.1%

Cascades,

Inc.

/

Cascades

USA,

Inc.

(7)(15)

6.75%

07/15/2030

12/12/2025

Clydesdale

Acquisition

Holdings,

Inc.

(7) 6.63%

04/15/2029

03/26/2026

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

www.bmacx.com

See

Notes

to

Consolidated

Schedule

of

Investments.

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount/

Units/

Ownership

(3) Cost

(4) Fair

Value

Corporate

Bonds

-

non-controlled/non-affiliated

-

11.5%

(continued)

Containers

&

Packaging

-

0.1%

(continued)

OI

European

Group

BV

(7)(15)

4.75%

02/15/2030

12/19/2025

$

$

$

Owens-Brockway

Glass

Container,

Inc.

(7)(15)

7.25%

05/15/2031

12/12/2025

Owens-Brockway

Glass

Container,

Inc.

(7) 7.38%

06/01/2032

12/19/2025

1,011

979

Diversified

Consumer

Services

-

0.0%

(14) Carriage

Services,

Inc.

(7)(15)

4.25%

05/15/2029

12/12/2025

Service

Corp.

International

3.38%

08/15/2030

12/12/2025

Diversified

REITs

-

0.1%

Service

Properties

Trust

(15) 3.95%

01/15/2028

03/05/2026

Service

Properties

Trust

4.95%

10/01/2029

02/12/2026

Service

Properties

Trust

(15) 8.88%

06/15/2032

02/27/2026

570

565

566

790

791

Diversified

Telecommunication

Services

-

0.3%

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor,

Inc.

(7)(15)

10.00%

02/15/2031

12/12/2025

Iliad

Holding

SAS

(7) 7.00%

04/15/2032

12/12/2025

Viasat,

Inc.

(7) 6.50%

07/15/2028

03/02/2026

Viasat,

Inc.

(7)(15)

7.50%

05/30/2031

12/12/2025

1,080

1,071

1,068

Virgin

Media

Secured

Finance

plc

(7)(15)

4.50%

08/15/2030

02/09/2026

VMED

O2

UK

Financing

I

plc

(7)(15)

7.75%

04/15/2032

02/19/2026

VMED

O2

UK

Financing

I

plc

(7) 6.75%

01/15/2033

02/25/2026

VZ

Secured

Financing

BV

(7) 7.50%

01/15/2033

03/05/2026

Ziggo

BV

(7)(15)

4.88%

01/15/2030

12/12/2025

2,051

2,023

Electrical

Equipment

-

0.0%

(14) Albion

Financing

SARL

/

Aggreko

Holdings,

Inc.

(7) 7.00%

05/21/2030

12/12/2025

Electronic

Equipment,

Instruments

&

Components

-

0.1%

TTM

Technologies,

Inc.

(7)(15)

4.00%

03/01/2029

12/12/2025

VM

Consolidated,

Inc.

(7) 5.50%

04/15/2029

02/20/2026

Energy

Equipment

&

Services

-

0.4%

Kodiak

Gas

Services

LLC

(7) 5.88%

04/01/2031

03/11/2026

Nabors

Industries,

Inc.

(7)(15)

8.88%

08/15/2031

12/12/2025

Nabors

Industries,

Inc.

(7)(15)

7.63%

11/15/2032

03/05/2026

Precision

Drilling

Corp.

(7)(15)

6.88%

01/15/2029

12/12/2025

Tidewater,

Inc.

(7)(15)

9.13%

07/15/2030

12/12/2025

Transocean

International

Ltd.

(7)(15)

8.25%

05/15/2029

12/12/2025

Transocean

International

Ltd.

(15) 7.50%

04/15/2031

03/05/2026

Transocean

International

Ltd.

(7)(15)

8.50%

05/15/2031

12/12/2025

Viridien

(7)(15)

10.00%

10/15/2030

12/12/2025

2,465

2,499

Entertainment

-

0.1%

Discovery

Global

Holdings,

Inc.

(15) 4.28%

03/15/2032

12/12/2025

612

549

542

OAK-Eagle

Acquireco,

Inc.

(7) 7.25%

07/01/2033

03/24/2026

624

620

Financial

Services

-

0.3%

Burford

Capital

Global

Finance

LLC

(7) 9.25%

07/01/2031

12/19/2025

Burford

Capital

Global

Finance

LLC

(7) 8.50%

01/15/2034

02/18/2026

CrossCountry

Intermediate

HoldCo

LLC

(7)(15)

6.50%

10/01/2030

03/05/2026

CrossCountry

Intermediate

HoldCo

LLC

(7) 6.75%

12/01/2032

03/05/2026

Encore

Capital

Group,

Inc.

(7)(15)

6.63%

04/15/2031

12/12/2025

708

716

705

Freedom

Mortgage

Corp.

(7) 12.25%

10/01/2030

03/25/2026

Freedom

Mortgage

Holdings

LLC

(7) 8.38%

04/01/2032

12/12/2025

Freedom

Mortgage

Holdings

LLC

(7)(15)

7.88%

04/01/2033

02/04/2026

Jefferson

Capital

Holdings

LLC

(7)(15)

8.25%

05/15/2030

12/12/2025

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

Consolidated

Schedule

of

Investments

\|

March

31,

2026

See

Notes

to

Consolidated

Schedule

of

Investments.

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount/

Units/

Ownership

(3) Cost

(4) Fair

Value

Corporate

Bonds

-

non-controlled/non-affiliated

-

11.5%

(continued)

Financial

Services

-

0.3%

(continued)

PennyMac

Financial

Services,

Inc.

(7) 7.88%

12/15/2029

03/24/2026

$

$

$

Rfna

LP

(7) 7.88%

02/15/2030

12/19/2025

TrueNoord

Capital

DAC

(7) 8.75%

03/01/2030

12/12/2025

United

Wholesale

Mortgage

LLC

(7)(15)

5.50%

04/15/2029

12/12/2025

Velocity

Commercial

Capital

LLC

(7) 9.38%

02/15/2031

01/28/2026

VFH

Parent

LLC

/

Valor

Co-Issuer,

Inc.

(7) 7.50%

06/15/2031

12/19/2025

1,815

1,761

Food

Products

-

0.1%

B&G

Foods,

Inc.

(7)(15)

8.00%

09/15/2028

12/12/2025

820

804

808

Post

Holdings,

Inc.

(7)(15)

4.50%

09/15/2031

12/12/2025

Post

Holdings,

Inc.

(7) 6.50%

03/15/2036

03/17/2026

969

970

Gas

Utilities

-

0.2%

AmeriGas

Partners

LP

/

AmeriGas

Finance

Corp.

(7) (15) 9.50%

06/01/2030

12/12/2025

Suburban

Propane

Partners

LP

/

Suburban

Energy

Finance

Corp.

(7)(15)

5.00%

06/01/2031

12/12/2025

Suburban

Propane

Partners

LP

/

Suburban

Energy

Finance

Corp.

(7)(15)

6.50%

12/15/2035

03/05/2026

Superior

Plus

LP

/

Superior

General

Partner,

Inc.

(7) (15) 4.50%

03/15/2029

12/12/2025

Venture

Global

Plaquemines

LNG

LLC

(7) 7.50%

05/01/2033

12/19/2025

Venture

Global

Plaquemines

LNG

LLC

(7) 6.50%

01/15/2034

12/12/2025

Venture

Global

Plaquemines

LNG

LLC

(7) 6.75%

01/15/2036

12/19/2025

1,211

1,200

Ground

Transportation

-

0.1%

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.

(7) 8.25%

01/15/2030

12/12/2025

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.

(7) 8.38%

06/15/2032

03/27/2026

RXO,

Inc.

(7)(15)

6.38%

05/15/2031

02/11/2026

Health

Care

Providers

&

Services

-

0.3%

AdaptHealth

LLC

(7) 4.63%

08/01/2029

03/05/2026

AdaptHealth

LLC

(7)(15)

5.13%

03/01/2030

12/12/2025

AMN

Healthcare,

Inc.

(7)(15)

4.00%

04/15/2029

03/05/2026

CHS

/

Community

Health

Systems,

Inc.

(7)(15)

6.13%

04/01/2030

12/12/2025

Davita,

Inc.

(7)(15)

4.63%

06/01/2030

03/05/2026

550

537

529

Davita,

Inc.

(7) 6.88%

09/01/2032

02/27/2026

Encompass

Health

Corp.

(15) 4.50%

02/01/2028

12/12/2025

Prime

Healthcare

Services,

Inc.

(7) 9.38%

09/01/2029

12/12/2025

Select

Medical

Corp.

(7) 6.25%

12/01/2032

12/12/2025

1,801

1,793

Health

Care

REITs

-

0.2%

Diversified

Healthcare

Trust

(15) 4.75%

02/15/2028

12/12/2025

Diversified

Healthcare

Trust

(15) 4.38%

03/01/2031

12/19/2025

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

(15) 4.63%

08/01/2029

12/12/2025

1,140

968

888

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

3.50%

03/15/2031

02/17/2026

1,817

1,726

Hotels,

Restaurants

&

Leisure

-

0.3%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

(7) 4.38%

01/15/2028

03/23/2026

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

(7) 8.75%

11/15/2029

12/12/2025

Hilton

Domestic

Operating

Co.,

Inc.

(7)(15)

3.75%

05/01/2029

12/12/2025

700

683

670

Hilton

Domestic

Operating

Co.,

Inc.

(7)(15)

4.00%

05/01/2031

12/12/2025

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

www.bmacx.com

See

Notes

to

Consolidated

Schedule

of

Investments.

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount/

Units/

Ownership

(3) Cost

(4) Fair

Value

Corporate

Bonds

-

non-controlled/non-affiliated

-

11.5%

(continued)

Hotels,

Restaurants

&

Leisure

-

0.3%

(continued)

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower,

Inc.

(7)(15)

5.00%

06/01/2029

12/12/2025

$

630

$

611

$

599

Station

Casinos

LLC

(7) 6.63%

03/15/2032

12/19/2025

Voyager

Parent

LLC

(7)(15)

9.25%

07/01/2032

12/12/2025

1,766

1,733

Household

Durables

-

0.4%

Beazer

Homes

USA,

Inc.

(7)(15)

7.50%

03/15/2031

12/12/2025

Brookfield

Residential

Properties,

Inc.

/

Brookfield

Residential

US

LLC

(7) 4.88%

02/15/2030

12/12/2025

Century

Communities,

Inc.

(7)(15)

3.88%

08/15/2029

02/20/2026

LGI

Homes,

Inc.

(7)(15)

7.00%

11/15/2032

01/12/2026

Mattamy

Group

Corp.

(7) 6.00%

12/15/2033

02/19/2026

Risewell

Homes,

Inc.

(7) 8.50%

11/01/2030

12/12/2025

Somnigroup

International,

Inc.

(7)(15)

4.00%

04/15/2029

12/12/2025

990

959

953

Taylor

Morrison

Communities,

Inc.

(7)(15)

5.75%

01/15/2028

12/19/2025

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

(7) 6.75%

01/15/2034

01/27/2026

Whirlpool

Corp.

6.13%

06/15/2030

02/05/2026

Whirlpool

Corp.

5.50%

03/01/2033

02/04/2026

Whirlpool

Corp.

6.50%

06/15/2033

12/12/2025

2,788

2,726

Household

Products

-

0.0%

(14) Central

Garden

&

Pet

Co.

(15) 4.13%

10/15/2030

03/17/2026

Independent

Power

and

Renewable

Electricity

Producers

-

0.0%

(14) California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

(7) 6.38%

02/15/2032

12/12/2025

TerraForm

Power

Operating

LLC

(7) 4.75%

01/15/2030

12/12/2025

Industrial

Conglomerates

-

0.1%

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp.

(15) 9.75%

01/15/2029

12/12/2025

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp.

(15) 4.38%

02/01/2029

12/12/2025

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp.

9.00%

06/15/2030

01/16/2026

822

806

Insurance

-

0.1%

Acrisure

LLC

/

Acrisure

Finance,

Inc.

(7) 7.50%

11/06/2030

02/25/2026

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

(7)(15)

7.00%

01/15/2031

03/05/2026

APH

Somerset

Investor

LLC

/

APH2

Somerset

Investor

LLC

/

APH3

Somerset

Investor

LLC

(7) 7.88%

11/01/2029

12/12/2025

HUB

International

Ltd.

(7) 7.25%

06/15/2030

03/05/2026

Jones

Deslauriers

Insurance

Management,

Inc.

(7) 8.50%

03/15/2030

12/12/2025

The

Nassau

Cos.

of

New

York

(7) 7.88%

07/15/2030

12/12/2025

1,024

1,007

Interactive

Media

&

Services

-

0.0%

(14) ANGI

Group

LLC

(7)(15)

3.88%

08/15/2028

12/12/2025

Dotdash

Meredith,

Inc.

(7) 7.63%

06/15/2032

12/12/2025

ZoomInfo

Technologies

LLC

/

ZoomInfo

Finance

Corp.

(7) 3.88%

02/01/2029

12/19/2025

IT

Services

-

0.2%

APLD

ComputeCo

LLC

(7) 9.25%

12/15/2030

12/12/2025

Asurion

LLC

and

Asurion

Co-Issuer,

Inc.

(7)(15)

8.00%

12/31/2032

12/19/2025

Cipher

Compute

LLC

(7)(15)

7.13%

11/15/2030

12/12/2025

Sabre

GLBL,

Inc.

(7) 11.13%

07/15/2030

03/05/2026

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

Consolidated

Schedule

of

Investments

\|

March

31,

2026

See

Notes

to

Consolidated

Schedule

of

Investments.

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount/

Units/

Ownership

(3) Cost

(4) Fair

Value

Corporate

Bonds

-

non-controlled/non-affiliated

-

11.5%

(continued)

IT

Services

-

0.2%

(continued)

Twilio,

Inc.

(15) 3.63%

03/15/2029

12/18/2025

$

620

$

600

$

593

1,260

1,252

Life

Sciences

Tools

&

Services

-

0.1%

Charles

River

Laboratories

International,

Inc.

(7)(15)

4.25%

05/01/2028

12/19/2025

Charles

River

Laboratories

International,

Inc.

(7)(15)

3.75%

03/15/2029

12/12/2025

800

771

758

Star

Parent,

Inc.

(7) 9.00%

10/01/2030

02/05/2026

1,013

999

Machinery

-

0.1%

ESAB

Corp.

(7)(15)

6.25%

04/15/2029

12/12/2025

JB

Poindexter

&

Co.,

Inc.

(7) 8.75%

12/15/2031

12/12/2025

Mueller

Water

Products,

Inc.

(7)(15)

4.00%

06/15/2029

12/12/2025

Park-Ohio

Industries,

Inc.

(7)(15)

8.50%

08/01/2030

12/12/2025

Wabash

National

Corp.

(7)(15)

4.50%

10/15/2028

12/12/2025

946

925

Marine

Transportation

-

0.1%

Danaos

Corp.

(7)(15)

6.88%

10/15/2032

12/12/2025

DCLI

Bidco

LLC

(7) 7.75%

11/15/2029

12/12/2025

Stena

International

SA

(7) 7.25%

01/15/2031

12/12/2025

Media

-

0.3%

AMC

Networks,

Inc.

(7)(15)

10.50%

07/15/2032

12/12/2025

Cable

One,

Inc.

(7)(15)

4.00%

11/15/2030

03/05/2026

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

(7) 5.38%

06/01/2029

02/12/2026

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

(7) 7.38%

02/01/2036

02/11/2026

EchoStar

Corp.

10.75%

11/30/2029

12/19/2025

Gray

Media,

Inc.

(7)(15)

4.75%

10/15/2030

12/12/2025

Gray

Media,

Inc.

(7)(15)

5.38%

11/15/2031

12/12/2025

510

iHeartCommunications,

Inc.

(7)(15)

10.88%

05/01/2030

12/12/2025

McGraw-Hill

Education,

Inc.

(7) 7.38%

09/01/2031

03/05/2026

Sinclair

Television

Group,

Inc.

(7)(15)

5.50%

03/01/2030

12/12/2025

Stagwell

Global

LLC

(7)(15)

5.63%

08/15/2029

12/12/2025

Univision

Communications,

Inc.

(7)(15)

8.50%

07/31/2031

03/05/2026

Univision

Communications,

Inc.

(7)(15)

9.38%

08/01/2032

12/12/2025

2,484

2,390

Metals

&

Mining

-

0.2%

Cleveland-Cliffs,

Inc.

(7) 7.00%

03/15/2032

12/19/2025

Compass

Minerals

International,

Inc.

(7)(15)

8.00%

07/01/2030

12/19/2025

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp.

6.75%

03/15/2034

02/18/2026

Mineral

Resources

Ltd.

(7)(15)

7.00%

04/01/2031

12/12/2025

580

606

593

Novelis

Corp.

(7)(15)

4.75%

01/30/2030

12/12/2025

SunCoke

Energy,

Inc.

(7)(15)

4.88%

06/30/2029

12/12/2025

1,370

1,344

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.3%

Arbor

Realty

SR,

Inc.

(7)(15)

8.50%

12/15/2028

01/29/2026

Arbor

Realty

SR,

Inc.

(7)(15)

7.88%

07/15/2030

12/12/2025

Rithm

Capital

Corp.

(7) 8.00%

04/01/2029

12/12/2025

Rithm

Capital

Corp.

(7)(15)

8.00%

07/15/2030

12/12/2025

Starwood

Property

Trust,

Inc.

(7)(15)

7.25%

04/01/2029

12/12/2025

Starwood

Property

Trust,

Inc.

(7) 6.50%

10/15/2030

12/19/2025

UWM

Holdings

LLC

(7)(15)

6.63%

02/01/2030

12/12/2025

UWM

Holdings

LLC

(7) 6.25%

03/15/2031

02/26/2026

1,972

1,924

Oil,

Gas

&

Consumable

Fuels

-

1.4%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp.

(7)(15)

6.63%

02/01/2032

12/19/2025

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

www.bmacx.com

See

Notes

to

Consolidated

Schedule

of

Investments.

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount/

Units/

Ownership

(3) Cost

(4) Fair

Value

Corporate

Bonds

-

non-controlled/non-affiliated

-

11.5%

(continued)

Oil,

Gas

&

Consumable

Fuels

-

1.4%

(continued)

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp.

(7)(15)

5.75%

10/15/2033

12/12/2025

$

$

$

Buckeye

Partners

LP

(7)(15)

4.50%

03/01/2028

12/12/2025

Buckeye

Partners

LP

(7) 6.75%

02/01/2030

03/13/2026

California

Resources

Corp.

(7)(15)

7.00%

01/15/2034

12/12/2025

CNX

Resources

Corp.

(7) 5.88%

03/01/2034

02/17/2026

Comstock

Resources,

Inc.

(7)(15)

6.75%

03/01/2029

12/12/2025

810

810

800

Crescent

Energy

Finance

LLC

(7)(15)

8.38%

01/15/2034

03/03/2026

779

807

815

CVR

Energy,

Inc.

(7) 5.75%

02/15/2028

12/12/2025

Delek

Logistics

Partners

LP

/

Delek

Logistics

Finance

Corp.

(7)(15)

7.38%

06/30/2033

12/19/2025

717

730

723

Excelerate

Energy

LP

(7)(15)

8.00%

05/15/2030

12/12/2025

Gulfport

Energy

Operating

Corp.

(7)(15)

6.75%

09/01/2029

12/12/2025

Harvest

Midstream

I

LP

(7) 7.50%

05/15/2032

02/19/2026

Hess

Midstream

Operations

LP

(7)(15)

5.88%

03/01/2028

12/12/2025

Hess

Midstream

Operations

LP

(7) 6.50%

06/01/2029

03/25/2026

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

(7) 6.00%

02/01/2031

12/12/2025

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

(7) 7.25%

02/15/2035

12/12/2025

Kraken

Oil

&

Gas

Partners

LLC

(7) 7.63%

08/15/2029

12/12/2025

Murphy

Oil

Corp.

