# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001752724-25-177728
**Filing Date:** 2025-7
**Character Count:** 158574
**Document Hash:** 81e045433370946db14abd190391ad7b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-177728.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-177728

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iSHARES TRUST
- **CENTRAL INDEX KEY:** 0001100663

**ORGANIZATION NAME:**
- **EIN:** 943351276
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09729
- **FILM NUMBER:** 251149305

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES TRUST
- **DATE OF NAME CHANGE:** 19991213

## Series and Classes Contracts Data

### iShares High Yield Systematic Bond ETF (Series ID: S000057341)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000182992 | iShares High Yield Systematic Bond ETF | HYDB            |

## Nport-Ex

Schedule of Investments (unaudited)

May 31, 2025

**iShares® High Yield Systematic Bond ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
| Spirit AeroSystems Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 11/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $2447 | $2605570 |
| &nbsp;&nbsp;&nbsp; 9.75%, 11/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 9130 | 10081939 |
| TransDigm Inc., 6.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 364 | 369932 |
|  |  | 13057441 |
| **Airlines — 2.2%** | **Airlines — 2.2%** | **Airlines — 2.2%** |
| Air Canada, 3.88%, 08/15/26<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 7776 | 7677913 |
| American Airlines Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 7992 | 8071889 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4423 | 4582737 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 12360 | 12226088 |
|  |  | 32558627 |
| **Apparel — 0.4%** | **Apparel — 0.4%** | **Apparel — 0.4%** |
| William Carter Co. (The), 5.63%, 03/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5360 | 5323464 |
| **Auto Manufacturers — 1.7%** | **Auto Manufacturers — 1.7%** | **Auto Manufacturers — 1.7%** |
| Allison Transmission Inc., 5.88%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2418 | 2427684 |
| &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd., 10.00%, <br> 03/31/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 11873 | 11127065 |
| Jaguar Land Rover Automotive PLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4957 | 4844734 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4300 | 4239237 |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2121 | 2120231 |
|  |  | 24758951 |
| **Auto Parts & Equipment — 1.2%** | **Auto Parts & Equipment — 1.2%** | **Auto Parts & Equipment — 1.2%** |
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings Inc./Garrett LX I SARL, <br> 7.75%, 05/31/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 8323 | 8493114 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, 7.75%, 11/15/30, (7.75% <br> Cash and 8.50% PIK)<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; 4657 | 4703387 |
| Phinia Inc., 6.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3659 | 3739908 |
|  |  | 16936409 |
| **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
| Biocon Biologics Global PLC, 6.67%, 10/09/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 9482 | 8823422 |
| **Building Materials — 1.3%** | **Building Materials — 1.3%** | **Building Materials — 1.3%** |
| Builders FirstSource Inc., 6.38%, 06/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6352 | 6411442 |
| Sisecam U.K. PLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 05/02/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 3574 | 3605444 |
| &nbsp;&nbsp;&nbsp; 8.63%, 05/02/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 8769 | 8779874 |
|  |  | 18796760 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| &nbsp;&nbsp;&nbsp; CVR Partners LP/CVR Nitrogen Finance Corp., <br> 6.13%, 06/15/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 5659 | 5628430 |
| Rain Carbon Inc., 12.25%, 09/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4675 | 4870873 |
| &nbsp;&nbsp;&nbsp; SK Invictus Intermediate II SARL, 5.00%, <br> 10/30/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 7546 | 7169251 |
|  |  | 17668554 |
| **Coal — 0.7%** | **Coal — 0.7%** | **Coal — 0.7%** |
| &nbsp;&nbsp;&nbsp; Alliance Resource Operating Partners LP/Alliance <br> Resource Finance Corp., 8.63%, 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 3674 | 3840212 |
| SunCoke Energy Inc., 4.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5628 | 5172287 |
| Warrior Met Coal Inc., 7.88%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 807 | 819060 |
|  |  | 9831559 |
| **Commercial Services — 4.7%** | **Commercial Services — 4.7%** | **Commercial Services — 4.7%** |
| ADT Security Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4804 | 4581505 |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 7336 | 6963237 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Adtalem Global Education Inc., 5.50%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $2250 | $2232247 |
| Deluxe Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5584 | 5182231 |
| &nbsp;&nbsp;&nbsp; 8.13%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4641 | 4691791 |
| GEO Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 04/15/29 | &nbsp;&nbsp;&nbsp; 6354 | 6707131 |
| &nbsp;&nbsp;&nbsp; 10.25%, 04/15/31 | &nbsp;&nbsp;&nbsp; 5087 | 5576099 |
| Hertz Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4656 | 4111680 |
| &nbsp;&nbsp;&nbsp; 12.63%, 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 10905 | 11103831 |
| Korn Ferry, 4.63%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1886 | 1856727 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime <br> Finance Inc., 6.25%, 01/15/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 5997 | 5990863 |
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., 4.88%, <br> 01/15/28<br>| &nbsp;&nbsp;&nbsp; 3806 | 3765616 |
| Upbound Group Inc., 6.38%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5011 | 4794645 |
|  |  | 67557603 |
| **Computers — 1.1%** | **Computers — 1.1%** | **Computers — 1.1%** |
| &nbsp;&nbsp;&nbsp; Conduent Business Services LLC/Conduent State <br> & Local Solutions Inc., 6.00%, 11/01/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 5831 | 5359694 |
| Diebold Nixdorf Inc., 7.75%, 03/31/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 9693 | 10188380 |
|  |  | 15548074 |
| **Diversified Financial Services — 11.6%** | **Diversified Financial Services — 11.6%** | **Diversified Financial Services — 11.6%** |
| Ally Financial Inc., 6.70%, 02/14/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4985 | 5070037 |
| Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2017 | 2007399 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3014 | 3021785 |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5533 | 5894914 |
| Coinbase Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 10/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 12927 | 12021593 |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 337 | 293298 |
| Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5372 | 5351022 |
| &nbsp;&nbsp;&nbsp; 9.25%, 12/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5789 | 6125619 |
| Enova International Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.13%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5007 | 5143751 |
| &nbsp;&nbsp;&nbsp; 11.25%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3543 | 3800782 |
| goeasy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 940 | 939162 |
| &nbsp;&nbsp;&nbsp; 7.63%, 07/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6322 | 6386959 |
| &nbsp;&nbsp;&nbsp; 9.25%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5458 | 5732248 |
| Nationstar Mortgage Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5777 | 5752120 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1372 | 1369006 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6099 | 6108569 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/15/28 | &nbsp;&nbsp;&nbsp; 1042 | 977051 |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 281 | 272254 |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 | &nbsp;&nbsp;&nbsp; 662 | 674277 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6547 | 6507419 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 7742 | 7877477 |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/15/30 | &nbsp;&nbsp;&nbsp; 1069 | 1117104 |
| &nbsp;&nbsp;&nbsp; 9.00%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2284 | 2393792 |
| PennyMac Financial Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2649 | 2514714 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5397 | 5197800 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7801 | 7837665 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1013 | 945111 |

---

------

Schedule of Investments (unaudited)(continued)

May 31, 2025

**iShares® High Yield Systematic Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; $11189 | $10123976 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2996 | 2588122 |
| SLM Corp., 3.13%, 11/02/26 | &nbsp;&nbsp;&nbsp; 4539 | 4430257 |
| StoneX Group Inc., 7.88%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5454 | 5744884 |
| Synchrony Financial, 7.25%, 02/02/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 7648 | 7816395 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7470 | 7151058 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4830 | 4760986 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 8479 | 8312986 |
| &nbsp;&nbsp;&nbsp; VFH Parent LLC / Valor Co-Issuer Inc., 7.50%, <br> 06/15/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 4933 | 5143111 |
|  |  | 167404703 |
| **Electric — 1.7%** | **Electric — 1.7%** | **Electric — 1.7%** |
| NRG Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5459 | 4934204 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3902 | 3915953 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 | &nbsp;&nbsp;&nbsp; 9219 | 8995043 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/30 | &nbsp;&nbsp;&nbsp; 4027 | 3907243 |
| Vistra Operations Co. LLC, 5.50%, 09/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3500 | 3503192 |
|  |  | 25255635 |
| **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** |
| Energizer Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/31/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5771 | 5421014 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6225 | 6002583 |
|  |  | 11423597 |
| **Engineering & Construction — 0.8%** | **Engineering & Construction — 0.8%** | **Engineering & Construction — 0.8%** |
| AECOM, 5.13%, 03/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 7042 | 7035824 |
| Tutor Perini Corp., 11.88%, 04/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 3769 | 4193431 |
|  |  | 11229255 |
| **Entertainment — 2.9%** | **Entertainment — 2.9%** | **Entertainment — 2.9%** |
| &nbsp;&nbsp;&nbsp; AMC Entertainment Holdings Inc., 7.50%, <br> 02/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 13922 | 10880043 |
| Live Nation Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1781 | 1709929 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7252 | 7337951 |
| &nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10530 | 6976125 |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5473 | 3256435 |
| Resorts World Las Vegas LLC/RWLV Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/16/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 12611 | 11056040 |
| &nbsp;&nbsp;&nbsp; 8.45%, 07/27/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 449 | 441875 |
|  |  | 41658398 |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
| &nbsp;&nbsp;&nbsp; Albertsons Companies Inc./Safeway Inc./New <br> Albertsons LP/Albertsons LLC, 4.63%, <br> 01/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2699 | 2672452 |
| MARB BondCo PLC, 3.95%, 01/29/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 8141 | 7163107 |
|  |  | 9835559 |
| **Forest Products & Paper — 0.4%** | **Forest Products & Paper — 0.4%** | **Forest Products & Paper — 0.4%** |
| Magnera Corp., 7.25%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6038 | 5524770 |
| **Gas — 1.4%** | **Gas — 1.4%** | **Gas — 1.4%** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP / AmeriGas Finance Corp., <br> 9.50%, 06/01/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1705 | 1722131 |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/20/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5622 | 5501809 |
| &nbsp;&nbsp;&nbsp; 9.38%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5459 | 5512946 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $2770 | $2893121 |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4924 | 5185198 |
|  |  | 20815205 |
| **Health Care - Products — 1.1%** | **Health Care - Products — 1.1%** | **Health Care - Products — 1.1%** |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 10373 | 10724230 |
| Embecta Corp., 5.00%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6496 | 5777959 |
|  |  | 16502189 |
| **Health Care - Services — 1.1%** | **Health Care - Services — 1.1%** | **Health Care - Services — 1.1%** |
| DaVita Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5615 | 4973294 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10648 | 9949927 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 955 | 964862 |
|  |  | 15888083 |
| **Home Builders — 1.2%** | **Home Builders — 1.2%** | **Home Builders — 1.2%** |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties Inc./Brookfield <br> Residential U.S. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6083 | 5292210 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6520 | 6418939 |
| Century Communities Inc., 3.88%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5880 | 5330005 |
|  |  | 17041154 |
| **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** |
| &nbsp;&nbsp;&nbsp; Somnigroup International Inc., 3.88%, <br> 10/15/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 5670 | 5046162 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| &nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings LLC/Baldwin <br> Insurance Group Holdings Finance, 7.13%, <br> 05/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 6059 | 6246381 |
| **Internet — 2.7%** | **Internet — 2.7%** | **Internet — 2.7%** |
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC, 7.00%, <br> 06/15/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 4189 | 4211548 |
| GrubHub Holdings Inc., 5.50%, 07/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6155 | 5677984 |
| Rakuten Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9926 | 10627368 |
| &nbsp;&nbsp;&nbsp; 11.25%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4428 | 4774507 |
| Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 10/31/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 9076 | 8839408 |
| &nbsp;&nbsp;&nbsp; 7.75%, 09/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4552 | 4459829 |
|  |  | 38590644 |
| **Iron & Steel — 0.6%** | **Iron & Steel — 0.6%** | **Iron & Steel — 0.6%** |
| Algoma Steel Inc., 9.13%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 3703 | 3202651 |
| Cleveland-Cliffs Inc., 5.88%, 06/01/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2635 | 2595253 |
| U.S. Steel Corp., 6.88%, 03/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2224 | 2243387 |
|  |  | 8041291 |
| **Leisure Time — 2.5%** | **Leisure Time — 2.5%** | **Leisure Time — 2.5%** |
| Carnival Corp., 6.00%, 05/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 9990 | 10016331 |
| NCL Corp. Ltd., 5.88%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9540 | 9542232 |
| Sabre GLBL Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6926 | 7121833 |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6170 | 6293400 |
| &nbsp;&nbsp;&nbsp; 11.13%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1605 | 1646730 |
| &nbsp;&nbsp;&nbsp; 11.25%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1214 | 1194273 |
|  |  | 35814799 |
| **Lodging — 1.8%** | **Lodging — 1.8%** | **Lodging — 1.8%** |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower <br> Escrow LLC/Hilton Grand Vacations <br> Borrower Esc<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5660 | 5075195 |

---

------

Schedule of Investments (unaudited)(continued)

May 31, 2025

**iShares® High Yield Systematic Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; $4087 | $3834304 |
| Station Casinos LLC, 4.63%, 12/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5628 | 5152042 |
| Travel & Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 7154 | 6797751 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/31/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4500 | 4546436 |
| &nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas Capital <br> Corp., 5.25%, 05/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 975 | 970595 |
|  |  | 26376323 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 8192 | 7936234 |
| **Manufacturing — 0.4%** | **Manufacturing — 0.4%** | **Manufacturing — 0.4%** |
| LSB Industries Inc., 6.25%, 10/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5172 | 5119770 |
| **Media — 7.2%** | **Media — 7.2%** | **Media — 7.2%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2983 | 2732150 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 11667 | 10071339 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11927 | 10855283 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 9130 | 8120426 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 8576 | 7938986 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 8563 | 8435100 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2892 | 2846620 |
| &nbsp;&nbsp;&nbsp; 10.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6785 | 6604195 |
| Gray Television Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6850 | 4957687 |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4712 | 3364602 |
| Nexstar Media Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 11143 | 10720549 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2760 | 2748964 |
| Sinclair Television Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/31/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2115 | 1527284 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 8130 | 6829200 |
| &nbsp;&nbsp;&nbsp; 9.75%, 02/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2620 | 2809950 |
| TEGNA Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 10262 | 9948430 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4119 | 3923414 |
|  |  | 104434179 |
| **Mining — 5.3%** | **Mining — 5.3%** | **Mining — 5.3%** |
| Aris Mining Corp., 8.00%, 10/31/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4596 | 4666143 |
| Eldorado Gold Corp., 6.25%, 09/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5133 | 5100672 |
| First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5504 | 5593374 |
| &nbsp;&nbsp;&nbsp; 9.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9712 | 10211789 |
| &nbsp;&nbsp;&nbsp; FMG Resources August Pty. Ltd., 6.13%, <br> 04/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2593 | 2586667 |
| Hecla Mining Co., 7.25%, 02/15/28 | &nbsp;&nbsp;&nbsp; 3728 | 3754044 |
| IAMGOLD Corp., 5.75%, 10/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4905 | 4838262 |
| Ivanhoe Mines Ltd., 7.88%, 01/23/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 7938 | 7728651 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 11410 | 10846741 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 3898 | 4019750 |
| Stillwater Mining Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/16/26<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6667 | 6433888 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/16/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6681 | 5709649 |
| Taseko Mines Ltd., 8.25%, 05/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5293 | 5438184 |
|  |  | 76927814 |
| **Office Furnishings — 0.3%** | **Office Furnishings — 0.3%** | **Office Furnishings — 0.3%** |
| Steelcase Inc., 5.13%, 01/18/29 | &nbsp;&nbsp;&nbsp; 4923 | 4778116 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas — 7.3%** | **Oil & Gas — 7.3%** | **Oil & Gas — 7.3%** |
| California Resources Corp., 8.25%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; $9021 | $9037355 |
| CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4015 | 3985811 |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 3967 | 4061827 |
| Comstock Resources Inc., 6.75%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 13488 | 13279535 |
| &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 6063 | 6073562 |
| Energean PLC, 6.50%, 04/30/27<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4975 | 4863062 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp., 6.75%, <br> 09/01/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 6591 | 6686277 |
| &nbsp;&nbsp;&nbsp; Ithaca Energy North Sea PLC, 8.13%, <br> 10/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 8036 | 8057295 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 10721 | 10682887 |
| Northern Oil & Gas Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 03/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 7171 | 7200207 |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4579 | 4615504 |
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, 8.00%, <br> 04/15/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 4657 | 4741278 |
| &nbsp;&nbsp;&nbsp; Sitio Royalties Operating Partnership LP/Sitio <br> Finance Corp., 7.88%, 11/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 5626 | 5802285 |
| Strathcona Resources Ltd., 6.88%, 08/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4604 | 4618958 |
| Talos Production Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6214 | 6171657 |
| &nbsp;&nbsp;&nbsp; 9.38%, 02/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5534 | 5440990 |
|  |  | 105318490 |
| **Oil & Gas Services — 1.3%** | **Oil & Gas Services — 1.3%** | **Oil & Gas Services — 1.3%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP/Archrock Partners Finance <br> Corp., 6.25%, 04/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1268 | 1265942 |
| Bristow Group Inc., 6.88%, 03/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2040 | 2034028 |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA Compression <br> Finance Corp., 6.88%, 09/01/27<br>| &nbsp;&nbsp;&nbsp; 3495 | 3493734 |
| Viridien, 10.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2447 | 2309163 |
| &nbsp;&nbsp;&nbsp; Weatherford International Ltd., 8.63%, <br> 04/30/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 9727 | 9880337 |
|  |  | 18983204 |
| **Packaging & Containers — 1.4%** | **Packaging & Containers — 1.4%** | **Packaging & Containers — 1.4%** |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings <br> USA Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2158 | 1961773 |
| , 5.25%, 08/15/27<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 8973 | 4082715 |
| Klabin Austria GmbH, 7.00%, 04/03/49<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 7432 | 7365112 |
| Owens-Brockway Glass Container Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 05/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4379 | 4386479 |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 3065 | 3050257 |
|  |  | 20846336 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| Elanco Animal Health Inc., 6.65%, 08/28/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5601 | 5755313 |
| Endo Finance Holdings Inc., 8.50%, 04/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 10386 | 10750351 |
| Grifols SA, 4.75%, 10/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 7942 | 7554908 |
|  |  | 24060572 |
| **Pipelines — 4.3%** | **Pipelines — 4.3%** | **Pipelines — 4.3%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream <br> Finance Corp., 5.75%, 03/01/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 4504 | 4500080 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP/Delek Logistics <br> Finance Corp., 8.63%, 03/15/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 10229 | 10593848 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2648 | 2681614 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6268 | 6359864 |
| &nbsp;&nbsp;&nbsp; 8.88%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5053 | 5305988 |