6.50%

02/15/2034

01/16/2026

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp.

(7)(15)

8.38%

02/15/2032

12/12/2025

777

808

801

Northern

Oil

&

Gas,

Inc.

(7) 8.75%

06/15/2031

01/29/2026

Northern

Oil

&

Gas,

Inc.

(7)(15)

7.88%

10/15/2033

01/28/2026

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

(7)(15)

9.88%

03/15/2030

12/12/2025

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

(7)(15)

7.88%

09/15/2030

01/06/2026

Saturn

Oil

&

Gas,

Inc.

(7)(15)

9.63%

06/15/2029

03/03/2026

SM

Energy

Co.

(7)(15)

6.75%

08/01/2029

02/11/2026

Summit

Midstream

Holdings

LLC

(7)(15)

8.63%

10/31/2029

12/12/2025

520

535

535

Talos

Production,

Inc.

(7)(15)

9.00%

02/01/2029

03/05/2026

Talos

Production,

Inc.

(7)(15)

9.38%

02/01/2031

12/12/2025

Venture

Global

LNG,

Inc.

(7)(15)

8.38%

06/01/2031

12/12/2025

Venture

Global

LNG,

Inc.

(7)(15)

9.88%

02/01/2032

12/12/2025

Wildfire

Intermediate

Holdings

LLC

(7) 7.50%

10/15/2029

12/12/2025

9,439

9,441

Paper

&

Forest

Products

-

0.0%

(14) Magnera

Corp.

(7) 4.75%

11/15/2029

12/12/2025

Magnera

Corp.

(7) 7.25%

11/15/2031

02/05/2026

Personal

Care

Products

-

0.1%

Edgewell

Personal

Care

Co.

(7) 4.13%

04/01/2029

02/20/2026

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

(7)(15)

4.88%

06/01/2029

12/12/2025

520

513

509

Pharmaceuticals

-

1.2%

Rossini

SARL

(5)(7)(9)(11)

E

+ 7.00%

9.50%

PIK

03/30/2030

06/05/2025

7,264

EUR

8,233

8,327

Professional

Services

-

0.0%

(14) ASGN,

Inc.

(7)(15)

4.63%

05/15/2028

12/19/2025

$

Real

Estate

Management

&

Development

-

0.1%

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

(7) 4.63%

08/01/2029

12/12/2025

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

(7) 4.63%

04/01/2030

03/05/2026

Five

Point

Operating

Co.

LP

(7) 8.00%

10/01/2030

12/12/2025

The

Howard

Hughes

Corp.

(7) 4.13%

02/01/2029

03/05/2026

The

Howard

Hughes

Corp.

(7)(15)

4.38%

02/01/2031

12/12/2025

The

Howard

Hughes

Corp.

(7) 5.88%

03/01/2032

02/04/2026

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

Consolidated

Schedule

of

Investments

\|

March

31,

2026

See

Notes

to

Consolidated

Schedule

of

Investments.

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount/

Units/

Ownership

(3) Cost

(4) Fair

Value

Corporate

Bonds

-

non-controlled/non-affiliated

-

11.5%

(continued)

Real

Estate

Management

&

Development

-

0.1%

(continued)

The

Howard

Hughes

Corp.

(7) 6.13%

03/01/2034

02/04/2026

$

$

$

583

564

Semiconductors

&

Semiconductor

Equipment

-

0.1%

Entegris,

Inc.

(7)(15)

3.63%

05/01/2029

03/05/2026

900

864

856

Software

-

1.8%

Cloud

Software

Group,

Inc.

(7)(15)

8.25%

06/30/2032

12/12/2025

540

555

513

Cloud

Software

Group,

Inc.

(7) 6.63%

08/15/2033

03/18/2026

Elastic

NV

(7) 4.13%

07/15/2029

03/05/2026

Fair

Isaac

Corp.

(7) 4.00%

06/15/2028

12/12/2025

Fair

Isaac

Corp.

(7)(15)

6.00%

05/15/2033

03/05/2026

Fair

Isaac

Corp.

(7) 6.25%

09/15/2034

03/11/2026

Gen

Digital,

Inc.

(7)(15)

7.13%

09/30/2030

02/26/2026

ION

Platform

Finance

US,

Inc.

(7) 7.88%

09/30/2032

01/26/2026

ION

Platform

Finance

US,

Inc.

/

ION

Platform

Finance

SARL

(7) 9.00%

08/01/2029

01/21/2026

Open

Text

Corp.

(7)(15)

3.88%

02/15/2028

12/12/2025

Open

Text

Corp.

(7)(15)

3.88%

12/01/2029

03/05/2026

RingCentral,

Inc.

(7) 8.50%

08/15/2030

03/05/2026

TeamSystem

Holdco

SpA

(5)(7)(11)

E

+ 5.75%

7.90%

07/07/2033

07/07/2025

8,755

EUR

10,181

9,760

12,716

12,202

Specialized

REITs

-

0.0%

(14) APLD

ComputeCo

LLC

(7) 6.75%

03/15/2031

03/03/2026

$

SV

RNO

Property

Owner

LLC

(7) 5.88%

03/01/2031

02/13/2026

Uniti

Group

LP

/

Uniti

Group

Finance

2019,

Inc.

/

CSL

Capital

LLC

(7)(15)

6.50%

02/15/2029

02/17/2026

Uniti

Group

LP

/

Uniti

Group

Finance

2019,

Inc.

/

CSL

Capital

LLC

(7) 8.63%

06/15/2032

02/18/2026

Specialty

Retail

-

0.1%

Petco

Health

&

Wellness

Co.,

Inc.

(7) 8.25%

02/01/2031

03/16/2026

PetSmart

LLC

/

PetSmart

Finance

Corp.

(7) 7.50%

09/15/2032

12/12/2025

The

Men's

Wearhouse

LLC

(7) 9.00%

02/01/2031

01/22/2026

Victra

Holdings

LLC

/

Victra

Finance

Corp.

(7) 8.75%

09/15/2029

02/20/2026

Wayfair

LLC

(7)(15)

6.75%

11/15/2032

12/12/2025

663

655

Technology

Hardware,

Storage

&

Peripherals

-

0.1%

Seagate

Data

Storage

Technology

Pte.

Ltd.

(7)(15)

8.25%

12/15/2029

03/13/2026

WULF

Compute

LLC

(7)(15)

7.75%

10/15/2030

12/12/2025

533

537

Textiles,

Apparel

&

Luxury

Goods

-

0.0%

(14) The

William

Carter

Co.

(7) 7.38%

02/15/2031

02/20/2026

Under

Armour,

Inc.

(7)(15)

7.25%

07/15/2030

01/22/2026

Trading

Companies

&

Distributors

-

0.1%

Alta

Equipment

Group,

Inc.

(7)(15)

9.00%

06/01/2029

02/18/2026

Star

Leasing

Co.

LLC

(7)(15)

7.63%

02/15/2030

12/12/2025

Veritiv

Operating

Co.

(7) 10.50%

11/30/2030

12/12/2025

TOTAL

CORPORATE

BONDS

-

NON-CONTROLLED/NON-AFFILIATED

$

81,891

$

80,476

Unsecured

Debt

-

non-controlled/non-affiliated

-

2.3%

IT

Services

-

2.3%

Evergreen

Services

Group

Holdco

LLC,

Delayed

Draw

Term

Loan

(5)(7)(9)

12.75%

PIK

04/05/2031

10/28/2025

$

2,614

2,565

2,575

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

www.bmacx.com

See

Notes

to

Consolidated

Schedule

of

Investments.

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount/

Units/

Ownership

(3) Cost

(4) Fair

Value

Unsecured

Debt

-

non-controlled/non-affiliated

-

2.3%

(continued)

IT

Services

-

2.3%

(continued)

Evergreen

Services

Group

Holdco

LLC,

Term

Loan

(5)(7)(9)

12.75%

PIK

04/05/2031

10/28/2025

$

13,407

$

13,156

$

13,206

15,721

15,781

TOTAL

UNSECURED

DEBT

-

NON-CONTROLLED/NON-AFFILIATED

$

15,721

$

15,781

Structured

Finance

Obligations

-

Debt

Instruments

-

non-controlled/non-affiliated

-

0.4%

Financial

Services

-

0.4%

Galaxy

CLO

Ltd.

(5)(7)(11)

SOFR

+ 5.00%

8.67%

04/20/2038

06/25/2025

$

2,749

2,762

2,690

TOTAL

STRUCTURED

FINANCE

OBLIGATIONS

-

DEBT

INSTRUMENTS

-

NON-CONTROLLED/NON-AFFILIATED

$

2,762

$

2,690

Structured

Finance

Obligations

-

Equity

Instruments

-

non-controlled/non-affiliated

-

2.2%

Financial

Services

-

2.2%

Aimco

CLO

Ltd.

(5)(7)(16)

Effective

yield

12.21%

10/16/2038

11/07/2025

$

5,659

5,091

4,372

CarVal

CLO

XIII-C

Ltd.

(5)(6)(7)(17)

06/24/2027

06/24/2025

919

919

966

Galaxy

CLO

Ltd.

(5)(7)(16)

Effective

yield

11.66%

04/20/2038

06/25/2025

8,010

6,745

4,924

HPS

Loan

Management

Ltd.

(5)(7)(16)

Effective

yield

11.10%

04/15/2037

06/18/2025

2,000

1,239

1,047

MidOcean

Credit

CLO

XIX

Ltd.

(5)(7)(16)

Effective

yield

8.10%

07/20/2036

09/24/2025

2,000

1,434

1,083

Regatta

Kilo

(5)(6)(7)(17)

12/27/2026

06/13/2025

1,415

1,415

1,518

Whitebox

CLO

V

Ltd.

(5)(7)(16)

Effective

yield

7.37%

07/20/2038

09/24/2025

2,500

2,157

1,633

19,000

15,543

TOTAL

STRUCTURED

FINANCE

OBLIGATIONS

-

EQUITY

INSTRUMENTS

-

NON-CONTROLLED/NON-AFFILIATED

$

19,000

$

15,543

–

–

Equity

&

Other

-

non-controlled/non-affiliated

-

9.0%

Health

Care

Technology

-

1.6%

Azalea

Parent

Corp.,

Preferred

Units

(5)(7)(9)

12.75%

PIK

11/21/2025

10,895

$

10,691

$

11,222

Pharmaceuticals

-

4.4%

Elanco

Animal

Health,

Inc.

-

Royalty

Interest

(5)(7)

02/26/2026

25,000,000

25,442

30,464

Transportation

Infrastructure

-

3.0%

Enstructure

Holdco

LLC,

Preferred

Units

(5)(7)(9)(11)

SOFR

+ 7.00%

10.69%

PIK

08/15/2025

21,065,549

20,770

20,907

TOTAL

EQUITY

&

OTHER

-

NON-CONTROLLED/NON-AFFILIATED

$

56,903

$

62,593

–

–

Equity

&

Other

-

non-controlled/affiliated

-

5.2%

Financial

Services

-

1.6%

Taurus

I

Cayman

TopCo

LP

-

LP

Interest

(5)(6)(7)(18)

12/23/2025

17.86%

$

10,487

$

10,854

Oil,

Gas

&

Consumable

Fuels

-

3.6%

Pibb

Member

Holdings

LLC

-

LLC

Interest

(5)(7)(18)

06/25/2025

25,000,000

24,929

25,297

TOTAL

EQUITY

&

OTHER

-

NON-CONTROLLED/AFFILIATED

$

35,416

$

36,151

–

–

Equity

&

Other

-

controlled/affiliated

-

5.4%

Insurance

-

5.4%

Fort

Greene

Reinsurance

Holdings

LLC

Class

A

Common

Units

(5)(7)(17)(18)

08/04/2025

628

$

6,285

$

5,894

Class

A

Preferred

Units,

(5)(7)(18)

10.00%

08/04/2025

1,500

1,500

Class

A

Preferred

Units,

(5)(7)(18)

10.00%

08/29/2025

650

6,500

6,500

Class

A

Preferred

Units,

(5)(7)(18)

11.00%

09/29/2025

1,600

16,000

16,000

Class

A

Preferred

Units,

(5)(7)(18)

10.67%

12/29/2025

3,492

3,490

Class

A

Preferred

Units,

(5)(7)(18)

10.67%

03/27/2026

4,510

4,510

38,287

37,894

Foundry

Insurance

Services

Ltd.,

Common

Units

(5) (7)(17)(18)

07/11/2025

–

–

TOTAL

EQUITY

&

OTHER

-

CONTROLLED/AFFILIATED

$

38,287

$

37,894

–

–

Investee

Funds

-

non-controlled/affiliated

-

61.2%

Financial

Services

-

61.2%

Blackstone

Private

Credit

Fund

-

Class

I

(5)(7)(18)(19)

05/01/2025

9,880,405

$

247,500

$

240,390

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

Consolidated

Schedule

of

Investments

\|

March

31,

2026

See

Notes

to

Consolidated

Schedule

of

Investments.

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

Investments

(1) Reference

Rate

&

Spread

(2) Interest

Rate

(2) Maturity

Date

Acquisition

Date

Par

Amount/

Units/

Ownership

(3) Cost

(4) Fair

Value

Investee

Funds

-

non-controlled/affiliated

-

61.2%

(continued)

Financial

Services

-

61.2%

(continued)

Blackstone

Private

Real

Estate

Credit

and

Income

Fund,

Common

Shares

(5)(7)(18)(19)

06/01/2025

7,117,034

$

182,500

$

186,182

TOTAL

INVESTEE

FUNDS

-

NON-CONTROLLED/AFFILIATED

$

430,000

$

426,572

TOTAL

PORTFOLIO

INVESTMENTS

-

126.7%

$

887,367

$

883,777

Interest

Rate

Cost

Fair

Value

Cash

and

Cash

Equivalents

-

2.7%

BlackRock

Liquidity

FedFund

-

Class

Institutional

3.55%

$

14,685

$

14,685

Dreyfus

Government

Cash

Management

-

Class

Institutional

3.54%

Fidelity

Investments

Money

Market

Treasury

Portfolio

-

Class

I

3.56%

1,324

1,324

Other

Cash

and

Cash

Equivalents

3,461

3,457

TOTAL

CASH

AND

CASH

EQUIVALENTS

$

19,496

$

19,492

TOTAL

PORTFOLIO

INVESTMENTS,

CASH

AND

CASH

EQUIVALENTS

-

129.4%

$

906,863

$

903,269

Debt

Outstanding

-

(15.3)%

(106,939)

Reverse

Repurchase

Agreements

-

(5.8)%

(40,542)

Other

Assets,

less

Liabilities

-

(8.3)%

(58,262)

Net

Assets

-

100.0%

$

697,526

Amounts

above

are

shown

as

a

percentage

of

net

assets

as

of

March

31,

2026. Reverse

Repurchase

Agreements

Outstanding

at

March

31,

2026

Counterparty

Interest

Rate

Acquisition

Date

Maturity

Date

Face

Value

Face

Value

Including

Accrued

Interest

BofA

Securities,

Inc.

2.75%

03/26/2026

On

Demand

(20) $

(65) $

(65) BofA

Securities,

Inc.

3.20%

02/11/2026

On

Demand

(20) (146) (146) BofA

Securities,

Inc.

3.25%

02/13/2026

On

Demand

(20) (121) (121) BofA

Securities,

Inc.

3.25%

02/27/2026

On

Demand

(20) (291) (292) BofA

Securities,

Inc.

3.25%

03/05/2026

On

Demand

(20) (196) (196) BofA

Securities,

Inc.

3.25%

03/31/2026

On

Demand

(20) (95) (95) BofA

Securities,

Inc.

3.45%

03/06/2026

On

Demand

(20) (181) (181) BofA

Securities,

Inc.

3.45%

03/26/2026

On

Demand

(20) (57) (57) BofA

Securities,

Inc.

3.50%

02/18/2026

On

Demand

(20) (74) (74) BofA

Securities,

Inc.

3.50%

03/05/2026

On

Demand

(20) (205) (205) BofA

Securities,

Inc.

3.50%

03/06/2026

On

Demand

(20) (101) (101) BofA

Securities,

Inc.

3.50%

03/26/2026

On

Demand

(20) (46) (46) BofA

Securities,

Inc.

3.55%

03/05/2026

On

Demand

(20) (148) (149) BofA

Securities,

Inc.

3.60%

02/24/2026

On

Demand

(20) (507) (509) BofA

Securities,

Inc.

3.60%

03/03/2026

On

Demand

(20) (52) (52) BofA

Securities,

Inc.

3.60%

03/05/2026

On

Demand

(20) (79) (79) BofA

Securities,

Inc.

3.60%

03/06/2026

On

Demand

(20) (87) (87) BofA

Securities,

Inc.

3.60%

03/19/2026

On

Demand

(20) (485) (486) BofA

Securities,

Inc.

3.60%

03/26/2026

On

Demand

(20) (243) (244) BofA

Securities,

Inc.

3.65%

02/18/2026

On

Demand

(20) (158) (158) BofA

Securities,

Inc.

3.65%

02/27/2026

On

Demand

(20) (34) (34) BofA

Securities,

Inc.

3.65%

03/03/2026

On

Demand

(20) (133) (134) BofA

Securities,

Inc.

3.65%

03/05/2026

On

Demand

(20) (590) (591) BofA

Securities,

Inc.

3.65%

03/06/2026

On

Demand

(20) (39) (39) BofA

Securities,

Inc.

3.90%

03/05/2026

On

Demand

(20) (1,228)

(1,232)

BofA

Securities,

Inc.

3.90%

03/06/2026

On

Demand

(20) (536) (537) BofA

Securities,

Inc.

3.95%

03/05/2026

On

Demand

(20) (543) (545) Goldman

Sachs

&

Co.

LLC

3.64%

01/15/2026

On

Demand

(20) (349) (351) Goldman

Sachs

&

Co.

LLC

3.76%

01/20/2026

On

Demand

(20) (219) (220) Goldman

Sachs

&

Co.

LLC

3.76%

02/20/2026

On

Demand

(20) (150) (150) Goldman

Sachs

&

Co.

LLC

3.76%

03/05/2026

On

Demand

(20) (568) (569) Goldman

Sachs

&

Co.

LLC

3.76%

03/06/2026

On

Demand

(20) (698) (701) Goldman

Sachs

&

Co.

LLC

3.96%

02/20/2026

On

Demand

(20) (476) (478) J.P.

Morgan

Securities

LLC

3.25%

03/17/2026

On

Demand

(20) (90) (90) Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

www.bmacx.com

See

Notes

to

Consolidated

Schedule

of

Investments.

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

Reverse

Repurchase

Agreements

Outstanding

at

March

31,

2026

Counterparty

Interest

Rate

Acquisition

Date

Maturity

Date

Face

Value

Face

Value

Including

Accrued

Interest

J.P.

Morgan

Securities

LLC

3.40%

03/17/2026

On

Demand

(20) $

(172) $

(172) J.P.

Morgan

Securities

LLC

3.60%

03/17/2026

On

Demand

(20) (236) (236) J.P.

Morgan

Securities

LLC

3.64%

03/11/2026

On

Demand

(20) (158) (159) J.P.

Morgan

Securities

LLC

3.64%

03/19/2026

On

Demand

(20) (399) (399) J.P.

Morgan

Securities

LLC

3.64%

03/23/2026

On

Demand

(20) (747) (748) J.P.

Morgan

Securities

LLC

3.70%

03/17/2026

On

Demand

(20) (587) (588) J.P.

Morgan

Securities

LLC

3.75%

02/18/2026

On

Demand

(20) (267) (268) J.P.

Morgan

Securities

LLC

3.75%

03/17/2026

On

Demand

(20) (5,283)

(5,293)

J.P.

Morgan

Securities

LLC

3.85%

03/11/2026

On

Demand

(20) (61) (61) J.P.

Morgan

Securities

LLC

3.85%

03/17/2026

On

Demand

(20) (307) (307) J.P.

Morgan

Securities

LLC

3.90%

03/17/2026

On

Demand

(20) (200) (200) J.P.