---

------

Schedule of Investments (unaudited)(continued)

May 31, 2025

**iShares® High Yield Systematic Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC, 8.63%, <br> 10/31/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $8896 | $8915962 |
| Venture Global LNG Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4632 | 4740389 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 7728 | 7845017 |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 10286 | 10942720 |
|  |  | 61885482 |
| **Real Estate — 1.3%** | **Real Estate — 1.3%** | **Real Estate — 1.3%** |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, 6.75%, <br> 05/15/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 5986 | 6011967 |
| Howard Hughes Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 7140 | 6712240 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6206 | 5635645 |
|  |  | 18359852 |
| **Real Estate Investment Trusts — 5.6%** | **Real Estate Investment Trusts — 5.6%** | **Real Estate Investment Trusts — 5.6%** |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance Inc., <br> 4.63%, 06/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 5700 | 5322713 |
| &nbsp;&nbsp;&nbsp; Brookfield Property REIT Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC, 4.50%, 04/01/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 6586 | 6396384 |
| Iron Mountain Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1601 | 1500136 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 683 | 675509 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1886 | 1840217 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/01/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12749 | 9663523 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6610 | 5776876 |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5878 | 5559694 |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4075 | 4015260 |
| Rithm Capital Corp., 8.00%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8341 | 8363212 |
| RLJ Lodging Trust LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4000 | 3936124 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5519 | 5045787 |
| Starwood Property Trust Inc., 4.38%, 01/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 3293 | 3234142 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019 Inc./CSL <br> Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 3382 | 3289721 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 12069 | 11379123 |
| XHR LP, 4.88%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5371 | 5100609 |
|  |  | 81099030 |
| **Retail — 5.2%** | **Retail — 5.2%** | **Retail — 5.2%** |
| Brinker International Inc., 8.25%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2838 | 3003174 |
| FirstCash Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4764 | 4641121 |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5213 | 5176351 |
| Gap Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8372 | 7645139 |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5256 | 4652629 |
| Kohl's Corp., 5.13%, 05/01/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5374 | 3418258 |
| Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 3244 | 3179411 |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2258 | 2091703 |
| Nordstrom Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/01/30 | &nbsp;&nbsp;&nbsp; 3133 | 2826716 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/44 | &nbsp;&nbsp;&nbsp; 12450 | 8707786 |
| Patrick Industries Inc., 6.38%, 11/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3130 | 3085092 |
| QXO Building Products Inc., 6.75%, 04/30/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10496 | 10762072 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Walgreens Boots Alliance Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 04/15/50<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $7830 | $6652667 |
| &nbsp;&nbsp;&nbsp; 4.80%, 11/18/44<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 7639 | 7054595 |
| &nbsp;&nbsp;&nbsp; 8.13%, 08/15/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1828 | 1915314 |
|  |  | 74812028 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Dye & Durham Ltd., 8.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5469 | 5673453 |
| ROBLOX Corp., 3.88%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4061 | 3777112 |
|  |  | 9450565 |
| **Telecommunications — 5.3%** | **Telecommunications — 5.3%** | **Telecommunications — 5.3%** |
| EchoStar Corp., 6.75%, 11/30/30, (6.75% PIK)<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; 1165 | 1001634 |
| GCI LLC, 4.75%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6785 | 6381375 |
| Hughes Satellite Systems Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8320 | 7500142 |
| &nbsp;&nbsp;&nbsp; 6.63%, 08/01/26<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11301 | 7920532 |
| Level 3 Financing Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6116 | 5152730 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6141 | 5081678 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2316 | 2036853 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2603 | 2364132 |
| &nbsp;&nbsp;&nbsp; 10.75%, 12/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4825 | 5440187 |
| Lumen Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2142 | 2080418 |
| &nbsp;&nbsp;&nbsp; 10.00%, 10/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4322 | 4432643 |
| Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/27/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9430 | 8415431 |
| &nbsp;&nbsp;&nbsp; 7.38%, 04/02/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4695 | 4755054 |
| Viasat Inc., 7.50%, 05/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5748 | 4585946 |
| Zegona Finance PLC, 8.63%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8982 | 9565830 |
|  |  | 76714585 |
| **Trucking & Leasing — 0.7%** | **Trucking & Leasing — 0.7%** | **Trucking & Leasing — 0.7%** |
| &nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure <br> Investors LLC, 5.50%, 05/01/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 10102 | 10017573 |
| **Total Long-Term Investments — 96.4%** <br>**(Cost: $1,393,642,081)** | **Total Long-Term Investments — 96.4%** <br>**(Cost: $1,393,642,081)** | 1394298842 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 26.3%** | **Money Market Funds — 26.3%** | **Money Market Funds — 26.3%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.46%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp;&nbsp; 362360796 | 362505740 |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(d)(e)</sup><br>| &nbsp;&nbsp;&nbsp; 18240000 | 18240000 |
| **Total Short-Term Securities — 26.3%** <br>**(Cost: $380,734,588)** | **Total Short-Term Securities — 26.3%** <br>**(Cost: $380,734,588)** | 380745740 |
| **Total Investments — 122.7%** <br>**(Cost: $1,774,376,669)** | **Total Investments — 122.7%** <br>**(Cost: $1,774,376,669)** | 1775044582 |
| **Liabilities in Excess of Other Assets — (22.7)%** | **Liabilities in Excess of Other Assets — (22.7)%** | (328012017)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1447032565 |

---

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

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

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

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

------

Schedule of Investments (unaudited)(continued)

May 31, 2025

**iShares® High Yield Systematic Bond ETF**

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

<sup>(d)</sup> Affiliate of the Fund. <br> <sup>(e)</sup> Annualized 7-day yield as of period end.