Morgan

Securities

LLC

3.95%

03/17/2026

On

Demand

(20) (232) (232) J.P.

Morgan

Securities

LLC

3.95%

03/24/2026

On

Demand

(20) (588) (589) Morgan

Stanley

Bank

NA

1.00%

12/19/2025

On

Demand

(20) (28) (28) Nomura

Securities

International,

Inc.

–%

03/06/2026

On

Demand

(20) (167) (167) Nomura

Securities

International,

Inc.

3.50%

03/05/2026

On

Demand

(20) (241) (242) Nomura

Securities

International,

Inc.

3.50%

03/23/2026

On

Demand

(20) (205) (205) Nomura

Securities

International,

Inc.

3.64%

03/03/2026

On

Demand

(20) (59) (59) Nomura

Securities

International,

Inc.

3.96%

03/05/2026

On

Demand

(20) (10,405)

(10,437)

Nomura

Securities

International,

Inc.

3.96%

03/06/2026

On

Demand

(20) (369) (370) Nomura

Securities

International,

Inc.

3.99%

12/12/2025

On

Demand

(20) (1,206)

(1,220)

Nomura

Securities

International,

Inc.

3.99%

12/19/2025

On

Demand

(20) (8,111)

(8,201)

Nomura

Securities

International,

Inc.

3.99%

03/16/2026

On

Demand

(20) (383) (384) Nomura

Securities

International,

Inc.

3.99%

03/26/2026

On

Demand

(20) (470) (470) Nomura

Securities

International,

Inc.

3.99%

03/27/2026

On

Demand

(20) (671) (671) Total

Reverse

Repurchase

Agreements

Outstanding

$

(40,542)

$

(40,720)

(1) Unless

otherwise

indicated,

the

Fund

is

not

affiliated

with,

nor

does

it

"control"

any

of

the

issuers

listed.

Under

the

Investment

Company

Act

of

1940,

as

amended

(together

with

the

rules

and

regulations

promulgated

thereunder,

the

"1940

Act"),

the

Fund

is

generally

deemed

to

"control"

a

portfolio

company

if

the

Fund

owns

more

than

25%

of

its

outstanding

voting

securities

and/or

has

the

power

to

exercise

control

over

the

management

or

policies

of

the

portfolio

company.

Under

the

1940

Act,

the

Fund

is

generally

deemed

an

"affiliated

person"

of

a

portfolio

company

if

the

Fund

owns

5%

or

more

of

the

portfolio

company's

outstanding

voting

securities.

(2) Variable

rate

loans

to

the

portfolio

companies

bear

interest

at

a

rate

that

is

determined

by

reference

to

either

Sterling

Overnight

Interbank

Average

Rate

("SONIA"

or

"S"),

Euro

Interbank

Offer

Rate

("Euribor"

or

"E"),

Secured

Overnight

Financing

Rate

("SOFR"),

or

Stockholm

Interbank

Offered

Rate

("STIBOR"

or

"ST"),

which

generally

resets

periodically.

For

each

loan,

the

Fund

has

indicated

the

reference

rate

used

and

provided

the

spread

and

the

interest

rate

in

effect

as

of

March

31,

2026. Variable

rate

loans

typically

include

an

interest

reference

rate

floor

feature.

The

interest

rate

for

unsettled

variable

rate

loans

does

not

include

the

base

rate.

(3) Unless

otherwise

indicated,

all

debt

and

equity

investments

held

by

the

Fund

are

denominated

in

U.S.

Dollars.

All

debt

investments

are

income

producing

unless

otherwise

indicated.

Certain

portfolio

company

investments

are

subject

to

contractual

restrictions

on

sales.

The

total

par

amount

(in

thousands)

is

presented

for

debt

investments

and

structured

finance

obligations,

while

the

number

of

shares

or

units

(in

whole

amounts)

owned

is

presented

for

equity

investments.

Each

of

the

Fund's

investments

is

pledged

as

collateral

under

its

revolving

credit

facility

unless

otherwise

indicated.

(4) The

cost

represents

the

original

cost

adjusted

for

the

amortization

of

discounts

and

premiums,

as

applicable,

on

debt

investments

using

the

effective

interest

method

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("GAAP").

(5) These

investments

were

valued

using

unobservable

inputs

and

are

considered

Level

investments.

Fair

value

was

determined

in

good

faith

by

the

Adviser

under

the

direction

of

the

Board

of

Trustees

(see

Note

and

Note

3),

pursuant

to

the

Fund's

valuation

policy.

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

Consolidated

Schedule

of

Investments

\|

March

31,

2026

See

Notes

to

Consolidated

Schedule

of

Investments.

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

Investments

Commitment

Type

Commitment

Expiration

Date

Unfunded

Commitment

Fair

Value

Carval

CLO

XIII-C

Ltd.

Structured

Finance

Obligations

-

Equity

Instruments

06/24/2027

$

956

$

–

Clocktower

Intermediate

Lender

LP

Revolver

01/31/2033

5,101

(68)

Enstructure

LLC

Delayed

Draw

Term

Loan

06/10/2026

(1)

Ground

Penetrating

Radar

Systems

LLC

Delayed

Draw

Term

Loan

07/02/2027

973

–

Ground

Penetrating

Radar

Systems

LLC

Revolver

01/02/2032

564

–

IRI

Group

Holdings,

Inc.

Revolver

12/01/2028

3,843

–

Jupiter

Purchaser

LLC

Delayed

Draw

Term

Loan

11/08/2026

1,453

(7)

Langan

Midco

LLC

Delayed

Draw

Term

Loan

01/16/2027

3,052

(15)

Regatta

Kilo

Structured

Finance

Obligations

-

Equity

Instruments

12/27/2026

–

Saber

Power

Services

LLC

Revolver

10/21/2031

1,154

–

Scutum

SA

Delayed

Draw

Term

Loan

07/25/2028

2,177

(33)

Taurus

I

Cayman

TopCo

LP

Equity

07/02/2027

7,065

–

Teneo

Holdings

LLC

Delayed

Draw

Term

Loan

07/31/2027

649

–

Teneo

Holdings

LLC

Revolver

07/31/2030

1,234

–

Veregy

Consolidated,

Inc.

Delayed

Draw

Term

Loan

04/16/2027

–

Veregy

Consolidated,

Inc.

Revolver

04/16/2031

845

(4)

Total

Unfunded

Commitments

$

29,875

$

(128)

(6) Position

or

portion

thereof

is

an

unfunded

commitment,

and

no

interest

is

being

earned

on

the

unfunded

portion,

although

the

investment

may

be

subject

to

unused

commitment

fees.

Negative

cost

and

fair

value

results

from

unamortized

fees,

which

are

capitalized

to

the

investment

cost.

The

unfunded

commitment

may

be

subject

to

a

commitment

termination

date

that

may

expire

prior

to

the

maturity

date

stated.

See

below

for

more

information

on

the

Fund's

unfunded

commitments:

(7) Denoted

securities

are

exempt

from

registration

under

the

Securities

Act

of

1933,

as

amended.

As

of

March

31,

2026,

the

aggregate

fair

value

of

these

securities

is

$875,505

or

125.5%

of

the

Fund's

net

assets.

The

initial

acquisition

dates

have

been

included

for

such

securities.

(8) The

interest

rate

floor

on

these

investments

as

of

March

31,

2026

was

0.75%.

(9) Income

may

be

received

in

additional

securities

and/or

cash.

(10) The

interest

rate

floor

on

these

investments

as

of

March

31,

2026

was

1.00%.

(11) There

are

no

interest

rate

floors

on

these

investments.

(12) The

interest

rate

floor

on

these

investments

as

of

March

31,

2026

was

0.50%.

(13) These

loans

are

"last-out"

portions

of

loans.

The

"last-out"

portion

of

the

Fund's

loan

investment

generally

earns

a

higher

interest

rate

than

the

"first-out"

portion,

and

in

exchange

the

"first-out"

portion

would

generally

receive

priority

with

respect

to

payment

principal,

interest

and

any

other

amounts

due

thereunder

over

the

"last-out"

portion.

(14) Rounds

to

less

than

0.1%.

(15) All

or

a

portion

of

this

security

is

pledged

as

collateral

in

connection

with

reverse

repurchase

agreements.

These

securities

are

not

pledged

as

collateral

under

the

Fund's

revolving

credit

facility.

(16) Interest

rate

represents

the

effective

yield

of

estimated

future

cash

flows

on

the

equity

class

of

structured

finance

obligation

vehicles

using

the

effective

yield

method

in

accordance

with

GAAP.

(17) Non-income

producing.

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

www.bmacx.com

See

Notes

to

Consolidated

Schedule

of

Investments.

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

Fair

Value,

Beginning

of

Period

Gross

Additions

Gross

Reductions

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Net

Realized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Non-Controlled/Affiliated

Investments

Blackstone

Private

Credit

Fund

-

Class

I

$

205,342

$

40,000

$

–

$

(4,952)

$

–

$

240,390

$

5,766

Blackstone

Private

Real

Estate

Credit

and

Income

Fund,

Common

Shares

135,756

50,000

–

–

186,182

3,421

Pibb

Member

Holdings

LLC

-

LLC

Interest

25,297

–

–

–

–

25,297

688

Taurus

I

Cayman

TopCo

LP

-

LP

Interest

6,780

3,976

(202)

–

10,854

Controlled/Affiliated

Investments

Fort

Greene

Reinsurance

Holdings

LLC

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

Common

Units

5,205

1,130

–

(441)

–

5,894

–

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

Preferred

Units,

1,500

–

–

–

–

1,500

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

Preferred

Units,

6,500

–

–

–

–

6,500

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

Preferred

Units,

16,000

–

–

–

–

16,000

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

Preferred

Units,

3,492

–

–

(2)

–

3,490

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

Preferred

Units,

—

4,510

–

–

–

4,510

Foundry

Insurance

Services

Ltd.,

Common

Units

—

–

–

–

–

–

–

Total

$

405,872

$

99,616

$

(202)

$

(4,669)

$

–

$

500,617

$

10,806

(18) Under

the

1940

Act,

the

Fund

is

generally

deemed

to

"control"

a

portfolio

company

if

the

Fund

owns

more

than

25%

of

its

outstanding

voting

securities

and/or

has

the

power

to

exercise

control

over

the

management

or

policies

of

the

portfolio

company.

Under

the

1940

Act,

the

Fund

is

generally

deemed

an

"affiliated

person"

of

a

portfolio

company

if

the

Fund

owns

5%

or

more

of

the

portfolio

company's

outstanding

voting

securities.

Shareholders

will

not

bear

duplicative

fees

on

investments

into

investment

companies

or

business

development

companies

managed

by

the

Adviser

or

its

affiliates.

As

of

March

31,

2026,

the

Fund's

controlled/affiliated

and

non-controlled/affiliated

investments

were

as

follows:

(19) Additional

information

for

the

investments

in

other

registered

investment

companies

or

business

development

companies

("Investee

Fund"),

including

the

financial

statements,

is

available

from

the

SEC's

EDGAR

database

at

www.sec.gov.

(20) Open

repurchase

agreement

with

no

specific

maturity

date.

Either

party

may

terminate

the

agreement

upon

demand.

Foreign

Currency

Forward

Contracts

Counterparty

Currency

Purchased

Currency

Sold

Settlement

Date

Unrealized

Appreciation

(Depreciation)

JPMorgan

Chase

Bank

NA

USD

1,741

EUR

1,491

06/25/2026

$

JPMorgan

Chase

Bank

NA

USD

GBP

06/25/2026

JPMorgan

Chase

Bank

NA

USD

648

SEK

5,989

06/25/2026

Total

$

Cu

r

rency

EUR

Euro

GBP

British

Pound

SEK

Swedish

Krona

USD

United

States

Dollar

Consolidated

Schedule

of

Investments

\|

March

31,

2026

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Notes

to

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

NOTE

1. ORGANIZATION

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

("BMACX"

or

the

"Fund")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

a

non-diversified,

closed-end

management

investment

company.

The

Fund

engages

in

a

continuous

offering

of

its

Common

Shares

and

operates

as

an

interval

fund

that

will

offer

to

make

quarterly

repurchases

of at

least

5%

and

up

to

25%

of

its

Common

Shares

at

net

asset

value

("NAV").

Although

the

policy

permits

repurchases

of

between

5%

and

25%

of

the Fund's

outstanding

Common

Shares,

for

each

quarterly

repurchase

offer,

the

Fund

currently

expects

to

offer

to

repurchase

5%

of

the

Fund's

outstanding

Common

Shares

(in

the

aggregate

across

all

share

classes)

at

NAV

(either

by

number

of

shares

or

aggregate

NAV),

subject

to

the

approval

of

the

Board

of

Trustees

(the

"Board"

and

individually,

the

"Trustees").

The

Fund

currently

offers

four

classes

of

shares

of

beneficial

interest

on

a

continuous

basis:

Class

S

Common

Shares

("Class

S

Shares"),

Class

D

Common

Shares

("Class

D

Shares"),

Class

I

Common

Shares

("Class

I

Shares")

and

Class

I

Advisory

Common

Shares

("Class

I

Advisory

Shares"

and,

together

with

the

Class

S

Shares,

Class

D

Shares

and

Class

I

Shares,

"Common

Shares").

The

Fund

is

authorized

to

issue

an

unlimited

number

of

Common

Shares.

Blackstone

Private

Credit

Strategies

LLC

(the

"Adviser"),

an

affiliate

of

Blackstone

Alternative

Credit

Advisors

LP

(collectively

with

its

affiliates

in

the

credit,

asset

based

finance

and

insurance

asset

management

business

unit

of

Blackstone

Inc.

("Blackstone"),

"Blackstone

Credit

&

Insurance"

or

"BXCI"),

acts

as

the

Fund's

investment

adviser.

The

Adviser

is

an

investment

adviser

registered

with

the Securities

and

Exchange

Commission

(the

"SEC") under

the

Investment

Advisers

Act

of

1940,

as

amended.

The

Adviser is

responsible

for

the

day-to-day

management

of

the

Fund.

The

Fund

operates

under

the

direction

of

the

Board.

The

Fund

has

five

Trustees,

four

of

whom

are

not

considered

to

be

"interested

persons"

of

the

Fund or

the

Adviser

as

defined

in

the

1940

Act

("Independent

Trustees").

The

Independent

Trustees

are

responsible

for,

among

other

things,

reviewing

the

performance

of

the

Adviser

and

approving

the

compensation

paid

to

the

Adviser

and

its

affiliates.

The

Fund's

investment

objectives

are

to

generate

current

income

and,

to

a

lesser

extent,

long-term

capital

appreciation.

The

Fund

seeks

to

achieve

its

investment

objectives

by

employing

a

flexible

mandate

and

dynamically

allocating

assets

across

a

wide

range

of

credit

and

income-oriented

strategies

with

a

focus

on

private

investments.

The

Fund

was

organized

as

a

Delaware

statutory

trust

on

July

26,

2024,

pursuant

to

an

Amended

and

Restated

Agreement

and

Declaration

of

Trust,

governed

by

the

laws

of

the

State

of

Delaware.

The

Fund

had

no

operations

from

that

date

to

January

31,

2025,

other

than

those

related

to

organizational

matters

and

the

registration

of

its

Common

Shares

under

applicable

securities

laws.

The

Adviser

purchased

6,667

Class

I

Shares

at

a NAV

of

$15.00

per

share

on

January

31,

2025. On

May

1,

2025,

Class

I

Shares

were

sold

at

the

initial

offering

price

of

$15.00

per

share

and

the

Fund

commenced

investment

operations.

Class

S

Shares

and

Class

I

Advisory Shares were

initially

sold

at

the

June

30,

2025

end

of

day NAV

per

share

and

commenced

operations

on

July

1,

2025. As

of March

31,

2026,

Class

S

Shares,

Class

I

Shares

and

Class

I

Advisory

Shares

were

outstanding.

As

of

March

31,

2026,

the

Fund

had

not

issued

any

Class

D

Shares.

As

of

March

31,

2026,

the

Adviser

owns

1,666,667

Class

I

Shares.

NOTE

2. SIGNIFICANT

ACCOUNTING

POLICIES

Basis

of

Presentation

The Consolidated

Schedule

of

Investments

has

been

prepared

on

the

accrual

basis

of

accounting

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

("GAAP")

and is

stated

in

U.S.

dollars.

As

an

investment

company,

the

Fund

applies

the

accounting

and

reporting

guidance

in

Accounting

Standards

Codification

("ASC")

Topic

946,

Financial

Services—Investment

Companies

("ASC

946")

issued

by

the

Financial

Accounting

Standards

Board

("FASB").

All

intercompany

balances

and

transactions

have

been

eliminated.

Use

of

Estimates

The preparation

of the

Consolidated

Schedule

of

Investments in

conformity

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities as

of

the

reporting date.

Such

amounts

could

differ

from

those

estimates

and

such

differences

could

be

material.

Assumptions

and

estimates

regarding

the

valuation

of

investments

involve

a

higher

degree

of

judgment

and

complexity

and

these

assumptions

and

estimates

may

be

significant

to

the

Consolidated

Schedule

of

Investments.

Actual

results

may

ultimately

differ

from

those

estimates.

www.bmacx.com

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Notes

to

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

Consolidation

As

provided

under

ASC

946,

the

Fund

will

not

consolidate

its

investment

in

a

company

other

than

an

investment

company

subsidiary

or

a

controlled

operating

company

whose

business

consists

of

providing

services

to

the

Fund.

As

of

March

31,

2026,

the

Fund's

consolidated

subsidiaries are

Blackstone

BMACX

LLC,

BXCI

Enstructure

LLC,

Blackstone

Private

Multi-Asset

Credit

Sub

Fund

I

Ltd., and

BMACX

Pibb

LLC. Investments

Valuation

of

Investments

The

Fund

is

required

to

report

its

investments,

including

those

for

which

current

market

values

are

not

readily

available,

at

fair

value.

The

Fund

values

its

investments

in

accordance

with

ASC

Topic

820,

Fair

Value

Measurement

("ASC

820"),

which

defines

fair

value

as

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

applicable

measurement

date,

and

Rule

2a-5

under

the

1940

Act.

Under

ASC

820,

fair

value

is

based

on

observable

market

prices

or

parameters

or

derived

from

such

prices

or

parameters

when

such

quotations

are

readily

available.

In

accordance

with

Rule

2a-5

under

the

1940

Act,

fair

value

means

the

value

of

a

portfolio

investment

for

which

market

quotations

are

not

readily

available.

A

market

quotation

is

"readily

available"

only

when

it

is

a

quoted

price

(unadjusted)

in

active

markets

for

identical

instruments

that

a

fund

can

access

at

the

measurement

date,

provided

that

such

a

quotation

is

not

considered

to

be

readily

available

if

it

is

not

reliable.

In

accordance

with

Rule

2a-5

under

the

1940

Act,

the

Board

has

designated

the

Adviser

as

the

valuation

designee

to

perform

fair

value

determinations

related

to

the

Fund's

investments,

subject

to

the

Board's

oversight

and

periodic

reporting

requirements.

Any

investments

and

other

assets

for

which

such

current

market

quotations

are

not

readily

available

are

valued

at

fair

value

("Fair

Valued

Assets")

as

determined

in

good

faith

by

a

committee

of

the

Adviser

under

the

Fund's

valuation

procedures

established

by,

and

under

the

general

supervision

and

responsibility

of,

the

Board.

The

pricing

of

all

Fair

Valued

Assets

and

determinations

thereof

shall

be

reported

by

the

Adviser

as

valuation

designee

to

the

Board

at

each

regularly

scheduled

quarterly

meeting.

These

valuation

approaches

involve

some

level

of

estimation

and

judgment,

the

degree

of

which

is

dependent

on

the

price

transparency

for

the

investments

or

market

and

the

investments'

complexity. The

Board

may

modify the

Fund's

valuation

procedures

from

time

to

time.

Investments

for

which

market

quotations

are

readily

available

are

typically

valued

at

those

market

quotations.

To

validate

market

quotations,

the

Adviser

utilizes

a

number

of

factors

to

determine

if

the

quotations

are

representative

of

fair

value,

including

the

source

and

number

of

the

quotations.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

the

Adviser

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

independent

pricing

services

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

valuation

procedures.

The

Adviser

does

not

adjust

the

prices

unless

it

has

a

reason

to

believe

market

quotations

are

not

reflective

of

the

fair

value

of

an

investment.

As

part

of

the

valuation

process,

the

Adviser

generally

takes

into

account

relevant

factors

in

determining

the

fair

value

of

the

Fund's

investments

for

which

reliable

market

quotations

are

not

readily

available,

including

and

in

combination,

as

relevant:

(i) the

nature

and

realizable

value

of

any

collateral;

(ii) the

underlying

investment's

ability

to

make

payments

based

on

its

earnings

and

cash

flow;

(iii) the

markets

in

which

the

underlying

investment

does

business;

and

(iv) overall

changes

in

the

interest

rate

environment

and

the

credit

markets

that

may

affect

the

price

at

which

similar

investments

may

be

made

in

the

future.

When

an

external

event

such

as

a

purchase

transaction,

public

offering

or

subsequent

equity

or

debt

sale

occurs,

the

Adviser,

with

the

assistance

of

independent

valuation

firm(s),

considers

whether

the

pricing

indicated

by

the

external

event

corroborates

its

valuation.

Where

prices

or

inputs

are

not

available

or,

in

the

judgment

of

the

Adviser,

with

assistance

of

independent

valuation

firm(s),

determined

to

be

not

reliable,

valuation

techniques

based

on

the

facts

and

circumstances

of

the

particular

investment

will

be

utilized.

These

valuation

approaches

involve

some

level

of

management

estimation

and

judgment,

the

degree

of

which

is

dependent

on

the

price

transparency

for

the

investments

or

market

and

the

investments'

complexity.

In

the

absence

of

observable,

reliable

market

prices,

the

Fund

values

its

investments

using

various

valuation

methodologies

applied

on

a

consistent

basis.

An

enterprise

value

("EV")

analysis

is

generally

performed

to

determine

the

value

of

equity

investments,

control

debt

investments

and

non-control

debt

investments

that

are

credit-impaired,

and

to

determine

if

debt

investments

are

credit-impaired.

The

Adviser generally

utilizes

approaches

including

the

market

approach,

the

income

approach

or

both

approaches,

as

appropriate,

when

calculating

EV.

The

primary

method

for

determining

EV

for

non-control

investments,

and

control

investments

without

reliable

projections,

uses

a

multiple

analysis

whereby

appropriate

multiples

are

applied

to

the

portfolio

company's

earnings

before

interest,

taxes,

depreciation

and

amortization or

another

key

financial

metric

(e.g.,

such

as

revenues,

cash

flows

or

net

income)

("Performance

Multiple").

Performance

Multiples

are

typically

determined

based

upon

a

review

of

publicly-traded

comparable

companies

and

market

comparable

transactions,

if

any.

The

second

method

for

determining

EV

(and

primary

method

for

control

investments

with

reliable

projections)

uses

a

discounted

cash

flow

analysis

whereby

future

expected

cash

flows

and

the

anticipated

terminal

value

of

the

portfolio

company

are

discounted

to

determine

a

present

value

using

estimated

discount

rates.

The

income

approach

is

generally

used

when

the

Adviser

has

Consolidated

Schedule

of

Investments

\|

March

31,

2026

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Notes

to

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

visibility

into

the

long-term

projected

cash

flows

of

a

portfolio

company.

If

debt

investments

are

credit-impaired,

which

occurs

when

there

is

insufficient

coverage

under

the

enterprise

value

analysis

through

the

respective

investment's

position

in

the

capital

structure,

the

Adviser

generally

uses

the

enterprise

value

"waterfall"

approach

or

a

recovery

method

(if

a

liquidation

or

restructuring

is

deemed

likely)

to

determine

fair

value.

For

debt

investments

that

are

not

determined

to

be

credit-impaired,

the

Adviser

generally

uses

a

market

interest

rate

yield

analysis

to

determine

fair

value.

To

determine

fair

value

using

a

yield

analysis,

the

expected

cash

flows

are

projected

based

on

the

contractual

terms

of

the

debt

security

and

discounted

back

to

the

measurement

date

based

on

a

market

yield.

A

market

yield

is

determined

based

upon

an

assessment

of

current

and

expected

market

yields

for

similar

investments

and

risk

profiles.

The

Fund

considers

the

current

contractual

interest

rate,

the

maturity

and

other

terms

of

the

investment

relative

to

risk

of

the

company

and

the

specific

investment.

A

key

determinant

of

risk,

among

other

things,

is

the

leverage

through

the

investment

relative

to

the

enterprise

value

of

the

portfolio

company.

As

debt

investments

held

by

the

Fund

are

substantially

illiquid

with

no

active

transaction

market,

the

Fund

depends

on

primary

market

data,

including

newly

funded

transactions,

as

well

as

secondary

market

data

with

respect

to

high

yield

debt

instruments

and

syndicated

loans,

as

inputs

in

determining

the

appropriate

market

yield,

as

applicable.

The

fair

value

of

loans

with

call

protection

is

generally

capped

at

par

plus

applicable

prepayment

premium

in

effect

at

the

measurement

date.

Investments

in

other

registered

investment

companies

or

business

development

companies

("Investee

Fund")

are

valued

at

the NAV

reported

by

such

vehicles

with

daily

adjustments

made

by

an

independent

valuation

firm

to

account

for

estimated

daily

accruals

of

income

and

expenses,

and

market

movements

on

an

aggregate

portfolio

level.

ASC

820

prioritizes

the

use

of

observable

market

prices

derived

from

such

prices.

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

measurements).

The

levels

used

for

classifying

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

securities.

The

three

levels

of

the

fair

value

hierarchy

are

as

follows:

Level

1:

Inputs

to

the

valuation

methodology

are

quoted

prices

available

in

active

markets

for

identical

instruments

as

of

the

reporting

date.

The

types

of

financial

instruments

included

in

Level

may

include

unrestricted

securities,

including

equities

and

derivatives,

listed

in

active

markets.

Level

2:

Inputs

to

the

valuation

methodology

are

other

than

quoted

prices

in

active

markets,

which

are

either

directly

or

indirectly

observable

as

of

the

reporting

date.

The

types

of

financial

instruments

in

this

category

may

include

less

liquid

and

restricted

securities

listed

in

active

markets,

securities

traded

in

other

than

active

markets,

government

and

agency

securities

and

certain

over-the-counter

derivatives

where

the

fair

value

is

based

on

observable

inputs.

Level

3:

Inputs

to

the

valuation

methodology

are

unobservable

and

significant

to

overall

fair

value

measurement.

The

inputs

into

the

deter-

mination

of

fair

value

require

significant

management

judgment

or

estimation.

Financial

instruments

that

are

included

in

this

category

may

include

debt

and

equity

investments

in

privately

held

entities,

equity

investments

in

Investee

Funds,

collateralized

loan

obligations

("CLOs")

and

certain

over-the-counter

derivatives

where

the

fair

value

is

based

on

unobservable

inputs.

In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

an

investment's

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

input

that

is

significant

to

the

overall

fair

value

measurement.

The

Adviser's

assessment,

with

the

assistance

of

independent

valuation

firm(s),

of

the

significance

of

a

particular

input

to

the

fair

value

measurement

in

its

entirety

requires

judgment,

and

considers

factors

specific

to

the

investment.

Transfers

between

levels,

if

any,

are

recognized

at

the

beginning

of

the

year

in

which

the

transfer

occurs.

The

Fund

evaluates

the

source

of

the

inputs,

including

any

markets

in

which

its

investments

are

trading

(or

any

markets

in

which

securities

with

similar

attributes

are

trading),

in

determining

fair

value.

When

an

investment

is

valued

based

on

prices

provided

by

reputable

dealers

or

pricing

services

(that

is,

broker

quotes),

the

Fund

subjects

those

prices

to

various

criteria

in

making

the

determination

as

to

whether

a

particular

investment

would

qualify

for

treatment

as

a

Level

or

Level

investment.

Due

to

the

inherent

uncertainty

of

determining

the

fair

value

of

investments

that

do

not

have

a

readily

available

market

value,

the

fair

value

of

the

Fund's

investments

may

fluctuate

from

period

to

period,

and

these

differences

could

be

material.

Additionally,

the

fair

value

of

the

Fund's

investments

may

differ

significantly

from

the

values

that

would

have

been

used

had

a

ready

market

existed

for

such

investments

and

may

differ

materially

from

the

values

that

the

Fund

may

ultimately

realize.

Further, certain

investments

may

be subject

to

legal

and

other

restrictions

on

resale

or

otherwise

are

less

liquid

than

publicly-traded

securities.

If

the

Fund

was

required

to

liquidate

a

portfolio

investment

in

a

forced

or

liquidation

sale,

it

could

realize

significantly

less

than

the

value

at

which

the

Fund

has

recorded

it.

In

addition,

changes

in

the

market

environment

and

other

events

that

may

occur

over

the

life

of

the

investments

may

cause

the

gains

or

losses

ultimately

realized

on

these

investments

to

be

different

than

the

unrealized

gains

or

losses

reflected

in

the

valuations

currently

assigned.

Cash

and

Cash

Equivalents

Cash and

cash

equivalents

represents

cash

on

hand,

cash

held

in

banks,

money

market

funds

and

liquid

investments

with

original

maturities

of

three

www.bmacx.com

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Notes

to

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

months

or

less.

Cash

and

cash

equivalents

are

carried

at

cost,

which

approximates

fair

value.

The

Fund

deposits

its

cash

and

cash

equivalents

with

financial

institutions

which,

at

times,

may

exceed

the

Federal

Deposit

Insurance

Corporation

insured

limit.

Cash

and

cash

equivalents

held

by

the

Fund

as of

March

31,

2026 include

cash

equivalents

that

are

categorized

as

Level

within

the

fair

value

hierarchy

established

by

ASC

820. Derivative

Instruments

In

the

normal

course

of

business,

the

Fund

has

commitments

and

risks

resulting

from

its

investment

transactions,

which

may

include

those

involving

derivative

instruments.

Derivative

instruments

are

measured

in

terms

of

the

notional

contract

amount

and

derive

their

value

based

upon

one

or

more

underlying

instruments.

While

the

notional

amount

gives

some

indication

of

the

Fund's

derivative

activity,

it

generally

is

not

exchanged

but

is

only

used

as

the

basis

on

which

interest

and

other

payments

are

exchanged.

Derivative

instruments

are

subject

to

various

risks

similar

to

non-derivative

instruments

including

market,

credit,

liquidity,

and

operational

risks.

The

Fund

manages

these

risks

on

an

aggregate

basis

as

part

of

its

risk

management

process.

From

time

to

time,

the

Fund

may

enter

into

forward

currency

contracts

which

is

an

obligation

between

two

parties

to

purchase

or

sell

a

specific

currency

for

an

agreed-upon

price

at

a

future

date.

The

Fund

utilizes

forward

currency

contracts

to

economically

hedge

the

currency

exposure

associated

with

certain

foreign

currency

denominated

assets

and

liabilities

of

the

Fund.

The

use

of

forward

currency

contracts

does

not

eliminate

fluctuations

in

the

price

of

the

underlying

investment

the

Fund

has

but

establishes

a

rate

of

exchange

in

advance.

Fluctuations

in

the

value

of

these

contracts

are

measured

by

the

difference

in

the

exchange

rates

on

the

contract

date

and

reporting

date

and

are

recorded

as

net

change

in

unrealized

appreciation

(depreciation).

Reverse

Repurchase

Agreements

Reverse

repurchase

agreements

involve

the

sale

of

securities

held

by

the

Fund

to

financial

institutions

such

as

banks

and

broker-dealers,

with

an

agreement

that

the

Fund

will

repurchase

the

securities

at

an

agreed

upon

price

and

date.

During

the

reverse

repurchase

agreement

period,

the

Fund

continues

to

receive

interest

and

principal

payments

on

the

securities

sold.

Transactions

involving

reverse

repurchase

agreements

are

treated

as

secured

borrowings

and

are

recorded

at

their

contracted

repurchase

price

which

approximates

fair

value

due

to

the

short

term

nature

of

the

transactions.

NOTE

3. FAIR

VALUE

MEASUREMENTS

The

following

tables

present

the

fair

value

hierarchy

of

financial

instruments

as

of

March

31,

2026:

Level

Level

Level

Total

First

Lien

Debt

$

—

$

—

$

101,218

$

101,218

Second

Lien

Debt

—

—

35,193

35,193

Subordinate

&

Other

Debt

—

—

69,666

69,666

Corporate

Bonds

—

62,389

18,087

80,476

Unsecured

Debt

—

—

15,781

15,781

Structured

Finance

Obligations

-

Debt

Instruments

—

—

2,690

2,690

Structured

Finance

Obligations

-

Equity

Instruments

—

—

15,543

15,543

Equity

and

Other

—

—

136,638

136,638

Investee

Funds

—

—

426,572

426,572

Total

Investments

$

—

$

62,389

$

821,388

$

883,777

Derivative

Assets:

Foreign

currency

forward

contracts

$

—

$

$

—

$

Total

Derivative

Assets

$

—

$

$

—

$

Consolidated

Schedule

of

Investments

\|

March

31,

2026

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Notes

to

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

The following

table

presents

investments

in

Investee

Funds,

by

investment

strategy,

the

unfunded

commitment,

and

redemption

restrictions

put

in

place

by

the

Investee

Fund.

The

following

tables

present

changes

in

the

fair

value

of

financial

instruments

for

which

Level

inputs

were

used

to

determine

the

fair

value

as

of

March

31,

2026:

Investee

Funds

Investee

Fund

Strategy

Unfunded

Commitment

Redemption

Frequency

Redemption

Lock-up

Period

Fund

Term

Fair

Value

Blackstone

Private

Credit

Fund

Corporate:

direct

lending

$

–

Quarterly

(1) None

Perpetual

$

240,390

Blackstone

Private

Real

Estate

Credit

and

Income

Fund

Real

estate

credit

and

income

–

Quarterly

(2) None

Perpetual

186,182

$

–

$

426,572

(1) Up

to

5%

of

common

shares

outstanding

(either

by

number

of

shares

or

aggregate

net

asset

value)

as

of

the

close

of

the

previous

calendar

quarter,

subject

to

approval

by

the

Investee

Fund's

board

of

trustees.

Shares

that

have

not

been

outstanding

for

at

least

one

year

are

repurchased

at

98%

of

such

net

asset

value.

(2) Up

to

5%

of

common

shares

outstanding

(either

by

number

of

shares

or

aggregate

net

asset

value)

as

of

the

close

of

the

previous

calendar

quarter,

subject

to

approval

by

the

Investee

Fund's

board

of

trustees.

Fair

Value

,

Beginning

of

Period

Purchases

of

Investments

Proceeds

from

Sales

of

Investments

and

Principal

Repayments

Accretion

of

Discount

(Amortization

of

Premium)

Net

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Transfer

Into

Level

Transfer

Out

of

Level

Fair

Value

,

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Financial

Instruments

still

held

as

of

Period

End

a

a

a

a

a

a

a

a

a

a

a

First

Lien

Debt

$

109,122

$

18,883

$

(26,236)

$

$

$

(638) $

—

$

—

$

101,218

$

(550) Second

Lien

Debt

35,376

—

—

(584) —

—

35,193

(584) Subordinate

&

Other

Debt

17,857

52,983

(90) —

—

(1,084)

—

—

69,666

(1,084)

Corporate

Bonds

18,275

—

—

(560) —

—

18,087

(560) Unsecured

Debt

15,222

—

—

—

—

—

15,781

Structured

Finance

Obligations

-

Debt

Instruments

2,745

—

—

(3) —

(52) —

—

2,690

(52) Structured

Finance

Obligations

-

Equity

Instruments

17,293

592

(247) —

—

(2,095)

—

—

15,543

(2,095)

Equity

and

Other

96,016

35,946

(209) —

—

4,885

—

—

136,638

4,885

Investee

Funds

341,098

90,000

—

—

—

(4,526)

—

—

426,572

(4,526)

Total

$

653,004

$

199,653

$

(26,782)

$

$

$

(4,583)

$

—

$

—

$

821,388

$

(4,495)

www.bmacx.com

Blackstone

Private

Multi-Asset

Credit

and

Income

Fund

Notes

to

Consolidated

Schedule

of

Investments

March

31,

2026

(Unaudited)

(in

thousands,

except

share

amounts,

per

share

data,

percentages

and

as

otherwise

noted)

The

following

table

presents

quantitative

information

about

the

significant

unobservable

inputs

of

the

Fund's

Level

financial

instruments

as

of

March

31,

2026. This

table is

not

intended

to

be

all-inclusive

but

instead

capture

the

significant

unobservable

inputs

relevant

to

the

Fund's

determination

of

fair

value.

(1) Weighted

averages

are

calculated

based

on

fair

value

of

investments.

The

significant

unobservable

input

used

in

the

yield

analysis

is

the

discount

rate

and

discount

margin

based

on

comparable

market

yields.

Significant

increases

in

discount

rates

and

discount

margin

would

result

in

a

significantly

lower

fair

value

measurement.

The

significant

unobservable

input

used

for

market

quotations

are

broker

quoted

prices

provided

by

independent

pricing

services.

The

significant

unobservable

input

used

in

the

estimate

of

net

asset

value

is

the

prior

month

end

net

asset

value

per

share.

Significant

decreases

in

quoted

prices

and

net

asset

value

per

share

would

result

in

a

significantly

lower

fair

value

measurement.

The

significant

unobservable

input

used

in

the

distribution

waterfall

analysis

is

the

liquidation

discount

applied

to

the

value

of

the

underlying

assets.

Significant

increases

in

the

liquidation

discount

would

result

in

a

significantly

lower

fair

value

measurement.