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*05/31/25*<br>| *Shares* <br>*Held at* <br>*05/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $290875869<br> $71676324 <br><sup>(a)</sup><br>| $— | $(25855)<br>| $(20598)<br>| $362505740 | 362360796 | $625245 <br><sup>(b)</sup><br>| $— |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6030000<br> 12210000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18240000 | 18240000 | &nbsp;&nbsp; 110497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | $(25855) | $(20598) | $380745740 |  | $735742 | $— |

---

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

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

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

**Fair Value Hierarchy as of Period End** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1394298842 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1394298842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 380745740 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 380745740 |
|  | &nbsp;&nbsp; $380745740 | &nbsp;&nbsp; $1394298842 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1775044582 |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| PIK | Payment-in-kind |
| REIT | Real Estate Investment Trust |

---

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** iShares Trust

- **b. Investment Company Act file number:** 811-09729

- **c. CIK number of Registrant:** 0001100663

- **d. LEI of Registrant:** 5493000860OXIC4B5K91

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

  - **Street Address 1:** 400 Howard Street

  - **City:** San Francisco

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94105

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

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

- **a. Name of Series:** iShares High Yield Systematic Bond ETF

- **b. EDGAR series identifier (if any):** S000057341

- **c. LEI of Series:** 54930005IQ49IXN46616

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-31

**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:** $2224828663.36

**Total Liabilities:** $777831064.00

**Net Assets:** $1446997599.36

**Delayed Delivery Securities:** $4645000.00

**Cash Not Reported:** $5003.61

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2.37000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 179.37000000 | **1-Year:** 45650.94000000 | **5-Year:** 352691.58000000 | **10-Year:** 10323.86000000 | **30-Year:** 36173.63000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000182992 | -1.03%               | -0.95%               | 1.85%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $189764.11               | $-26059693.97                              |
| Month 2  | $-2692962.85             | $-23846483.14                              |
| Month 3  | $-16128958.22            | $35448501.04                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9130000 | PA      | $8120426.51   | 0.56%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| ALGOMA STEEL INC                               | Algoma Steel Inc                                                                 | CUSIP: 01566MAD7<br>LEI: 5493006RXIB5GVHWJS53 | Long             | DBT              | CORP              | CA        |   3703000 | PA      | $3202650.64   | 0.22%             | 2029-04-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: —       |
| PG&E CORP                                      | PG&E Corp                                                                        | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |   9219000 | PA      | $8995042.83   | 0.62%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                        | Macy's Retail Holdings LLC                                                       | CUSIP: 55617LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3244000 | PA      | $3179410.99   | 0.22%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| HILTON GRAND VAC LLC/INC                       | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc        | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4087000 | PA      | $3834304.06   | 0.26%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| TALOS PRODUCTION INC                           | Talos Production Inc                                                             | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |   6274000 | PA      | $6168552.88   | 0.43%             | 2031-02-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: —       |
| GCI LLC                                        | GCI LLC                                                                          | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |   6785000 | PA      | $6381375.28   | 0.44%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                       | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   2158000 | PA      | $1961773.06   | 0.14%             | 2026-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                       | Sinclair Television Group Inc                                                    | CUSIP: 829259BF6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |   2115000 | PA      | $1527283.80   | 0.11%             | 2032-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| Nordstrom Inc                                  | Nordstrom Inc                                                                    | CUSIP: 655664AR1<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |  12450000 | PA      | $8707786.47   | 0.60%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                                    | Deluxe Corp                                                                      | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   4641000 | PA      | $4691791.10   | 0.32%             | 2029-09-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS                       | Hughes Satellite Systems Corp                                                    | CUSIP: 444454AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8580000 | PA      | $7734521.65   | 0.53%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| BIOCON BIOLOGICS GLOBAL                        | Biocon Biologics Global PLC                                                      | CUSIP: 090978AA5<br>LEI: 254900PMQN51VACG2D55 | Long             | DBT              | CORP              | GB        |   9482000 | PA      | $8823421.53   | 0.61%             | 2029-10-09      | Fixed         | 6.67%                 | No            |                  2 | On Loan: —       |
| VENTURE GLOBAL LNG INC                         | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |  10286000 | PA      | $10942719.96  | 0.76%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: —       |
| OWENS-BROCKWAY                                 | Owens-Brockway Glass Container Inc                                               | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |   4379000 | PA      | $4386479.33   | 0.30%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| PHINIA INC                                     | Phinia Inc                                                                       | CUSIP: 71880KAA9<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |   3659000 | PA      | $3739907.81   | 0.26%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GENTING NY LLC/GENNY CAP                       | Genting New York LLC / GENNY Capital Inc                                         | CUSIP: 37255JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $45508.08     | 0.00%             | 2029-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| COGENT COMM GROUP LLC                          | Cogent Communications Group LLC                                                  | CUSIP: 19240CAE3<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |   4189000 | PA      | $4211547.84   | 0.29%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                        | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |  12069000 | PA      | $11379122.68  | 0.79%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| SUMMIT MIDSTREAM HOLDING                       | Summit Midstream Holdings LLC                                                    | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8896000 | PA      | $8915962.62   | 0.62%             | 2029-10-31      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                         | Comstock Resources Inc                                                           | CUSIP: 205768AU8<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |   3972000 | PA      | $3900316.52   | 0.27%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                         | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AJ3<br>LEI: H36E1IF6YS0OBMHM6168 | Long             | DBT              | CORP              | US        |   1840000 | PA      | $1857489.20   | 0.13%             | 2026-08-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| IVANHOE MINES LTD                              | Ivanhoe Mines Ltd                                                                | CUSIP: 46579RAE4<br>LEI: 5299006XZISURYIA4G32 | Long             | DBT              | CORP              | CA        |   7938000 | PA      | $7728651.13   | 0.53%             | 2030-01-23      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| RITHM CAPITAL CORP                             | Rithm Capital Corp                                                               | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |   8341000 | PA      | $8363212.08   | 0.58%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11667000 | PA      | $10071339.41  | 0.70%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| ORGANON & CO/ORGANON FOR                       | Organon & Co / Organon Foreign Debt Co-Issuer BV                                 | CUSIP: 68622FAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3277317.68   | 0.23%             | 2034-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| DELUXE CORP                                    | Deluxe Corp                                                                      | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   5584000 | PA      | $5182230.47   | 0.36%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| BROOKFIELD PPTY REIT INC                       | Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | CUSIP: 11284DAA3<br>LEI: N/A                  | Long             | DBT              |  | US        |   2168000 | PA      | $2147764.97   | 0.15%             | 2026-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                       | Walgreens Boots Alliance Inc                                                     | CUSIP: 931427AC2<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |   7639000 | PA      | $7054595.11   | 0.49%             | 2044-11-18      | Fixed         | 4.80%                 | No            |                  2 | On Loan: —       |
| TEGNA INC                                      | TEGNA Inc                                                                        | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |  10262000 | PA      | $9948429.61   | 0.69%             | 2028-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| SLM CORP                                       | SLM Corp                                                                         | CUSIP: 78442PGE0<br>LEI: 4K8SLPBF5DXXGPW03H93 | Long             | DBT              | CORP              | US        |   4539000 | PA      | $4430257.36   | 0.31%             | 2026-11-02      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                         | Venture Global LNG Inc                                                           | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   4632000 | PA      | $4740388.80   | 0.33%             | 2028-06-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                            | Coinbase Global Inc                                                              | CUSIP: 19260QAD9<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    337000 | PA      | $293298.21    | 0.02%             | 2031-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: —       |
| AIR CANADA                                     | Air Canada                                                                       | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |   7776000 | PA      | $7677912.76   | 0.53%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| SUNCOKE ENERGY INC                             | SunCoke Energy Inc                                                               | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |   5628000 | PA      | $5172286.77   | 0.36%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                       | First Quantum Minerals Ltd                                                       | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   9712000 | PA      | $10211789.23  | 0.71%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| KORN/FERRY INTERNATIONAL                       | Korn Ferry                                                                       | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |   1886000 | PA      | $1856727.39   | 0.13%             | 2027-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATION                             | Kohl's Corp                                                                      | CUSIP: 500255AX2<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |   4952000 | PA      | $3149834.68   | 0.22%             | 2031-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| ROCKETMTGE CO-ISSUER INC                       | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2996000 | PA      | $2588121.56   | 0.18%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| ELDORADO GOLD CORP                             | Eldorado Gold Corp                                                               | CUSIP: 284902AF0<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |   5133000 | PA      | $5100671.85   | 0.35%             | 2029-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| DYE & DURHAM LIMITED                           | Dye & Durham Ltd                                                                 | CUSIP: 267486AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2639000 | PA      | $2737656.38   | 0.19%             | 2029-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                               | Credit Acceptance Corp                                                           | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5372000 | PA      | $5351022.34   | 0.37%             | 2030-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| BROOKFIELD RESID PROPERT                       | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   6520000 | PA      | $6418939.35   | 0.44%             | 2027-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| NORTHERN OIL & GAS INC                         | Northern Oil & Gas Inc                                                           | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   7171000 | PA      | $7200207.48   | 0.50%             | 2028-03-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: —       |