Financial

Instruments Not

Carried

at

Fair

Value

Debt

and

Reverse

Repurchase

Agreements

The

following

table

presents

the

fair

value

measurements

of

the

Fund's

debt

obligations

and

reverse

repurchase

agreements

as

of March

31,

2026

had

they

been

accounted

for

at

fair

value:

The

following

table

presents

the

categorization

of

the

Fund's

debt

obligations

and

reverse

repurchase

agreements

as

of March

31,

2026

had

they

been

accounted

for

at

fair

value

within

the

fair

value

hierarchy:

Range

Weighted

Fair

Value

Valuation

Technique

Unobservable

Input

Low

High

Average

(1) First

Lien

Debt

$&nbsp;&nbsp;&nbsp;&nbsp;101,218

Yield

Analysis

Discount

Rate

7.42%

9.35%

8.26%

Second

Lien

Debt

35,193

Yield

Analysis

Discount

Rate

9.21%

11.43%

9.84%

Subordinate

&

Other

Debt

17,857

Yield

Analysis

Discount

Rate

10.07%

10.07%

10.07%

Subordinate

&

Other

Debt

29,461

Yield

Analysis

Discount

Margin

5.23%

5.23%

5.23%

Subordinate

&

Other

Debt

22,348

Transaction

price

N/A

-

-

-

69,666

Unsecured

Debt

15,781

Yield

Analysis

Discount

Rate

13.09%

13.09%

13.09%

Corporate

Bonds

18,087

Yield

Analysis

Discount

Rate

10.11%

11.44%

10.72%

Structured

Finance

Obligations

-

Debt

Instruments

2,690

Market

Quotations

Broker

Quoted

Price

97.84 %

97.84 %

97.84 %

Structured

Finance

Obligations

-

Equity

Instruments

13,059

Market

Quotations

Broker

Quoted

Price

52.38 %

77.27 %

65.90 %

Structured

Finance

Obligations

-

Equity

Instruments

2,484

Distribution

Waterfall

Liquidation

Discount

2.50%

2.50%

2.50%

15,543

Equity

and

Other

125,784

Yield

Analysis

Discount

Rate

7.88%

13.14%

9.81%

Equity

and

Other

10,854

Yield

Analysis

Discount

Margin

0.88%

0.88%

0.88%

Equity

and

Other

-

Transaction

price

N/A

-

-

-

136,638

Investee

Funds

426,572

Estimated

Net

Asset

Value

Net

Asset

Value

24.38 %

26.15 %

25.15 %

Total

$&nbsp;&nbsp;&nbsp;&nbsp;821,388

Fair

Value

Revolving

Credit

Facility

$

106,939

Reverse

Repurchase

Agreements

40,542

Total

$

147,481

Fair

Value

Level

$

–

Level

40,542

Level

106,939

Total

$

147,481

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Blackstone Private Multi-Asset Credit & Income Fund

- **b. Investment Company Act file number:** 811-23996

- **c. CIK number of Registrant:** 0002032432

- **d. LEI of Registrant:** 254900ERSXIIBGU8L036

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

  - **Street Address 1:** 345 Park Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10154

  - **Telephone number:** 212-503-2100

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

- **a. Name of Series:** Blackstone Private Multi-Asset Credit & Income Fund

- **c. LEI of Series:** 254900ERSXIIBGU8L036

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $916923687.57

**Total Liabilities:** $226001581.26

**Net Assets:** $690922106.31

**Amount of Assets Invested in Other Investment Companies:** $37893603.09

**Cash Not Reported:** $4406094.10

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 66.12922811 | **10-Year:** 379.55318212 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 857.14942333 | **5-Year:** 37595.93647156 | **10-Year:** 115770.89630387 | **30-Year:** 99.02047157