| VENTURE GLOBAL PLAQUE                          | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   4924000 | PA      | $5185198.50   | 0.36%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                         | Delek Logistics Partners LP / Delek Logistics Finance Corp                       | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10229000 | PA      | $10593847.97  | 0.73%             | 2029-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                       | Sinclair Television Group Inc                                                    | CUSIP: 829259BG4<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |   2620000 | PA      | $2809950.00   | 0.19%             | 2033-02-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: —       |
| Steelcase Inc                                  | Steelcase Inc                                                                    | CUSIP: 858155AE4<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | DBT              | CORP              | US        |   4923000 | PA      | $4778116.11   | 0.33%             | 2029-01-18      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE                        | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp         | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3674000 | PA      | $3840211.76   | 0.27%             | 2029-06-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                      | PG&E Corp                                                                        | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |   4027000 | PA      | $3907243.06   | 0.27%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                 | Sabre GLBL Inc                                                                   | CUSIP: 78573NAH5<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   1214000 | PA      | $1194272.50   | 0.08%             | 2027-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11927000 | PA      | $10855282.72  | 0.75%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| SABRE GLBL INC                                 | Sabre GLBL Inc                                                                   | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   6590000 | PA      | $6721800.00   | 0.46%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: —       |
| PREMIER ENTERTAINMENT SU                       | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp               | CUSIP: 74052HAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10530000 | PA      | $6976125.00   | 0.48%             | 2029-09-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                       | Permian Resources Operating LLC                                                  | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   4657000 | PA      | $4741277.73   | 0.33%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO                       | Jaguar Land Rover Automotive PLC                                                 | CUSIP: 47010BAK0<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |   2121000 | PA      | $2120231.35   | 0.15%             | 2028-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                             | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    662000 | PA      | $674277.11    | 0.05%             | 2028-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC                        | Enova International Inc                                                          | CUSIP: 29357KAH6<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |   3543000 | PA      | $3800781.59   | 0.26%             | 2028-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                        | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327BAB6<br>LEI: N/A                  | Long             | DBT              |  | US        |   3382000 | PA      | $3289720.78   | 0.23%             | 2028-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| FIRSTCASH INC                                  | FirstCash Inc                                                                    | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   5213000 | PA      | $5176350.84   | 0.36%             | 2030-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| RESORTS WORLD/RWLV CAP                         | Resorts World Las Vegas LLC / RWLV Capital Inc                                   | CUSIP: 76120HAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    449000 | PA      | $441875.42    | 0.03%             | 2030-07-27      | Fixed         | 8.45%                 | No            |                  2 | On Loan: —       |
| RAKUTEN GROUP INC                              | Rakuten Group Inc                                                                | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |   4428000 | PA      | $4774507.30   | 0.33%             | 2027-02-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                         | Millicom International Cellular SA                                               | CUSIP: 600814AS6<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |   4695000 | PA      | $4755053.75   | 0.33%             | 2032-04-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                     | Viasat Inc                                                                       | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |   4802000 | PA      | $3831195.94   | 0.26%             | 2031-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| SOMNIGROUP INTL INC                            | Somnigroup International Inc                                                     | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |   5670000 | PA      | $5046161.60   | 0.35%             | 2031-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| CARNIVAL CORP                                  | Carnival Corp                                                                    | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   9990000 | PA      | $10016330.84  | 0.69%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| BUILDERS FIRSTSOURCE INC                       | Builders FirstSource Inc                                                         | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   6352000 | PA      | $6411442.02   | 0.44%             | 2032-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| HECLA MINING CO                                | Hecla Mining Co                                                                  | CUSIP: 422704AH9<br>LEI: 5493009Y6HOBZD1QD537 | Long             | DBT              | CORP              | US        |   3728000 | PA      | $3754043.81   | 0.26%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                          | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6785000 | PA      | $6604195.36   | 0.46%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                              | Iron Mountain Inc                                                                | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |   1886000 | PA      | $1840217.16   | 0.13%             | 2032-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| JAGUAR LAND ROVER AUTOMO                       | Jaguar Land Rover Automotive PLC                                                 | CUSIP: 47010BAF1<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |   4957000 | PA      | $4844733.86   | 0.33%             | 2027-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| QXO BUILDING PRODUCTS                          | QXO Building Products Inc                                                        | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |   8646000 | PA      | $8865174.98   | 0.61%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                          | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2892000 | PA      | $2846620.53   | 0.20%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                              | Rakuten Group Inc                                                                | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |   9926000 | PA      | $10627367.88  | 0.73%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                     | DaVita Inc                                                                       | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   5615000 | PA      | $4973293.66   | 0.34%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                         | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6099000 | PA      | $6108569.33   | 0.42%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| ROYAL CARIBBEAN CRUISES                        | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |  10000000 | PA      | $10001430.00  | 0.69%             | 2026-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                            | NCL Corp Ltd                                                                     | CUSIP: 62886HBE0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   9540000 | PA      | $9542232.36   | 0.66%             | 2027-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                         | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1372000 | PA      | $1369005.75   | 0.09%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                       | Sinclair Television Group Inc                                                    | CUSIP: 829259AY6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |   8130000 | PA      | $6829200.00   | 0.47%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| UNITED WHOLESALE MTGE LL                       | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |   7470000 | PA      | $7151057.89   | 0.49%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                       | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 03969AAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   2079000 | PA      | $945945.00    | 0.07%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                             | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |  10373000 | PA      | $10724229.78  | 0.74%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: —       |
| GOEASY LTD                                     | goeasy Ltd                                                                       | CUSIP: 380355AJ6<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |   6322000 | PA      | $6386958.55   | 0.44%             | 2029-07-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: —       |
| TRAVEL + LEISURE CO                            | Travel + Leisure Co                                                              | CUSIP: 894164AA0<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |   7154000 | PA      | $6797750.40   | 0.47%             | 2029-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| SPIRIT AEROSYSTEMS INC                         | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |   9130000 | PA      | $10081938.54  | 0.70%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: —       |
| GAP INC/THE                                    | Gap Inc/The                                                                      | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |   5256000 | PA      | $4652628.54   | 0.32%             | 2031-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| ANTERO MIDSTREAM PART/FI                       | Antero Midstream Partners LP / Antero Midstream Finance Corp                     | CUSIP: 03690AAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4504000 | PA      | $4500079.72   | 0.31%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VIRIDIEN                                       | Viridien                                                                         | CUSIP: 12531QAA3<br>LEI: 969500FCVQ5SLAAUJV59 | Long             | DBT              | CORP              | FR        |   2447000 | PA      | $2309163.43   | 0.16%             | 2030-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: —       |
| MPT OPER PARTNERSP/FINL                        | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              |  | US        |  14479000 | PA      | $10974832.96  | 0.76%             | 2029-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| BROOKFIELD PPTY REIT INC                       | Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | CUSIP: 11284DAC9<br>LEI: N/A                  | Long             | DBT              |  | US        |   6586000 | PA      | $6396383.79   | 0.44%             | 2027-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP                        | Gulfport Energy Operating Corp                                                   | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |   6591000 | PA      | $6686276.53   | 0.46%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| BlackRock Funds III                            | BlackRock Cash Funds: Institutional, SL Agency Shares                            | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        | 385459821 | NS      | $385614004.87 | 26.65%            |  |  |  | No            |                  1 | On Loan: No      |
| STARWOOD PROPERTY TRUST                        | Starwood Property Trust Inc                                                      | CUSIP: 85571BAY1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |   3293000 | PA      | $3234141.91   | 0.22%             | 2027-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| DAVITA INC                                     | DaVita Inc                                                                       | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    955000 | PA      | $964862.36    | 0.07%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                             | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1069000 | PA      | $1117104.49   | 0.08%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                           | IHO Verwaltungs GmbH                                                             | CUSIP: 44963BAG3<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    177000 | PA      | $177234.35    | 0.01%             | 2032-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                            | Synchrony Financial                                                              | CUSIP: 87165BAU7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |   7648000 | PA      | $7816395.27   | 0.54%             | 2033-02-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| LEVEL 3 FINANCING INC                          | Level 3 Financing Inc                                                            | CUSIP: 527298CD3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   2316000 | PA      | $2036852.52   | 0.14%             | 2030-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| UNITED RENTALS NORTH AM                        | United Rentals North America Inc                                                 | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   3806000 | PA      | $3765615.87   | 0.26%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                          | Level 3 Financing Inc                                                            | CUSIP: 527298CH4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   6141000 | PA      | $5081677.50   | 0.35%             | 2031-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| DIAMOND FRGN/DIAMOND FIN                       | Diamond Foreign Asset Co / Diamond Finance LLC                                   | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   6063000 | PA      | $6073561.75   | 0.42%             | 2030-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| SITIO ROYAL OP / SIT FIN                       | Sitio Royalties Operating Partnership LP / Sitio Finance Corp                    | CUSIP: 82983MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5626000 | PA      | $5802285.08   | 0.40%             | 2028-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                         | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              |  | US        |   5878000 | PA      | $5559693.96   | 0.38%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE                                 | Hertz Corp/The                                                                   | CUSIP: 428040DA4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |   4656000 | PA      | $4111679.61   | 0.28%             | 2026-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| WALGREENS BOOTS ALLIANCE                       | Walgreens Boots Alliance Inc                                                     | CUSIP: 931427AW8<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |   1828000 | PA      | $1915314.42   | 0.13%             | 2029-08-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: —       |
| BURFORD CAPITAL GLBL FIN                       | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   3014000 | PA      | $3021785.16   | 0.21%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                       | Walgreens Boots Alliance Inc                                                     | CUSIP: 931427AT5<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |   7830000 | PA      | $6652667.11   | 0.46%             | 2050-04-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: —       |
| ENDEAVOUR MINING PLC                           | Endeavour Mining PLC                                                             | CUSIP: 29261HAA3<br>LEI: 529900NI5MXQ91GHXR07 | Long             | DBT              | CORP              | GB        |   4927000 | PA      | $4904966.46   | 0.34%             | 2026-10-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| CUSHMAN & WAKEFIELD US                         | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |   5986000 | PA      | $6011967.27   | 0.42%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| NORDSTROM INC                                  | Nordstrom Inc                                                                    | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |   4651000 | PA      | $4196315.45   | 0.29%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6268000 | PA      | $6359863.81   | 0.44%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| Iron Mountain Inc                              | Iron Mountain Inc                                                                | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    683000 | PA      | $675509.40    | 0.05%             | 2028-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                          | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   3018000 | PA      | $3032184.60   | 0.21%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TUTOR PERINI CORP                              | Tutor Perini Corp                                                                | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |   3769000 | PA      | $4193430.86   | 0.29%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: —       |
| VERMILION ENERGY INC                           | Vermilion Energy Inc                                                             | CUSIP: 923725AE5<br>LEI: WT03B8BB1IX8WI9ZGV02 | Long             | DBT              | CORP              | CA        |    751000 | PA      | $657177.72    | 0.05%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                      | TEGNA Inc                                                                        | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |   4119000 | PA      | $3923414.23   | 0.27%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| MPT OPER PARTNERSP/FINL                        | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              |  | US        |   6610000 | PA      | $5776875.60   | 0.40%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| FIRSTCASH INC                                  | FirstCash Inc                                                                    | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   4764000 | PA      | $4641120.72   | 0.32%             | 2028-09-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                        | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BH4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   4000000 | PA      | $3960017.84   | 0.27%             | 2026-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ITHACA ENERGY NORTH                            | Ithaca Energy North Sea PLC                                                      | CUSIP: 46567TAC8<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |   8036000 | PA      | $8057295.40   | 0.56%             | 2029-10-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: —       |
| BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES | BlackRock Cash Funds: Treasury, SL Agency Shares                                 | CUSIP: 066922477<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |  18240000 | NS      | $18240000.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIGAS PART/FIN CORP                         | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1705000 | PA      | $1722130.95   | 0.12%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                       | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3495000 | PA      | $3493733.76   | 0.24%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                         | Energizer Holdings Inc                                                           | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   5771000 | PA      | $5421014.24   | 0.37%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| ARIS MINING CORP                               | Aris Mining Corp                                                                 | CUSIP: 04040YAB5<br>LEI: 5493001GJ5TILX6L1F82 | Long             | DBT              | CORP              | CA        |   4596000 | PA      | $4666143.09   | 0.32%             | 2029-10-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| STRATHCONA RESOURCES                           | Strathcona Resources Ltd/Alberta                                                 | CUSIP: 86304TAA6<br>LEI: 549300YNIUISTSZMLF56 | Long             | DBT              | CORP              | CA        |   4604000 | PA      | $4618958.40   | 0.32%             | 2026-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| HILTON GRAND VAC LLC/INC                       | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc        | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5660000 | PA      | $5075195.22   | 0.35%             | 2031-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| HOWARD HUGHES CORP                             | Howard Hughes Corp/The                                                           | CUSIP: 44267DAF4<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |   6206000 | PA      | $5635645.02   | 0.39%             | 2031-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                       | Aston Martin Capital Holdings Ltd                                                | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |  13303000 | PA      | $12467223.06  | 0.86%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: —       |
| AMERIGAS PART/FIN CORP                         | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5459000 | PA      | $5512945.84   | 0.38%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: —       |
| LSB INDUSTRIES                                 | LSB Industries Inc                                                               | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |   5172000 | PA      | $5119770.04   | 0.35%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| STILLWATER MINING CO                           | Stillwater Mining Co                                                             | CUSIP: 86074QAP7<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |   6667000 | PA      | $6433888.35   | 0.44%             | 2026-11-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| GRAY MEDIA INC                                 | Gray Media Inc                                                                   | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   4712000 | PA      | $3364602.19   | 0.23%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: —       |
| MARB BONDCO PLC                                | MARB BondCo PLC                                                                  | CUSIP: 566007AC4<br>LEI: 254900PVA1EU6QM1JN57 | Long             | DBT              | CORP              | GB        |   8141000 | PA      | $7163107.15   | 0.50%             | 2031-01-29      | Fixed         | 3.95%                 | No            |                  2 | On Loan: —       |
| MILLICOM INTL CELLULAR                         | Millicom International Cellular SA                                               | CUSIP: 600814AR8<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |   9430000 | PA      | $8415431.02   | 0.58%             | 2031-04-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CVR PARTNERS/CVR NITROGE                       | CVR Partners LP / CVR Nitrogen Finance Corp                                      | CUSIP: 12663QAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5659000 | PA      | $5628430.08   | 0.39%             | 2028-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                     | goeasy Ltd                                                                       | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |   5458000 | PA      | $5732248.13   | 0.40%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NRG Energy Inc                                 | NRG Energy Inc                                                                   | CUSIP: 629377CE0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   3902000 | PA      | $3915953.55   | 0.27%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| ALLY FINANCIAL INC                             | Ally Financial Inc                                                               | CUSIP: 02005NBS8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   4985000 | PA      | $5070037.27   | 0.35%             | 2033-02-14      | Fixed         | 6.70%                 | No            |                  2 | On Loan: —       |
| LIVE NATION ENTERTAINMEN                       | Live Nation Entertainment Inc                                                    | CUSIP: 538034AX7<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   1781000 | PA      | $1709928.84   | 0.12%             | 2028-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AECOM                                          | AECOM                                                                            | CUSIP: 00774CAB3<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |   7042000 | PA      | $7035824.17   | 0.49%             | 2027-03-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| BRISTOW GROUP INC                              | Bristow Group Inc                                                                | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |   2040000 | PA      | $2034027.90   | 0.14%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| VERTIV GROUP CORPORATION                       | Vertiv Group Corp                                                                | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |   8192000 | PA      | $7936234.29   | 0.55%             | 2028-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| Azul SA                                        | Azul SA                                                                          | CUSIP: 05501U106<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1009521 | NS      | $268532.59    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                       | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1268000 | PA      | $1265942.16   | 0.09%             | 2028-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BRINKER INTERNATIONAL IN                       | Brinker International Inc                                                        | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |   2838000 | PA      | $3003174.44   | 0.21%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| PATRICK INDUSTRIES INC                         | Patrick Industries Inc                                                           | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    730000 | PA      | $719526.18    | 0.05%             | 2032-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| APOLLO CMMRL REAL EST FI                       | Apollo Commercial Real Estate Finance Inc                                        | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              |  | US        |   5700000 | PA      | $5322712.67   | 0.37%             | 2029-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| SISECAM UK PLC                                 | Sisecam UK PLC                                                                   | CUSIP: 829688AA8<br>LEI: 789000T82YRLMLUOC889 | Long             | DBT              | CORP              | GB        |   3574000 | PA      | $3605444.05   | 0.25%             | 2029-05-02      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| IRON MOUNTAIN INC                              | Iron Mountain Inc                                                                | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |   1601000 | PA      | $1500136.18   | 0.10%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CONDUENT BUS SERVICES                          | Conduent Business Services LLC / Conduent State & Local Solutions Inc            | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5831000 | PA      | $5359693.86   | 0.37%             | 2029-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| ROBLOX CORP                                    | ROBLOX Corp                                                                      | CUSIP: 771049AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4061000 | PA      | $3777112.14   | 0.26%             | 2030-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                         | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAB9<br>LEI: N/A                  | Long             | DBT              |  | US        |   4075000 | PA      | $4015260.50   | 0.28%             | 2028-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2648000 | PA      | $2681613.71   | 0.19%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| WYNN LAS VEGAS LLC/CORP                        | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp                                 | CUSIP: 983130AX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    975000 | PA      | $970595.34    | 0.07%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                         | Energizer Holdings Inc                                                           | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   6225000 | PA      | $6002583.24   | 0.41%             | 2028-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| BURFORD CAPITAL GLBL FIN                       | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   6533000 | PA      | $6960323.53   | 0.48%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| AMC ENTERTAINMENT HLDGS                        | AMC Entertainment Holdings Inc                                                   | CUSIP: 00165CBA1<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |  15512000 | PA      | $12122628.00  | 0.84%             | 2029-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| IAMGOLD CORP                                   | IAMGOLD Corp                                                                     | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |   4905000 | PA      | $4838262.08   | 0.33%             | 2028-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| AMERICAN AIRLINES INC                          | American Airlines Inc                                                            | CUSIP: 023771T32<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |   7992000 | PA      | $8071889.15   | 0.56%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| NOBLE FINANCE II LLC                           | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10721000 | PA      | $10682886.85  | 0.74%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| STATION CASINOS LLC                            | Station Casinos LLC                                                              | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |   5628000 | PA      | $5152042.29   | 0.36%             | 2031-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| ZEGONA FINANCE PLC                             | Zegona Finance PLC                                                               | CUSIP: 98927UAA5<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |   8982000 | PA      | $9565830.00   | 0.66%             | 2029-07-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                 | Owens-Brockway Glass Container Inc                                               | CUSIP: 69073TAV5<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |   3065000 | PA      | $3050257.04   | 0.21%             | 2032-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| GRAY MEDIA INC                                 | Gray Media Inc                                                                   | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   6850000 | PA      | $4957687.50   | 0.34%             | 2030-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| STILLWATER MINING CO                           | Stillwater Mining Co                                                             | CUSIP: 86074QAQ5<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |   6681000 | PA      | $5709649.41   | 0.39%             | 2029-11-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                                   | Magnera Corp                                                                     | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   7471000 | PA      | $6835965.00   | 0.47%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| BROOKFIELD RESID PROPERT                       | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   6083000 | PA      | $5292210.00   | 0.37%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| GARRETT MOTION HLD/SARL                        | Garrett Motion Holdings Inc / Garrett LX I Sarl                                  | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8323000 | PA      | $8493113.80   | 0.59%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                       | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11189000 | PA      | $10123976.15  | 0.70%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| JAGUAR LAND ROVER AUTOMO                       | Jaguar Land Rover Automotive PLC                                                 | CUSIP: 47010BAM6<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |   4300000 | PA      | $4239237.13   | 0.29%             | 2029-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| RLJ LODGING TRUST LP                           | RLJ Lodging Trust LP                                                             | CUSIP: 74965LAA9<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              |  | US        |   4000000 | PA      | $3936124.40   | 0.27%             | 2026-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                        | JetBlue Airways Corp / JetBlue Loyalty LP                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |  12360000 | PA      | $12226088.30  | 0.84%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: —       |
| HERTZ CORP/THE                                 | Hertz Corp/The                                                                   | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |  10905000 | PA      | $11103830.87  | 0.77%             | 2029-07-15      | Fixed         | 12.63%                | No            |                  2 | On Loan: —       |
| LEVEL 3 FINANCING INC                          | Level 3 Financing Inc                                                            | CUSIP: 527298CB7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   2603000 | PA      | $2364131.90   | 0.16%             | 2029-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| NRG ENERGY INC                                 | NRG Energy Inc                                                                   | CUSIP: 629377CS9<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   5459000 | PA      | $4934203.95   | 0.34%             | 2032-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                         | Northern Oil & Gas Inc                                                           | CUSIP: 665530AB7<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   4579000 | PA      | $4615503.79   | 0.32%             | 2031-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: —       |
| FORTRESS TRANS & INFRAST                       | Fortress Transportation and Infrastructure Investors LLC                         | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |  10102000 | PA      | $10017572.54  | 0.69%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| PENNYMAC FIN SVCS INC                          | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAB3<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   2649000 | PA      | $2514714.51   | 0.17%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| LIVE NATION ENTERTAINMEN                       | Live Nation Entertainment Inc                                                    | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   7252000 | PA      | $7337950.70   | 0.51%             | 2027-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                          | Directv Financing LLC                                                            | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8563000 | PA      | $8435099.69   | 0.58%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: —       |
| GRIFOLS SA                                     | Grifols SA                                                                       | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |   7942000 | PA      | $7554907.71   | 0.52%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                              | Nexstar Media Inc                                                                | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |  11143000 | PA      | $10720548.81  | 0.74%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| NEXSTAR MEDIA INC                              | Nexstar Media Inc                                                                | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   2760000 | PA      | $2748963.59   | 0.19%             | 2027-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                       | California Resources Corp                                                        | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |   9641000 | PA      | $9658479.13   | 0.67%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| TRAVEL + LEISURE CO                            | Travel + Leisure Co                                                              | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4546435.50   | 0.31%             | 2026-07-31      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                               | StoneX Group Inc                                                                 | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |   5454000 | PA      | $5744883.64   | 0.40%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST LP                           | RLJ Lodging Trust LP                                                             | CUSIP: 74965LAB7<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              |  | US        |   5519000 | PA      | $5045787.14   | 0.35%             | 2029-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| LUMEN TECHNOLOGIES INC                         | Lumen Technologies Inc                                                           | CUSIP: 550241AC7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |   2142000 | PA      | $2080417.50   | 0.14%             | 2030-04-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| DAVITA INC                                     | DaVita Inc                                                                       | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |  10648000 | PA      | $9949926.70   | 0.69%             | 2030-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| WARRIOR MET COAL INC                           | Warrior Met Coal Inc                                                             | CUSIP: 93627CAB7<br>LEI: 549300152B1S9YKBYV79 | Long             | DBT              | CORP              | US        |    807000 | PA      | $819060.62    | 0.06%             | 2028-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BALDWIN INSUR GRP/FIN                          | Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance  | CUSIP: 05825XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6059000 | PA      | $6246380.63   | 0.43%             | 2031-05-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Allison Transmission Inc                       | Allison Transmission Inc                                                         | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   2418000 | PA      | $2427684.09   | 0.17%             | 2029-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| PREMIER ENTERTAINMENT SU                       | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp               | CUSIP: 74052HAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5473000 | PA      | $3256435.00   | 0.23%             | 2031-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                    | Vistra Operations Co LLC                                                         | CUSIP: 92840VAA0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3503192.00   | 0.24%             | 2026-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                         | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2699000 | PA      | $2672451.56   | 0.18%             | 2027-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2983000 | PA      | $2732149.66   | 0.19%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                       | Organon & Co / Organon Foreign Debt Co-Issuer BV                                 | CUSIP: 68622FAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    247000 | PA      | $229787.36    | 0.02%             | 2034-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                          | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |   4423000 | PA      | $4582736.65   | 0.32%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| CREDIT ACCEPTANC                               | Credit Acceptance Corp                                                           | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5789000 | PA      | $6125618.77   | 0.42%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: —       |
| ENOVA INTERNATIONAL INC                        | Enova International Inc                                                          | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |   5007000 | PA      | $5143751.18   | 0.36%             | 2029-08-01      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                         | Lumen Technologies Inc                                                           | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |   4322000 | PA      | $4432643.20   | 0.31%             | 2032-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: —       |