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.70%                | 0.30%                | 0.70%                |
| Class ID N/A | 0.70%                | 0.30%                | 0.70%                |
| Class ID N/A | 0.60%                | 0.20%                | 0.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-16526.07               | $-353794.04                                |
| Month 2  | $-219651.42              | $-2229142.73                               |
| Month 3  | $1636013.92              | $-2650718.75                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -157300 | PA      | $-157300.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -106562 | PA      | $-106562.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -241125 | PA      | $-241125.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Chemours Co. (The)                                                                              | Chemours Co. (The)                                                                              | CUSIP: 163851AL2<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    619000 | PA      | $619432.87    | 0.09%             | 2034-03-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Nordstrom, Inc.                                                                                 | Nordstrom, Inc.                                                                                 | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     80000 | PA      | $74737.72     | 0.01%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Stena International SA                                                                          | Stena International SA                                                                          | CUSIP: 85858EAD5<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |     60000 | PA      | $60673.74     | 0.01%             | 2031-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Galaxy 35 CLO Ltd.                                                                              | Galaxy 35 CLO Ltd., Series 2025-35A                                                             | CUSIP: 362932AC9<br>LEI: 391200IVEMZD61SG5W29 | Long             | ABS-CBDO         | CORP              | KY        |   8010000 | PA      | $4924243.74   | 0.71%             | 2038-04-20      | Variable      | 11.66%                | Yes           |                  3 | On Loan: No      |
| Ground Penetrating Radar Systems LLC                                                            | Ground Penetrating Radar Systems LLC, Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5755951 | PA      | $5755950.99   | 0.83%             | 2032-01-02      | Variable      | 8.20%                 | Yes           |                  3 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                                                           | Clydesdale Acquisition Holdings, Inc.                                                           | CUSIP: 18972EAA3<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147431.76    | 0.02%             | 2029-04-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Ciena Corp.                                                                                     | Ciena Corp.                                                                                     | CUSIP: 171779AL5<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | DBT              | CORP              | US        |     22000 | PA      | $20942.77     | 0.00%             | 2030-01-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank, N.A                                                                        | Morgan Stanley Bank, N.A                                                                        | CUSIP: N/A<br>LEI: G1MLHIS0N32I3QPILB75       | Short            | RA               | CORP              | US        |    -28400 | PA      | $-28400.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BCPE Empire Holdings, Inc.                                                                      | BCPE Empire Holdings, Inc., Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  20000000 | PA      | $19700000.00  | 2.85%             | 2031-12-31      | Variable      | 8.92%                 | Yes           |                  3 | On Loan: No      |
| Credit Acceptance Corp.                                                                         | Credit Acceptance Corp.                                                                         | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    425000 | PA      | $415873.13    | 0.06%             | 2030-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -72919 | PA      | $-72919.01    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CVR Partners LP / CVR Nitrogen Finance Corp.                                                    | CVR Partners LP / CVR Nitrogen Finance Corp.                                                    | CUSIP: 12663QAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $339042.25    | 0.05%             | 2028-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Tidewater, Inc.                                                                                 | Tidewater, Inc.                                                                                 | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |    410000 | PA      | $437134.62    | 0.06%             | 2030-07-15      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                                                                         | Williams Scotsman, Inc.                                                                         | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20331.78     | 0.00%             | 2030-04-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| PRA Group, Inc.                                                                                 | PRA Group, Inc.                                                                                 | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    215000 | PA      | $217228.91    | 0.03%             | 2030-01-31      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| CNX Resources Corp.                                                                             | CNX Resources Corp.                                                                             | CUSIP: 12653CAM0<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21440.91     | 0.00%             | 2034-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -470000 | PA      | $-470000.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                                                                 | Sinclair Television Group, Inc.                                                                 | CUSIP: 829259AY6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    120000 | PA      | $104100.00    | 0.02%             | 2030-03-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -85838 | PA      | $-85837.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Transocean International Ltd.                                                                   | Transocean International Ltd.                                                                   | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     90000 | PA      | $94447.17     | 0.01%             | 2031-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Carriage Services, Inc.                                                                         | Carriage Services, Inc.                                                                         | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $123610.31    | 0.02%             | 2029-05-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                                                    | Hess Midstream Operations LP                                                                    | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $402802.40    | 0.06%             | 2028-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ION Platform Finance US, Inc. / ION Platform Finance SARL                                       | ION Platform Finance US, Inc. / ION Platform Finance SARL                                       | CUSIP: 46206AAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    108000 | PA      | $100242.10    | 0.01%             | 2029-08-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Fidelity Institutional Money Market Treasury Portfolio                                          | Fidelity Institutional Money Market Treasury Portfolio, Class I                                 | CUSIP: 316175504<br>LEI: MXNTE4GH7BW81YELH558 | Long             | STIV             | RF                | US        |   1850688 | NS      | $1850687.64   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| McGraw-Hill Education, Inc.                                                                     | McGraw-Hill Education, Inc.                                                                     | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20430.14     | 0.00%             | 2031-09-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Nassau Cos. of New York (The)                                                                   | Nassau Cos. of New York (The)                                                                   | CUSIP: 63155AAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $73149.09     | 0.01%             | 2030-07-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -102575 | PA      | $-102575.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Park-Ohio Industries, Inc.                                                                      | Park-Ohio Industries, Inc.                                                                      | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |    220000 | PA      | $225677.10    | 0.03%             | 2030-08-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Kohl's Corp.                                                                                    | Kohl's Corp.                                                                                    | CUSIP: 500255AV6<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |    100000 | PA      | $56953.12     | 0.01%             | 2045-07-17      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                                        | Celanese US Holdings LLC                                                                        | CUSIP: 15089QBD5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    194000 | PA      | $198925.47    | 0.03%             | 2034-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -56475 | PA      | $-56475.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Star Leasing Co. LLC                                                                            | Star Leasing Co. LLC                                                                            | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92646.88     | 0.01%             | 2030-02-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Under Armour, Inc.                                                                              | Under Armour, Inc.                                                                              | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |    132000 | PA      | $133676.47    | 0.02%             | 2030-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Denali Bidco Ltd.                                                                               | Denali Bidco Ltd., Term Loan                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     84305 | PA      | $96165.04     | 0.01%             | 2031-09-05      | Variable      | 7.13%                 | Yes           |                  3 | On Loan: No      |
| Venture Global LNG, Inc.                                                                        | Venture Global LNG, Inc.                                                                        | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    330000 | PA      | $354577.74    | 0.05%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                                                     | Crescent Energy Finance LLC                                                                     | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    779000 | PA      | $815044.33    | 0.12%             | 2034-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                                                   | Freedom Mortgage Holdings LLC                                                                   | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39389.17     | 0.01%             | 2032-04-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital LLC                                                                 | Velocity Commercial Capital LLC                                                                 | CUSIP: 92259RAE5<br>LEI: 549300TA4MQM8WN2XG31 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100052.24    | 0.01%             | 2031-02-15      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -205000 | PA      | $-205000.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -368550 | PA      | $-368550.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Fort Greene Reinsurance Holdings LLC                                                            | Fort Greene Reinsurance Holdings LLC, Class A                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       628 | NS      | $5893603.09   | 0.85%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Central Garden & Pet Co.                                                                        | Central Garden & Pet Co.                                                                        | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |    120000 | PA      | $112973.96    | 0.02%             | 2030-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -504780 | PA      | $-504780.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -200550 | PA      | $-200550.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -76625 | PA      | $-76625.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -67200 | PA      | $-67200.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -214675 | PA      | $-214675.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -123938 | PA      | $-123937.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Whitebox CLO V Ltd.                                                                             | Whitebox CLO V Ltd., Series 2025-5A, Class SUB                                                  | CUSIP: 96467NAE3<br>LEI: 254900XFXCOZ882U2O02 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $1632825.19   | 0.24%             | 2038-07-20      | Variable      | 7.37%                 | Yes           |                  3 | On Loan: No      |
| Charles River Laboratories International, Inc.                                                  | Charles River Laboratories International, Inc.                                                  | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    140000 | PA      | $136935.75    | 0.02%             | 2028-05-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Diversified Healthcare Trust                                                                    | Diversified Healthcare Trust                                                                    | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $427067.76    | 0.06%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                             | Forward Foreign Currency Contract                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $16139.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Enova International, Inc.                                                                       | Enova International, Inc.                                                                       | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |    580000 | PA      | $593771.52    | 0.09%             | 2029-08-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -42225 | PA      | $-42225.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                                                                 | Whirlpool Corp.                                                                                 | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9771.86      | 0.00%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Huntsman International LLC                                                                      | Huntsman International LLC                                                                      | CUSIP: 44701QBE1<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9361.04      | 0.00%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -101150 | PA      | $-101150.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Prime Healthcare Services, Inc.                                                                 | Prime Healthcare Services, Inc.                                                                 | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $134900.35    | 0.02%             | 2029-09-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -271863 | PA      | $-271863.40   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -222600 | PA      | $-222600.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -76491 | PA      | $-76491.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -182250 | PA      | $-182250.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Beazer Homes USA, Inc.                                                                          | Beazer Homes USA, Inc.                                                                          | CUSIP: 07556QBU8<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |    367000 | PA      | $360978.15    | 0.05%             | 2031-03-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Huntsman International LLC                                                                      | Huntsman International LLC                                                                      | CUSIP: 44701QBG6<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |    120000 | PA      | $110506.76    | 0.02%             | 2034-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Cimpress plc                                                                                    | Cimpress plc                                                                                    | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |    330000 | PA      | $327530.31    | 0.05%             | 2032-09-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                                                                  | US Foods, Inc.                                                                                  | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26660.59     | 0.00%             | 2029-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| WULF Compute LLC                                                                                | WULF Compute LLC                                                                                | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $116304.65    | 0.02%             | 2030-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                                         | Goldman Sachs & Co. LLC                                                                         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Short            | RA               | CORP              | US        |    -59500 | PA      | $-59500.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Optus 1011. GmbH                                                                                | Optus 1011. GmbH, Term Loan                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DE        |   9423398 | PA      | $10749062.84  | 1.56%             | 2032-03-24      | Variable      | 6.63%                 | Yes           |                  3 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -279000 | PA      | $-279000.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Howard Hughes Corp. (The)                                                                       | Howard Hughes Corp. (The)                                                                       | CUSIP: 44267DAH0<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     57000 | PA      | $54788.68     | 0.01%             | 2034-03-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -344862 | PA      | $-344862.50   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                                           | OneMain Finance Corp.                                                                           | CUSIP: 682691AN0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    240000 | PA      | $230424.62    | 0.03%             | 2033-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                                  | ZF North America Capital, Inc.                                                                  | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147463.53    | 0.02%             | 2031-03-24      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -89950 | PA      | $-89950.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Odevo AB                                                                                        | Odevo AB, Delayed Draw Term Loan                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |   1029833 | PA      | $1029832.56   | 0.15%             | 2030-12-31      | Variable      | 8.96%                 | Yes           |                  3 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -189250 | PA      | $-189250.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                                         | Goldman Sachs & Co. LLC                                                                         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Short            | RA               | CORP              | US        |   -567800 | PA      | $-567800.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Nufarm Australia Ltd. / Nufarm Americas, Inc.                                                   | Nufarm Australia Ltd. / Nufarm Americas, Inc.                                                   | CUSIP: 67052NAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |     67000 | PA      | $60220.72     | 0.01%             | 2030-01-27      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Petco Health & Wellness Co., Inc.                                                               | Petco Health & Wellness Co., Inc.                                                               | CUSIP: 71601VAA3<br>LEI: 2549007TYGV6RVSE9M61 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27980.80     | 0.00%             | 2031-02-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -123975 | PA      | $-123975.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Dycom Industries, Inc.                                                                          | Dycom Industries, Inc.                                                                          | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |    310000 | PA      | $300918.80    | 0.04%             | 2029-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -234300 | PA      | $-234300.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                                                                          | Encompass Health Corp.                                                                          | CUSIP: 29261AAA8<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    170000 | PA      | $168603.18    | 0.02%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                                                                      | Edgewell Personal Care Co.                                                                      | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |     23000 | PA      | $21742.77     | 0.00%             | 2029-04-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -116800 | PA      | $-116800.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -403725 | PA      | $-403725.00   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Voyager Parent LLC                                                                              | Voyager Parent LLC                                                                              | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |    140000 | PA      | $145437.46    | 0.02%             | 2032-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Asurion LLC/ Asurion Co-Issuer, Inc.                                                            | Asurion LLC/ Asurion Co-Issuer, Inc.                                                            | CUSIP: 045941AA9<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |    340000 | PA      | $353017.92    | 0.05%             | 2032-12-31      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Alta Equipment Group, Inc.                                                                      | Alta Equipment Group, Inc.                                                                      | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |    310000 | PA      | $276274.81    | 0.04%             | 2029-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Evergreen Services Group PIK HoldCo LLC                                                         | Evergreen Services Group PIK HoldCo LLC, Delayed Draw Term Loan                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2613861 | PA      | $2574653.52   | 0.37%             | 2031-04-05      | Fixed         | 12.75%                | Yes           |                  3 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -353138 | PA      | $-353137.50   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -236700 | PA      | $-236700.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Pitney Bowes, Inc.                                                                              | Pitney Bowes, Inc.                                                                              | CUSIP: 724479AQ3<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |    419000 | PA      | $419544.34    | 0.06%             | 2029-03-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty SR, Inc.                                                                           | Arbor Realty SR, Inc.                                                                           | CUSIP: 03881NAL1<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    170000 | PA      | $167140.23    | 0.02%             | 2028-12-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Scutum SA                                                                                       | Scutum SA, Delayed Draw Term Loan                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |    596726 | PA      | $677234.84    | 0.10%             | 2032-07-25      | Variable      | 7.13%                 | Yes           |                  3 | On Loan: No      |
| Diversified Healthcare Trust                                                                    | Diversified Healthcare Trust                                                                    | CUSIP: 81721MAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $404047.77    | 0.06%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Service Corp. International                                                                     | Service Corp. International                                                                     | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     68000 | PA      | $62779.76     | 0.01%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Elanco Animal Health, Inc.                                                                      | Elanco Animal Health, Inc.                                                                      | CUSIP: N/A<br>LEI: 549300SHPNDCE059M934       | Long             |  | CORP              | US        |  25000000 | NS      | $30463566.00  | 4.41%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                                         | Goldman Sachs & Co. LLC                                                                         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Short            | RA               | CORP              | US        |   -200900 | PA      | $-200900.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -316812 | PA      | $-316812.50   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                                        | Celanese US Holdings LLC                                                                        | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153175.20    | 0.02%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -160438 | PA      | $-160437.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -95299 | PA      | $-95299.20    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                                                             | Hilton Domestic Operating Co., Inc.                                                             | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     73000 | PA      | $68570.98     | 0.01%             | 2031-05-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                                                                | Goodyear Tire & Rubber Co. (The)                                                                | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    300000 | PA      | $284084.01    | 0.04%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chemours Co. (The)                                                                              | Chemours Co. (The)                                                                              | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    530000 | PA      | $533291.83    | 0.08%             | 2033-01-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Sabre GLBL, Inc.                                                                                | Sabre GLBL, Inc.                                                                                | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     80000 | PA      | $68000.80     | 0.01%             | 2030-07-15      | Fixed         | 11.12%                | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -42150 | PA      | $-42150.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -98000 | PA      | $-98000.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -72250 | PA      | $-72250.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Ziggo BV                                                                                        | Ziggo BV                                                                                        | CUSIP: 98955DAA8<br>LEI: 213800TQASLF9JXH5J59 | Long             | DBT              | CORP              | NL        |    110000 | PA      | $102828.45    | 0.01%             | 2030-01-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -329000 | PA      | $-329000.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| HPS Loan Management Ltd.                                                                        | HPS Loan Management Ltd., Series 2024-19A                                                       | CUSIP: 442912AC5<br>LEI: 213800O5I3HWAET47X03 | Long             | ABS-CBDO         | CORP              | JE        |   2000000 | PA      | $1047557.15   | 0.15%             | 2037-04-15      | Variable      | 11.10%                | Yes           |                  3 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -179975 | PA      | $-179975.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| RXO, Inc.                                                                                       | RXO, Inc.                                                                                       | CUSIP: 74982TAA1<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |    247000 | PA      | $237615.95    | 0.03%             | 2031-05-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp.                                          | Icahn Enterprises LP / Icahn Enterprises Finance Corp.                                          | CUSIP: 451102CF2<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    470000 | PA      | $462417.68    | 0.07%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Jefferson Capital Holdings LLC                                                                  | Jefferson Capital Holdings LLC                                                                  | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104324.40    | 0.02%             | 2030-05-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -144800 | PA      | $-144800.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -140525 | PA      | $-140525.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management                                                              | Dreyfus Government Cash Management, Class Institutional                                         | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |     25593 | NS      | $25593.22     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedish Krona                                                                                   | Swedish Krona                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | SE        |         0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PetSmart LLC / PetSmart Finance Corp.                                                           | PetSmart LLC / PetSmart Finance Corp.                                                           | CUSIP: 71677KAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $181010.70    | 0.03%             | 2032-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| PBF Holding Co. LLC / PBF Finance Corp.                                                         | PBF Holding Co. LLC / PBF Finance Corp.                                                         | CUSIP: 69318FAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $407562.92    | 0.06%             | 2030-03-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Summit Midstream Holdings LLC                                                                   | Summit Midstream Holdings LLC                                                                   | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520000 | PA      | $535135.64    | 0.08%             | 2029-10-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -75900 | PA      | $-75900.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -144500 | PA      | $-144500.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -102795 | PA      | $-102795.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ATP Tower Holdings LLC / Andean Telecom Partners Chile SpA / Andean Tower Partners Colombia SAS | ATP Tower Holdings LLC / Andean Telecom Partners Chile SpA / Andean Tower Partners Colombia SAS | CUSIP: 00193BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $81177.47     | 0.01%             | 2030-02-03      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Whirlpool Corp.                                                                                 | Whirlpool Corp.                                                                                 | CUSIP: 963320BA3<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8980.42      | 0.00%             | 2033-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -79888 | PA      | $-79887.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy 35 CLO Ltd.                                                                              | Galaxy 35 CLO Ltd., Series 2025-35A, Class E                                                    | CUSIP: 362932AA3<br>LEI: 391200IVEMZD61SG5W29 | Long             | ABS-CBDO         | CORP              | KY        |   2749000 | PA      | $2689558.37   | 0.39%             | 2038-04-20      | Variable      | 8.67%                 | Yes           |                  3 | On Loan: No      |
| Buckeye Partners LP                                                                             | Buckeye Partners LP                                                                             | CUSIP: 118230AU5<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108238.65    | 0.02%             | 2028-03-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Viavi Solutions, Inc.                                                                           | Viavi Solutions, Inc.                                                                           | CUSIP: 925550AF2<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |    130000 | PA      | $122085.67    | 0.02%             | 2029-10-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| United Wholesale Mortgage LLC                                                                   | United Wholesale Mortgage LLC                                                                   | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    120000 | PA      | $112431.73    | 0.02%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -229788 | PA      | $-229787.50   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                                         | Goldman Sachs & Co. LLC                                                                         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Short            | RA               | CORP              | US        |    -91792 | PA      | $-91792.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NGL Energy Operating LLC / NGL Energy Finance Corp.                                             | NGL Energy Operating LLC / NGL Energy Finance Corp.                                             | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    777000 | PA      | $801299.90    | 0.12%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| VMED O2 UK Financing I plc                                                                      | VMED O2 UK Financing I plc                                                                      | CUSIP: 92858RAE0<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     40000 | PA      | $35791.61     | 0.01%             | 2033-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -382861 | PA      | $-382861.25   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Directv Financing LLC / Directv Financing Co-Obligor, Inc.                                      | Directv Financing LLC / Directv Financing Co-Obligor, Inc.                                      | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $337134.35    | 0.05%             | 2031-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -137062 | PA      | $-137062.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Excelerate Energy LP                                                                            | Excelerate Energy LP                                                                            | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |     90000 | PA      | $94254.39     | 0.01%             | 2030-05-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -68862 | PA      | $-68862.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Charles River Laboratories International, Inc.                                                  | Charles River Laboratories International, Inc.                                                  | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    800000 | PA      | $758571.68    | 0.11%             | 2029-03-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Jones Deslauriers Insurance Management, Inc.                                                    | Jones Deslauriers Insurance Management, Inc.                                                    | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    110000 | PA      | $111900.58    | 0.02%             | 2030-03-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -261936 | PA      | $-261936.50   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -170775 | PA      | $-170775.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -52062 | PA      | $-52062.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -180838 | PA      | $-180837.50   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -347850 | PA      | $-347850.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -140062 | PA      | $-140062.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Scutum SA                                                                                       | Scutum SA, Term Loan                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |   8535673 | PA      | $9687280.00   | 1.40%             | 2032-07-25      | Variable      | 7.13%                 | Yes           |                  3 | On Loan: No      |
| Cloud Software Group, Inc.                                                                      | Cloud Software Group, Inc.                                                                      | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    540000 | PA      | $512586.85    | 0.07%             | 2032-06-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -125208 | PA      | $-125207.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Viridien                                                                                        | Viridien                                                                                        | CUSIP: 12531QAA3<br>LEI: 969500FCVQ5SLAAUJV59 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $266243.75    | 0.04%             | 2030-10-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Foundry Insurance Services Ltd.                                                                 | Foundry Insurance Services Ltd.                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |        10 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Howard Hughes Corp. (The)                                                                       | Howard Hughes Corp. (The)                                                                       | CUSIP: 44267DAF4<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |    210000 | PA      | $192959.59    | 0.03%             | 2031-02-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -136125 | PA      | $-136125.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -225000 | PA      | $-225000.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -895950 | PA      | $-895950.00   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -60600 | PA      | $-60600.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -82362 | PA      | $-82362.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Five Point Operating Co. LP                                                                     | Five Point Operating Co. LP                                                                     | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $79862.14     | 0.01%             | 2030-10-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ZoomInfo Technologies LLC / ZoomInfo Finance Corp.                                              | ZoomInfo Technologies LLC / ZoomInfo Finance Corp.                                              | CUSIP: 98981BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $8320.86      | 0.00%             | 2029-02-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Precision Drilling Corp.                                                                        | Precision Drilling Corp.                                                                        | CUSIP: 740212AM7<br>LEI: 8945003E8R4T2TZ7G795 | Long             | DBT              | CORP              | CA        |    107000 | PA      | $107854.50    | 0.02%             | 2029-01-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                                                                  | Univision Communications, Inc.                                                                  | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50282.75     | 0.01%             | 2031-07-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -155550 | PA      | $-155550.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| OI European Group BV                                                                            | OI European Group BV                                                                            | CUSIP: 67777LAD5<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |    380000 | PA      | $354877.21    | 0.05%             | 2030-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| R.R. Donnelley & Sons Co.                                                                       | R.R. Donnelley & Sons Co.                                                                       | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60780.84     | 0.01%             | 2029-08-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Finance LLC / JFIN Co-Issuer Corp.                                                    | Jefferies Finance LLC / JFIN Co-Issuer Corp.                                                    | CUSIP: 47232MAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    129000 | PA      | $123109.09    | 0.02%             | 2031-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -79125 | PA      | $-79125.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CHS / Community Health Systems, Inc.                                                            | CHS / Community Health Systems, Inc.                                                            | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    460000 | PA      | $400464.32    | 0.06%             | 2030-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Century Communities, Inc.                                                                       | Century Communities, Inc.                                                                       | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |    274000 | PA      | $257375.95    | 0.04%             | 2029-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -171000 | PA      | $-171000.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -99138 | PA      | $-99137.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Antero Midstream Partners LP / Antero Midstream Finance Corp.                                   | Antero Midstream Partners LP / Antero Midstream Finance Corp.                                   | CUSIP: 03690AAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    410000 | PA      | $405734.44    | 0.06%             | 2033-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Mineral Resources Ltd.                                                                          | Mineral Resources Ltd.                                                                          | CUSIP: 603051AF0<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    580000 | PA      | $593235.26    | 0.09%             | 2031-04-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CrossCountry Intermediate HoldCo LLC                                                            | CrossCountry Intermediate HoldCo LLC                                                            | CUSIP: 22757VAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $28258.22     | 0.00%             | 2032-12-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Odevo AB                                                                                        | Odevo AB, Term Loan                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |     26096 | PA      | $34412.58     | 0.00%             | 2030-12-31      | Variable      | 8.98%                 | Yes           |                  3 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -200138 | PA      | $-200137.50   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corp.                                                | MPT Operating Partnership LP / MPT Finance Corp.                                                | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $6545.00      | 0.00%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                                           | OneMain Finance Corp.                                                                           | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    320000 | PA      | $315554.04    | 0.05%             | 2032-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -236000 | PA      | $-236000.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Langan Midco LLC                                                                                | Langan Midco LLC, Term Loan                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  12557054 | PA      | $12557053.93  | 1.82%             | 2029-01-16      | Variable      | 8.42%                 | Yes           |                  3 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                                         | Goldman Sachs & Co. LLC                                                                         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Short            | RA               | CORP              | US        |   -698625 | PA      | $-698625.00   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -112381 | PA      | $-112380.80   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Clocktower Intermediate Lender LP                                                               | Clocktower Intermediate Lender LP, Revolver                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | KY        |    950475 | PA      | $937792.19    | 0.14%             | 2033-01-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc.                                          | Avis Budget Car Rental LLC / Avis Budget Finance, Inc.                                          | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    119000 | PA      | $118453.44    | 0.02%             | 2032-06-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                                                      | iHeartCommunications, Inc.                                                                      | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    127025 | PA      | $81534.17     | 0.01%             | 2030-05-01      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                                        | Celanese US Holdings LLC                                                                        | CUSIP: 15089QBC7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     82000 | PA      | $84259.84     | 0.01%             | 2031-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                                                              | Venture Global Plaquemines LNG LLC                                                              | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     70000 | PA      | $76985.23     | 0.01%             | 2033-05-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                                                                   | Novelis Corp.                                                                                   | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    120000 | PA      | $113611.53    | 0.02%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -100275 | PA      | $-100275.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                                                   | Freedom Mortgage Holdings LLC                                                                   | CUSIP: 35641AAD0<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    190000 | PA      | $178334.59    | 0.03%             | 2033-04-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Fort Greene Reinsurance Holdings LLC                                                            | Fort Greene Reinsurance Holdings LLC - Preferred Shares, Series A-1, Class A                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       150 | NS      | $1500000.00   | 0.22%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -278225 | PA      | $-278225.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| FirstCash, Inc.                                                                                 | FirstCash, Inc.                                                                                 | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11797.95     | 0.00%             | 2028-09-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -131775 | PA      | $-131775.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -65100 | PA      | $-65100.31    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| UWM Holdings LLC                                                                                | UWM Holdings LLC                                                                                | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $66084.68     | 0.01%             | 2030-02-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| VZ Secured Financing BV                                                                         | VZ Secured Financing BV                                                                         | CUSIP: 91845AAB1<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |     90000 | PA      | $84914.90     | 0.01%             | 2033-01-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                                                         | GFL Environmental, Inc.                                                                         | CUSIP: 36168QAP9<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    800000 | PA      | $778914.33    | 0.11%             | 2029-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance, Inc.                                                       | Jane Street Group LLC / JSG Finance, Inc.                                                       | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $41142.64     | 0.01%             | 2031-04-30      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -198000 | PA      | $-198000.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                                         | Goldman Sachs & Co. LLC                                                                         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Short            | RA               | CORP              | US        |    -51750 | PA      | $-51750.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -126862 | PA      | $-126862.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -241312 | PA      | $-241312.50   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -50838 | PA      | $-50837.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -291400 | PA      | $-291400.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Ground Penetrating Radar Systems LLC                                                            | Ground Penetrating Radar Systems LLC, Delayed Draw Term Loan                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    140532 | PA      | $140531.91    | 0.02%             | 2032-01-02      | Variable      | 8.20%                 | Yes           |                  3 | On Loan: No      |
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc.                                          | Avis Budget Car Rental LLC / Avis Budget Finance, Inc.                                          | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      7000 | PA      | $7047.04      | 0.00%             | 2030-01-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Synchrony Financial                                                                             | Synchrony Financial                                                                             | CUSIP: 87165BAU7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    360000 | PA      | $367956.01    | 0.05%             | 2033-02-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -76500 | PA      | $-76500.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Garda World Security Corp.                                                                      | Garda World Security Corp.                                                                      | CUSIP: 36485MAQ2<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $101458.20    | 0.01%             | 2031-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC ULC / New Red Finance, Inc.                                                          | 1011778 BC ULC / New Red Finance, Inc.                                                          | CUSIP: 68245XAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    133000 | PA      | $131228.01    | 0.02%             | 2028-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Dropbox, Inc.                                                                                   | Dropbox, Inc., Delayed Draw Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2923508 | PA      | $2894272.89   | 0.42%             | 2030-09-09      | Variable      | 7.43%                 | Yes           |                  3 | On Loan: No      |
| Antero Midstream Partners LP / Antero Midstream Finance Corp.                                   | Antero Midstream Partners LP / Antero Midstream Finance Corp.                                   | CUSIP: 03690AAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $246140.16    | 0.04%             | 2032-02-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Virgin Media Secured Finance plc                                                                | Virgin Media Secured Finance plc                                                                | CUSIP: 92769XAR6<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    181000 | PA      | $160660.78    | 0.02%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                                                                | Bombardier, Inc.                                                                                | CUSIP: 097751AL5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     89000 | PA      | $96357.27     | 0.01%             | 2034-05-01      | Fixed         | 7.45%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -251125 | PA      | $-251125.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -121712 | PA      | $-121712.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Post Holdings, Inc.                                                                             | Post Holdings, Inc.                                                                             | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93095.64     | 0.01%             | 2031-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp.                                          | Icahn Enterprises LP / Icahn Enterprises Finance Corp.                                          | CUSIP: 451102CJ4<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18773.41     | 0.00%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -56900 | PA      | $-56900.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Arbor Realty SR, Inc.                                                                           | Arbor Realty SR, Inc.                                                                           | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    200000 | PA      | $185063.35    | 0.03%             | 2030-07-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                                         | Goldman Sachs & Co. LLC                                                                         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Short            | RA               | CORP              | US        |    -36812 | PA      | $-36812.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cascades, Inc. / Cascades USA, Inc.                                                             | Cascades, Inc. / Cascades USA, Inc.                                                             | CUSIP: 14739LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $333164.70    | 0.05%             | 2030-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -348262 | PA      | $-348262.50   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Danaos Corp.                                                                                    | Danaos Corp.                                                                                    | CUSIP: 23585WAC8<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |    310000 | PA      | $315255.43    | 0.05%             | 2032-10-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -260224 | PA      | $-260223.67   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Odevo AB                                                                                        | Odevo AB, Term Loan                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |     29892 | PA      | $34441.83     | 0.00%             | 2030-12-31      | Variable      | 7.36%                 | Yes           |                  3 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -138600 | PA      | $-138600.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| VM Consolidated, Inc.                                                                           | VM Consolidated, Inc.                                                                           | CUSIP: 91835HAA0<br>LEI: 549300GCTGJLEBXJUK89 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77455.76     | 0.01%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -77512 | PA      | $-77512.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Odevo AB                                                                                        | Odevo AB, Term Loan                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |   5834882 | PA      | $612505.60    | 0.09%             | 2030-12-31      | Variable      | 7.21%                 | Yes           |                  3 | On Loan: No      |
| Azalea Parent Corp.                                                                             | Azalea Parent Corp., Preferred Units, Series A-1                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     10555 | NS      | $10871328.33  | 1.57%             |  |  |  | Yes           |                  3 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -34724 | PA      | $-34723.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -165812 | PA      | $-165812.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Macy's Retail Holdings LLC                                                                      | Macy's Retail Holdings LLC                                                                      | CUSIP: 55617LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $143598.28    | 0.02%             | 2033-08-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -313088 | PA      | $-313087.50   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -163800 | PA      | $-163800.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Fort Greene Reinsurance Holdings LLC                                                            | Fort Greene Reinsurance Holdings LLC - Preferred Shares, Series A-3, Class A                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      1600 | NS      | $16000000.00  | 2.32%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -347400 | PA      | $-347400.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Fort Greene Reinsurance Holdings LLC                                                            | Fort Greene Reinsurance Holdings LLC - Preferred Shares, Series A-2, Class A                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       650 | NS      | $6500000.00   | 0.94%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Rithm Capital Corp.                                                                             | Rithm Capital Corp.                                                                             | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    410000 | PA      | $396039.83    | 0.06%             | 2030-07-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -136000 | PA      | $-136000.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nissan Motor Co. Ltd.                                                                           | Nissan Motor Co. Ltd.                                                                           | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     50000 | PA      | $45446.86     | 0.01%             | 2030-09-17      | Fixed         | 4.81%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                                                              | Venture Global Plaquemines LNG LLC                                                              | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20861.59     | 0.00%             | 2034-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corp.                                                | MPT Operating Partnership LP / MPT Finance Corp.                                                | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1140000 | PA      | $887774.78    | 0.13%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -147000 | PA      | $-147000.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -87300 | PA      | $-87300.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -148200 | PA      | $-148200.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -83050 | PA      | $-83050.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Auxilior Capital Partners, Inc.                                                                 | Auxilior Capital Partners, Inc., Delayed Draw Term Loan                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  17857143 | PA      | $17857142.86  | 2.58%             | 2030-03-30      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| RingCentral, Inc.                                                                               | RingCentral, Inc.                                                                               | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10470.24     | 0.00%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -292000 | PA      | $-292000.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Focus Financial Partners LLC                                                                    | Focus Financial Partners LLC                                                                    | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109350.61    | 0.02%             | 2031-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -128275 | PA      | $-128275.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LGI Homes, Inc.                                                                                 | LGI Homes, Inc.                                                                                 | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |    215000 | PA      | $199683.89    | 0.03%             | 2032-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Lloyds Bank plc                                                                                 | Lloyds Bank plc                                                                                 | CUSIP: N/A<br>LEI: H7FNTJ4851HG0EXQ1Z70       | Long             | DBT              | CORP              | GB        |  22491642 | PA      | $29461007.59  | 4.26%             | 2035-02-18      | Variable      | 8.98%                 | Yes           |                  3 | On Loan: No      |
| Talos Production, Inc.                                                                          | Talos Production, Inc.                                                                          | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    400000 | PA      | $424132.80    | 0.06%             | 2031-02-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                                         | Goldman Sachs & Co. LLC                                                                         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Short            | RA               | CORP              | US        |    -89512 | PA      | $-89512.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                                                             | Buckeye Partners LP                                                                             | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72280.32     | 0.01%             | 2030-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -73625 | PA      | $-73625.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -120698 | PA      | $-120697.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Howard Hughes Corp. (The)                                                                       | Howard Hughes Corp. (The)                                                                       | CUSIP: 44267DAG2<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38532.43     | 0.01%             | 2032-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -86700 | PA      | $-86700.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -217875 | PA      | $-217875.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| B&G Foods, Inc.                                                                                 | B&G Foods, Inc.                                                                                 | CUSIP: 05508WAC9<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | DBT              | CORP              | US        |    820000 | PA      | $808484.08    | 0.12%             | 2028-09-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                                                                  | Univision Communications, Inc.                                                                  | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    270000 | PA      | $278467.24    | 0.04%             | 2032-08-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -165600 | PA      | $-165600.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance, Inc.                                                       | Jane Street Group LLC / JSG Finance, Inc.                                                       | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101527.80    | 0.01%             | 2033-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Teneo Holdings LLC                                                                              | Teneo Holdings LLC, Delayed Draw Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    519403 | PA      | $519402.98    | 0.08%             | 2032-07-31      | Variable      | 8.43%                 | Yes           |                  3 | On Loan: No      |
| Freedom Mortgage Corp.                                                                          | Freedom Mortgage Corp.                                                                          | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     30000 | PA      | $32391.51     | 0.00%             | 2030-10-01      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -184538 | PA      | $-184537.50   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Albion Financing 1 SARL / Aggreko Holdings, Inc.                                                | Albion Financing 1 SARL / Aggreko Holdings, Inc.                                                | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     60000 | PA      | $61366.62     | 0.01%             | 2030-05-21      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| UWM Holdings LLC                                                                                | UWM Holdings LLC                                                                                | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $63806.79     | 0.01%             | 2031-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -329800 | PA      | $-329800.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Entegris, Inc.                                                                                  | Entegris, Inc.                                                                                  | CUSIP: 29362UAD6<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    900000 | PA      | $856224.99    | 0.12%             | 2029-05-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -240350 | PA      | $-240350.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| PBF Holding Co. LLC / PBF Finance Corp.                                                         | PBF Holding Co. LLC / PBF Finance Corp.                                                         | CUSIP: 69318FAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    396000 | PA      | $406920.49    | 0.06%             | 2030-09-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                                                              | Venture Global Plaquemines LNG LLC                                                              | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     70000 | PA      | $74186.14     | 0.01%             | 2036-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -85938 | PA      | $-85937.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| TTM Technologies, Inc.                                                                          | TTM Technologies, Inc.                                                                          | CUSIP: 87305RAK5<br>LEI: 549300SC4BDOIS008048 | Long             | DBT              | CORP              | US        |    310000 | PA      | $297974.84    | 0.04%             | 2029-03-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PRA Group, Inc.                                                                                 | PRA Group, Inc.                                                                                 | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27723.11     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Discovery Global Holdings, Inc.                                                                 | Discovery Global Holdings, Inc.                                                                 | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    612000 | PA      | $542385.00    | 0.08%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                             | Forward Foreign Currency Contract                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $16320.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Service Properties Trust                                                                        | Service Properties Trust                                                                        | CUSIP: 44106MBB7<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |     16000 | PA      | $14508.56     | 0.00%             | 2029-10-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -170765 | PA      | $-170765.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -87375 | PA      | $-87375.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -72375 | PA      | $-72375.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -257738 | PA      | $-257737.50   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| VFH Parent LLC / Valor Co-Issuer, Inc.                                                          | VFH Parent LLC / Valor Co-Issuer, Inc.                                                          | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $41127.92     | 0.01%             | 2031-06-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Nordstrom, Inc.                                                                                 | Nordstrom, Inc.                                                                                 | CUSIP: 655664AR1<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     79000 | PA      | $52811.47     | 0.01%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                                                                | Gray Media, Inc.                                                                                | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    510000 | PA      | $379105.95    | 0.05%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -247500 | PA      | $-247500.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -203350 | PA      | $-203350.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                                                                 | Whirlpool Corp.                                                                                 | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     42000 | PA      | $39842.61     | 0.01%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                                         | Goldman Sachs & Co. LLC                                                                         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Short            | RA               | CORP              | US        |    -48375 | PA      | $-48375.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CVR Energy, Inc.                                                                                | CVR Energy, Inc.                                                                                | CUSIP: 12662PAD0<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89158.09     | 0.01%             | 2028-02-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -105562 | PA      | $-105562.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Ground Penetrating Radar Systems LLC                                                            | Ground Penetrating Radar Systems LLC, Revolver                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     29703 | PA      | $29702.98     | 0.00%             | 2032-01-02      | Variable      | 8.20%                 | Yes           |                  3 | On Loan: No      |
| AmeriGas Partners LP / AmeriGas Finance Corp.                                                   | AmeriGas Partners LP / AmeriGas Finance Corp.                                                   | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $63806.82     | 0.01%             | 2030-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -587000 | PA      | $-587000.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -74700 | PA      | $-74700.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Clocktower Intermediate Lender LP                                                               | Clocktower Intermediate Lender LP, Revolver                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | KY        |    133900 | PA      | $154279.55    | 0.02%             | 2033-01-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Viasat, Inc.                                                                                    | Viasat, Inc.                                                                                    | CUSIP: 92552VAN0<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11868.05     | 0.00%             | 2028-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete LLC                                                                   | Smyrna Ready Mix Concrete LLC                                                                   | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154796.25    | 0.02%             | 2031-11-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Delek Logistics Partners LP / Delek Logistics Finance Corp.                                     | Delek Logistics Partners LP / Delek Logistics Finance Corp.                                     | CUSIP: 24665FAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    717000 | PA      | $723432.92    | 0.10%             | 2033-06-30      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| AdaptHealth LLC                                                                                 | AdaptHealth LLC                                                                                 | CUSIP: 00653VAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $66750.82     | 0.01%             | 2029-08-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                 | TransDigm, Inc.                                                                                 | CUSIP: 893647CB1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     44000 | PA      | $43330.87     | 0.01%             | 2034-07-31      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -633500 | PA      | $-633500.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                                                             | Hilton Domestic Operating Co., Inc.                                                             | CUSIP: 432833AJ0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    700000 | PA      | $670411.28    | 0.10%             | 2029-05-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -114238 | PA      | $-114237.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -309200 | PA      | $-309200.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -146000 | PA      | $-146000.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -85285 | PA      | $-85285.20    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -137625 | PA      | $-137625.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Post Holdings, Inc.                                                                             | Post Holdings, Inc.                                                                             | CUSIP: 737446AY0<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68622.81     | 0.01%             | 2036-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Bread Financial Holdings, Inc.                                                                  | Bread Financial Holdings, Inc.                                                                  | CUSIP: 018581AR9<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298049.13    | 0.04%             | 2031-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.                                                            | Owens-Brockway Glass Container, Inc.                                                            | CUSIP: 69073TAV5<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28431.80     | 0.00%             | 2032-06-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -73125 | PA      | $-73125.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SunCoke Energy, Inc.                                                                            | SunCoke Energy, Inc.                                                                            | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |    310000 | PA      | $280042.65    | 0.04%             | 2029-06-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Olin Corp.                                                                                      | Olin Corp.                                                                                      | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    350000 | PA      | $342816.57    | 0.05%             | 2033-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -90450 | PA      | $-90450.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Wabash National Corp.                                                                           | Wabash National Corp.                                                                           | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    250000 | PA      | $219339.25    | 0.03%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Transocean International Ltd.                                                                   | Transocean International Ltd.                                                                   | CUSIP: 893830AF6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    330000 | PA      | $337521.36    | 0.05%             | 2031-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Stonex Escrow Issuer LLC                                                                        | Stonex Escrow Issuer LLC                                                                        | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    144000 | PA      | $145631.09    | 0.02%             | 2032-07-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -103188 | PA      | $-103187.50   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -38625 | PA      | $-38625.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -61582 | PA      | $-61582.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | KY        |   -321066 | PA      | $-321066.15   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Taurus I Cayman TopCo LP                                                                        | Taurus I Cayman TopCo LP                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | KY        |  10684708 | NS      | $10878101.55  | 1.57%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Harvest Midstream I LP                                                                          | Harvest Midstream I LP                                                                          | CUSIP: 417558AB9<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61278.30     | 0.01%             | 2032-05-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -148000 | PA      | $-148000.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                                         | Goldman Sachs & Co. LLC                                                                         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Short            | RA               | CORP              | US        |   -348600 | PA      | $-348600.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -198300 | PA      | $-198300.27   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -327675 | PA      | $-327675.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Star Parent, Inc.                                                                               | Star Parent, Inc.                                                                               | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103725.10    | 0.02%             | 2030-10-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Enstructure Holdco LLC                                                                          | Enstructure Holdco LLC, Preferred Units                                                         | CUSIP: N/A<br>LEI: 5493008M6JOUHG7G1P40       | Long             | EP               | CORP              | US        |  21065549 | NS      | $20907557.37  | 3.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ashton Woods USA LLC / Ashton Woods Finance Co.                                                 | Ashton Woods USA LLC / Ashton Woods Finance Co.                                                 | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $56737.97     | 0.01%             | 2029-08-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Weekley Homes LLC / Weekley Finance Corp.                                                       | Weekley Homes LLC / Weekley Finance Corp.                                                       | CUSIP: 948565AF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     98000 | PA      | $93981.70     | 0.01%             | 2034-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| AMC Networks, Inc.                                                                              | AMC Networks, Inc.                                                                              | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    480000 | PA      | $474210.77    | 0.07%             | 2032-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Transocean International Ltd.                                                                   | Transocean International Ltd.                                                                   | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    340000 | PA      | $351518.86    | 0.05%             | 2029-05-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -151400 | PA      | $-151400.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Somnigroup International, Inc.                                                                  | Somnigroup International, Inc.                                                                  | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |    990000 | PA      | $952734.12    | 0.14%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Kraken Oil & Gas Partners LLC                                                                   | Kraken Oil & Gas Partners LLC                                                                   | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81740.24     | 0.01%             | 2029-08-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -68862 | PA      | $-68862.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ANGI Group LLC                                                                                  | ANGI Group LLC                                                                                  | CUSIP: 001846AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     72000 | PA      | $64166.41     | 0.01%             | 2028-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| TrueNoord Capital DAC                                                                           | TrueNoord Capital DAC                                                                           | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     80000 | PA      | $81743.68     | 0.01%             | 2030-03-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -199500 | PA      | $-199500.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                                         | Goldman Sachs & Co. LLC                                                                         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Short            | RA               | CORP              | US        |    -47850 | PA      | $-47850.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cipher Compute LLC                                                                              | Cipher Compute LLC                                                                              | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $72609.53     | 0.01%             | 2030-11-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                                                                   | Starwood Property Trust, Inc.                                                                   | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    160000 | PA      | $162376.64    | 0.02%             | 2030-10-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Nabors Industries, Inc.                                                                         | Nabors Industries, Inc.                                                                         | CUSIP: 62957HAR6<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    320000 | PA      | $327772.01    | 0.05%             | 2032-11-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -59130 | PA      | $-59130.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                                                             | Rakuten Group, Inc.                                                                             | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $106669.07    | 0.02%             | 2029-04-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Teneo Holdings LLC                                                                              | Teneo Holdings LLC, Revolver                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    519403 | PA      | $519402.99    | 0.08%             | 2030-07-31      | Variable      | 8.42%                 | Yes           |                  3 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -178838 | PA      | $-178837.50   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| SV RNO Property Owner 1 LLC                                                                     | SV RNO Property Owner 1 LLC                                                                     | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $98908.76     | 0.01%             | 2031-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -348725 | PA      | $-348725.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Ally Financial, Inc.                                                                            | Ally Financial, Inc.                                                                            | CUSIP: 02005NBS8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    330000 | PA      | $332552.68    | 0.05%             | 2033-02-14      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| IRI Group Holdings, Inc.                                                                        | IRI Group Holdings, Inc., Term Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3656883 | PA      | $3656883.20   | 0.53%             | 2029-12-01      | Variable      | 7.95%                 | Yes           |                  3 | On Loan: No      |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                                  | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                                  | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $373338.17    | 0.05%             | 2031-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -172350 | PA      | $-172350.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                                         | Goldman Sachs & Co. LLC                                                                         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Short            | RA               | CORP              | US        |    -39125 | PA      | $-39125.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CCO Holdings LLC / CCO Holdings Capital Corp.                                                   | CCO Holdings LLC / CCO Holdings Capital Corp.                                                   | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $78949.82     | 0.01%             | 2029-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                                        | Venture Global LNG, Inc.                                                                        | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    130000 | PA      | $135264.39    | 0.02%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -84825 | PA      | $-84825.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                                         | Goldman Sachs & Co. LLC                                                                         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Short            | RA               | CORP              | US        |    -42688 | PA      | $-42687.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Great Canadian Gaming Corp. / Raptor LLC                                                        | Great Canadian Gaming Corp. / Raptor LLC                                                        | CUSIP: 389925AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $78098.12     | 0.01%             | 2029-11-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                                         | Goldman Sachs & Co. LLC                                                                         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Short            | RA               | CORP              | US        |    -42450 | PA      | $-42450.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Denali Holdco Ltd.                                                                              | Denali Holdco Ltd., Term Loan                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |   8203520 | PA      | $9310314.38   | 1.35%             | 2032-09-05      | Fixed         | 9.80%                 | Yes           |                  3 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -128812 | PA      | $-128812.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Suburban Propane Partners LP / Suburban Energy Finance Corp.                                    | Suburban Propane Partners LP / Suburban Energy Finance Corp.                                    | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $367346.23    | 0.05%             | 2031-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -208245 | PA      | $-208245.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Navient Corp.                                                                                   | Navient Corp.                                                                                   | CUSIP: 63938CAM0<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     60000 | PA      | $55053.73     | 0.01%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Odevo AB                                                                                        | Odevo AB, Delayed Draw Term Loan                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |   1758510 | PA      | $2026155.26   | 0.29%             | 2030-12-31      | Variable      | 7.36%                 | Yes           |                  3 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -72675 | PA      | $-72675.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP / Hilcorp Finance Co.                                                       | Hilcorp Energy I LP / Hilcorp Finance Co.                                                       | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19954.49     | 0.00%             | 2035-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Service Properties Trust                                                                        | Service Properties Trust                                                                        | CUSIP: 44106MAX0<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    220000 | PA      | $210598.06    | 0.03%             | 2028-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -146400 | PA      | $-146400.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.                                                       | Seagate Data Storage Technology Pte. Ltd.                                                       | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    400000 | PA      | $420337.20    | 0.06%             | 2029-12-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                                                                   | Starwood Property Trust, Inc.                                                                   | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    477000 | PA      | $491729.28    | 0.07%             | 2029-04-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC                               | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC                               | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $40768.03     | 0.01%             | 2032-06-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -171900 | PA      | $-171900.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                                                                | Gray Media, Inc.                                                                                | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    240000 | PA      | $185444.86    | 0.03%             | 2030-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                                                                 | Gulfport Energy Operating Corp.                                                                 | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    210000 | PA      | $215033.70    | 0.03%             | 2029-09-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| JB Poindexter & Co., Inc.                                                                       | JB Poindexter & Co., Inc.                                                                       | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101482.00    | 0.01%             | 2031-12-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Ashton Woods USA LLC / Ashton Woods Finance Co.                                                 | Ashton Woods USA LLC / Ashton Woods Finance Co.                                                 | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $55740.29     | 0.01%             | 2030-04-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.                                                            | Owens-Brockway Glass Container, Inc.                                                            | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    120000 | PA      | $115062.38    | 0.02%             | 2031-05-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Northern Oil & Gas, Inc.                                                                        | Northern Oil & Gas, Inc.                                                                        | CUSIP: 665530AB7<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    284000 | PA      | $295479.28    | 0.04%             | 2031-06-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -127150 | PA      | $-127149.80   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -248675 | PA      | $-248675.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                             | Forward Foreign Currency Contract                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $4717.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deluxe Corp.                                                                                    | Deluxe Corp.                                                                                    | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    596000 | PA      | $600323.98    | 0.09%             | 2029-06-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Murphy Oil Corp.                                                                                | Murphy Oil Corp.                                                                                | CUSIP: 626717AQ5<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108713.84    | 0.02%             | 2034-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -147525 | PA      | $-147525.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Fair Isaac Corp.                                                                                | Fair Isaac Corp.                                                                                | CUSIP: 303250AJ3<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73829.07     | 0.01%             | 2034-09-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -391550 | PA      | $-391550.00   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -316625 | PA      | $-316625.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| William Carter Co. (The)                                                                        | William Carter Co. (The)                                                                        | CUSIP: 96926JAG2<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71484.41     | 0.01%             | 2031-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| OAK-Eagle Acquireco, Inc.                                                                       | OAK-Eagle Acquireco, Inc.                                                                       | CUSIP: 67124CAA1<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77755.83     | 0.01%             | 2033-07-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Aimco CLO 20 Ltd.                                                                               | Aimco CLO 20 Ltd., Series 2023-20A, Class SUB                                                   | CUSIP: 00901TAC0<br>LEI: 2549009AFNTQKXTAWE65 | Long             | ABS-CBDO         | CORP              | JE        |   5658961 | PA      | $4372494.73   | 0.63%             | 2038-10-16      | Variable      | 12.21%                | Yes           |                  3 | On Loan: No      |
| California Buyer Ltd. / Atlantica Sustainable Infrastructure plc                                | California Buyer Ltd. / Atlantica Sustainable Infrastructure plc                                | CUSIP: 13005HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     20000 | PA      | $19553.49     | 0.00%             | 2032-02-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I LP / Hilcorp Finance Co.                                                       | Hilcorp Energy I LP / Hilcorp Finance Co.                                                       | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $77810.14     | 0.01%             | 2031-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -166500 | PA      | $-166500.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Dotdash Meredith, Inc.                                                                          | Dotdash Meredith, Inc.                                                                          | CUSIP: 25849JAA8<br>LEI: 549300R2AA7U9CJUQO13 | Long             | DBT              | CORP              | US        |     80000 | PA      | $73878.40     | 0.01%             | 2032-06-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Azorra Finance Ltd.                                                                             | Azorra Finance Ltd.                                                                             | CUSIP: 05480AAC9<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    130000 | PA      | $120976.82    | 0.02%             | 2034-02-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -160650 | PA      | $-160650.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Superior Plus LP / Superior General Partner, Inc.                                               | Superior Plus LP / Superior General Partner, Inc.                                               | CUSIP: 86828LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    380000 | PA      | $363528.90    | 0.05%             | 2029-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| HUB International Ltd.                                                                          | HUB International Ltd.                                                                          | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204995.80    | 0.03%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Talos Production, Inc.                                                                          | Talos Production, Inc.                                                                          | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    360000 | PA      | $374995.08    | 0.05%             | 2029-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -137750 | PA      | $-137750.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                                                  | EchoStar Corp.                                                                                  | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    180000 | PA      | $194555.84    | 0.03%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO XIX Ltd.                                                                    | MidOcean Credit CLO XIX Ltd., Series 2025-19A, Class SUB                                        | CUSIP: 59803JAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1082672.39   | 0.16%             | 2036-07-20      | Variable      | 8.10%                 | Yes           |                  3 | On Loan: No      |
| PROG Holdings, Inc.                                                                             | PROG Holdings, Inc.                                                                             | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |    380000 | PA      | $361307.80    | 0.05%             | 2029-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Wayfair LLC                                                                                     | Wayfair LLC                                                                                     | CUSIP: 94419NAC1<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    280000 | PA      | $282349.72    | 0.04%             | 2032-11-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Tenneco, Inc.                                                                                   | Tenneco, Inc.                                                                                   | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149558.00    | 0.02%             | 2028-11-17      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Comstock Resources, Inc.                                                                        | Comstock Resources, Inc.                                                                        | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    810000 | PA      | $800140.52    | 0.12%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC / CCO Holdings Capital Corp.                                                   | CCO Holdings LLC / CCO Holdings Capital Corp.                                                   | CUSIP: 1248EPCV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     56000 | PA      | $55817.53     | 0.01%             | 2036-02-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -44550 | PA      | $-44550.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Emergent BioSolutions, Inc.                                                                     | Emergent BioSolutions, Inc.                                                                     | CUSIP: 29089QAC9<br>LEI: 549300YW6TUOX8BE5103 | Long             | DBT              | CORP              | US        |    270000 | PA      | $228113.91    | 0.03%             | 2028-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| ION Platform Finance US, Inc.                                                                   | ION Platform Finance US, Inc.                                                                   | CUSIP: 46205QAB4<br>LEI: 213800FKHT3BRRKMCC89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $77527.58     | 0.01%             | 2032-09-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -267050 | PA      | $-267050.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -237650 | PA      | $-237650.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -70700 | PA      | $-70700.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -177525 | PA      | $-177525.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -331100 | PA      | $-331100.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Fort Greene Reinsurance Holdings LLC                                                            | Fort Greene Reinsurance Holdings LLC - Preferred Shares, Series A-4, Class A                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       349 | NS      | $3490000.00   | 0.51%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -223200 | PA      | $-223200.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -200750 | PA      | $-200750.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co. LLC                                                                 | Nissan Motor Acceptance Co. LLC                                                                 | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    530000 | PA      | $538583.21    | 0.08%             | 2028-09-15      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| Victra Holdings LLC / Victra Finance Corp.                                                      | Victra Holdings LLC / Victra Finance Corp.                                                      | CUSIP: 92648DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $83093.84     | 0.01%             | 2029-09-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                                  | Blackstone Private Credit Fund, Class I                                                         | CUSIP: 09261H305<br>LEI: 549300ORP3TTCNXSYO43 | Long             |  | RF                | US        |   9880405 | NS      | $240390259.95 | 34.79%            |  |  |  | Yes           |                  3 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -298275 | PA      | $-298275.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -210650 | PA      | $-210650.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Wildfire Intermediate Holdings LLC                                                              | Wildfire Intermediate Holdings LLC                                                              | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81117.84     | 0.01%             | 2029-10-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -192150 | PA      | $-192150.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Dropbox, Inc.                                                                                   | Dropbox, Inc., Term Loan                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7452379 | PA      | $7377854.86   | 1.07%             | 2029-12-10      | Variable      | 7.42%                 | Yes           |                  3 | On Loan: No      |
| VMED O2 UK Financing I plc                                                                      | VMED O2 UK Financing I plc                                                                      | CUSIP: 92858RAD2<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    210000 | PA      | $201557.14    | 0.03%             | 2032-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -71888 | PA      | $-71887.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| TerraForm Power Operating LLC                                                                   | TerraForm Power Operating LLC                                                                   | CUSIP: 88104LAG8<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9582.99      | 0.00%             | 2030-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| ESAB Corp.                                                                                      | ESAB Corp.                                                                                      | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |    230000 | PA      | $233714.27    | 0.03%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Mueller Water Products, Inc.                                                                    | Mueller Water Products, Inc.                                                                    | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144616.76    | 0.02%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -33550 | PA      | $-33550.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Magnera Corp.                                                                                   | Magnera Corp.                                                                                   | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |     70000 | PA      | $63267.77     | 0.01%             | 2029-11-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -36062 | PA      | $-36062.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cyprium Corp. / Cyprium Holdings Luxembourg SARL                                                | Cyprium Corp. / Cyprium Holdings Luxembourg SARL                                                | CUSIP: 23292NAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $39532.70     | 0.01%             | 2031-04-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| FirstCash, Inc.                                                                                 | FirstCash, Inc.                                                                                 | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    940000 | PA      | $959239.92    | 0.14%             | 2032-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Compass Minerals International, Inc.                                                            | Compass Minerals International, Inc.                                                            | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    180000 | PA      | $186401.88    | 0.03%             | 2030-07-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Blackstone Private Real Estate Credit and Income Fund                                           | Blackstone Private Real Estate Credit and Income Fund, Common Shares                            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | RF                | US        |   7117034 | NS      | $186181600.31 | 26.95%            |  |  |  | Yes           |                  3 | On Loan: No      |
| Pibb Member Holdings LLC                                                                        | Pibb Member Holdings LLC                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |  25000000 | NS      | $25297500.00  | 3.66%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ASGN, Inc.                                                                                      | ASGN, Inc.                                                                                      | CUSIP: 00191UAA0<br>LEI: LZBNYYCBUKY537072438 | Long             | DBT              | CORP              | US        |    340000 | PA      | $329456.09    | 0.05%             | 2028-05-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Risewell Homes, Inc.                                                                            | Risewell Homes, Inc.                                                                            | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88116.42     | 0.01%             | 2030-11-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Veregy Consolidated, Inc.                                                                       | Veregy Consolidated, Inc., Term Loan                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3982564 | PA      | $3982564.08   | 0.58%             | 2031-04-16      | Variable      | 7.92%                 | Yes           |                  3 | On Loan: No      |
| PennyMac Financial Services, Inc.                                                               | PennyMac Financial Services, Inc.                                                               | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133063.58    | 0.02%             | 2029-12-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Davita, Inc.                                                                                    | Davita, Inc.                                                                                    | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20506.04     | 0.00%             | 2032-09-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance, Inc.                                                       | Jane Street Group LLC / JSG Finance, Inc.                                                       | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $168258.13    | 0.02%             | 2032-11-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -299925 | PA      | $-299925.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                                  | ZF North America Capital, Inc.                                                                  | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95103.30     | 0.01%             | 2032-04-23      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP / Genesis Energy Finance Corp.                                                | Genesis Energy LP / Genesis Energy Finance Corp.                                                | CUSIP: 37185LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    123000 | PA      | $122503.15    | 0.02%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| APLD ComputeCo LLC                                                                              | APLD ComputeCo LLC                                                                              | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $164992.32    | 0.02%             | 2030-12-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Nightingale Ltd.                                                                                | Nightingale Ltd.                                                                                | CUSIP: N/A<br>LEI: 2138007N4ID9TPS1E406       | Long             | ABS-CBDO         | CORP              | JE        |  15000000 | PA      | $19780500.01  | 2.86%             | 2035-03-31      | Variable      | 3.73%                 | Yes           |                  3 | On Loan: No      |
| California Resources Corp.                                                                      | California Resources Corp.                                                                      | CUSIP: 13057QAL1<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    484000 | PA      | $488250.44    | 0.07%             | 2034-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Stagwell Global LLC                                                                             | Stagwell Global LLC                                                                             | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |    336000 | PA      | $320176.89    | 0.05%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Iliad Holding SAS                                                                               | Iliad Holding SAS                                                                               | CUSIP: 449691AG9<br>LEI: 9695009BGMXB527HV965 | Long             | DBT              | CORP              | FR        |     20000 | PA      | $20048.96     | 0.00%             | 2032-04-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -45744 | PA      | $-45743.75    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -204850 | PA      | $-204850.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Suburban Propane Partners LP / Suburban Energy Finance Corp.                                    | Suburban Propane Partners LP / Suburban Energy Finance Corp.                                    | CUSIP: 864486AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $233517.72    | 0.03%             | 2035-12-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Denali Bidco Ltd.                                                                               | Denali Bidco Ltd., Term Loan                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     38572 | PA      | $50356.89     | 0.01%             | 2031-09-05      | Variable      | 8.73%                 | Yes           |                  3 | On Loan: No      |
| Service Properties Trust                                                                        | Service Properties Trust                                                                        | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    570000 | PA      | $565527.30    | 0.08%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -162988 | PA      | $-162987.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nordstrom, Inc.                                                                                 | Nordstrom, Inc.                                                                                 | CUSIP: 655664AY6<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18017.80     | 0.00%             | 2031-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -91250 | PA      | $-91250.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -120902 | PA      | $-120902.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Burford Capital Global Finance LLC                                                              | Burford Capital Global Finance LLC                                                              | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     90000 | PA      | $81332.55     | 0.01%             | 2031-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Enstructure LLC                                                                                 | Enstructure LLC, Term Loan                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    195599 | PA      | $195599.00    | 0.03%             | 2032-08-15      | Variable      | 8.15%                 | Yes           |                  3 | On Loan: No      |
| Kodiak Gas Services LLC                                                                         | Kodiak Gas Services LLC                                                                         | CUSIP: 50012LAF1<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    107000 | PA      | $107596.24    | 0.02%             | 2031-04-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -81812 | PA      | $-81812.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CrossCountry Intermediate HoldCo LLC                                                            | CrossCountry Intermediate HoldCo LLC                                                            | CUSIP: 22757VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $95438.86     | 0.01%             | 2030-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -59700 | PA      | $-59700.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Taylor Morrison Communities, Inc.                                                               | Taylor Morrison Communities, Inc.                                                               | CUSIP: 87724RAB8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    490000 | PA      | $491635.62    | 0.07%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Airways Corp. / JetBlue Loyalty LP                                                      | JetBlue Airways Corp. / JetBlue Loyalty LP                                                      | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $558386.82    | 0.08%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -75679 | PA      | $-75678.90    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -113588 | PA      | $-113587.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -170850 | PA      | $-170850.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -88200 | PA      | $-88200.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cyprium Corp. / Cyprium Holdings Luxembourg SARL                                                | Cyprium Corp. / Cyprium Holdings Luxembourg SARL                                                | CUSIP: 23292NAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     48000 | PA      | $46710.82     | 0.01%             | 2034-04-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Open Text Corp.                                                                                 | Open Text Corp.                                                                                 | CUSIP: 683715AD8<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    430000 | PA      | $384752.99    | 0.06%             | 2029-12-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Nabors Industries, Inc.                                                                         | Nabors Industries, Inc.                                                                         | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    450000 | PA      | $469085.40    | 0.07%             | 2031-08-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Rfna LP                                                                                         | Rfna LP                                                                                         | CUSIP: 74984AAA0<br>LEI: 2549002A4GSOTYKKHR45 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19130.86     | 0.00%             | 2030-02-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Star Holding LLC                                                                                | Star Holding LLC                                                                                | CUSIP: 85513AAA6<br>LEI: 254900BDGPE9N1WAKD59 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71104.95     | 0.01%             | 2031-08-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Optus 1011. GmbH                                                                                | Optus 1011. GmbH, Delayed Draw Term Loan                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DE        |    793436 | PA      | $905055.01    | 0.13%             | 2032-03-24      | Variable      | 6.63%                 | Yes           |                  3 | On Loan: No      |
| Magnera Corp.                                                                                   | Magnera Corp.                                                                                   | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2780.12      | 0.00%             | 2031-11-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Teneo Holdings LLC                                                                              | Teneo Holdings LLC, Term Loan                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  14205672 | PA      | $14205671.64  | 2.06%             | 2032-07-31      | Variable      | 8.42%                 | Yes           |                  3 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                                          | Cleveland-Cliffs, Inc.                                                                          | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48440.12     | 0.01%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Davita, Inc.                                                                                    | Davita, Inc.                                                                                    | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    550000 | PA      | $529155.11    | 0.08%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -191750 | PA      | $-191750.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -77000 | PA      | $-77000.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Evergreen Services Group PIK HoldCo LLC                                                         | Evergreen Services Group PIK HoldCo LLC, Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  13407030 | PA      | $13205924.62  | 1.91%             | 2031-04-05      | Fixed         | 12.75%                | Yes           |                  3 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -262238 | PA      | $-262237.50   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Cable One, Inc.                                                                                 | Cable One, Inc.                                                                                 | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |    240000 | PA      | $167346.62    | 0.02%             | 2030-11-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC                               | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC                               | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $97210.35     | 0.01%             | 2029-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -125300 | PA      | $-125300.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ACCO Brands Corp.                                                                               | ACCO Brands Corp.                                                                               | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |    350000 | PA      | $312754.40    | 0.05%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Men's Wearhouse LLC (The)                                                                       | Men's Wearhouse LLC (The)                                                                       | CUSIP: 587118AF7<br>LEI: NKFP7BJ6WYEV4I24P532 | Long             | DBT              | CORP              | US        |     78000 | PA      | $80104.13     | 0.01%             | 2031-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -593175 | PA      | $-593175.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp.                                          | Icahn Enterprises LP / Icahn Enterprises Finance Corp.                                          | CUSIP: 451102CC9<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    380000 | PA      | $324675.95    | 0.05%             | 2029-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BWX Technologies, Inc.                                                                          | BWX Technologies, Inc.                                                                          | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |    270000 | PA      | $259765.70    | 0.04%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Fair Isaac Corp.                                                                                | Fair Isaac Corp.                                                                                | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    330000 | PA      | $324001.06    | 0.05%             | 2033-05-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -176700 | PA      | $-176700.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Viasat, Inc.                                                                                    | Viasat, Inc.                                                                                    | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1068614.69   | 0.15%             | 2031-05-30      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| AdaptHealth LLC                                                                                 | AdaptHealth LLC                                                                                 | CUSIP: 00653VAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $67114.39     | 0.01%             | 2030-03-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Fort Greene Reinsurance Holdings LLC                                                            | Fort Greene Reinsurance Holdings LLC - Preferred Shares, Series A-5, Class A                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       451 | NS      | $4510000.00   | 0.65%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Denali Holdco Ltd.                                                                              | Denali Holdco Ltd., Term Loan                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |   4760128 | PA      | $6183023.15   | 0.89%             | 2032-09-05      | Fixed         | 11.20%                | Yes           |                  3 | On Loan: No      |
| Elastic NV                                                                                      | Elastic NV                                                                                      | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |     90000 | PA      | $84496.27     | 0.01%             | 2029-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -159600 | PA      | $-159600.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Regatta Kilo                                                                                    | Regatta Kilo                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | KY        |   1415312 | PA      | $1517639.59   | 0.22%             | 2026-12-27      | None          |  | Yes           |                  3 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                                                                | Cooper-Standard Automotive, Inc.                                                                | CUSIP: 216762AK0<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |    319000 | PA      | $300019.50    | 0.04%             | 2031-03-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -105050 | PA      | $-105050.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Encore Capital Group, Inc.                                                                      | Encore Capital Group, Inc.                                                                      | CUSIP: 292554AS1<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |    708000 | PA      | $705111.36    | 0.10%             | 2031-04-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| BlackRock Liquidity FedFund                                                                     | BlackRock Liquidity FedFund, Class Institutional                                                | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |  14684918 | NS      | $14684918.36  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas, Inc.                                                                        | Northern Oil & Gas, Inc.                                                                        | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    180000 | PA      | $186355.44    | 0.03%             | 2033-10-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -353197 | PA      | $-353196.80   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Century Aluminum Co.                                                                            | Century Aluminum Co.                                                                            | CUSIP: 156431AS7<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258181.50    | 0.04%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Burford Capital Global Finance LLC                                                              | Burford Capital Global Finance LLC                                                              | CUSIP: 12116LAJ8<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8600.00      | 0.00%             | 2034-01-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Odevo AB                                                                                        | Odevo AB, Term Loan                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |   3366363 | PA      | $3366363.09   | 0.49%             | 2030-12-31      | Variable      | 8.96%                 | Yes           |                  3 | On Loan: No      |
| Hess Midstream Operations LP                                                                    | Hess Midstream Operations LP                                                                    | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30661.65     | 0.00%             | 2029-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| EURO                                                                                            | EURO                                                                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | XX        |    -75450 | OU      | $-86933.81    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Corp.                                                                            | Select Medical Corp.                                                                            | CUSIP: 816196AV1<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19080.56     | 0.00%             | 2032-12-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Aretec Group, Inc.                                                                              | Aretec Group, Inc.                                                                              | CUSIP: 04020JAA4<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |     80000 | PA      | $85073.18     | 0.01%             | 2030-08-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Osaic Holdings, Inc.                                                                            | Osaic Holdings, Inc.                                                                            | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140121.09    | 0.02%             | 2032-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -114000 | PA      | $-114000.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -108562 | PA      | $-108562.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                                           | OneMain Finance Corp.                                                                           | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19429.75     | 0.00%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Investor 2 LLC       | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Investor 2 LLC       | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $90517.50     | 0.01%             | 2029-11-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Acrisure LLC / Acrisure Finance, Inc.                                                           | Acrisure LLC / Acrisure Finance, Inc.                                                           | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    152000 | PA      | $152810.01    | 0.02%             | 2030-11-06      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Fair Isaac Corp.                                                                                | Fair Isaac Corp.                                                                                | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    394000 | PA      | $382640.94    | 0.06%             | 2028-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |    -56175 | PA      | $-56175.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                                                   | SM Energy Co.                                                                                   | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    280000 | PA      | $284420.36    | 0.04%             | 2029-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -308700 | PA      | $-308700.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -76200 | PA      | $-76200.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Clue Opco LLC                                                                                   | Clue Opco LLC                                                                                   | CUSIP: 36267QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $29073.09     | 0.00%             | 2031-10-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -173075 | PA      | $-173075.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Saber Power Services LLC                                                                        | Saber Power Services LLC, Term Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  13811538 | PA      | $13811538.47  | 2.00%             | 2031-10-21      | Variable      | 9.05%                 | Yes           |                  3 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -119566 | PA      | $-119566.40   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Odevo AB                                                                                        | Odevo AB, Delayed Draw Term Loan                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |    371813 | PA      | $490309.73    | 0.07%             | 2030-09-09      | Variable      | 8.98%                 | Yes           |                  3 | On Loan: No      |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.                     | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.                     | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    630000 | PA      | $598569.24    | 0.09%             | 2029-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Pound Sterling                                                                                  | Pound Sterling                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | GB        |    360180 | OU      | $474969.62    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -470400 | PA      | $-470400.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -291525 | PA      | $-291525.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -66238 | PA      | $-66237.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |    -71225 | PA      | $-71225.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Howard Hughes Corp. (The)                                                                       | Howard Hughes Corp. (The)                                                                       | CUSIP: 44267DAE7<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     90000 | PA      | $85201.09     | 0.01%             | 2029-02-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Cloud Software Group, Inc.                                                                      | Cloud Software Group, Inc.                                                                      | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8899.80      | 0.00%             | 2033-08-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Brookfield Residential Properties, Inc. / Brookfield Residential US LLC                         | Brookfield Residential Properties, Inc. / Brookfield Residential US LLC                         | CUSIP: 11283YAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    130000 | PA      | $119519.01    | 0.02%             | 2030-02-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Veritiv Operating Co.                                                                           | Veritiv Operating Co.                                                                           | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104049.80    | 0.02%             | 2030-11-30      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -106860 | PA      | $-106860.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -131250 | PA      | $-131250.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Station Casinos LLC                                                                             | Station Casinos LLC                                                                             | CUSIP: 857691AJ8<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40186.00     | 0.01%             | 2032-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -159375 | PA      | $-159375.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -42750 | PA      | $-42750.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| DCLI Bidco LLC                                                                                  | DCLI Bidco LLC                                                                                  | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80963.60     | 0.01%             | 2029-11-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| AMN Healthcare, Inc.                                                                            | AMN Healthcare, Inc.                                                                            | CUSIP: 00175PAC7<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |    410000 | PA      | $386646.48    | 0.06%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -153876 | PA      | $-153876.25   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Mattamy Group Corp.                                                                             | Mattamy Group Corp.                                                                             | CUSIP: 57701RAQ5<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |    110000 | PA      | $103425.19    | 0.01%             | 2033-12-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -107700 | PA      | $-107700.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Open Text Corp.                                                                                 | Open Text Corp.                                                                                 | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    260000 | PA      | $250576.01    | 0.04%             | 2028-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| TeamSystem Holdco 3 SpA                                                                         | TeamSystem Holdco 3 SpA                                                                         | CUSIP: N/A<br>LEI: 815600582FB9F3BB2874       | Long             | DBT              | CORP              | IT        |   8755034 | PA      | $9759704.95   | 1.41%             | 2033-07-07      | Variable      | 7.90%                 | Yes           |                  3 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -267300 | PA      | $-267300.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Twilio, Inc.                                                                                    | Twilio, Inc.                                                                                    | CUSIP: 90138FAC6<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |    620000 | PA      | $593340.99    | 0.09%             | 2029-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                 | TransDigm, Inc.                                                                                 | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122534.40    | 0.02%             | 2032-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -79440 | PA      | $-79439.80    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                                         | Goldman Sachs & Co. LLC                                                                         | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Short            | RA               | CORP              | US        |    -93600 | PA      | $-93600.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| APLD ComputeCo 2 LLC                                                                            | APLD ComputeCo 2 LLC                                                                            | CUSIP: 03772CAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     98000 | PA      | $97347.23     | 0.01%             | 2031-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Jupiter Purchaser LLC                                                                           | Jupiter Purchaser LLC, Term Loan                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6204028 | PA      | $6204028.43   | 0.90%             | 2031-11-08      | Variable      | 8.70%                 | Yes           |                  3 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -361738 | PA      | $-361737.50   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -134625 | PA      | $-134625.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                      | J.P. MORGAN SECURITIES LLC                                                                      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Short            | RA               | CORP              | US        |   -325600 | PA      | $-325600.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Rossini SARL                                                                                    | Rossini SARL                                                                                    | CUSIP: N/A<br>LEI: 549300EC5JCCW6F83R11       | Long             | DBT              | CORP              | LU        |   7263666 | PA      | $8327350.52   | 1.21%             | 2030-03-30      | Variable      | 9.50%                 | Yes           |                  3 | On Loan: No      |
| Gen Digital, Inc.                                                                               | Gen Digital, Inc.                                                                               | CUSIP: 668771AL2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    230000 | PA      | $232389.24    | 0.03%             | 2030-09-30      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Carval CLO XIII-C Ltd.                                                                          | Carval CLO XIII-C Ltd.                                                                          | CUSIP: N/A<br>LEI: 2549005XZEW4MLAUOG12       | Long             | ABS-O            | CORP              | KY        |    918750 | PA      | $966065.63    | 0.14%             | 2027-06-24      | None          |  | Yes           |                  3 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -145500 | PA      | $-145500.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -228000 | PA      | $-228000.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.                                                           | Nomura Securities International, Inc.                                                           | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Short            | RA               | CORP              | US        |   -211312 | PA      | $-211312.50   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |    -78375 | PA      | $-78375.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Navient Corp.                                                                                   | Navient Corp.                                                                                   | CUSIP: 63938CAQ1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    320000 | PA      | $285695.22    | 0.04%             | 2032-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| HLF Financing SARL LLC / Herbalife International, Inc.                                          | HLF Financing SARL LLC / Herbalife International, Inc.                                          | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520000 | PA      | $487021.18    | 0.07%             | 2029-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Rithm Capital Corp.                                                                             | Rithm Capital Corp.                                                                             | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    398000 | PA      | $391365.58    | 0.06%             | 2029-04-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                                           | BofA Securities, Inc.                                                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Short            | RA               | CORP              | US        |   -195750 | PA      | $-195750.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Saturn Oil & Gas, Inc.                                                                          | Saturn Oil & Gas, Inc.                                                                          | CUSIP: 80412LAA5<br>LEI: 549300G6BWJ7K6PIIY73 | Long             | DBT              | CORP              | CA        |    325000 | PA      | $340396.23    | 0.05%             | 2029-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Blackstone Private Multi-Asset Credit & Income Fund

**Signature:** Gregory Roppa

**Name of Signer:** Gregory Roppa

**Title:** Chief Accounting Officer