| GEO GROUP INC/THE                              | GEO Group Inc/The                                                                | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   6354000 | PA      | $6707131.24   | 0.46%             | 2029-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| UNITED STATES STEEL CORP                       | United States Steel Corp                                                         | CUSIP: 912909AU2<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | DBT              | CORP              | US        |   2224000 | PA      | $2243386.61   | 0.16%             | 2029-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| HUGHES SATELLITE SYSTEMS                       | Hughes Satellite Systems Corp                                                    | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11925000 | PA      | $8357874.63   | 0.58%             | 2026-08-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| NOVELIS CORP                                   | Novelis Corp                                                                     | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   3898000 | PA      | $4019750.13   | 0.28%             | 2030-01-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| CLEVELAND-CLIFFS INC                           | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AH4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   3279000 | PA      | $3229539.17   | 0.22%             | 2027-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| EMBECTA CORP                                   | Embecta Corp                                                                     | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |   4496000 | PA      | $3999030.77   | 0.28%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| SPIRIT AEROSYSTEMS INC                         | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |   2447000 | PA      | $2605570.49   | 0.18%             | 2029-11-30      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                 | Sabre GLBL Inc                                                                   | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   1605000 | PA      | $1646730.00   | 0.11%             | 2030-07-15      | Fixed         | 11.13%                | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                  | TransDigm Inc                                                                    | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    364000 | PA      | $369932.11    | 0.03%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                        | Macy's Retail Holdings LLC                                                       | CUSIP: 55617LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2258000 | PA      | $2091702.77   | 0.14%             | 2032-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| ADT SEC CORP                                   | ADT Security Corp/The                                                            | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |   4804000 | PA      | $4581504.66   | 0.32%             | 2029-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                             | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   7742000 | PA      | $7877477.26   | 0.54%             | 2031-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: —       |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                             | CUSIP: 682691AC4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1042000 | PA      | $977050.68    | 0.07%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SISECAM UK PLC                                 | Sisecam UK PLC                                                                   | CUSIP: 829688AB6<br>LEI: 789000T82YRLMLUOC889 | Long             | DBT              | CORP              | GB        |   8769000 | PA      | $8779873.56   | 0.61%             | 2032-05-02      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| HOWARD HUGHES CORP                             | Howard Hughes Corp/The                                                           | CUSIP: 44267DAE7<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |   7140000 | PA      | $6712239.74   | 0.46%             | 2029-02-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| TALOS PRODUCTION INC                           | Talos Production Inc                                                             | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |   6214000 | PA      | $6171656.69   | 0.43%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| ELANCO ANIMAL HEALTH INC                       | Elanco Animal Health Inc                                                         | CUSIP: 28414HAG8<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |   5601000 | PA      | $5755313.15   | 0.40%             | 2028-08-28      | Fixed         | 6.65%                 | No            |                  2 | On Loan: —       |
| RAIN CARBON INC                                | Rain Carbon Inc                                                                  | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |   4675000 | PA      | $4870873.15   | 0.34%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: —       |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5053000 | PA      | $5305988.55   | 0.37%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: —       |
| UPBOUND GROUP INC                              | Upbound Group Inc                                                                | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |   5011000 | PA      | $4794645.26   | 0.33%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| AMERIGAS PART/FIN CORP                         | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AL8<br>LEI: H36E1IF6YS0OBMHM6168 | Long             | DBT              | CORP              | US        |   5622000 | PA      | $5501808.95   | 0.38%             | 2027-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| PRIME SECSRVC BRW/FINANC                       | Prime Security Services Borrower LLC / Prime Finance Inc                         | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5997000 | PA      | $5990863.27   | 0.41%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| WAYFAIR LLC                                    | Wayfair LLC                                                                      | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |   4552000 | PA      | $4459828.78   | 0.31%             | 2030-09-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: —       |
| WILLIAM CARTER                                 | William Carter Co/The                                                            | CUSIP: 96926JAC1<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |   5360000 | PA      | $5323464.10   | 0.37%             | 2027-03-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| ADTALEM GLOBAL EDUCATION                       | Adtalem Global Education Inc                                                     | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2232247.05   | 0.15%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                       | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1013000 | PA      | $945110.87    | 0.07%             | 2029-03-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                          | Endo Finance Holdings Inc                                                        | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10386000 | PA      | $10750351.27  | 0.74%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| BURFORD CAPITAL GLBL FIN                       | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   2017000 | PA      | $2007398.68   | 0.14%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                         | Comstock Resources Inc                                                           | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |   9516000 | PA      | $9379217.97   | 0.65%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                               | UWM Holdings LLC                                                                 | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8479000 | PA      | $8312986.27   | 0.57%             | 2030-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ADT SEC CORP                                   | ADT Security Corp/The                                                            | CUSIP: 74166NAA2<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |   7336000 | PA      | $6963237.30   | 0.48%             | 2032-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| VFH PARENT / VALOR CO                          | VFH Parent LLC / Valor Co-Issuer Inc                                             | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4933000 | PA      | $5143111.27   | 0.36%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GRUBHUB HOLDINGS INC                           | GrubHub Holdings Inc                                                             | CUSIP: 40010PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6155000 | PA      | $5677983.81   | 0.39%             | 2027-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| XHR LP                                         | XHR LP                                                                           | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |   5371000 | PA      | $5100608.82   | 0.35%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| UNITED WHOLESALE MTGE LL                       | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |   4830000 | PA      | $4760986.06   | 0.33%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9576000 | PA      | $8864707.17   | 0.61%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                             | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   6547000 | PA      | $6507418.80   | 0.45%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                             | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    281000 | PA      | $272253.88    | 0.02%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: —       |
| IHO VERWALTUNGS GMBH                           | IHO Verwaltungs GmbH                                                             | CUSIP: 44963BAF5<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |   4656735 | PA      | $4703386.96   | 0.33%             | 2030-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                             | CNX Resources Corp                                                               | CUSIP: 12653CAJ7<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |   4015000 | PA      | $3985811.35   | 0.28%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| SK INVICTUS INTERMEDIATE                       | SK Invictus Intermediate II Sarl                                                 | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   7546000 | PA      | $7169250.86   | 0.50%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| WAYFAIR LLC                                    | Wayfair LLC                                                                      | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |   9076000 | PA      | $8839408.65   | 0.61%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| GEO GROUP INC/THE                              | GEO Group Inc/The                                                                | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   5087000 | PA      | $5576098.82   | 0.39%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                       | Weatherford International Ltd                                                    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   9727000 | PA      | $9880336.43   | 0.68%             | 2030-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| COINBASE GLOBAL INC                            | Coinbase Global Inc                                                              | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |  12927000 | PA      | $12021592.92  | 0.83%             | 2028-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: —       |
| DIEBOLD NIXDORF INC                            | Diebold Nixdorf Inc                                                              | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |   9693000 | PA      | $10188380.15  | 0.70%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: —       |
| CNX RESOURCES CORP                             | CNX Resources Corp                                                               | CUSIP: 12653CAK4<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |   3967000 | PA      | $4061827.17   | 0.28%             | 2031-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| ARDAGH PKG FIN/HLDGS USA                       | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 03969AAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   6894000 | PA      | $3136770.00   | 0.22%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                         | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5777000 | PA      | $5752120.19   | 0.40%             | 2030-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                             | CUSIP: 682695AA9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   2284000 | PA      | $2393792.25   | 0.17%             | 2029-01-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| VENTURE GLOBAL LNG INC                         | Venture Global LNG Inc                                                           | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   7728000 | PA      | $7845017.38   | 0.54%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: —       |
| NOVELIS CORP                                   | Novelis Corp                                                                     | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |  11410000 | PA      | $10846740.79  | 0.75%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| PENNYMAC FIN SVCS INC                          | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAC1<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   5397000 | PA      | $5197799.97   | 0.36%             | 2031-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENERGEAN PLC                                   | Energean PLC                                                                     | CUSIP: 29280EAA7<br>LEI: 549300RVMKU0CYUZBB05 | Long             | DBT              | CORP              | GB        |   4975000 | PA      | $4863062.50   | 0.34%             | 2027-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| GAP INC/THE                                    | Gap Inc/The                                                                      | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |   8372000 | PA      | $7645138.77   | 0.53%             | 2029-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                          | Level 3 Financing Inc                                                            | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   6116000 | PA      | $5152730.00   | 0.36%             | 2030-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| LEVEL 3 FINANCING INC                          | Level 3 Financing Inc                                                            | CUSIP: 527298BZ5<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   4825000 | PA      | $5440187.50   | 0.38%             | 2030-12-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: —       |
| TASEKO MINES LTD                               | Taseko Mines Ltd                                                                 | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |   5293000 | PA      | $5438183.60   | 0.38%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| SABRE GLBL INC                                 | Sabre GLBL Inc                                                                   | CUSIP: 78573NAJ1<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   6926000 | PA      | $7121833.07   | 0.49%             | 2027-06-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| RESORTS WORLD/RWLV CAP                         | Resorts World Las Vegas LLC / RWLV Capital Inc                                   | CUSIP: 76120HAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12611000 | PA      | $11056040.37  | 0.76%             | 2029-04-16      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| ECHOSTAR CORP                                  | EchoStar Corp                                                                    | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1164691 | PA      | $1001634.26   | 0.07%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| FIRST QUANTUM MINERALS L                       | First Quantum Minerals Ltd                                                       | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   5504000 | PA      | $5593373.95   | 0.39%             | 2031-06-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| Klabin Austria GmbH                            | Klabin Austria GmbH                                                              | CUSIP: 49836AAB0<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |   7432000 | PA      | $7365112.00   | 0.51%             | 2049-04-03      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** iShares Trust

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer